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financial accounting information
Questions and Answers of
Financial Accounting Information
ABC NEWSPAPER Limited has received a grant for €120,000 over 4 years in respect of providing employment in a deprived area.Requirement Explain briefly the treatment of this grant in the company’s
CAMCON Limited (CAMCON)) operates a successful light engineering business with workshops in Belfast, Dublin and Galway. CAMCON is to prepare accounts for the year ended 31 December 2001, and these
List, and briefly explain, the four main categories of employee benefits identified by IAS 19.
Define the following key terms:(a) Defined contribution pension plan;(b) Defined benefit pension plan;(c) Current service cost;(d) Past service cost;(e) Interest cost; and(f) Expected return on plan
Pelican Limited advised its solicitors to commence an action against its major supplier claiming damages of €500,000 in respect of losses sustained as a result of the supply of faulty goods.
Highgrove plc is a manufacturing and distribution company. You are acting as auditor to Highgrove plc and you have been asked by the Board of Directors of the company to explain how the following
(a) In accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets, define a provision and explain briefly when a provision should be recognized in financial statements.(b) JEANS
BLUES Limited (BLUES) prepares its financial statements to 31 December each year. The company manufactures paint, and its operations are divided into two income-generating units, domestic and
What is an event after the end of the reporting period?
What is an adjusting event?
Give three examples of an adjusting event.
Give three examples of a non-adjusting event.
In what circumstances will a non-adjusting event require changes in the amounts to be disclosed in the financial statements?
During 20X9, Bad Limited gives a guarantee of certain borrowings of Girls Limited whose financial condition at that time is sound. During 20Y0, the financial condition of Girls Limited deteriorates
King Limited gives warranties at the time of sale to purchasers of its products. Under the terms of the warranty the manufacturer undertakes to make good, by repair or replacement, manufacturing
After a wedding in the year 200W ten people died, possibly as a result of food poisoning from products sold by Crippen Limited. Legal proceedings are initiated seeking damages from Crippen but it
RUA Limited (RUA), a company which prepares its financial statements to 31 December each year, is involved in mining and exploration. Before the financial statements for the year ended 31 December
Nov Laboratories Limited has been involved in pharmaceuticals research projects for 15 years. The Managing Director has expressed concern that the variability in the level of research and development
Grotto Limited makes up its accounts to 31 December each year. Its research and development expenditure for the years ending 31 December is as follows:The accounting policy for research and
Define the term ‘impairment loss’.
Define the term ‘cash generating unit’.
List the factors which suggest that an asset may have been impaired.
Explain how the recoverable amount of an asset is determined.
Keanu Limited has identified an impairment loss of €60 million in one of its cash generating units (CGUs). The CGU showed a carrying amount of €160 million and a recoverable amount of €100
BLUES Limited (BLUES) prepares its financial statements to 31 December each year.The company manufactures paint, and its operations are divided into two income-generating units, domestic and
You are the financial controller of VERTIGO Limited (VERTIGO), an Irish company that prepares its financial statements to 31 December each year. The following issue needs to be resolved before the
How should inventory be measured in accordance with IAS 22
What does the cost of inventory comprise?
Name and describe two methods identified in IAS 2 for the measurement of cost.
You are the accounting consultant to a public holding company which has four trading subsidiaries: Screws Limited, Brackets Limited, Frames Limited and Concrete Blocks Limited. All the subsidiaries
Techniques for the measurement of the cost of inventories such as the ‘retail method’ may be used for convenience if the results approximate cost. The cost of the inventory is determined by
Details of inventories of five separate products are as follows:Requirement Assuming that none of the above items have been sold at the year end, value the inventory on the basis of IAS 2
Micro Limited processes and sells a single product. Purchases of raw materials during the year were made at a regular rate of 1,000 tonnes at the beginning of each week. The price was €200 per
How would you define a construction contract?
When may profits and losses on construction contracts first be recognized?
How does the recognition of a profit on a construction contract differ from the recognition of a loss?
During the course of examining the draft accounts of BRIGADE plc for the year ended 31 December 200X, you have noted the following matter:At 31 December 200X, the company was engaged in a long-term
Builders Limited, a medium-sized firm of building contractors, was engaged in the construction of a shopping center in Bray. Details of the contract which extended over three accounting periods are:
Bull Limited is currently engaged in three long-term contracts, details of which are set out below:Requirement Show the information which would appear in the statement of comprehensive income and
You are the Financial Controller of DRY Limited a firm of building contractors. The following details relate to three incomplete contracts in-the company’s books at 30 June 20X2:Additional
Expert Builders Limited is involved in three different construction contracts at 31 December 200W:This company determines stage of completion by reference to value of work certified as a proportion
Explain the difference between current tax and deferred tax.
Explain the difference between permanent differences and temporary differences
Explain the concept of the tax base of an asset or liability, and how this concept helps to identify situations in which deferred tax adjustments are required.
Explain how temporary differences between accounting profits and taxable profits would affect the tax expense unless deferred tax was taken into account.
GATEWAY Limited (GATEWAY), a company that prepares its financial statements to 31 December each year, has been trading at a loss for the last 3-4 years. However, the directors expect the company to
BRUCE plc (BRUCE), an Irish listed company that prepares its financial statements to 31 December each year, sells products to those involved in magic and illusion.BRUCE Statement of Financial
On 1 January 2009, ROBINSON plc (ROBINSON) entered into a contract with a building company to build a new administrative and visitors’ facility for the company at a cost of €10,000,000. In order
YELLOW Limited (YELLOW), a company that prepares its financial statements to.31 December each year, is involved in the manufacture of made-to-order customised sports cars. The company commenced
What is the difference between a finance and an operating lease?
With respect to a finance lease, what should you show in the statement of financial position of the lessee?
With respect to a finance lease, how do you account for the rental payments from the lessee’s point of view?
What is the preferred method of apportioning the rental repayments between the interest and capital element?
List the disclosure requirements for both operating and finance leases.
You are the Finance Director of a medium-sized manufacturing company. The Managing Director has taken a recent interest in the financial statements of the company and requests information regarding
On 1 January 2008, ARIES Limited acquired a machine under a finance lease which could have been purchased outright for €64,000. The lease provided for four annual payments of €20,000 in arrears
The Managing Director of LEES Limited is considering a proposal to acquire a new, fully automatic machine to increase production capacity and efficiency. The machine would cost €150,000 to purchase
Sam Limited has entered into a finance lease in respect of a crane. The terms of the lease are:1. Three-year primary period with a quarterly rent payable in advance of €2,500, ie.total payment of
Under IAS 38, what are the categories of internally generated intangible assets which may never be recognised?
What conditions must be satisfied before development expenditure may be capitalised?
If all the conditions in the previous question are met, is it a requirement that development costs must be capitalized?
Sea Pharmaceuticals plc has negotiated a special government grant to provide 40% of the research costs of finding a suitable drug for the treatment of the virus disease which has seriously affected
The following information has been extracted from the original draft accounts of THIMBLE Limited for the year ended 31 December 200Y: Profit for the year Intangible asset-development expenditure
You have just been given the fixed assets section from the audit file of WELLER Limited(WELLER) in relation to the financial statements for the year ended 31 December 2008 with a note from the
Seamus plc manufactures and operates a fleet of small aircraft. It draws up its financial statements to 31 March each year.Seamus plc also owns a small chain of hotels (carrying value of €16
What are the arguments for and against the capitalization of borrowing costs?
What is the accounting treatment for qualifying borrowing costs?
When may capitalization of borrowing costs begin and when must it end?
Explain the main requirements of IFRS 1 which must be satisfied when a company adopts IASs/IFRSs for the first time.
Identify the reconciliations which a company must include in its financial statements when it adopts IASs/IFRSs for the first time.
‘There can be few who work for multinational companies, with some involvement with their financial reporting systems, who have not thought how good it would be to have one accounting language
The directors of EMERALD ple (EMERALD), an Irish listed company, have decided to adopt International Financial Reporting Standards (IFRSs) for the first time in the companys financial statements for
At what value should revenue be measured?
What conditions must be met before revenue from the sale of goods may be recognized?
What conditions must be met before revenue from the delivery of services may be recognized?
(Based on ICAI, P3 Summer 2006,)Issue 1 ANTRIM Limited (ANTRIM) owes CORK Limited (CORK) €250,000, due on 31 July 2009. CORK owes ANTRIM €200,000, due on 30 June 2009. A legal right of set-off
You are the Financial Accountant of Incara plc, a company that operates from a number of retail outlets throughout Ireland, selling vehicle entertainment and navigation systems. Incara plc prepares
What is meant by an investment property?
How do you account for investment property?
How do you account for gains/losses on disposals of investment property?
Do you depreciate investment property?
Part ES What are the main disclosure requirements of IAS 40?
HELIX Limited (HELIX) purchased three identical properties (RIGHT, LEFT and UP), and leased a fourth (DOWN), during the year ended 31 December 2008.RIGHT is used as HELIX’s head office; =, LEFT is
United Limited, a company which manufactures sporting equipment and accessories, owns a number of properties which are listed below.1. Trafford Lane: a freehold factory and office block used entirely
What elements of expenditure are included in the production cost of a non-current asset?
What disclosures are required when a non-current asset is revalued?
In what circumstances may an amount be transferred from the revaluation reserve to a credit on the statement of comprehensive income?
What is depreciation?
What accounting treatment is required if the estimated useful life of a fixed asset is revised?
(a) Who were considered to be the potential users of financial reports in The Corporate Report?(b) What do you consider to be their information needs?(c) How would you expect a consideration of user
The Technical Committee of the International Organization of Securities Commissions(IOSCO) and the IASC agree that there is a compelling need for high-quality, comprehensive international accounting
The Framework includes the following definition:‘An asset is a resource controlled by the enterprise as a result of past events and from which future economic benefits are expected to flow to the
In 1989, the IASC issued the Framework for the Preparation and Presentation of Financial Statements. It is intended to establish a broad set of accounting principles on which standards and accounting
What are the components of a complete set of financial statements?
What criteria determine whether assets should be classified as current?
What criteria determine whether liabilities should be classified as current?
What minimum information should be presented on the face of the statement of comprehensive income?
Distinguish between the nature of expense method and the function of expense method of classifying expenses in the statement of comprehensive income.
What is relevance?
What is objectivity?
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