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CIMA Advanced Financial Reporting Sample Questions:

1. When accounting for a finance lease under IAS 17 Leases, which TWO of the following are recognised in the statement of profit or loss?

A) Lease payments payable
B) Depreciation of the leased asset
C) Lease payments paid
D) Finance cost element of the lease payments
E) Capital repayment element of the lease payments

2. DE acquired 10% of the equity shares of KL on 31 December 20X2.
A further 50% of the equity shares of KL were acquired by DE on 1 January 20X4.
Which THREE of the following would be part of the process for recording the second purchase of shares?

A) Goodwill being calculated at 1 January 20X4 for the first time.
B) Assets, liabilities, income and expenses being fully consolidated from 1 January 20X4.
C) The goodwill calculated at 31 December 20X2 being revalued at 1 January 20X4.
D) Net assets at 1 January 20X4 being compared to the purchase consideration and a transfer to equity made.
E) The 10% investment being revalued to fair value at 1 January 20X4.
F) A 50% non controlling interest will be shown in the consolidated financial statements.

3. LM has made the following share purchases during the year:
* Purchased 55% of the equity share capital of OP.
* Purchased 45% of the equity share capital of QR. LM have the power to appoint the majority of board members on the QR board.
* Purchased 30% of the equity share capital of ST. LM is represented by one director on the main board of ST which has five members in total. The other 70% of ST's equity share capital is owned by a single company, UV.
The Managing Director has told you that OP has performed well, but both QR and ST have not performed as expected. He is therefore pleased that OP will be included as a subsidiary and that QR and ST will only be included as investments in the group financial statements.
In accordance with the ethical principle of professional competence and due care how should the investments in OP, QR and ST be treated in the group financial statements?

A) OP should be consolidated, QR should be equity accounted and ST should be valued at cost.
B) OP should be consolidated and QR and ST should be equity accounted.
C) OP and QR should be consolidated and ST should be equity accounted.
D) OP and QR should be equity accounted and ST should be valued at cost.

4. MNO is listed on its local stock exchange. It has a high level of gearing compared to the industry average as a result of rapid expansion funded by debt. The directors of MNO would like to reduce the level of gearing by raising equity to fund the next expansion project. The directors are considering whether to use a placing of new shares or a rights issue.
Which of the following statements is true?

A) The administration costs associated with a placing are usually more expensive than a rights issue because less investors are involved.
B) A placing will increase the proportion of the total number of MNO's shares held by large investors.
C) A rights issue would not need to be underwritten because the risk of the shares not being taken up is small compared to a placing.
D) The directors must use a placing before offering the rights issue to existing shareholders.

5. CD granted 1,000 share options to its 100 employees on 1 January 20X8.To be eligible, employees must remain employed for 3 years from the grant date. In the year to 31 December 20X8, 15 staff left and a further 25 were expected to leave over the following two years.
The fair value of each option at 1 January 20X8 was $10 and at 31 December 20X8 was $15.
Which THREE of the following are true in respect of recording these share options in the year ended 31 December 20X8?

A) The calculation of the charge for the year will be adjusted for actual leavers only.
B) The credit entry will be to equity.
C) Fair value at 1 January 20X8 will be used to value the options.
D) The credit entry will be to non-current liabilities.
E) Fair value at 31 December 20X8 will be used to value the options.
F) The calculation of the charge for the year will be adjusted for actual and estimated leavers.

Solutions: