CIMA F2 : Advanced Financial Reporting

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CIMA Advanced Financial Reporting Sample Questions:

1. On 1 January 20X7 GH purchased plant and equipment at a cost of $400,000. The temporary differences in respect of this plant and equipment at 31 December 20X7 and 20X8 have been calculated as follows:

Assume that there are no other temporary differences in the periods and that the corporate income tax rate is 25%. GH is expected to have significant taxable profits in the future.
Which of the following is the correct impact in GH's statement of financial position at 31 December 20X8 in respect of deferred tax?

A) Decrease in the deferred tax liability.
B) Increase in the deferred tax liability.
C) Decrease in the deferred tax asset.
D) Increase in the deferred tax asset.

2. Which of the following options provides a representation of how the non controlling interest in FG is measured in CD's consolidated statement of financial position at 31 December 20X8?

A) * FV of NCI at acquisition; plus
* NCI's share of post acquisition reserves of FG; plus
* NCI's share of accumulated exchange differences arising on goodwill of FG.
B) * FV of NCI at reporting date; plus
* NCI's share of post acquisition reserves of FG; plus
* NCI's share of exchange difference arising on goodwill of FG for the year.
C) * FV of NCI at acquisition; plus
* NCI's share of post acquisition reserves of FG; plus
* NCI's share of exchange difference arising on goodwill of FG for the year.
D) * FV of NCI at reporting date; plus
* NCI's share of group reserves; plus
* NCI's share of accumulated exchange differences arising on goodwill of FG.

3. GH granted 100 share options to each of its 1,000 employees on 1 January 20X8. The fair value of each option was $7 on 1 January 20X8 and had risen to $8 at 31 December 20X8.
Which of the following statements represents the treatment that GH adopted to account for the related expense of these share options in its financial statements for the year ended 31 December 20X8, in accordance with IFRS 2 Share-based Payments?

A) The expense was measured using the fair value of $7 and the credit entry was to equity.
B) The expense was measured using the fair value of $8 and the credit entry was to equity.
C) The expense was measured using the fair value of $8 and the credit entry was to liabilities.
D) The expense was measured using the fair value of $7 and the credit entry was to liabilities.

4. ST acquired 75% of the 2 million $1 equity shares of CD on 1 January 20X3, when the retained earnings of CD were S3,550,000. CD has no other reserves.
ST paid $5,600,000 for the shares in CD and the non controlling interest was measured at its fair value of S1,400,000 at acquisition.
At 1 January 20X3, the fair value of CD's net assets were equal to their carrying amount, with the exception of a building. This building had a fair value of $1,000,000 in excess of its carrying amount and a remaining useful life of 25 years on 1 January 20X3.
At 31 December 20X5, the retained earnings of ST and CD were $8,500,000 and $5,250,000 respectively.
What is the figure for non-controlling interest to be shown in the consolidated statement of financial position of ST as at 31 December 20X5?

A) $1,825,000
B) $1,607,500
C) $1,805,000
D) $1,795,000

5. What figure will be presented for "dividend paid to shareholders of GHI" in GHI's consolidated statement of changes in equity for the year ended 31 December 20X4?
Give your answer to the nearest $000.
$ ? 000

Solutions: