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F7 (Int) – Session 1
12/07/2011 – F7 chat room
[21:56:21] Ansi: SESSION 1 - Introduction + Conceptual framework , chapter 1, 2
[21:57:00] Ansi: So let’s start : )
F7 exam is going to take place on 7th of December, that means we have 21 weeks to prepare for it.
Please do participate actively in sessions and feel free to tell all your ideas and suggestions, including those regarding
our schedules and order of topic that we follow.
[21:57:16] Ansi: Now I need to say some things before we start.
Firstly, I will repeat that our sessions will be mainly based on syllabus, which you can download here:
http://www2.accaglobal.com/pubs/students/acca/exams/f7/syllabus/f7int_syll_sg2011.pdf
[21:57:32] jumesh: hy i want to know about theias16 can u help me
[21:57:34] Ansi: Why I choose syllabus for base? Well because exam itself is based on syllabus and not on what good
guys wrote in Kaplan or BPP or any other books. Those publishers themselves , analyze syllabus and are trying to follow
it. That’s why you cannot rely on any textbook completely
[21:57:44] hisanr: ahan
[21:57:46] Ansi: and it’s always better for study from 2 or 3 books.
Syllabus is devided to parts A,B , C etc, and subparts 1, 2,3 we will call chapters.
[21:57:57] Ansi: Secondly, there is a separate portal for F7 at ACCA website:
http://www2.accaglobal.com/students/acca/paperf7/
You can start by reading examiner’s approach for F7 , which is relatively old, as it was published in 2007, but it’s
absolutely applicable for current exam:
[21:58:13] Ansi: http://www2.accaglobal.com/pubs/students/publications/student_accountant/archive/scott0207.pdf
Plus you need to check examinable documents:
http://www2.accaglobal.com/pubs/students/acca/exams/f7/examinable/f7p2int_examdocs2011.pdf
[21:58:24] Ansi: F7 is based on International Financial reporting Standards – IFRS. But not all of them are examined
..which is at least a little relief for us. Standards that are not examined are the following: IAS 21, IAS24, IAS31, IAS34,
IAS41, IFRS1 (surprisingly!!), IFRS2, IFRS for SMEs.
[21:58:35] Ansi: Various interpretations of standards are also not examined! Which is great : )
[21:58:45] Ansi: The exam will last 3 hours, plus 15 min reading time. During those 15 min you will be allowed to read
your exam paper and make notes on in it if needed. But you will not be allowed to make notes in answer booklet.
Exam will consist of 5 relatively lengthy questions, all of them are compulsory.
[21:59:02] Ansi: Question 1 – is on consolidation, worth 25 marks. That is preparation of group financial statements :
income statement and/or statement of financial position. Examiner states that it will include no more then 1 subsidiary
and probably one associate and parent company of course. It will be mostly
[21:59:11] hisanr: {Ansi} how much f7 is changed since june 10?
[21:59:19] Ansi: be computational (20 marks). And there will be a small discussion element worth no more then 5
marks. It might include some principles of business combinations , some key definitions etc.
[21:59:30] Ansi: {hisanr} just 2 more min please, i will reply
[21:59:37] hisanr: aryt
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F7 (Int) – Session 1
12/07/2011 – F7 chat room
[21:59:40] Ansi: Question 2 – is on non group published accounts, again worth 25 marks. It will require a preparation or
restatement of a single entity’s financial statements. Info might be given in the form of trial balance or as scenario when
you are managing an unexperienced accountant, who prepared financial s
[21:59:41] hisanr: np
[21:59:50] Ansi: with lots of mistakes that u need to correct using information given.
[22:00:00] Ansi: Question 3 – is on performance appraisal (ratio analysis) and/or on cash flows, worth 25 marks.
Questions 4 - worth 15 marks , Question 5 – worth 10 marks – might include questions on any part of syllabus. It might
be Framework and various accounting concepts.
[22:00:11] Ansi: For exam purposes, knowledge of Framework and IAS’s is great, but it’s not enough. What is really
needed is a regular practice of questions of exam format. You need to be able to prepare financial statements and to be
able to interpret them.
[22:00:27] Ansi: In order to ease your preparation, you can benefit from BPP and Kaplan ‘s past paper questions
analysis, which outlines which areas of syllabus where examined and when.
In our post about schedule :
http://opentuition.com/groups/f7-financial-reporting/forum/topic/f7-int-group-study-sessions-%e2%80%93-dec-2011/
[22:00:50] Ansi: I will explain in more details what to prepare for this or that session and will try to provide any useful
links that I have.
[22:01:02] Ansi: Those who are sleeping
[22:01:04] Ansi: please awake
[22:01:10] Ansi: now might be soemthing itneresting
[22:01:15] gwendolene: ansi what about cashflow
[22:01:25] kzzrd: it will be in Q3
[22:01:30] Ansi: It might be in q3
[22:01:33] Ansi: i have jsut wrote it above
[22:01:35] littlestart: we are here
[22:01:43] Ansi: For the moment I have already uploaded quite a lot of links there. Please do benefit from those
resources.
Now I also wanted to give you some resources that I can’t publish at forum. Here they are
http://ebooks2000.blogspot.com/search/label/ACCA%20Study%20Material
[22:01:55] Ansi: http://www.filesonic.com/folder/71b55e291ace2973f
http://pakaccountants.com/
http://www.acca-london.blogspot.com/
[22:02:06] Ansi: http://accabooks.blogspot.com/search/label/F7%20Financial%20Reporting
http://www.mockaccacat.blogspot.com/
[22:02:16] Ansi: I have already downloaded all what I could find for F7 and grouped them together.
[22:02:28] Ansi: As long as we are going to study all together , I decided to share all those with you. You can download
all of them here :
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F7 (Int) – Session 1
12/07/2011 – F7 chat room
http://www.zshare.net/download/9253243984fd2828/
and here : http://www.zshare.net/download/9253250521819dcc/
[22:02:39] gwendolene: ansi i tried these links but i have some difficulties, but i will kep trying
[22:02:46] Ansi: As for the rest of materials we will use 2010 books for the moment, until we all get our 2011 materials,
but will check 2011 syllabus, to ensure that we study relevant topics.
Please try to get either Kaplan or BPP 2011 books, or both of them.
[22:02:59] Ansi: Hopefully our sessions will be beneficial and not just a time waste. And also hope that it will be not
only me who share materials here : )
[22:03:05] Ansi: END
_________________________________________________________________________________________________
[22:03:13] drose: I could not access any of the material you sent
[22:03:36] Ansi: {gwendolene} those sites are sometimes hard to browse , but generally they are all possible to use
[22:03:46] Ansi: {drose} why ? :)
[22:03:56] Ansi: u tried all the links so quickly ? :)
[22:03:58] Ansi: amazing
[22:04:09] Ansi: hisanr , there is not too much change
[22:04:09] kzzrd: i just copied and pasted in my doc to chk later
[22:04:18] Ansi: but there is part in business combitations added
[22:04:20] jumesh: i couldnt access any of de materail which u sent
[22:04:26] Ansi: u need to download syllabus
[22:04:30] Ansi: and see at the back of syllabus
[22:04:31] gwendolene: ansi do u think there will be much change becuase i have a Text but for 2010
[22:04:39] Ansi: some topics are added to part D
[22:05:01] Ansi: plus ..if i'm not mistaken there is some change about conceptual or reggulartory framework parts of
syllabus
[22:05:06] drose: No I mean those you sent b4
[22:05:08] Ansi: if u have odl books, u can easily figure it
[22:05:35] Ansi: {drose} hm..so far , people didn't have problem , did u check links, maybe i added some wrong symbols
at the end?
[22:05:50] Ansi: {jumesh} That's itneresting
[22:05:58] Ansi: something must be wrong with links then ..
[22:06:03] Ansi: though i checked at least 4 times
[22:06:09] Ansi: and i use those everyday
[22:06:13] hisanr: i can
[22:06:17] Ansi: well, i can say that i will check again
[22:06:27] Ansi: but you can always search by name in google
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F7 (Int) – Session 1
12/07/2011 – F7 chat room
[22:06:37] Ansi: which will maybe give u a bettter link
[22:06:42] Ansi: if problem persists let me know
[22:06:44] gwendolene: i dont think links are wrong, maybe some tech.problems at the time
[22:06:50] Ansi: maybe. ..
[22:06:52] tehreem: hi every1
[22:06:54] Ansi: maybe sites are too busy
[22:06:54] jumesh: ok let me try once maore
[22:06:58] Ansi: {tehreem} hi welcome
[22:07:02] Ansi: guys please
[22:07:19] Ansi: don't post at OT some links that i gave today
[22:07:22] kzzrd: {jumesh} can u change your font colour...sorry they are too galring to eyes
[22:07:22] littlestart: many thanks for sharing :star:
[22:07:38] Ansi: simply because it's illegal to share copywrited material
[22:07:42] Ansi: and u might be baned :)
[22:07:49] hisanr: aryt i wont
[22:07:51] Ansi: you are welcome fish
[22:07:52] jumesh: ok
[22:07:58] gwendolene: yes many thanks for sharing
[22:08:04] kzzrd: thank you :)
[22:08:07] Ansi: you are alawys welcome
[22:08:14] Ansi: chat history will be posted
[22:08:21] Ansi: so all those links will be always easy to access
[22:08:25] tehreem: what links ansi
[22:08:26] kzzrd: {jumesh} thank you too :)
[22:08:47] Ansi: {tehreem} before you came i provided some links to free materials, later you will be able to accesss
them in chat history
[22:08:55] Ansi: which i will upload in separate topic at forum
[22:09:05] tehreem: {Ansi} alright
[22:09:13] Ansi: okay, any questions, problems?
[22:09:16] hisanr: {tehreem} she gave us links to f7 stuff.... watch history
[22:09:46] tehreem: {hisanr} thanks
[22:09:47] kzzrd: no problem
[22:09:59] Ansi: Fish , if u see me going offline, please save chat history immediately
[22:10:06] littlestart: sure
[22:10:14] Ansi: thank you
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F7 (Int) – Session 1
12/07/2011 – F7 chat room
[22:10:17] Ansi: okay now
[22:10:17] littlestart: no worry you won't
[22:10:22] Ansi: i will ask again
[22:10:23] Ansi: please
[22:10:27] Ansi: at least download syllabus
[22:10:32] Ansi: and keep it in front of u
[22:10:37] Ansi: because i will always refer to it
[22:10:39] jumesh: welcome and reacently i joined a institution on bangalore n on the second day of my class they
started teaching me IAS 16 n i wanted to learn more about this topic so any1 can help me
[22:10:42] hisanr: many thanx to OT for my previous exams... helped a lot
[22:11:00] Ansi: {jumesh} well ...we will cover PPE much later .. :( not now ..
[22:11:06] Ansi: but maybe anyone of those who is here can help
[22:11:11] Ansi: u can try to ask hisanr
[22:11:16] Ansi: he already attempteed F7
[22:11:19] Ansi: if he doesn't mind
[22:11:32] hisanr: no problemo
[22:11:42] Ansi: okay , so let's start
[22:11:47] hisanr: add me if u want
[22:11:50] hisanr: :)
[22:11:54] Ansi: :) perfect :))
[22:11:58] Ansi: nice when peole are helpful
[22:12:02] jumesh: {hisanr} @ can u help me out
[22:12:05] Ansi: so jumesh, now u know whom to ask ;0
[22:12:11] hisanr: ya sure
[22:12:22] Ansi: please PM each other about your questions ..
[22:12:35] jumesh: yea but i dont know how to add him?
[22:12:45] Ansi: click on hisname on the right
[22:12:54] Ansi: and in the window that will open y ou will see a little figure and plus
[22:12:57] Ansi: so u can add him
[22:13:01] Ansi: :)
[22:13:23] Ansi: okay first of all Part A
[22:13:29] Ansi: Conceptual Framework
[22:13:52] Ansi: please do not mix it with newly issued one
[22:14:00] Ansi: i mentioned it at forum
[22:14:13] kzzrd: ok
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F7 (Int) – Session 1
12/07/2011 – F7 chat room
[22:14:14] Ansi: this name ..here conceptual framework is confusing
[22:14:37] Ansi: because old document that we will use is called Framework for Preparation and presentation of
financial statements
[22:14:45] Ansi: and on IFRS.org u will see conceptual framework
[22:14:49] Ansi: and those are two different thing
[22:14:50] jumesh: {hisanr} hy can u add me pls
[22:15:08] Ansi: i provided link on forum ..hope everyone will be able to download
[22:15:35] Ansi: for F7 purposes Steve scott devides taht Framework to conceptual and regulatory part
[22:16:02] Ansi: conceptual are accounting conceupts tthat underpin all financial statementns and regulatory stuff is
role of IASB
[22:16:07] Ansi: IFRS foundation
[22:16:10] Ansi: standard setting
[22:16:19] Ansi: and might be even bits of CA 2006
[22:16:38] Ansi: i'm talking alot , because u said you are not well prepared
[22:16:39] Ansi: :D
[22:16:52] littlestart: yes pls go ahead
[22:16:56] Ansi: okay so
[22:16:56] kzzrd: :no:
[22:17:09] Ansi: in case if u still don't have books or don't have updated ones
[22:17:11] drose: thanks 4 that.
[22:17:16] Ansi: i recommend u to learn from IAS Plus
[22:17:22] Ansi: that module is sooooooooooo good for framework
[22:17:27] kzzrd: what is IAS Plus
[22:17:30] Ansi: after it , u will not think it's so boring
[22:17:39] Ansi: It's the site made by Deloitte's team
[22:17:42] Ansi: i posted link at forum
[22:17:44] kzzrd: ok
[22:17:49] Ansi: there they ahve learning modules
[22:17:51] Ansi: for IFRS
[22:17:53] sue888: will do
[22:17:55] kzzrd: wow
[22:17:58] Ansi: there is no registration
[22:18:02] Ansi: u just need to enter any data
[22:18:02] Ansi: there
[22:18:06] Ansi: and u will have all access
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F7 (Int) – Session 1
12/07/2011 – F7 chat room
[22:18:10] kzzrd: will it be be useful for P2 too
[22:18:12] gwendolene: but for the site u need registration
[22:18:16] Ansi: they are really so nice and thre is test at the end of those
[22:18:25] Ansi: yes ,they are helpful for P2 as well
[22:18:31] kzzrd: fantastic
[22:18:39] Ansi: though for P2, i recommend u to concetrate on theory as well
[22:18:39] kzzrd: thankyou
[22:18:45] Ansi: theory is in sooo depth in it ..
[22:18:52] kzzrd: yup
[22:18:56] Ansi: yea ..IAS plus is indeed fantastic
[22:19:05] Ansi: when u use that site, u will see why
[22:19:19] Ansi: so in that module for Framework
[22:19:26] Ansi: they present it as ancient building
[22:19:37] Ansi: and parts of that building
[22:19:43] Ansi: are different components of framework
[22:19:50] Ansi: those associations make it easy to remember
[22:20:09] Ansi: i could copy it all here, but i wil prefer to ask u questions about it when u are ready
[22:20:14] Ansi: unless you are already ready
[22:20:29] Ansi: also please read technical article
[22:20:34] Ansi: about conceptual framework
[22:20:37] hisanr: thanx
[22:20:38] sue888: yes
[22:20:40] Ansi: again u will find a link at the same place
[22:20:43] hisanr: got it
[22:20:43] kzzrd: ok
[22:20:46] Ansi: this article provides very nice examples
[22:20:52] Ansi: and on few pages covers alot
[22:21:25] Ansi: we will start using Past paper questions right away
[22:21:40] Ansi: Framework might be examined in question 4 or 5
[22:21:47] Ansi: however , i checked past papers and ...well
[22:21:55] Ansi: to my opinion , it's not a piece of cake at all
[22:22:00] Ansi: those 4 and 5th question
[22:22:05] kzzrd: yup they did ask in q4 in june 2011
[22:22:06] Ansi: even when it's just about framework
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F7 (Int) – Session 1
12/07/2011 – F7 chat room
[22:22:09] kzzrd: for six marsk
[22:22:09] Ansi: so lots of work is needed
[22:22:12] Ansi: yes
[22:22:14] kzzrd: and it was a killer
[22:22:15] Ansi: i noticed
[22:22:17] Ansi: a good one
[22:22:19] Ansi: very good one
[22:22:27] Ansi: i was ready to question y ou today
[22:22:35] Ansi: but i'm not sure that you are all ready to answer
[22:22:46] sue888: give a try
[22:22:53] Ansi: okay
[22:23:23] Ansi: what is a conceptual framework of accounting and what's it's purpose
[22:24:03] hisanr: concep framework are used as reference for FR
[22:24:11] Ansi: right
[22:24:21] Ansi: specially when there is a transaction and no IAS for it
[22:24:34] Ansi: EXP gives example about Picasso painting
[22:24:37] Ansi: when u buy it
[22:24:42] Ansi: u don't really know what to put in Dr
[22:24:49] Ansi: not inventory, not PPE
[22:25:03] Ansi: so u go to framework to decide is that an accet at all
[22:25:09] Ansi: what's the nature of transaction etc
[22:25:43] Ansi: so it gives guidance on situations cover covered by standards
[22:25:44] Ansi: what else
[22:25:48] hisanr: like trade or not trade
[22:26:00] Ansi: yea ....this as well
[22:27:28] Ansi: any other purpose?
[22:27:46] sue888: evaluation of existing practice
[22:27:53] Ansi: hm
[22:27:59] Ansi: can u please develop this one
[22:28:05] hisanr: hmmm.... like obsolete inventory treatment
[22:28:09] kzzrd: assist IASB to develop future IFRS
[22:28:13] sue888: developing new reporting practice
[22:28:34] kzzrd: review existing IFRS
[22:29:08] Ansi: {sue888} yes, absolutely
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F7 (Int) – Session 1
12/07/2011 – F7 chat room
[22:29:16] Ansi: it serves as the base for development of new IFRSs
[22:29:20] Ansi: {kzzrd} right
[22:29:53] drose: harmonising acctg stds.
[22:30:01] Ansi: well
[22:30:08] Ansi: yes
[22:30:29] hisanr: to minimize ambiguity
[22:30:31] Ansi: exp explains it as ..provision of underlying logic for development of new IFRS
[22:30:42] Ansi: well nd here about their harmonization as well
[22:30:50] Ansi: because they aer all based on same concepts
[22:30:53] Ansi: from framework
[22:31:03] Ansi: {hisanr} yea, good word :D
[22:31:23] zain1060: ifrs9 whats that abt? anybody know that???
[22:32:10] Ansi: {zain1060} well, it's a relatively new standard on financial instruments
[22:32:33] Ansi: you can learn from IAS plus about it ..and you can access the standard itself on ifrs.org
[22:32:50] Ansi: okay
[22:33:21] Ansi: so 2 main purposes : guidance on what do to with stuations not covered by standards , and provision of
underlying logic for standards
[22:33:30] Ansi: and if u try to make a definition of framework
[22:33:33] Ansi: what would u say
[22:35:26] littlestart: GAAP?
[22:35:27] hisanr: a mold according to which laws are prepared
[22:35:30] kzzrd: im reading from Bpp text - it is a statement of generally accepted theoretical principles which form the
frame of reference for financial reporting
[22:35:58] hisanr: ok its not a mold :P
[22:35:59] jumesh: generally accepted accounting standards
[22:36:16] jumesh: {littlestart} generally accepted accounting standards
[22:36:19] Ansi: well IFRS are GAAP ..not just the framework
[22:36:25] littlestart: {jumesh} THANKS
[22:36:40] drose: Is a guideline for users
[22:36:43] sue888: A system of objective and fundametals which can lead to constitent standard
[22:37:15] Ansi: {drose} good one
[22:37:20] hisanr: guideline for future making process
[22:37:22] Ansi: {sue888} yea , great sue
[22:37:25] zain1060: anybody can help as i continuesly resitting for f7 for the fourth time....
[22:37:35] hisanr: wow respect
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F7 (Int) – Session 1
12/07/2011 – F7 chat room
[22:37:57] Ansi: or ..in other words ..you can say that it's a system of concepts underlying the preparation and
presenation of financial statements for different users
[22:38:00] Ansi: mostly external
[22:38:11] Ansi: {zain1060} oh my
[22:38:16] Ansi: u need to change your approach then
[22:38:25] Ansi: concentrate on practice exam format questions more
[22:38:33] Ansi: clear bits that u don't feel okay with
[22:39:22] zain1060: even i know and worked each single concept and working and even now i remember on my finger
tips but still got failed...
[22:39:40] kzzrd: practise within time limit
[22:40:15] Ansi: {zain1060} look
[22:40:21] Ansi: first of all change your approach in your mind
[22:40:26] Ansi: i know u feel extremely upset
[22:40:30] Ansi: extremely
[22:40:37] Ansi: and u must be hating this paper and examiner
[22:40:45] Ansi: but, i know one person
[22:40:58] Ansi: who once settled this paper for 42 without calculator
[22:41:01] jumesh: {zain1060} wat?? is it tat hard to pass or u dint prepare properly?
[22:41:01] Ansi: he forgot it
[22:41:04] Ansi: and then
[22:41:08] Ansi: he failed it two or 3 times
[22:41:12] Ansi: it is a hard paper
[22:41:20] Ansi: but
[22:41:23] Ansi: people pass
[22:41:28] Ansi: so you also will
[22:41:40] Ansi: there must be something wrong with your approach
[22:41:43] Ansi: the way you prepare
[22:41:46] Ansi: the way you revise
[22:42:01] Ansi: try to look at past papers
[22:42:02] Ansi: that u sat
[22:42:05] Ansi: back in the days
[22:42:08] Ansi: it's solutions
[22:42:13] Ansi: remember how u settled them
[22:42:14] Ansi: compare
[22:42:25] Ansi: maybe your handwriting is not very readable
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F7 (Int) – Session 1
12/07/2011 – F7 chat room
[22:42:27] sue888: on OT, quite a big percentage saying this is not hard paper
[22:42:28] Ansi: sorry if its' oaky
[22:42:30] Ansi: i just don't know
[22:42:39] Ansi: guys ..everything is relative
[22:42:47] Ansi: honestly, to my opinion ,it is hard
[22:42:52] Ansi: but depends on your background
[22:42:58] Ansi: it's harder then F3 :)
[22:43:19] Ansi: zein , there is not much help that we could provide you right now
[22:43:26] Ansi: but try to figure out reasons why you fail
[22:43:29] Ansi: and work on them
[22:43:37] Ansi: we need to continue now
[22:43:49] zain1060: {Ansi} thanks bro. i wil get to it.
[22:43:58] Ansi: yae bro ...you are welcome
[22:44:15] Ansi: hisanr was the first one who figured out from first attempt about my gender
[22:44:17] Ansi: but anyway :)
[22:44:46] Ansi: look
[22:44:52] Ansi: let's go to question immediately
[22:44:58] Ansi: Pilot paper
[22:45:02] Ansi: question that many of you know
[22:45:05] Ansi: Porto
[22:45:13] zain1060: *bro my mistake.
[22:45:45] Ansi: no sorry
[22:45:51] Ansi: porto is better to cover next
[22:45:55] Ansi: now the one from bpp
[22:46:06] Ansi: Peterlee
[22:46:13] Ansi: examined in 2006
[22:46:50] Ansi: The IASB's Framework ..... sets out the concepts that underlie the preparation of financial statements
that external users are likely to reply on when making economic decisions about an entity
[22:46:55] kzzrd: sorry Ansi..i have to log off now..its 2.45am now for me.
[22:47:07] Ansi: {kzzrd} sure, thanks alot for attending
[22:47:12] Ansi: please prepare for next time
[22:47:17] kzzrd: sure thank you
[22:47:24] Ansi: everyhting about conceptual framework
[22:47:28] Ansi: huf
[22:47:30] Ansi: :)
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F7 (Int) – Session 1
12/07/2011 – F7 chat room
[22:47:47] Ansi: the question was asking to explain the purpose and authoritative status of the framework
[22:47:51] Ansi: worth 5 marks
[22:47:58] Ansi: well we mentioned purpose already
[22:48:02] Ansi: what about status?
[22:48:23] Ansi: doest he framework has the same power as standards?
[22:48:29] Ansi: same status?
[22:48:40] drose: no
[22:48:49] Ansi: yes it doesn't
[22:48:50] Ansi: why
[22:48:52] Ansi: explain it
[22:49:09] Ansi: sue , fish ..
[22:49:11] Ansi: anyone else
[22:49:20] littlestart: I don't have the book
[22:49:25] Ansi: people must be sleeping or waiting for something more intersting ..
[22:49:30] sue888: frame work is not standard
[22:49:33] Ansi: but only framework for the next 2 weeks ..
[22:49:50] drose: the framework cannot override the std
[22:50:00] sue888: it doesn' override IFRS
[22:50:12] Ansi: yes
[22:50:19] Ansi: so if there is conflict between them
[22:50:25] Ansi: requirement of standard prevails
[22:50:32] sue888: form the basis for delevoping IFRS
[22:50:40] nadeem_baig75: is std can override the frame work???/
[22:51:23] Ansi: {nadeem_baig75} no it can't
[22:51:31] Ansi: framework is not a standard
[22:51:43] Ansi: and provision ofstandards always prevaila above framework
[22:51:51] littlestart: std based on framework?
[22:51:56] nadeem_baig75: ok
[22:52:02] Ansi: in other words if framework says A and standard says B about the same transaction ,then choose B
[22:52:05] sue888: I think so fish
[22:52:26] Ansi: {littlestart} yes , they are based on it
[22:52:27] Ansi: however
[22:52:33] Ansi: certain bits might conflict
[22:52:37] Ansi: u will see it later
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F7 (Int) – Session 1
12/07/2011 – F7 chat room
[22:52:48] Ansi: a think that you could note here
[22:53:08] Ansi: is that frameowkr doesn't contain requirements on ow financial statements should be prepared
[22:53:12] Ansi: or presented
[22:53:19] Ansi: while standards have guidances for it
[22:54:02] littlestart: okey
[22:54:39] Ansi: however
[22:54:46] Ansi: don't underestimate role of framework
[22:54:52] Ansi: and if u get a question
[22:55:01] Ansi: Why this or that standard asks u do to this and that
[22:55:20] Ansi: then after stating some bits from standard u will need to go back to framework
[22:55:25] Ansi: that will make your answer complete
[22:55:31] sue888: when you have a transaction that no standards you can use, you can use framwork to guide you how
to book it I think
[22:56:18] Ansi: yes
[22:56:22] Ansi: i tried to mention it above
[22:56:37] sue888: k
[22:56:43] Ansi: okay
[22:57:05] nadeem_baig75: {Ansi} may there be interpretation of standard in question?
[22:57:21] Ansi: yes of course
[22:57:27] Ansi: but , not a very lenghty one
[22:57:38] Ansi: in each question u might get a small theoretical part
[22:57:56] Ansi: and depending on your scenerio , this or that standard will be examined
[22:58:42] Ansi: tell me
[22:58:52] Ansi: Framework is the set of principles
[22:58:56] Ansi: rather then rules
[22:59:04] Ansi: so what is the alternative system to IFRS
[22:59:06] Ansi: how u will call it
[22:59:09] Ansi: and what is the example
[22:59:38] sue888: you mean GAAP
[22:59:48] Ansi: various gaaps year
[22:59:55] Ansi: like US gapp
[22:59:57] Ansi: gaap
[23:00:01] Ansi: Rules - based system
[23:00:09] Ansi: where you have rules for every transaction
[23:00:14] Ansi: strict rules to be followed
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F7 (Int) – Session 1
12/07/2011 – F7 chat room
[23:00:20] Ansi: IFRS are more flexible
[23:00:21] Ansi: as again
[23:00:24] Ansi: those are principle
[23:00:27] Ansi: principles
[23:00:30] sue888: yes
[23:00:50] Ansi: now IASB And FASB are working hard on convergence of their system
[23:00:55] Ansi: but it's a lenghty and very very tough work
[23:01:27] Ansi: okay now
[23:01:39] Ansi: very important part of framework
[23:01:45] Ansi: is qualitative characteristics
[23:01:48] Ansi: can u name those
[23:02:04] sue888: URRC
[23:02:22] Ansi: haha
[23:02:22] sue888: understandable
[23:02:23] Ansi: perfect
[23:02:32] Ansi: great to have such abbreviations
[23:02:33] sue888: Relevanc
[23:02:39] asb006: relevance
[23:02:47] sue888: reliablity
[23:02:49] asb006: materiality
[23:02:59] sue888: cimparibitiy
[23:03:03] asb006: n reliability
[23:03:12] Ansi: yea materiality is part of relevance
[23:03:13] sue888: comparablity
[23:03:16] littlestart: understandability
[23:03:22] Ansi: remember abbreviation that sue gave
[23:03:25] Ansi: URRC
[23:03:27] littlestart: relevance
[23:03:30] littlestart: reliability
[23:03:39] littlestart: comparability
[23:03:43] Ansi: right :)
[23:03:46] littlestart: yes URRC
[23:03:52] Ansi: well
[23:03:57] Ansi: guess what i will ask
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F7 (Int) – Session 1
12/07/2011 – F7 chat room
[23:04:00] Ansi: let's talk about each of those
[23:04:10] Ansi: Understandability
[23:04:12] Ansi: what is this one
[23:04:42] littlestart: FS must be understandable by users
[23:04:43] hisanr: they should be easy to understand
[23:04:50] hisanr: by users
[23:04:52] Ansi: yes
[23:04:53] Ansi: but
[23:04:56] sue888: it shoudl be understanded by someone who has reasable knowdege
[23:05:04] Ansi: users must be competent enough as well
[23:05:13] hisanr: yes
[23:05:59] Ansi: so prepares of financial statemnt assume that the uses will ahve reasonable knowledge of business,
economic activities and acconting
[23:06:03] Ansi: but
[23:06:06] Ansi: important to remeber
[23:06:12] Ansi: i am search for that example ..
[23:06:35] Ansi: Mr A is preparing financial statements for his company
[23:06:54] Ansi: One if the transactions during the year was a complex finance deal
[23:07:05] Ansi: involving derivatives and bonds
[23:07:44] Ansi: Mr A is of opinion that becase the majority of financial statment users won't understand it , he should
leave it from SFP
[23:07:49] Ansi: is this a correct decision
[23:08:14] littlestart: no
[23:08:15] sue888: he can not disclose derviatives and bonds
[23:08:33] sue888: casue users won't understand it
[23:08:51] sue888: since they are very risky instruments
[23:08:58] sue888: users shoudl be informed
[23:09:31] Ansi: :)
[23:09:36] Ansi: sue
[23:09:40] Ansi: u went so sfar
[23:09:44] Ansi: so so far
[23:09:45] Ansi: :D
[23:09:58] sue888: basicaly he has to
[23:10:02] sue888: disclose it
[23:10:16] hisanr: obviously no
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F7 (Int) – Session 1
12/07/2011 – F7 chat room
[23:10:16] Ansi: that's what i mean
[23:10:28] hisanr: he has to disclose it for the users
[23:10:44] Ansi: of coruse
[23:10:46] Ansi: that's the point
[23:10:57] Ansi: he can't leave a whole transaction just becuse he thinks it's hard
[23:11:07] Ansi: peole should be competent
[23:11:16] Ansi: it's not like u give them to your grandma who was a doctorfor all her life
[23:11:22] Ansi: or any other profession
[23:11:53] Ansi: at the same time
[23:11:59] Ansi: as u said , they should be relatively easy to undersatnd
[23:12:00] Ansi: that is
[23:12:11] Ansi: no need to iclude absolutely excessivei infromation to reports
[23:12:14] Ansi: as example
[23:12:27] Ansi: IFRS for SME's require only 10% of original disclosures
[23:12:39] Ansi: comparing to main ifrs
[23:12:52] Ansi: simply because SME stakeholders don't really need all the rest
[23:12:57] Ansi: now relevance
[23:13:07] Ansi: what is this characteristic
[23:13:51] littlestart: information must be relevant to the deciion making nedds of the user
[23:13:52] drose: must have a pridictive value.
[23:14:25] hisanr: users can relate to there problems
[23:14:38] Ansi: well about predictive value it's rather a criteria for recognition ...however might be true here as well ..
[23:14:52] Ansi: {hisanr} {littlestart} yea
[23:14:55] Ansi: fish is closest
[23:14:59] Ansi: just as simple as that
[23:15:12] asb006: evaluate past information and predict for futures
[23:15:13] Ansi: when u provide information in your financial reports
[23:15:18] Ansi: u dont' just talk about weather in london
[23:15:31] Ansi: you talk about financial situation in your company ..this or that transaction
[23:15:36] Ansi: illustatrate it with nubmers
[23:15:37] Ansi: etc
[23:15:55] Ansi: {asb006} yea....nice question about prediction was in June 2011
[23:16:15] Ansi: i guess we can look at it , once we finish with charactertics
[23:16:25] Ansi: anything else to say about relevance
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F7 (Int) – Session 1
12/07/2011 – F7 chat room
[23:16:30] Ansi: why materiality is part of relevance
[23:16:33] Ansi: what i the relation
[23:17:21] hisanr: materiality is the impact on fs of a transaction ... more material more relevant
[23:17:23] littlestart: predictive and confirmatory purpose
[23:17:38] sue888: materiality is relevant info for users
[23:17:38] Ansi: perfect hisanr
[23:17:42] Ansi: yea
[23:17:49] Ansi: remember from F5
[23:18:04] Ansi: relevance is when it affects decision making
[23:18:18] Ansi: if u have transactions of billions
[23:18:26] Ansi: and then suddenly a fgure of 100 occurs
[23:18:29] Ansi: its' not really relevant
[23:18:35] hisanr: ya like sunk cost isnt relevant
[23:18:41] Ansi: yea
[23:18:48] littlestart: yesss
[23:18:50] Ansi: number for materiality is not given in framework
[23:19:04] Ansi: however back in the days auditiors believe that more then 5% is material
[23:19:09] sue888: Maybe it is relevant but immaterial
[23:19:11] Ansi: but it depends on transaction anyway
[23:19:14] Ansi: yes
[23:19:43] Ansi: so information should be relevant and material enough to influence economic decisions of users
[23:20:01] Ansi: now reliability
[23:20:41] sue888: info should be reliable for user to make informed decision
[23:21:03] hisanr: reliability dependable
[23:21:07] hisanr: trustable
[23:21:14] Ansi: yes
[23:21:18] hisanr: for usage
[23:21:25] Ansi: it must be free from what
[23:21:36] drose: bias
[23:21:40] Ansi: right
[23:21:45] littlestart: material error
[23:21:46] Ansi: material errors, bias
[23:21:49] sue888: error and bias
[23:22:07] Ansi: well it must also be complete and prudent
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F7 (Int) – Session 1
12/07/2011 – F7 chat room
[23:22:15] Ansi: do u remember about prudency
[23:22:17] Ansi: from F3
[23:22:21] Ansi: what is that ?
[23:22:46] hisanr: hmmm not to record income when its prudent...
[23:22:57] hisanr: was that it?
[23:23:05] Ansi: sue wil say :P
[23:23:53] hisanr: aright ... long time since f3... im styding p3 with this one :P
[23:23:54] drose: account for losses immediately
[23:23:54] sue888: preduent is the figures you got in the FS are really thought through and you have backups
[23:24:15] sue888: dont record income when they are not there
[23:24:33] sue888: dont' record future income
[23:24:40] sue888: delay exp
[23:25:10] Ansi: ues
[23:25:11] Ansi: ye
[23:25:13] Ansi: it's simply
[23:25:17] Ansi: a certain degree of caution
[23:25:25] sue888: yes
[23:25:27] Ansi: when u disclose or record this or that
[23:25:39] Ansi: specially
[23:25:48] Ansi: when u make estimates in conditions of uncertainty
[23:25:54] sue888: wehn you have doubts
[23:25:57] Ansi: so that assets are not overstated
[23:26:11] Ansi: and liabilities and expenses are not understated
[23:26:13] sue888: yes
[23:26:27] Ansi: what is the principle of substance over form?
[23:26:42] Ansi: it is also a part of reliability btw
[23:26:43] sue888: thnk about financing lease
[23:27:11] sue888: we will look at real term instaad of legal format
[23:27:54] hisanr: fs show exact position if Sof is followd
[23:28:05] Ansi: yes
[23:28:17] Ansi: a classical example is that financial lease
[23:28:50] Ansi: u need to present in financial statements the reality ..information taht will refelct substance of
transactions
[23:29:04] Ansi: like u got money but didn't get invoice , so u record transaction
[23:29:24] Ansi: u got asset , but you control and and not own it
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F7 (Int) – Session 1
12/07/2011 – F7 chat room
[23:29:28] Ansi: so u record as asset
[23:29:31] Ansi: in y our sfp
[23:29:32] Ansi: etc
[23:30:26] Ansi: okay
[23:30:34] Ansi: once mroe bit is completeness
[23:30:38] Ansi: infromation should be complete
[23:30:43] Ansi: finally
[23:30:46] Ansi: comparability
[23:30:51] Ansi: might be a bit not easy to explain
[23:30:55] Ansi: can u give it a try
[23:31:17] sue888: your this year financial should be comparable to last yar
[23:31:37] hisanr: or to the other data like industry
[23:31:47] sue888: your finnaical should be comparable with your competitor in the same industry
[23:32:29] Ansi: yes sue
[23:32:37] Ansi: if
[23:32:40] sue888: so be constitent when using accouting policy
[23:32:45] sue888: if change disclose it
[23:32:45] drose: ability to compare one period with another by industry
[23:32:48] Ansi: u introduce certain change in the way how u rpesent FS
[23:33:00] Ansi: u will need to restate accounting policy
[23:33:05] Ansi: and apply this change retrospectively
[23:33:10] Ansi: so that statements are comparable
[23:33:12] sue888: disclose in note
[23:33:14] Ansi: yea
[23:33:29] sue888: say the amount change due to changing acounting policy
[23:33:36] sue888: and the reasons for it
[23:33:42] Ansi: and it's important that financial statements of different compnies are also possible to compare
[23:33:51] sue888: yes
[23:33:54] hisanr: ahan
[23:34:08] sue888: so investors can make informed decision to invest
[23:34:42] Ansi: yea
[23:34:51] Ansi: okay
[23:34:57] Ansi: em ,
[23:35:02] Ansi: there are couple of examples from kaplan
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F7 (Int) – Session 1
12/07/2011 – F7 chat room
[23:35:19] Ansi: about relevance
[23:35:36] Ansi: A busienss is going concern with no intentions to reduce or curtail it's operations
[23:35:55] hisanr: aryt
[23:36:00] Ansi: which would be the msot relevant valuation for it's machinery - the net realisable value
[23:36:04] Ansi: of the machinery
[23:36:10] Ansi: or it's depreciation cost
[23:37:18] hisanr: cost iguess
[23:37:35] drose: it's depr cost
[23:37:45] Ansi: yea, explain it
[23:37:48] asb006: I must ask you a silly question - what is net realisable value
[23:37:56] asb006: I did not do F3
[23:37:59] Ansi: it's okay, feel free toask those
[23:38:11] sue888: sp - cost of transaction
[23:38:15] Ansi: NRV is the price for which u sell minus cost of sell
[23:38:18] sue888: is NRV
[23:38:26] hisanr: sp -cost to sell
[23:38:27] Ansi: thank u sue
[23:38:34] asb006: thanks
[23:38:36] sue888: :)
[23:38:38] Ansi: so
[23:38:42] sajjadchangezi: what u guys r discussing ?
[23:38:45] Ansi: why depreciation cost is more relevant
[23:38:54] hisanr: when a business is not sellin its machinary
[23:39:00] Ansi: {sajjadchangezi} quantitative characteristics of Framework
[23:39:04] hisanr: nrv should not be taken
[23:39:11] drose: since it's not going to selloff soon but intends to use it
[23:39:16] Ansi: riiiiiiiiiight
[23:39:17] Ansi: :)
[23:39:21] Ansi: the business is going concern
[23:39:28] sue888: this will give you real pic over the cost of machine
[23:39:29] hisanr: cost should be taken cause it intends to use it so it should dep it
[23:39:32] Ansi: that means it is not going to close down
[23:39:37] Ansi: and sell that machinery
[23:39:43] sue888: to be used over period of time
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F7 (Int) – Session 1
12/07/2011 – F7 chat room
[23:39:47] Ansi: yes
[23:39:49] Ansi: perfect :)
[23:39:56] sue888: accrual
[23:40:13] Ansi: lol ..accrual is another underlying principle
[23:40:18] Ansi: if u fee like talking u can talk about it
[23:40:20] sue888: yes
[23:40:23] Ansi: while i post another question
[23:40:23] Ansi: :D
[23:40:26] sue888: lol
[23:40:31] hisanr: lol
[23:40:55] Ansi: can u explain
[23:41:07] Ansi: why there might exist the conflict between relevance and reliability
[23:41:29] hisanr: {sue888} accrual is recognising the transaction when they occur
[23:41:39] drose: u acct. for it even if not paid for as yet
[23:41:53] Ansi: {hisanr} yes thank you ...recognising and recording it
[23:41:59] Ansi: {drose} yeap
[23:42:08] sue888: some info is relevant bout not not reliable ( maybe not enought time to collect inform)
[23:42:10] asb006: thanks guys
[23:42:38] sue888: other way around is possible as well
[23:42:52] hisanr: {Ansi} hmmm.....no idea abt rel and relib conflict please explain
[23:42:55] Ansi: good , sue
[23:43:03] Ansi: timeliness is a big issue here
[23:43:06] Ansi: look
[23:43:15] littlestart: yes
[23:43:16] Ansi: u need a reliabile info
[23:43:19] Ansi: which is complete etc
[23:43:27] sue888: if you take so long to collect information
[23:43:27] Ansi: doen't this word complete scare u
[23:43:28] Ansi: :)
[23:43:30] Ansi: yea
[23:43:42] Ansi: u might take so long time that it won't be relevant at all already
[23:43:42] hisanr: lol
[23:43:45] sue888: maybe it is not releavnt when you have got complete pic
[23:43:49] Ansi: :)
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F7 (Int) – Session 1
12/07/2011 – F7 chat room
[23:43:50] sue888: lol
[23:44:07] hisanr: ya now i got it.... late reportin is of no use
[23:44:14] Ansi: another popular conflict is cost vs benefit
[23:44:14] hisanr: not relevant
[23:44:17] Ansi: but thsi one is easy
[23:44:20] Ansi: :)
[23:44:23] Ansi: of course
[23:44:28] hisanr: ya that i know .....
[23:44:33] hisanr: :)
[23:44:34] Ansi: yea ...try to report after the deadline
[23:44:38] sue888: if cost is too high to collect info and it maybe not worth it
[23:44:44] Ansi: and which u good luck with taxation bodies
[23:44:46] Ansi: :)
[23:44:53] Ansi: wish
[23:45:09] Ansi: okay
[23:45:14] Ansi: aother example from kaplan
[23:45:33] Ansi: A business is facing legal proceedings which may result in a potential laility.
[23:46:01] Ansi: at the time of producing the financial statements no realistic estimate can be made of the possible
amount of any damages
[23:46:14] sue888: so disclose it
[23:46:18] Ansi: How would the characteristics of relevance and reliability be applied to this situation
[23:46:19] sue888: in notes
[23:46:22] sue888: no provision
[23:46:59] sue888: can be made since no realistic est can be made
[23:47:01] hisanr: looks like sue did her f8 with above 70 :P
[23:47:09] sue888: lol
[23:48:00] Ansi: :)
[23:48:07] Ansi: sue does everything abovet he sky
[23:48:07] hisanr: {Ansi} well it is relevant but not that reliable
[23:48:12] Ansi: but she didn't sit F8 yet
[23:48:17] Ansi: well she is perpared for it already anyway
[23:48:21] hisanr: lol
[23:48:35] Ansi: sue it's all correct
[23:48:35] sue888: thanks Ansi
[23:48:37] sue888: :)
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F7 (Int) – Session 1
12/07/2011 – F7 chat room
[23:48:41] Ansi: but here example is a bit
[23:48:44] Ansi: messed up
[23:48:45] Ansi: a bit
[23:49:14] Ansi: well
[23:49:23] Ansi: in brief what answer is saying is almost like u say
[23:49:28] Ansi: case is relevant
[23:49:33] Ansi: so facts should be disclosed
[23:49:43] Ansi: even if u don't have figures
[23:49:56] Ansi: so here we have relevance
[23:49:57] Ansi: but
[23:49:59] sue888: since it is contigent lia
[23:50:02] Ansi: very big lack of reliability
[23:50:12] sue888: yes
[23:50:22] Ansi: since no realistic estimatee can be made
[23:50:22] hisanr: but not quantitative so not adj in fs
[23:50:28] Ansi: yea..
[23:50:44] Ansi: okay
[23:50:53] Ansi: now try to think about the following situation
[23:51:07] Ansi: Discuss what a potential investor wants from the company.
[23:51:20] hisanr: returns
[23:51:23] Ansi: Identif what the accountancy profession can do to provide information that is relevant to them
[23:51:29] Ansi: and information that is reliable
[23:51:37] sue888: future earning power
[23:51:40] Ansi: Is there a conflict between rlevance an realiabiliy
[23:51:40] Ansi: so
[23:51:43] Ansi: yes ..
[23:51:44] sue888: and prespect
[23:51:57] Ansi: future earnings
[23:52:03] Ansi: what else investor is interested in
[23:52:07] Ansi: btw
[23:52:07] sue888: prospect
[23:52:14] Ansi: are futureearnings ...reliable
[23:52:15] Ansi: i mean
[23:52:17] Ansi: info that he gets
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F7 (Int) – Session 1
12/07/2011 – F7 chat room
[23:52:23] sue888: for sure
[23:52:27] Ansi: really? :)
[23:52:30] hisanr: no
[23:52:33] sue888: not
[23:52:38] hisanr: they arnt reliable
[23:52:52] sue888: you can't do that
[23:53:03] hisanr: cause they dont know how much return they are gonna get
[23:53:12] sue888: you can't give realiable future earning
[23:53:13] hisanr: no actual figures to be relied upon
[23:53:32] Ansi: of course
[23:53:34] Ansi: of course
[23:53:38] Ansi: no reliability about future
[23:53:41] Ansi: u might
[23:53:48] Ansi: have plane fallen on your company next day
[23:53:49] Ansi: so
[23:53:52] Ansi: :D
[23:53:56] Ansi: expenses will occur
[23:53:59] sue888: but from your historicl earning and other numbers--> est future earning
[23:54:07] Ansi: yes
[23:54:22] Ansi: from historical figures u geta more reliable info
[23:54:23] Ansi: now
[23:54:30] Ansi: whatelse investor is interested in
[23:54:52] sue888: if the compny is ethical in doing businss
[23:54:55] hisanr: workin of the company directors
[23:54:57] Ansi: guys
[23:55:01] Ansi: think of important things
[23:55:12] sue888: corp governence
[23:55:14] Ansi: of course ethics
[23:55:18] Ansi: but it's not the first thing he looks at
[23:55:31] Ansi: u will laugh if i tell u what is number 1
[23:55:47] drose: going concern?
[23:55:48] sue888: if the numbers are turely reported
[23:55:50] Ansi: First of all he is interested in whether a company is a going concern or not
[23:55:52] Ansi: yessss
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F7 (Int) – Session 1
12/07/2011 – F7 chat room
[23:55:53] Ansi: drose
[23:55:58] Ansi: :star:
[23:56:01] hisanr: wow....
[23:56:06] Ansi: lol
[23:56:07] sue888: wow
[23:56:11] Ansi: and u think it's not important or what
[23:56:12] Ansi: like
[23:56:13] Ansi: yea okay
[23:56:19] Ansi: i'll give u 3 billions
[23:56:26] Ansi: even if u close down tomorriow
[23:56:31] Ansi: just cos your secretary is so sweet
[23:56:32] Ansi: :D
[23:56:36] Ansi: doesn't work like that really
[23:56:55] sue888: but this is assumpation in reading FS
[23:57:01] sue888: otherwise they have to disclose
[23:57:04] Ansi: :)
[23:57:04] sue888: it in the notes
[23:57:06] Ansi: sue
[23:57:07] hisanr: ill do that!!! :%%:
[23:57:08] Ansi: :)
[23:57:13] Ansi: we all have to do many things
[23:57:21] Ansi: but inreality
[23:57:25] Ansi: many thingsh happen
[23:57:29] sue888: sure
[23:57:31] Ansi: specially when someone is trying to get money
[23:57:47] Ansi: how many people never return credits to banks
[23:57:58] Ansi: and how many companies present false information in reports
[23:57:59] Ansi: anyway
[23:58:04] Ansi: liquidity and going concern
[23:58:07] Ansi: that is number 1
[23:58:15] Ansi: then goes risk element
[23:58:25] Ansi: what is the nature of operations
[23:58:34] hisanr: so thats the reason y stupid ratios are in every f series paper
[23:58:35] Ansi: is it risky ...what is the risk that profits will go down
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F7 (Int) – Session 1
12/07/2011 – F7 chat room
[23:58:37] Ansi: et
[23:58:38] Ansi: etc
[23:58:38] Ansi: et
[23:58:39] Ansi: c
[23:58:42] Ansi: :)
[23:58:48] Ansi: actually ratios is a nice thing
[23:58:49] sue888: yes
[23:58:53] Ansi: u just need to make them your friend
[23:58:54] littlestart: yes
[23:59:05] Ansi: so
[23:59:12] Ansi: information about going concern
[23:59:15] Ansi: reliabilie or not
[23:59:31] hisanr: ya i like ratios but they are repititive in f5 f7 then f9
[23:59:45] Ansi: well, then it makes it easy to remember them
[23:59:50] Ansi: because they are important
[23:59:59] Ansi: it is reliable
[00:00:05] Ansi: sorry, i need to speed up
[00:00:07] Ansi: and risk?
[00:00:13] Ansi: reliable?
[00:00:21] hisanr: ya please speed up its 1am here aswell
[00:00:40] sue888: {hisanr} very later for you
[00:00:45] hisanr: risk is not reliable
[00:00:47] sue888: late
[00:01:03] Ansi: of course it is not
[00:01:08] Ansi: it's a subjective opinion
[00:01:16] Ansi: and finally he will look at future diviends
[00:01:17] Ansi: and
[00:01:26] Ansi: sources of business
[00:01:58] Ansi: and how business works
[00:02:01] hisanr: ahan
[00:02:08] Ansi: well this one is reliable
[00:02:09] Ansi: however
[00:02:21] Ansi: false information might be presented in order to show off in front investor
[00:02:31] Ansi: guys
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F7 (Int) – Session 1
12/07/2011 – F7 chat room
[00:02:40] Ansi: we will finish here for today
[00:02:44] Ansi: please work out porto
[00:02:45] littlestart: okay
[00:02:47] Ansi: Pilot paper
[00:02:48] sue888: ok
[00:02:50] Ansi: Question 4a
[00:02:54] Ansi: it's not that hard
[00:02:55] drose: ok
[00:02:57] Ansi: just to revise
[00:03:03] Ansi: stuy all the rest about conceptual framework
[00:03:05] hisanr: hmmm when will be the next lecture?
[00:03:07] Ansi: check resources taht i gave
[00:03:10] Ansi: lecture :D
[00:03:10] sue888: will do
[00:03:11] Ansi: lol
[00:03:18] littlestart: {hisanr} Sat 9 am
[00:03:22] Ansi: saturday 9 am uk time
[00:03:23] hisanr: 16th?
[00:03:26] Ansi: yes
[00:03:42] drose: thanks for 2 day
[00:03:43] asb006: thanks Ansi and all, was helpful
[00:03:46] sue888: see u on Saturday
[00:03:52] asb006: see u on sat
[00:03:55] sue888: thansk for today's session
[00:04:02] drose: will try
[00:04:09] asb006: too many new things
[00:04:21] Ansi: you aer all welcome
[00:04:25] Ansi: thank you for not falling into sleep
[00:04:27] littlestart: Thanks ansi
[00:04:28] Ansi: and participating
[00:04:33] Ansi: please don't ignore framework
[00:04:40] Ansi: in exam it might help u to get easy marks
[00:04:47] littlestart: See u all on Sat
[00:04:48] sue888: yep
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F7 (Int) – Session 1
12/07/2011 – F7 chat room
[00:04:50] Ansi: it will be just 2 weeks, but u wont regret about it later
[00:04:53] Ansi: take care everyone
[00:04:53] drose: it's now 4pm here
[00:04:59] Ansi: lucky u
[00:05:01] asb006: bye
[00:05:01] Ansi: well
[00:05:03] Ansi: see u guys
[00:05:04] littlestart: bye everyone
[00:05:06] Ansi: bye bye!
[00:05:09] drose: bye
[00:05:23] sue888: bye
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