Intangible assets – can’t touch this
IAS® 38, Intangible Assets is one of the key standards in the FR exam, covering how companies should account for intangible assets. This standard can be examined in all sections of the exam. A well-prepared candidate needs to be able to understand and explain the key principles of the standard, in addition to preparing calculations.

IFRS 15 – Contract Assets and Contract Liabilities
Application of IFRS® 15, Revenue from Contracts with Customers became mandatory for annual reporting periods beginning on or after 1 January 2018. For many entities, the introduction of IFRS 15 has had little effect on how revenue is accounted for. However, some industry sectors have felt a much greater impact.

Accounting for goodwill
Accounting for goodwill is a key part of business combinations and is therefore regularly examined as part of the FR exam.

Watch your step
The preparation of consolidated financial statements can be an area where candidates either perform very well or make simple mistakes, which could prove costly in the exam. This article looks at the most common errors made.

Extreme makeover – IASB edition
The International Accounting Standards Board has now published a new version of the Conceptual Framework, and this article considers some of the more significant changes to the Conceptual Framework that the Board has made.

Financial instruments
International Financial Reporting Standard (IFRS®) 9, Financial Instruments, is a complex standard, especially for users and preparers of financial statements. It is relevant to the Financial Reporting syllabus, so this article takes a high-level review of its application to financial assets, financial liabilities, and convertibles.

The use of fair values in the goodwill calculation
A central part of the Financial Reporting syllabus is accounting for the acquisition of a subsidiary, which will test the concept of fair value; this is the value that the consideration paid for the subsidiary must be recorded. In addition to this, the assets, liabilities and contingent liabilities of the subsidiary must also be consolidated at their fair value. This article considers these values in each element of the calculation.

Analysing a statement of cash flows
A key part of the Financial Reporting exam is the ability to analyse a set of financial statements. The statement of cash flows is one of the primary financial statements, and Financial Reporting candidates must be able to explain the performance of an entity based on all of the financial statements including the cash flows given.

IAS 37 – Provisions, contingent liabilities and contingent assets
This article considers the aims of the IAS® 37, followed by the key specific criteria which must be met for a provision to be recognised. Finally, it will examine some specific issues which are often assessed in relation to the standard.

Tell me a story
This article looks at what the Financial Reporting exam is looking for in the answer to an interpretation question, along with the key weaknesses that are consistently noted in candidate answers. It then examines some of the different types of scenario that candidates might face in the exam, and some key recommendations of items to consider for each.

How to improve your answer to FR interpretation exam questions
This article contains useful advice to help improve your answers to analysis questions whether in the context of a group or a single entity.

IFRS 16, Leases
The purpose of this article is to summarise the key changes introduced by IFRS 16 from the perspective of the lessee and how these impact on the Financial Reporting exam.

Revenue revisited
This article considers the application of IFRS 15, Revenue from Contracts with Customers using the five-step model.

Accounting for property, plant and equipment
This article is designed to outline the key areas of IAS 16, Property, Plant and Equipment that you may be required to attempt in the Financial Reporting exam.

Performance appraisal
Performance appraisal requires good interpretation and a good understanding of what the information means in the context of the question.

Impairment of goodwill
This article discusses and shows both ways of measuring goodwill following the acquisition of a subsidiary, and how each measurement of goodwill is subject to an impairment review.

Deferred tax
This article starts by considering aspects of deferred tax that are relevant to Financial Reporting, before moving on to the more complicated situations that may be tested in Strategic Business Reporting.

Property, plant and equipment – part 1: Measurement and depreciation
In the first of two articles, we look at the main features of IAS 16, Property, Plant and Equipment (PPE).

Property, plant and equipment – part 2: Revaluation and derecognition
In the second of two articles, we consider revaluation of property, plant and equipment and its derecognition.

Suspense accounts and error correction
Suspense accounts and error correction are popular topics for examiners because they test understanding of bookkeeping principles so well.