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business
financial accounting and reporting

Questions and Answers of Financial Accounting And Reporting

(a) Explain the term ‘stakeholders’ in a corporate context.(b) ‘Social accounting recognises all Corporate Report users as stakeholders.’ Discuss.
(a) Examine the recent financial press to identify examples of a failure to meet information needs in respect of an area of public interest.(b) Obtain a set of accounts from a public listed company
(a) ‘Accounting should contribute to the protection of the environment.’ Discuss whether this is a proper role for accounting and outline ways in which it could.(b) Outline, with reasons, your
(a) Obtain the annual reports of companies that claim to be environmentally aware and assess whether these reports and accounts reflect the claim. The various oil, chemical and pharmaceutical
Outline three areas where ethics and ethical behaviour are of importance to business.
(a) Obtain an ethical statement from:(i) a commercial organisation;(ii) a charitable organisation.(b) Review each statement for content and style.(c) Compare each of the two statements and highlight
Select one philosophical viewpoint of ethics and prepare a single A4 piece of paper with a set of notes summarising the viewpoint.
‘The management of a listed company has a fiduciary duty to act in the best interest of the shareholders and it would be unethical for them to act in the interest of other shareholders if this did
The financial director of a listed company makes many decisions which are informed by statute, e.g. the Companies Act and the Public Interest Disclosure Act, and by mandatory pronouncements by, e.g.
An approach has been made to the Board to support a takeover bid where the offer price exceeds the current market capitalisation.(a) Discuss situations where you consider it (i) ethical to recommend
Discuss the following:(a) Why an accountant should be involved with designing or monitoring ethical codes.(b) What additional training this would require.(b) How an accountant could become an
Discuss the point in a contract’s life when it becomes appropriate to recognise profit and the feasibility of specifying a common point, e.g. when contract is 25% complete.
‘Profit on a contract that is not completed is an unrealised holding gain.’ Discuss.
‘There should be one specified method for calculating attributable profit.’ Discuss.
Explain how negative goodwill may arise and its accounting treatment.
Explain why pre-acquisition profits of a subsidiary are treated differently from post-acquisition profits.
Explain how unrealised profits arise from transactions between companies in a group and why it is important to remove them.
Give five examples of inter-company income and expense transactions that will need to be eliminated on consolidation and explain why each is necessary.
The management of any enterprise may put considerable emphasis on the cash flow effects of its decisions and actions, monitoring these with the internal reporting system. Cash flow information is
Many people preferred the direct method for cash flow preparation, but IAS 7 did not require it.Discuss possible reasons for allowing choice and the effectiveness of the IASC’s encouragement to
Explain why the fixed assets acquired on the acquisition of a subsidiary during the year have the same effect on the consolidated cash flow statement as an exchange gain of equal amount resulting
Explain how the reader of an annual report prepared for a group might become aware if any subsidiary or associated company was experiencing:(a) solvency problems;(b) profitability problems.
‘The problems of using ratio analysis on a set of published accounts exceed the benefits to be gained.’ Discuss.
Discuss the point in a contract’s life when it becomes appropriate to recognise profit and the feasibility of specifying a common point, e.g. when contract is 25% complete.
‘Profit on a contract that is not completed is an unrealised holding gain.’ Discuss.
‘There should be one specified method for calculating attributable profit.’ Discuss.
Explain how negative goodwill may arise and its accounting treatment.
Explain how the fair value is calculated for:● tangible fixed assets● inventories● monetary assets.
Eybl International states in its notes to the consolidated financial statements:Methods of Consolidation Capital consolidation is carried out according to the book-value method, by offsetting the
BorsodChem Rt is a company incorporated under Hungarian law. Its accounts are IAS compliant.It states in its 1999 accounts:Basis of consolidation The accompanying consolidated financial statements
The following is an extract from the Accounting Policy in the 1999 Annual Report of Schmalbach-Lubeca AG:Capital consolidation of the subsidiaries included in the financial statements is carried out
The 2002 accounts of BorsodChem Rt state:Basis of consolidation All material inter-company accounts and transactions have been eliminated on consolidation.(a) Discuss three examples of inter-company
Explain why the minority interest is calculated as at the year-end whilst goodwill is calculated at the date of acquisition.
Explain why pre-acquisition profits of a subsidiary are treated differently from post-acquisition profits.
Explain the effect of a provision for unrealised profit on a minority interest:(a) where the sale was made by the parent to the subsidiary; and(b) where the sale was made by the subsidiary to the
Sweden acquired 100% of the common shares of Oslo on 1 March 20X1 and gained control. At that date the balances on the reserves of Oslo were as follows:The Revaluation reserve – Kr10 million
Summer plc acquired 60% of the common shares of Winter Ltd on 30 September 20X1 and gained control. At the date of acquisition, the balances on the reserves were as follows:Additional paid-in capital
On 30 September 20X0 Gold plc acquired 75% of the common shares, 30% of the preferred shares and 20% of the bonds in Silver plc and gained control. The balance of retained earnings on 30 September
Explain how unrealised profits arise from transactions between companies in a group and why it is important to remove them.
Give five examples of inter-company income and expense transactions that will need to be eliminated on consolidation and explain why each is necessary.
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)
In the 1999 Annual Report and Accounts of Associated British Ports Holdings plc, the directors report earnings per share – basic, and earnings per share – underlying, as follows:The directors
When disclosing EPS, how should a company deal with the issue of a separate class of equity shares which do not rank for any dividend in the current accounting period, but will do so in the future?
The following is an extract from the FirstGroup 2004 Annual Report: Profit for adjusted basic EPS calculation 112.0 27.3 111.8 Depreciation 103.0 25.1 99.2 Profit for adjusted cash EPS calculation
The management of any enterprise may put considerable emphasis on the cash flow effects of its decisions and actions, monitoring these with the internal reporting system. Cash flow information is
Many people preferred the direct method for cash flow preparation, but IAS 7 did not require it.Discuss possible reasons for allowing choice and the effectiveness of the IASC’s encouragement to
Explain the information that a user can obtain from a cash flow statement that cannot be obtained from the current or comparative balance sheets.
‘The traditional income statement in published accounts should be replaced (or at least supplemented) by a cash flow statement.’(a) Explain what you understand by such a cash flow statement.(b)
Explain why the fixed assets acquired on the acquisition of a subsidiary during the year have the same effect on the consolidated cash flow statement as an exchange gain of equal amount resulting
There is a view that if a company shows a healthy operating profit but has low or negative operating cash flows, there is a suspicion that earnings manipulation or creative accounting has occurred.
Explain how the reader of an annual report prepared for a group might become aware if any subsidiary or associated company was experiencing:(a) solvency problems;(b) profitability problems.20
Using the segmental analysis from the Bass plc 1999 accounts in section 27.7.2, discuss the following:(a) Explain the value of the segmental analysis to an existing shareholder, a potential
‘The problems of using ratio analysis on a set of published accounts exceed the benefits to be gained.’ Discuss.
(a) Explain the uses and limitations of ratio analysis when used to interpret the published financial accounts of a company.(b) State and express two ratios that can be used to analyse each of the
(a) Describe the current requirements for the disclosure of segmental information in the annual report.(b) Discuss the advantages and disadvantages to the users and preparers of annual reports of
‘Unregulated segmental reporting is commercially dangerous to companies making disclosures.’21 Discuss.
As well as the balance sheet, profit and loss account and cash flow statement, a company’s annual report and accounts contain other useful information.Discuss the interpretative importance of the
Robertson identifies four main elements which cause changes in the financial health of a company:trading stability; declining profits; declining working capital; increase in borrowings.28
(a) Explain how ROI, ROCE and EVA are calculated.(b) Compare ROI, ROCE and EVA as a means of improving company performance.
Explain what you would look for when examining a company’s common-sized balance sheet.
The details given below are a summary of the balance sheets of six public companies engaged in different industries:The activities of each company are as follows: 1 Operator of a chain of retail
It has been suggested that ‘growth in profits which occurred in the 1960s was the result of accounting sleight of hand rather than genuine economic growth’. Consider how ‘accounting sleight of
Discuss the main features/perspectives of the ‘balanced scorecard’.
Explain the uses of stylesheets.
List the steps in the approval process for a taxonomy to be considered to have ‘final’ status.
In this chapter you were given an example of what Current Assets may look like in XBRL coding.Current Assets refers to a heading in the Financial Statements and is thus used as a TOTAL
How does a country establish a ‘jurisdiction’? Is your country listed as such? If not, do you know of any activity in the XBRL area in your country?The following questions (3–8) provide an
Find out more about any of the following topics and write a one-page summary on:● the XBRL General Ledger work● use of XBRL by stock exchanges● the commitment by the IFRS to the XBRL project●
Visit the website www.us.kpmg.com/microsite What other types of training courses in XBRL are listed? Attempt one of them and write a short summary of what you have learned.
Find a company listed on the www.xbrl.org website as having accounts prepared with XBRL and write a brief summary about the company. See if you can also find information on the company’s own
Visit www.microsoft.com and write a summary of Microsoft’s involvement in XBRL.
Follow the link from www.microsoft.com/office/solutions/xbrl/default.mspx information page on‘Solutions for Financial Reporting’; here you can follow the link
Visit the websites for XBRL authoring tools such as those from Semansys, UBMatrix or j3Technology and others and compare or try their free products.Write up your experience.
‘Management will become accountable only when shareholders receive information on corporate strategy, future-based plans and budgets, and actual results with explanations of variances.’ Discuss.
(i) Discuss the extent to which directors should be accountable to: (a) shareholders;(b) employees; (c) suppliers; (d) customers; (e) the government; (f) the public.(ii) Research30 suggests that
The following is a proposal from a major research report, The Future of Corporate Governance:Insights from the UK, prepared for the Institute of Chartered Accountants of Scotland.31 In order to
The Chartered Institute of Management Accountants (CIMA) has warned that linking directors’ pay to EPS or return on assets is open to abuse, since these are not the objective measures they might
It has been suggested that ‘changes in market capitalisation from period to period should be the subject of comment [and] it would be sensible for investors to be guided on the nature of the market
(a) The Companies Act 1985 (Disclosure of Remuneration for Non-audit Work) Regulations SI No 1991/2181 requires companies to disclose all payments made to their auditors. Discuss the additional
In the modern commercial world, auditors provide numerous other services to complement their audit work.These services include the following:(a) Accountancy and book-keeping assistance, e.g. in the
The audit fee disclosed for Severn Trent plc (a UK company providing water to homes and businesses) was £1.0 million in its 2005 accounts.(a) Discuss how many man-days of audit time you think would
The financial statements of AB, a listed company, disclose the following information on the Chairman’s pension entitlements:(a) for the year ended 31 December 20X0 the pension fund is sufficient to
On 31 December 20X0, the Chief Executive of BC, a listed company, was awarded the option to purchase 1,000,000 shares in the company at £4.50 a share on 30 June 20X4. This option was subject to her
The financial statements of Rolls-Royce plc (aero engine manufacturer) for the year ended 31 December 1999 disclose the following matters in relation to the directors:(a) Remuneration committee The
A rational auditor would stop audit work when the total cost is a minimum. However, it is apparent that auditors are ‘risk-averse’ and they perform more work than is necessary to minimise their
(a) Explain the term ‘stakeholders’ in a corporate context.(b) ‘Social accounting recognises all Corporate Report users as stakeholders.’ Discuss.
(a) ‘Human assets are incapable of being valued.’ Discuss.(b) Football clubs have followed various policies in the way in which they include players within their accounts. For example, some clubs
(a) Examine the recent financial press to identify examples of a failure to meet information needs in respect of an area of public interest.(b) Obtain a set of accounts from a public listed company
Nissan, the Japanese car company, decided that ‘any environmentalism should pay for itself and for every penny you spend you must save a penny. You can spend as many pennies as you like as long as
(a) ‘Accounting should contribute to the protection of the environment.’ Discuss whether this is a proper role for accounting and outline ways in which it could.(b) Outline, with reasons, your
(a) Obtain the annual reports of companies that claim to be environmentally aware and assess whether these reports and accounts reflect the claim. The various oil, chemical and pharmaceutical
Outline three areas where ethics and ethical behaviour are of importance to business.
(a) Obtain an ethical statement from:(i) a commercial organisation;(ii) a charitable organisation.(b) Review each statement for content and style.(c) Compare each of the two statements and highlight
In each of the following scenarios outline the ethical problem and suggest ways in which the organisation may solve the problem and prevent its reoccurrence.(a) A director’s wife uses his company
Select one philosophical viewpoint of ethics and prepare a single A4 piece of paper with a set of notes summarising the viewpoint.
With your researches produced for Question 7 discuss how this viewpoint may be applied to a named business of your choice to help develop appropriate ethics for this business.
‘The management of a listed company has a fiduciary duty to act in the best interest of the shareholders and it would be unethical for them to act in the interest of other shareholders if this did
The financial director of a listed company makes many decisions which are informed by statute, e.g. the Companies Act and the Public Interest Disclosure Act, and by mandatory pronouncements by, e.g.
An approach has been made to the Board to support a takeover bid where the offer price exceeds the current market capitalisation.(a) Discuss situations where you consider it (i) ethical to recommend
The finance director has been carrying out some sensitivity analysis and produced figures that show that the return on capital employed could be improved if the company were to downsize, make

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