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financial accounting and reporting

Questions and Answers of Financial Accounting And Reporting

Explain the term functional currency and describe the factors an entity should take into account when determining which is the functional currency.(appendix)
Explain why exchange differences are treated differently in financial statements prepared in a functional currency and those prepared in a presentation currency.(appendix)
Discuss why a company that is not part of a group might decide to translate its financial statements into a presentation currency.(appendix)
Explain why exchange differences might appear in other comprehensive income.(appendix)
How does the treatment of changes in foreign exchange rates relate to the prudence and accruals concepts?(appendix)
It was reported8 that 'Belarus’ cumulative inflation index will exceed 100%, which means that IAS 29 is likely to be applicable to Belarus up to 2014 ... does not expect any significant micro-
Discuss the extent to which individual judgements might affect inventory valuation, e.g, changing the basis of overhead absorption.(appendix)
Discuss the acceptability of the LIFO and replacement cost methods of inventory valuation and why the IASB has not permitted all methods to be used.(appendix)
Explain the criteria to be applied when selecting the method to be used for allocating administra¬ tive costs.(appendix)
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 statement of financial position date.(appendix)
Discuss why the accurate valuation of inventory is so crucial if the financial statements are to show a true and fair view.(appendix)
It has been suggested that‘Given national characteristics it will be impossible to ensure that financial statements that comply with IFRSs will ever be comparable.'Discuss whether auditors can make
The following is an extract from the 201 I Annual Report of SIPEF NV:Auditor’s Report The statutory auditor has confirmed that his audit procedures, which have been substantially completed, have
Discuss the relative merits of recognising revenue under the percentage of completion method and the passing of control as major thresholds are met or the contract is finished.
Discuss whether fixed price construction contracts should be accounted for differently from cost-plus contracts.
What should the percentage of completion be before revenue recognition occurs in the accounts? Discuss.
Asubmission on the revenue standard raised an issue of when revenue for variations to contracts should be recognised. One possibility is only after each variation has been approved by the cus¬ tomer
Accounting for partly completed construction faces two risks. The first risk is a mismatch of reve¬ nue and expenses due to inaccurate estimates of the percentage of completion with actual expenses.
Discuss how the Companies Act 2006 defines distributable profits in the UK.(appendix)
Why do companies reorganise their capital structure when they have accumulated losses?(appendix)
What factors would a loan creditor take into account if asked to bear some of the accumulated loss?(appendix)
Explain a debt/equity swap and the reasons for debt/equity swaps, and discuss the effect on existing shareholders and loan creditors.(appendix)
The following relates to RWE AG:On April 22, 2009, the Annual General Meeting authorized us again to buy back shares. Hence, the Executive Board is entitled to acquire shares in the amount of up to
The Notes in the BG Group 201 I Annual Report included the following extract:Decommissioning costs The estimated cost of decommissioning at the end of the producing lives of fields is reviewed at
Mining, nuclear and oil companies historically provided an amount each year over the life of an enterprise to provide for decommissioning costs. Explain why the IASB considered this to be an
The following note appeared in the Amey pic 201 I Annual Report:The onerous lease provision is in respect of property leases and is expected to be utilised over the remaining lease terms.Discuss the
One of the reasons why the IASB considered in their EDs an amendment to IAS 37 is that the criteria within that standard for the recognition of provisions are allegedly inconsistent with those in
Explain how redeemable preference shares, perpetual debt, loans and equity investments are reported in the financial statements.
The only true way to simplify IAS 39 would be for all financial assets and liabilities to be measured at fair value with gains and losses recognised in profit or loss. Discuss.
Under the revised IAS 19 (post-1998) what amount of actuarial gains and losses should be recognised in profit or loss? Following the revision to IAS 19 in 201 I, is this expected to change?
Define PPE and explain how materiality affects the concept of PPE.(appendix)
Define depreciation. Explain what assets need not be depreciated and list the main methods of calculating depreciation.(appendix)
What is meant by the phrases ‘useful life’ and 'residual value?(appendix)
Define ‘cost’ in connection with PPE.(appendix)
What effect does revaluing assets have on gearing (or leverage)?(appendix)
How should grants received towards expenditure on PPE be treated?(appendix)
Define an investment property and explain its treatment in financial statements.(appendix)
'Depreciation should mean that a company has sufficient resources to replace assets at the end of their economic lives.’ Discuss.(appendix)
Can the legal position on leases be ignored now that substance over form is used for financial reporting? Discuss.(appendix)
(a) Consider the importance of decisions over the categorisation of lease transactions into operating leases or finance leases when carrying out financial ratio analysis. What ratios might be
State the factors that indicate that a lease is a finance lease under IAS 17.(appendix)
The favourite off-balance-sheet financing trick used to be leasing. Use any illustrative numerical examples you may wish to:(a) Define the term ‘off-balance-sheet financing’ and state why it is
The Tesco 201 I Annual Report included the following accounting policy:Assets held under finance leases are recognised as assets ofthe Group at their fair value or, if lower, at the present value of
The accountant in a small entity, Balloon Daredevils Ltd, was looking at a number of leases and attempting to decide whether each was definitely a finance lease. The lease conditions were as
Given that the details of operating leases are disclosed in the notes to the accounts, why is it necessary to propose a new standard which incorporates these into the statement of financial position
Under the first exposure draft in 2010 lessees had to account for all leases in terms of their amortisation of the right-of-use asset and the interest expense implied in the contract. There was
Companies sometimes get special prices from suppliers if they undertake to purchase specified commodities from the supplier over a designated future period. These supply arrangements do not have to
Under the proposed system of lease accounting the lessor recognises interest on the residual asset as well as the lease receivable item.(a) Why is interest charged on the lease receivable asset?(b)
Why do standard setters consider it necessary to distinguish between research and development expenditure, and how does this distinction affect the accounting treatment?(appendix)
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
Discuss why the market value of a business may increase to reflect the analysts' assessment of future growth but the asset(s) responsible for the growth may not appear in the statement of financial
The following is an extract from the 2010 WPP Annual Report:Corporate brand names, customer relationships and proprietary tools acquired as part of acquisitions of businesses are capitalised
Discuss the advantages and disadvantages of the proposal that there should be a separate category of asset in the statement of financial position clearly identified as ‘research investment -
Discuss reasons for the undervaluing of intangibles and subsuming within goodwill.(appendix)
One goodwill impairment indicator is the loss of key personnel. Discuss two further possible indicators.(appendix)
There has been a requirement for companies to disaggregate the amount paid for goodwill into other intangible assets. This has led to the valuation of certain of the relational intellectual capital
Critically evaluate the basis of the following assertion: 'I am sceptical that the impairment test will work reliably in practice, given the complexity and subjectivity that lie within the
The effective working of the financial aspects of a market economy rests on the validity of the underlying premises of integrity in the conduct of business and reliability in the provision of
The increasing perception is that IFRS is overly complex and is complicating the search for appro¬ priate forms of financial reporting for entities not covered by the EU Regulation.36 Discuss:(a)
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.’37 Discuss how this can be
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 IASB
Constructive review of the regulators.Required:(a) Obtain a copy of the Financial Reporting Review Panel’s Annual Report.(b) Critically discuss the major areas of criticism raised by the Panel in
IFRS for SA/IEs has been adopted by many countries internationally. Critically discuss reasons why it has not yet been adopted by the EU.
Access the Financial Reporting Council website and(i) Identify the industries that the FRRP will be currently reviewing and discuss the pros and cons of their choice and of giving prior notice of
The FRC in its 2010 publication Cutting Clutter in Annual Reports observed that much immaterial information is included in an Annual Report.Required:Obtain an Annual Report of a company that
Name the user groups and information needs of the user groups identified in the Statement of Principles.
Explain how a company assesses materiality when attempting to report a true and fair view of its income and financial position.
Identify two ethical issues which university students experience and where they look for guidance. How useful is that guidance?(appendix)
The following is an extract from a European Accounting Review20 article:On the teaching front, there is a pressing need to challenge more robustly the tenets of modern day business, and specifically
The International Association for Accounting Education and Research states that: 'Professiotial ethics should pervade the teaching of accounting’ (www.iaaer.org). Discuss how this can be achieved
As a trainee auditor, what ethical issues are you most likely to encounter?(appendix)
Explain what you think are four common types of ethical issues associated with (a) auditing, (b) public practice and (c) accounting in a corporate environment.(appendix)
Lord Borrie QC has said21 of the Public Interest Disclosure Bill that came into force in July 1999 that the new law would encourage people to recognise and identify with the wider public interest,
Confidentiality means that an accountant in business has a loyalty to the business which employs him or her which is greater than any commitment to a professional code of ethics. Discuss.(appendix)
An interesting ethical case arose when an employee of a Swiss bank stole records of the accounts of international investors. The records were then offered for sale to the German government on the
Refer to the Ernst & Young Code of Conduct and discuss the questions they suggest when putting their Global Code of Conduct into action.(appendix)
Should ethics be applicable at the standard-setting level? Express and justify your own views on this as distinct from repeating the material in the chapter.(appendix)
Discuss the role of the accounting profession in the issue of ethics.(appendix)
The management of a listed company has a fiduciary duty to act in the best interest of the current shareholders and it would be unethical for them to act in the interest of other parties if this did
How might a company develop a code of ethics for its own use?(appendix)
Outline the advantages and disadvantages of a written code of ethics.(appendix)
In each of the following scenarios, outline the ethical or potential ethical problem and suggest ways in which it could be resolved or avoided:(a) Your company is about to sign a contract with a
It has been said that football clubs are seen by criminals as the perfect vehicles for money laundering. Discuss the reason for this view.(appendix)
Explain why the financing section of a statement of cash flows does not allow a user to assess a company’s financing policy.
Explain the entries in the statement of cash flows when a non-current asset is sold (a) at a loss and (b) at a profit.
There is a view that if a company shows a healthy operating profit but low or negative operating cash flows then there might be a suspicion that there has been earnings manipulation. Discuss why
What is the purpose of measuring income?(appendix)
Explain the nature of economic income.(appendix)
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?(appendix)
Explain what you understand by an ex ante model.(appendix)
Explain the principal criticisms of the economist’s measure of income.(appendix)
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
Examine and contrast the concepts of profit that you consider to be relevant to:(appendix)(a) an economist;(b) a speculator;(c) a business executive;(d) the managing director of a company;(e) a
Explain why financial reports prepared under the historical cost convention are subject to the following major limitations:• inventory is undervalued;• the depreciation charge to the statement of
Explain how each of the limitations in Question I could be overcome.(appendix)
Compare the operating and financial capital maintenance concepts.(appendix)
Explain the features of the CPP model in contrast with those of the CCA model.(appendix)
.. the lASB's failure to decide on a capital maintenance concept is regrettable as users have no idea as to whether total gains represent income or capital and are therefore unable to identify a
To be relevant to investors, the profit for the year should include both realised and unrealised gains/ losses.' Discuss.(appendix)

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