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business
financial accounting and reporting

Questions and Answers of Financial Accounting And Reporting

Can the legal position on leases be ignored- now that substance over form is used for financial reporting? Discuss.LO17-4
Explain the major provisions of IAS 17 Leases.LO17-4
Discuss the suggestion that the requirement for companies to write off research investment rather than showing it as an asset exposes companies to short-term pressure from acquisitive companies that
Here is an extract from the Reckitt Benckiser 2000 Annual Report:The accounting policy states:Acquired brands are only recognised on the balance sheet as intangible assets where title is clean brand
Discuss the advantages and disadvantages of the proposal that there should be a separate category of asset In the balance sheet clearly identified as 'research investment - outcome uncertain'.LO18-4
How is 'value in use’ calculated for an impairment review? What are the areas of subjectivity?LO18-4
Critically evaluate the basis of the following assertion:'! am sceptical that it [the impairment test] will work reliably in practice, given the complexity and subjectivity that lie within the
Discuss why some form of theoretical pricing model is required for inventory valuation purposes.LO19-2
Discuss the acceptability of the following methods of inventory valuation: LIFO; replacement cost.LO19-2
Discuss the application of individual judgement in inventory valuation, e.g. changing the basis of overhead absorption.LO19-2
Explain the criteria to be applied when selecting the method to be used for allocating costs.LO19-2
Discuss the effect on work-in-progress and finished goods valuation if the net realisable value of the raw material is lower than cost at the balance sheet date.LO19-2
Discuss why the accurate valuation of inventory is so crucial if the financial statements are to show a true and fair view.LO19-2
Discuss the point in a contracts life when it becomes appropriate to recognise profit and the feasibility of specifying a common point, e.g. when contract is 25% complete.LO20-2
Profit on a contract is not realised until completion of the contract.' Discuss LO20-2
'Profit on a contract that is not completed is an unrealised holding gain' Discuss.LO20-2
There should be one specified method for calculating attributable profit.’ Discuss.LO20-2
The Treasury state that Talk of PFI liabilities with a present value of £ I I Obn is wrong. Adding up PFI unitary payments and pretending they present a threat to the public finances is like adding
What is the purpose of measuring income?LO3-5
Explain the nature of economic income.LO3-5
The historical cost concept has withstood the test of time. Specify the reasons for this success, together with any aspects of historical cost that you consider are detrimental in the sphere of
What is meant by present value? Does it take account of inflation?LO3-5
A company contemplates purchasing a machine that will generate an income of £25,000 per year over each of the next five years. A scrap value of £2,000 is anticipated on disposal. How much would you
Discuss the arguments for and against revaluing fixed assets and recognising the gain or loss.LO3-5
To an accountant, net income is essentially a historical record of the past. To an economist, net income is essentially a speculation about the future. Examine the relative merits of these two
(a) Explain the limitations of HCA when prices are rising.(b) Why has the HCA model survived in spite of its shortcomings in times of inflation?LO4-5
Explain the features of the CPP model in contrast with those of the CCA model.LO4-5
What factors should be taken into account when designing a system of accounting for inflation?LO4-5
To what extent are CCA statements useful to an investor?LO4-5
Compare the operating and financial capital maintenance concepts.LO4-5
Historical cost accounting is the worst possible accounting convention, until one considers the alternatives.' Discuss this statement in relation to CPR CCA and NRVA.LO4-5
To be relevant to investors, the profit for the year should include both realised and unrealised gains/losses.' Discuss.LO4-5
Discuss the effect on setting performance bonuses for staff if financial performance for a period contains both realised and unrealised gains/losses.LO4-5
The relevant financial performance figure for an investor is the amount available for distribution at the balance sheet date.’ Discuss.LO4-5
Financial statements should reflect realistically the performance and position of an organisation, but most of the accountant's rules conflict directly with the concept of realism.' Discuss.LO4-5
Explain how each of the limitations in question I I could be overcome.LO4-5
Explain the criteria for determining whether hyperinflation exists.LO4-5
Why is it necessary for financial reporting to be subject to (a) mandatory control and (b) statutory control? LO5-1
How is it possible to make shareholders aware of the significance of the exercise of judgement by directors which can turn profits of £6m into losses of £2m?LO5-1
Discuss the main arguments for dispensing with all SSAPs and FRSs.LO5-1
To what extent do you think FRSs should take economic consequences into account?LO5-1
Explain the main changes to interim reports following the ASB Statement of Best Practice.LO5-1
The most favoured way to reduce information overload was to have the company filter the available information set based on users' specifications of their needs.'38 Discuss how this can be
Review a SORP and discuss the reasons why existing FRSs need to be supplemented.LO5-1
Quarterly reporting is essential in the interest of transparency and can, therefore, only be beneficial for investors.’ Discuss.LO5-1
Every European company should be required to prepare their financial reports in accordance with an IFRSSE similar in content to the UK’s FRSSE.' Discuss.LO5-1
'Measurement criteria are more important than disclosure requirements for small entities.’ Discuss.LO5-1
How does the regulatory framework for financial reporting in the UK differ from that in the USA? Which is better for particular interest groups and why?LO6-3
'Standardisation is the only way forward for European financial reporting.' Discuss this statement in the light of efforts that have already been made in the harmonisation of company law and the
Suggest criteria that could be used to classify systems of financial reporting employed in different countries. What difficulties are there in performing an exercise of this nature?LO6-3
The current differences between IASs and US GAAP are extensive and the recent pairing of the US Financial Accounting Standards Board and IASB to align IAS and US GAAP will probably result in IAS
Give a brief synopsis of the ICAS Making Corporate Reports Valuable.LO7-3
(a) In 1999 in the UK, the ASB published the Statement of Principles. Explain what you consider to be the purpose and status of the Statement.(b) Chapter 4 of the Statement identifies and defines
The replacement of accrual accounting with cash flow accounting would avoid the need for a conceptual framework.’21 Discuss.LO7-3
Explain why two companies carrying out identical trading transactions could produce different gross profit figures.LO8-6
Classify the following items into cost of sales, distribution costs, administrative expenses, other operating income or item to be disclosed after trading profit(a) Personnel department costs(b)
What are the fundamental objectives of corporate reports?LO8-6
A single set of multi-purpose financial statements is unable to satisfy the needs of shareholders for both a stewardship report and a report to assist the prediction of future cash flows.'
Discuss the relevance of the information in the Statement of Recognised Income and Expense to an investor Explain the advantages and disadvantages of combining the income statement and this statement
Describe the content of an OFR statement in UK financial statements and discuss whether it should be made mandatory, more prescriptive and audited.LO8-6
Explain why your decision in question 3 might be different if the business entity were a medium¬ sized limited company.
Explain the effect on the statement of financial position in Figure 1,13 if the fixed asset consisted of expenditure on industry-specific machine tools ratherthan a lease.
The Framework for the Preparation and Presentation of Financial Statements identified seven user groups: investors, employees, lenders, suppliers and other trade creditors, customers, government and
Accrual accounting is preferable to cash flow accounting because the information is more relevant to all users of financial statements.’ Discuss.LO2-4
‘Cash flow accounting and accrual accounting information are both required by a potential shareholder.’ Discuss.LO2-4
‘Information contained in a profit and loss account and a balance sheet prepared under accrual accounting concepts is factual and objective.’ Discuss.LO2-4
The asset measurement basis applied in accrual accounting can lead to financial difficulties when assets are due for replacement.’ Discuss.LO2-4
‘Accountants preparing financial statements in the UK do not require a standard sucl^as IAS 18 Revenue'. Discuss.LO2-4
Explain the revenue recognition principle and discuss the effect of alternative treatments on the reported results of a company.LO2-4
Identify the two most significant variables in the Z-score, the Zeta model and Taffler's Z-score and discuss why each variable might have been selected.
Explain how and why EVA is calculated.
The following is an extract from the Bayer AG 2012 Annual Report:The value-based indicators aid management’s decision-making, especially regarding strategic portfolio optimization and the
Ftard Times Ltd has been just about breaking even. It has recently identified a new project which will improve its ROC. Discuss whether entering into the project will always be to the advantage of
Heavy Debts pic had an agreed debt service coverage ratio, DSCR, of 1.25, where DSCFt = monthly net operating income/monthly principal and interest on loan. In 2013 the company's DSCR had fallen to
Belt pic and Braces pic were in the same industry. The following information appeared in their 20X9 accounts:Required:(a) Calculate the following ratios for each company and show the numerical
Quickserve pic is a food wholesale company. Its financial statements for the years ended 3 I December 20X8 and 20X9 are as follows:Required:(a) Describe the concerns of the following users and how
The following are the accounts of Bouncy pic, a company that manufactures playground equipment, for the year ended 30 November 20X6.The directors are considering two schemes to raise £6,000,000 in
Sally Gorden seeks your assistance to decide whether she should invest in Ruby pic or Sapphire pic. Both companies are quoted on the London Stock Exchange. Their shares were listed on 20 June 20X4 as
Growth pic made a cash offer for all of the ordinary shares of Beta Ltd on 30 September 20X9 at £2.75 per share. Beta's accounts for the year ended 3 I March 20X9 showed:Additional information: (1)
R. Johnson inherited 810,000 £1 ordinary shares in Johnson Products Ltd on the death of his uncle in 20X5. His uncle had been the founder of the company and managing director until his death. The
Harry is about to start negotiations to purchase a controlling interest in NX, an unquoted limited liabil-ity company. The following is the statement of financial position of NX the company’s most
The directors of Chekani pic, a large listed company, are engaged in a policy of expansion. Accordingly, they have approached the directors of Meela Ltd, an unlisted company of substantial size, in
Discuss how an investor might benefit from annual reports being made available in XBRL. LO1.
Explain how a body such as a tax authority might benefit from XBRL.LO1.
Explain what you understand by taxonomy and mapping.LO1.
Explain the use of instance documents.LO1.
Explain the use of stylesheets.LO1.
Explain iXBRL and where it is used.LO1.
Visit www.us.kpmg.com/microsite/xbrl/kkb.asp to attempt the XBRL tutorial and write a brief note on how you think it will affect the work of a financial accountant.
Find out more about any of the following topics and write a one-page summary on:(a) the XBRL general ledger work;(b) use of XBRL by stock exchanges;(c) the commitment by the IFRS to the XBRL
Explain in your own words what you understand corporate governance to mean.LO1.
Explain why governance procedures may vary from country to country.LO1.
What are the implications of governance for audit practices?LO1.
'Good corporate governance is a myth — just look at these frauds and irregularities:• Enron www.sec.gov/litigation/litreleases/lr 18582.htm• WorldCom
In 2000, the chairman of the US Securities and Exchange Commission (SEC), Arthur Levitt, pro¬ posed that other services provided by audit firms to their audit clients should be severely restricted,
Discuss how remuneration policies may adversely affect good corporate governance and how these effects may be reduced or prevented.LO1.
Discuss the major risks which will need to be managed by a pharmaceutical company and the extent to which these should be disclosed.LO1.
Review reporting requirements in relation to disclosure of related party transactions and discuss their adequacy in relation to the avoidance of conflicts of interest.LO1.
Discuss in what situations audit independence could be compromised.LO1.
Discuss the extent to which a trade union is able to contribute to good corporate governance.LO1.

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