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applying ifrs standards

Questions and Answers of Applying IFRS Standards

5 understand how to measure the fair value of liabilities
4 explain the steps in determining the fair value of non-fi nancial assets
3 understand the key concepts used in the fair value framework
2 understand the key characteristics of the term ‘fair value’
1 explain the need for an accounting standard on fair value measurement
Exercise 2.9 ★ ★ ★ DIVIDENDS, SHARE-ISSUES, OPTIONS, RESERVE TRANSFERS Mercury plc’s equity as at 30 June 2016 was as follows: 120 000 ordinary ‘A’ shares, issued at £1.10, fully paid
Exercise 2.8 ★ ★ ★ DIVIDENDS, SHARE ISSUES, SHARE BUY-BACKS, OPTIONS AND MOVEMENTS IN RESERVES Hide Ltd, a company whose principal interests are in the manufacture of fi ne leather shoes and
Exercise 2.7 ★ ★ ★ SHARES, OPTIONS, DIVIDENDS AND RESERVE TRANSFERS The equity of Mondegreen Inc. at 30 June 2015 consisted of: 400 000 ordinary ‘A’ shares issued at $2.00, fully paid 300
Exercise 2.6 ★ ★ BUY-BACK OF SHARES Victor Ltd decided to repurchase 10% of its ordinary shares under a buy-back scheme for £5.60 per share. At the date of the buy-back, the equity of Victor Ltd
Exercise 2.5 ★ ★ SHARE ISSUE, OPTIONS On 30 June 2015, the equity accounts of Boron Ltd consisted of: 175 000 ‘A’ ordinary shares, issued at $2.50 each, fully paid 50 000 6% cumulative
Exercise 2.4 ★ ★ ISSUE OF ORDINARY AND PREFERENCE SHARES Prepare journal entries to record the following transactions for Kahuna Ltd: 2016 April 1 A prospectus was issued inviting applications
Exercise 2.3 ★ SHARE ISSUE, OPTIONS Jordan Ltd has the following shareholders’ equity at 1 January 2016: Share capital — 500 000 shares Asset revaluation surplus Retained earnings £1 240 000
Exercise 2.2 ★ RIGHTS ISSUE Property Ltd had share capital of 1 million $1 shares, fully paid. As it needed fi nance for certain construction projects, the company’s management decided to make a
Exercise 2.1 ★ RESERVES AND DIVIDENDS Prepare journal entries to record the following unrelated transactions of a public company: (a) payment of interim dividend of €30 000 (b) transfer of €52
10. For what reasons may a company make an appropriation of its retained earnings?
9. Discuss whether it is necessary to distinguish between the different components of equity rather than just having a single number for shareholders’ equity.
8. What is a private placement of shares? Outline its advantages and disadvantages.
7. What is a rights issue? Distinguish between a tradeable and a non-tradeable issue.
6. A company has a share capital consisting of 100 000 shares having a par value of $1 per share and issued at a premium of $1 per share, and 50 000 shares issued at $2 par and $1 premium. Discuss
5. A company has a share capital consisting of 100 000 shares issued at $2 per share, and 50 000 shares issued at $3 per share. Discuss the effects on the accounts if: (a) the company buys back 20
4. Why would a company wish to buy back its own shares? Discuss.
3. The telecommunications industry in a particular country has been a part of the public sector. As a part of its privatisation agenda, the government decided to establish a limited liability company
2. A company announces a fi nal dividend at the end of the fi nancial year. Discuss whether a dividend payable should be recognised.
1. Discuss the nature of a reserve. How do reserves differ from the other main components of equity?
9 prepare note disclosures in relation to equity, as well as a statement of changes in equity.
8 outline the nature of reserves and account for movements in retained earnings, including dividends
7 discuss the rationale behind and accounting treatment of share buy-backs
6 account for share placements, rights issues, options, and bonus issues
5 account for the issue of both no-par and par value shares
4 discuss the different forms of share capital
3 outline the key features of the corporate structure
2 describe in general terms what a for-profi t company is
1 describe the essence of the equity section in the statement of fi nancial position
Exercise 1.8 ★ ASSET DEFINITION AND RECOGNITION On 28 May 2013, $20 000 cash was stolen from Ming Lee Ltd’s night safe. Explain how Ming Lee should account for this event, justifying your answer
Exercise 1.7 ★ ASSETS Lampeter Cosmetics has spent $220 000 this year on a project to develop a new range of chemical-free cosmetics. As yet, it is too early for Lampeter Cosmetics’ management to
Exercise 1.6 ★ DEFINITIONS OF ELEMENTS AND RECOGNITION CRITERIA Explain how you would account for the following items/situations, justifying your answer by reference to the Conceptual Framework’s
Exercise 1.5 ★ PURCHASE ORDERS An airline places a non-cancellable order for a new aeroplane with one of the major commercial aircraft manufacturers at a fi xed price, with delivery in 30 months
Exercise 1.4 ★ ASSESSING PROBABILITIES IN ACCOUNTING RECOGNITION The Conceptual Framework defi nes an asset as a resource from which future economic benefi ts are expected to fl ow. ‘Expected’
Exercise 1.3 ★ NEED FOR THE CONCEPTUAL FRAMEWORK VS. INTERPRETATIONS Applying the Conceptual Framework is subjective and requires judgement. Would the IASB be better off to abandon the Conceptual
Exercise 1.2 ★ RECOGNISING A LOSS FROM A LAWSUIT The law in your community requires store owners to shovel snow and ice from the pavement in front of their shops. You failed to do that, and a
Exercise 1.1 ★ MEASURING INVENTORIES OF GOLD AND SILVER IAS 2 Inventories allows producers of gold and silver to measure inventories of these commodities at selling price even before they have sold
8. Distinguish between the fi nancial and physical concepts of capital and their implications for the measurement of profi t.
7. Discuss the difference, if any, between income, revenue and gains.
6. Discuss the essential characteristics of a liability as described in the Conceptual Framework.
5. Discuss the essential characteristics of an asset as described in the Conceptual Framework.
4. Discuss the importance of the going concern assumption to the practice of accounting.
3. Outline the fundamental qualitative characteristics of fi nancial reporting information to be considered when preparing general purpose fi nancial statements.
2. Identify the potential benefi ts of a globally accepted set of accounting standards.
1. Describe the standard-setting process of the IASB.
7 distinguish between alternative bases for measuring the elements of fi nancial statements 8 outline concepts of capital.
6 explain the principles for recognising the elements of fi nancial statements
5 defi ne the basic elements in fi nancial statements — assets, liabilities, equity, income and expenses
4 discuss the going concern assumption underlying the preparation of fi nancial statements
3 explain the qualitative characteristics that make information in fi nancial statements useful
2 describe the purpose of a conceptual framework — who uses it and why
1 describe the organisational structure of the key players in setting International Financial Reporting Standards (IFRS® Standards)

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