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By Nicholas Ee Herng Wai FCCA, C.A.(M) Under IAS 16 Property, plant and equipment, the cost of an item of property, plant and equipment acquired by way of exchange is measured at the fair value of the asset given up unless: the exchange transaction lacks commercial substance; or the fair value of the asset received and asset given up cannot be reliably measured.  In this case, the acquired item is measured at the carrying amount of the asset given up. This means that the cost or fair value of the item received is not relevant. The asset received will be measured either at the fair value or the carrying amount of the asset given up. An exchange transaction has commercial substance if the risk, timing and amount of the cash flows…

By Nicholas Ee Herng Wai FCCA, C.A.(M) Many students have been asking what is the difference between the new ACCA SBR exam paper as compared to the previous P2 Corporate Reporting. Is this merely a change in paper name and exam format?The answer is YES and NO.SBR essentially retains the entire syllabus of P2, i.e. it will still cover all the accounting standards (IFRSs/IASs), group accounts (consolidation) and other aspects of corporate reporting.As far as exam format is concerned, students will no longer have options when attempting questions. SBR will have a total of 4 questions, offering 25 marks each. Therefore, all questions must be attempted and there will be no options as in the previous P2, in which students would choose 2 out of 3 questions in Section B.So…