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financial accounting and reporting

Questions and Answers of Financial Accounting And Reporting

In 2012 the Chancellor unveiled a £IOOm 'employee-owner' scheme that will allow shares worth £2,000 to £50,000 to be exempt from tax if employees give up certain work rights, such as the right to
Access http://www.oecd.org/tax/exchangeofinformation/42232037.pdf and discuss the type of misuse of charity funds in the UK and one other country.LO1.
Conglomerate pic was a family company which was so successful that the founding Alexander family could not fully finance its expansion. So the company was floated on the Stock Exchange with the
The board of White pic is discussing the filling of a vacant position arising from the death of Lord White. A list of possible candidates is as follows:(a) Lord Sperring, who is a well-known company
(a) Describe the value to the audit client of the audit firm providing consultancy services.(b) Why is it undesirable for audit firms to provide consultancy services to audit clients?(c) Why do audit
How is the relationship between the audit firm and the audit client different for:(a) the provision of statutory audit when the auditor reports to the shareholders;(b) the provision of consultancy
Why is there a prohibition of auditors owning shares in client companies? Is this prohibition reasonable? Discuss.(appendix)
Discuss the relevance of stand-alone environmental reports to an existing and potential investor. LO1.
‘Charters and guidelines help make reports reliable but inhibit innovation and reduce their relevance.' Discuss.LO1.
Discuss the implications of the Global Reporting Initiative for the accountancy profession.LO1.
Discuss the value added concept, giving examples, and ways to improve the statement.LO1.
Outline the arguments for and against a greater role for the audit function in corporate social reporting.LO1.
Discuss the challenges that accountant and auditor will face with the increasing demand for environ¬ mental impact to be reported.LO1.
‘Human assets are incapable of being valued.’ Discuss.LO1.
The following is an extract from the 201 I Tottenham Hotspur Annual Report when considering carrying out an impairment test:The Group does not consider that it is possible to determine the value in
The 201 I Tottenham Hotspur pic Annual Report stated Player costs and transactions(a) Initial capitalisation The costs associated with the acquisition of player and key football management staff
Discuss the impact of the following groups on the accounting profession:(a) Environmental groups(b) Ethical investors.LO1.
(a) Discuss the significant direct KPIs relating to the air transport industry, (b) Identify which industries you consider to be significant supplier industries.(Access to the following is helpful:
Consumer-oriented models are more likely to be influenced by ethical principles. Discuss.LO1.
A chemical entity installed new manufacturing equipment at a cost of € I m to comply with environ¬ mental regulations concerning the production and storage of chemicals.Discuss how this should be
Discuss how would it be possible to apply sustainability criteria in determining executive remuneration.LO1.
A research report48 found that comparability of extra-financial information between companies is an issue: 6196 said they find social information difficult to compare and 4196 said they find
Look up an integrated report of a South African company (such as Clicks Group Integrated Annual Report 2011) and discuss what insights you have gained regarding how integral (or not) social and
The Fourth Company Law Directive requires companies to include, where appropriate, informa¬ tion (key performance indicators - KPIs) relating to environmental and employee matters in their annual
(a) You are required to prepare a value added statement to be included in the corporate report of Hythe pic for the year ended 3 I December 20X6, including the comparatives for 20X5, using the
David Mark is a sole trader who owns and operates supermarkets in each of three villages near Ousby. He has drafted his own accounts for the year ended 3 I May 20X4 for each of the branches. They are
Gettry Doffit pic is an international company with worldwide turnover of £26 million. The activities of the company include the breaking down and disposal of noxious chemicals at a specialised plant
Explain: (I) basic earnings per share; (ii) diluted earnings per share; (iii) potential ordinary shares; and (iv) limitation of EPS as a performance measure.(appendix)
In connection with IAS 33 Earnings per Share:(a) Define the profit used to calculate basic and diluted EPS.(b) Explain the relationship between EPS and the price/earnings (PE) ratio. Why may the PE
In the 1999 Annual Report and Accounts of Associated British Ports Holdings pic, the directors report earnings per share — basic, and earnings per share — underlying, as follows: (appendix)
The following note appeared in the 201 i Annual Report of Mercer International Inc.:Explain:what is meant by antidilutive.(appendix) Net income (loss) per share attributable to common shareholders:
Why are issues at full market value treated differently from rights issues?(appendix)
Explain why companies buy back shares and the effect that this has on the earnings per share figure.(appendix)
Explain reverse share splits and the effect that this has on a company’s market capitalisation.(appendix)
Discuss the limitations of an IAS 33 calculated EPS figure for performance reporting.(appendix)
Discuss the limitations of EPS as a criterion for setting executive remuneration targets.(appendix)
Alpha pic had an issued share capital of 2,000,000 ordinary shares at I January 20X1. The nominal value was 25p and the market value £1 per share. On 30 September 20X1 the company made a rights
Beta Ltd had the following changes during 20X1:Required:Calculate the time-weighted average number of shares for the basic earnings per share denominator. Note that adjustments will be required for
The computation and publication of earnings per share (EPS) figures by listed companies are governed by IAS 33 Earnings per Share.Notes:1 Called-up share capital of Nottingham Industries pic:In issue
The following information relates to Simrin pic for the year ended 3 I December 20X0:Simrin pic had 100,000 ordinary shares of £1 each in issue throughout the year, Simrin pic has in issue warrants
Gamma pic had an issued share capital at I April 20X0 of:• £200,000 made up of 20p shares; and• 50,000 £ I convertible preference shares classified as equity receiving a dividend of £2.50 per
Delta NV has share capital of € I m in shares of €0.25 each. At 3 I May 20X9 shares had a market value of € I. I each. On I June 20X9 the company makes a rights issue of one share for every
The following information is available for X Ltd for the year ended 3 I May 20XI:3 There are 1,600,000 convertible preference shares in issue classified as equity. The cumulative dividend is I Op per
(a) The issued share capital of Manfred, a quoted company, on I November 2004 consisted of 36,000,000 ordinary shares of 75 cents each. On I May 2005 the company made a rights issue of I for 6 at
The capital structure of Chavboro, a quoted company, during the years ended 3 1 October 2005 and 2006 was as follows:The company has an executive share option scheme which gives the company's
(a) The Dent group earned profits from continuing operations attributable to the parent company for the year ended 31 October 2011 of $13.6 million. Losses from discontinued operations attributable
State and express two ratios that can be used to analyse each of the following:(i) profitability;(ii) liquidity;(iii) management control.(appendix)
Discuss the importance of the disclosure of exceptional items to the users of the annual report in addition to the operating profit.(appendix)
Explain how a reader of the accounts might be able to assess whether the non-current asset base is being maintained.(appendix)
Explain in what circumstances an increase in the revenue to current assets might be an indication of a possible problem.(appendix)
Explain in what circumstances a decrease in the rate of non-current asset turnover might be a positive indicator.(appendix)
Discuss why an increasing current ratio might not be an indicator of better working capital management.(appendix)
The management of Alpha Ltd calculates ROCE using profit before interest and tax as a percentage of net closing assets. Discuss how this definition might be improved.(appendix)
The asset turnover rate has increased by 50% over the previous year. Explain the questions you would have in mind and what other ratios you would review.(appendix)
The current ratio has doubled since the previous year. Explain the questions that you would have in mind when reviewing the accounts.(appendix)
Explain the problems a creditor might have when assessing the creditworthiness of a subsidiary entity.(appendix)
You ascertain that inventories and (to a lesser extent) trade receivables have risen significantly when you consider that sales have increased by only 5%. Discuss the questions that you ask and the
Access the annual reports of two companies in the same industry and identify (a) the ratios that they report in common, (b) how these have been defined, and (c) why some ratios are not common to
A company has a very high rate of inventory turnover. Discuss circumstances when this might be of concern to management.(appendix)
The ratio of current liabilities to net worth (equity + retained earnings) was 75%. Discuss how this would be viewed by suppliers and management.(appendix)
The ratio of non-current assets to net worth was 75%. Discuss the risk that this poses for a company.(appendix)
Coil SA/NV is a company incorporated under the laws of Belgium. Its accounts are IAS compliant. It states in its 2003 accounts (in accordance with IAS 27, para. 13):Principles of consolidation The
The 2008 Annual Report of Bayer AG states:Subsidiaries that do not have a material impact on the Group's net worth, financial position or earnings, either individually or in aggregate, are not
(a) Assume that on I January 20X7 Parent Ltd acquired all the ordinary shares in Daughter Ltd for £10,800 cash. The fair value of the net assets in Daughter Ltd was their book value.(b) The purchase
(a) On I January 20X7 Parent Ltd acquired all the ordinary shares in Daughter Ltd for £16,200 cash. The fair value of the net assets in Daughter Ltd was their book value.(b) The purchase
(a) On I January 20X7 Parent Ltd acquired all the ordinary shares in Daughter Ltd for £16,200 cash. The fair value of the net assets in Daughter Ltd was £ 12,000.(b) The purchase consideration was
On I January 20X7 Parent Ltd acquired all the ordinary shares in Daughter Ltd for £6,000 cash. The fair value of the net assets in Daughter Ltd was their book value.Required in each case:Prepare the
On I January 20X7 Parent Ltd acquired 75% of the ordinary shares in Daughter Ltd for £9,000 cash. The fair value of the net assets in Daughter Ltd was their book value. Assume in each case that the
Rouge pic acquired 100% of the common shares of Noir pic on I January 20X0 and gained control. At that date the statements of financial position of the two companies were as follows:Required:Prepare
Ham pic acquired 100% of the common shares of Burg pic on I January 20X0 and gained control. At that date the statements of financial position of the two companies were as follows:Notes:1 The fair
Set out below is the summarised statement of financial position of Berlin pic at 1 January 20X0.Required:Prepare the statement of financial position of Berlin immediately after the acquisition if:(a)
Bleu pic acquired 80% of the shares of Verte pic on I January 20X0 and gained control. At that date the statements of financial position of the two companies were as follows:Required: Prepare a
Base pic acquired 60% of the common shares of Ball pic on I January 20X0 and gained control. At that date the statements of financial position of the two'companies were as follows:Required:Prepare a
The following accounts are the consolidated statement of financial position and parent company state¬ ment of financial position for Alpha Ltd as at 30 June 20X2.Notes:1 There was only one
Applying the principles of control in IFRS 10 Consolidated Financial Statements, as described in Section 22.6.2 of this chapter, you are required to consider whether certain investments of Austin pic
Prior to the purchase, Norwich pic had in issue 6,000,000 ’A' shares of £ 1 each. Each ‘A’ share carries a single vote. These shares were owned equally by each of the directors of Norwich pic.
The following is an extract from the UPM-Kymmene Corporation 201 I financial statements:All intercompany transactions, receivables, liabilities and unrealised profits, as well as intragroup profit
Explain why the non-controlling interest is not affected by the pre- and post-acquisition division.(appendix)
Explain why pre-acquisition profits of a subsidiary are treated differently from post-acquisition profits when consolidating.(appendix)
Explain the effect of a provision for unrealised profit on a non-controlling interest:(a) where the sale was made by the parent to the subsidiary; and(b) where the sale was made by the subsidiary to
A consolidated journal adjustment set off the dividend receivable reported in the parent's statement of financial position against the dividend declared by the subsidiary. Explain why this may not
Explain reasons why the current accounts in the parent and subsidiary may not agree. If not, how could the two accounts be set off?(appendix)
Explain why the dividends deducted from the group in the statement of changes in equity are only those of the parent company.(appendix)
Explain two ways in which unrealised profits might arise from transactions between companies in a group and why it is important to remove them.(appendix)
Explain why it is necessary to apportion a subsidiary’s profit or loss if acquired part-way through a financial year.(appendix)
Explain why dividends paid by a subsidiary to a parent company are eliminated on consolidation.(appendix)
Give four examples of inter-company income and expense transactions that will need to be eliminated on consolidation and explain why each is necessary.(appendix)
A shareholder was concerned that following an acquisition the profit from operations of the parent and subsidiary were less than the aggregate of the individual profit from operations figures. She
Explain how a management charge made by a parent company would be dealt with on consolidation.(appendix)
Explain how the impairment of goodwill is dealt with on consolidation.(appendix)
Explain why unrealised profits on inventory purchased from another member of the group is added to the cost of sales when it is not a cost.(appendix)
Explain why differences between the opening and closing statements of financial position are adjusted when preparing a consolidated statement of cash flows when a subsidiary is acquired.(appendix)
Why are associated companies accounted for under the equity method rather than consolidated?(appendix)
IAS 28, paragraph 17, states:The recognition of income on the basis of distributions received may not be an adequate meas¬ ure of the income earned by an investor on an investment in an
How does the treatment of inter-company unrealised profit differ between subsidiaries and associ¬ ated companies?(appendix)
The result of including goodwill by valuing the non-controlling shares at their market price using Method 2 is to value the non-controlling shares on a different basis to valuing an equity investment
The following is an extract from the notes to the 1999 consolidated financial statements of the Chugoku Electric Power Company, Incorporated:Equity method Investments in four (three in 1998)
Explain the difference between a joint operation and a joint venture.(appendix)
Explain the approach to determining whether an arrangement is a joint operation or a joint venture.(appendix)
Discuss the desirability or otherwise of isolating profits or losses caused by exchange differences from other profit or losses in financial statements.(appendix)

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