F7 (INT), FINANCIAL REPORTING

The main areas to be added or deleted from the syllabus from that date are shown in Table 1 and 2 below:
Table 1 Additions to F7

A2c

Explain and compute amounts using the

following measures:
i historical cost
ii current cost
iii net realisable value
iv present value of future cash flows
v fair value

The principles of IFRS

13, Fair Value
Measurement. have
been made more
explicit in the F7
syllabus

B5d

Indicate for the following categories of

financial instruments how they should be
measured and how any gains and losses
from subsequent measurement should be
treated in the financial statements:
i amortised cost
ii fair value through other comprehensive
income (including where an irrevocable
election has been made for equity
instruments that are not held for trading)
iii fair value through profit or loss

This change has been

made to reflect the
measurement
classifications of IFRS
9, Financial
Instruments.

B10

a Explain and apply the principles of

recognition of revenue:
i Identification of contracts
ii Identification of performance obligations
iii Determination of transaction price
iv Allocation of the price to performance
obligations
v Recognition of revenue when/as
performance obligations are satisfied.
b Explain and apply the criteria for
recognising revenue generated from
contracts where performance obligations
are satisfied over time or at a point in time.
c Describe the acceptable methods for
measuring progress towards complete
satisfaction of a performance obligation.

These changes have

been made to reflect
the principles of IFRS
15, Revenue from
contracts with
customers.

d Explain and apply the criteria for the

recognition of contract costs.
e Apply the principles of recognition of
revenue, and specifically account for the
following types of transaction:
i principal versus agent
ii repurchase agreements
iii bill and hold arrangements
iv consignments
f Prepare financial statement extracts for
contracts where performance obligations
are satisfied over time.

Table 2 Deletions to F7
There have been no deletions to the study guide for the exam year commencing 1 September 2015.

P2 (INT), CORPORATE REPORTING

Table 1 Additions to P2 (INT)
There have not been any additions to the study guide for the exam year commencing 1 September 2015. However,
there have been minor amendments to the wording of some of the study guide outcomes mainly corresponding to
changes within examinable documents.

Section and subject area

Syllabus content
Discuss and apply the criteria that
must be met before an entity can
apply the revenue recognition model
to that contract.

C1b and c

Discuss and apply the five-step

model which relates to revenue
earned from a contract with a
customer.

C3d

Apply and discuss the treatment of

the expected loss impairment model.

H3a

Discuss current issues in corporate

reporting, including:
i recent IFRSs

Section and subject area

Syllabus content
ii practice and regulatory issues
iii proposed changes to IFRS
iv problems with extant standards
(This outcome has been expanded to
clarify the range of issues that may
be tested within this subject area)

Table 2 Deletions to P2 INT

There have not been no specific deletions from the study guide for the exam year commencing 1 September 2015. A
number of outcomes have been combined or removed as detailed in the table below.

Section and subject area (in prior

year study guide)

Syllabus content

C6a and b

Outline the principal considerations in

developing a set of accounting
standards for SMEs

C8a and b

Discuss the reasons why the IFRS for

SMEs does not address certain
topics.

The syllabus must be read in conjunction with the Examinable Documents list. The main changes for the year from 1
September 2015 are the inclusion of IFRS 15Revenue from Contracts with Customers and IFRS 9 Financial
Instruments (July 2014), as well as changes in the list of exposure drafts and discussion papers that are examinable.