Just thought I’d post a word about some new stuff that is examinable for the 2013 CKE and UFE at Level A. In case you missed (or didn’t bother reading) this update from the ICAO outlines the changes and their examinability.
I’ll be putting up some guides for these new IFRSs starting tomorrow.
Here is the breakdown:
New IFRSs that can be tested at the 2013 CKE (and UFE)
IFRS 10 Consolidated Financial Statements (New)
IFRS 11 Joint Arrangements (New)
IFRS 12 Disclosure of Interests in Other Entities (New)
IFRS 13 Fair Value Measurement (New)
Post 2013 IFRS
As mentioned in the ICAO’s note, IFRS 7 and IFRS 9 may be tested as well as the old standard such as IAS 39. You could get a situation where the answer would be the same under both standards or where they specifically ask you to answer using one standard. This was something we have a lot of in 2010 because of the transition to IFRS. The good news, if I remember right, is that they took it easy on us at the CKE. But not so much on the SOA so it could go either way. Good idea to know the differences therefore.
Revised Standards fully testable on the 2013 CKE (and UFE)
IAS 16 Property, Plant and Equipment (Amended)
IAS 19 Employee Benefits (Revised)
IAS 27 Separate Financial Statements (Revised)
IAS 28 Investments in Associates and Joint Ventures (Revised)
IAS 32 Financial Instruments: Presentation (Amended)
IAS 34 Interim Financial Reporting (Amended)