CIMA Advanced Financial Reporting : F2

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CIMA Advanced Financial Reporting Sample Questions:

1. A local council is one year into a two year project to renovate local parks. The project is on track to be completed within the set time-scale, however it has proved more costly than initially expected.
The project is on track to be completed within its two year period. Contracts for the labour and materials needed to renovate the parks were agreed at the start of the project and no changes have arisen. Despite the fact that the council has yet to fully settle these contracts, costs are set to be as budgeted.
Why would this example not be recognised as a provision?

A) The council doesn't have a present obligation from the project.
B) Neither the timing nor the amount of the provision is uncertain.
C) The settlement of the contract is unlikely to result in an outflow from the council.
D) The council has no potential future obligations arising from the project.

2. KL acquired 75% of the equity share capital of MN on 1 January 20X8. The group's policy is to value non- controlling interest at fair value at the date of acquisition. MN acquired 60% of the equity share capital of PQ on 1 January 20X9 for $360 million.
At 1 January 20X9 the fair value of the non-controlling interest in PQ was $220 million and the fair value of the net assets of PQ at 1 January 20X9 were $320 million.
Calculate the goodwill arising on the acquisition of PQ at 1 January 20X9.
Give your answer to the nearest million.
$ ? million

3. Which of the following actions would be most likely to improve an entity's gross profit margin?

A) Reducing administrative expenses by 10%
B) Writing down the value of obsolete inventories
C) Negotiating with trade suppliers for a bulk purchase discount
D) Offering increased credit to customers

4. A group presents its financial statements in A$.
The goodwill of its only foreign subsidiary was measured at B$100,000 at acquisition. There have been no impairments to this goodwill.
Exchange rates (where A$/B$ is the number of B$'s to each A$) are as follows:
The value of goodwill to be included in the group's statement of financial position in respect of its foreign subsidiary for the year ended 31 December 20X4 is:

A) A$75,758.
B) A$66,667.
C) A$132,000.
D) A$150,000.

5. YZ issued $100,000 6% convertible bonds at par on 1 January 20X5. The bondholders have the option to convert into equity shares in 3 years' time or redeem at par for cash on the same date.
Interest is paid annually in arrears and bonds issued by similar entities without conversion rights pay interest at 8%.
What is the value of equity to be recognised in YZ's statement of financial position as at 31 December
20X5?
Give your answer to the nearest whole $.
$?

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