Examinable Documents

September 2015 to June

2016
FINANCIAL REPORTING
The examinable documents below are applicable to
the International and UK papers as indicated at the
start of each table.

Knowledge of new examinable regulations issued by

1 September will be required in examination
sessions being held in the following exam year.

Documents may be examinable even if the effective

date is in the future.
The documents listed as being examinable are the
latest that were issued by 1 Septmeber 2014 and
will be examinable in September 2015, December
2015, March 2016 and June 2016 examination
sessions.
The study guide offers more detailed guidance on
the depth and level at which the examinable
documents will be examined. The study guide
should be read in conjunction with the examinable
documents list.

Title

IAS 1
IAS 2
IAS 7
IAS 8
IAS 10
IAS 12
IAS 16
IAS 17
IAS 19
IAS 20
IAS 21
IAS 23
IAS 24
IAS 27
IAS 28
IAS 32
IAS 33
IAS 34
IAS 36
IAS 37
IAS 38
IAS 40
IAS 41
IFRS 1
IFRS 2

International Accounting Standards (IASs)/International

Financial Reporting Standards (IFRSs)
Presentation of Financial Statements
Inventories
Statement of Cash Flows
Accounting Policies, Changes in Accounting Estimates and
Errors
Events after the Reporting Period
Income Taxes
Property, Plant and Equipment
Leases
Employee Benefits
Accounting for Government Grants and Disclosure of
Government Assistance
The Effects of Changes in Foreign Exchange Rates
Borrowing Costs
Related Party Disclosures
Separate Financial Statements
Investments in Associates and Joint Ventures
Financial Instruments: Presentation
Earnings per Share
Interim Financial Reporting
Impairment of Assets
Provisions, Contingent Liabilities and Contingent Assets
Intangible Assets
Investment Property
Agriculture
First-time Adoption of International Financial Reporting
Standards
Share-based Payment

F7

P2
INT
and
UK

IFRS 3
(revised)
IFRS 5
IFRS 7
IFRS 8
IFRS 9
IFRS 10
IFRS 11
IFRS 12
IFRS 13
IFRS 15
IFRS for SMEs

Practice Stmt

ED 2014/1
ED 2014/3
ED 2013/6
ED 2013/11
ED/2012/6
DP

Business Combinations

Non-Current Assets Held for Sale and Discontinued Operations

Financial Instruments: Disclosures
Operating Segments
Financial Instruments
Consolidated Financial Statements
Joint Arrangements
Disclosure of interests in Other Entities
Fair Value Measurement
Revenue from Contracts with Customers
IFRS for Small and Medium sized Entities

Other Statements
The Conceptual Framework for Financial Reporting
Management Commentary
The International <IR> Framework
EDs, Discussion Papers and Other Documents
Disclosure initiative proposed amendments to IAS 1
Recognition of deferred tax assets for unrealised losses
Leases
Improvements to IFRS 2012-2014 Cycle
Sale or contribution of assets between an investor and its
associate or joint venture
A review of the Conceptual Framework for Financial Reporting

ADDITIONALLY EXAMINABLE FOR P2 UK and IRISH PAPERS ONLY

Indicated below are the main areas of difference between the IFRS for SMEs and UK FRS 102 and whether they
are examinable in P2.

IFRS for SMEs

section

1 Scope
2 Concepts and
Pervasive
Principles
3 Financial
Statement
Presentation
4 Statement of
Financial
Position
5 Statement of
Comprehensive
Income and
Income
statement
6 Statement of
Changes in
Equity and
Statement of
Income and
Retained
Earnings
7 Statement of
Cash Flows
8 Notes to the
Financial
Statements
9 Consolidated
and Separate
Financial
Statements
10 Accounting
Policies,
Estimates and
Errors
11 Basic
Financial
Instruments
12 Other
Financial
Instruments
13 Inventories

Difference
examinable in
P2?

UK GAAP difference
FRS 100 Application of Financial Reporting Requirements
sets out the scope of FRS 102 and establishes which
accounting frameworks should be used by different entities
under the UK regulatory framework.

Yes

No significant differences

No

Companies Act requirements in relation to the true and fair

override

Yes

Replaced by Companies Act requirements

No

Replaced by Companies Act requirements

No

Minor differences in disclosure detail

Scope amended to exclude mutual life assurance
companies, pension funds and certain investment funds.

No
Yes

No significant changes

No

The requirements to present consolidated financial

statements are amended to comply with the Companies
Act.

Yes

Accounting treatment for changes in accounting policy on

revaluation of PPE and intangible assets in line with IAS 10
Accounting Policies.

Yes

Minor differences and clarifications

No

Minor differences and clarifications

Clarifications on inventory acquired through non-exchange
transactions

No
Yes

14 Investment
s in associates

15 Investments
in joint ventures
16 Investment
Property
17 Property,
Plant and
Equipment

Yes

Yes
No significant changes

No

The cost model or revaluation model may be used after

initial recognition
Intangible assets that result from expenditure on internal
development of intangible items may be recognised subject
to certain criteria
The cost model or revaluation model may be used after
initial recognition
Presumed useful life of goodwill not to exceed 5 years.
Treatment of bargain purchases (negative goodwill)
amended to comply with Companies Act.

Yes

20 Leases
21 Provisions
and
Contingencies
22 Liabilities
and Equity

Minor clarifications only

No

Financial guarantee contracts included.

No

Minor clarifications only

No

23 Revenue
24 Government
Grants

No significant changes
Additional model of accounting grants permitted (the
accrual model).
Amended to allow capitalisation of borrowing costs that are
directly attributable to the acquisition, construction or
production of a qualifying asset.

No

18 Intangible
assets other
than goodwill
19 Business
Combinations
and Goodwill

25 Borrowing
Costs
26 Sharebased payment
27 Impairment
of assets

28 Employee
Benefits

29 Income tax
30 Foreign
Currency
Translation
31
Hyperinflation
32 Events after
the end of the
Reporting
Period

Amended scope. Equity accounting for investments in

associates in individual financial statements is not
permitted as it is not compliant with company law.
Transaction cost are included in transaction price on initial
recognition.
Amended scope. Equity accounting for interests in jointly
controlled entities in individual financial statements is not
permitted as it is not compliant with company law.

Minor clarifications only

Amendment to allow the reversal of impairment losses
against goodwill.
Presentation of cost of defined benefit plans and the
accounting for group plans amended in line with IAS 19
Employee Benefits (2011)

Yes

Yes

Yes

Yes
No
Yes

No
Option to use a simplified valuation method in measuring
the liability removed.

Yes

Entire section replaced

Yes

No significant changes

No

No significant changes

No

Further guidance on impact of changes in the entitys going

concern status

No

33 Related
Party
Disclosures

34 Specialised
Activities

Disclosure exemption for wholly-owned entities available in

the Companies Act added.
Additional Specialised activities are covered:
Financial Institution
Retirement Benefit Plans
Heritage Assets
Funding Commitments
Incoming Resources from non-exchange Transactions
Public Benefit Entity Combinations
Public Benefit Entity Concessionary Loans

Yes

No

Additionally for the P2 UK paper the following basic Companies Act requirements surrounding when
single and group entity financial statements are required and when exemptions may be claimed from the
preparation.
a subsidiary may be excluded from the group financial statements
are also examinable.