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financial accounting and reporting

Questions and Answers of Financial Accounting And Reporting

11..Explain the major provisions of IAS 17 Leases.
11.. Can the legal position on leases be ignored now that substance over form is used for financial repor ting? Discuss.
Infinite Leisure Group owns and operates a number of pubs and clubs across Europe and South East Asia. Since inception the group has made exclusive use of the cost model for the purpose of its annual
(b) AB, a public limited company, has decided to comply with IAS 36 Impairment of Assets. The following information is relevant to the impairment review:(i) Certain items of machiner y appeared to
(a) IAS 16 Proper ty, Plant and Equipment requires that where there has been a permanent diminution in the value of proper ty, plant and equipment, the carr ying amount should be written down to the
A fixed asset (a machine) was purchased by Adjourn plc on 1 July 20X2 at a cost of £25,000.The company prepares its annual accounts to 31 March in each year. The policy of the company is to
A plc issues 50,000 share options to its employees on 1 Januar y 2006, which the employees can only exercise if they remain with the company until 31 December 2008. The options have a fair value of
11.. The use of option pricing models to determine the charges to the income statement brings undesired estimation and subjectivity into the financial statements. Discuss.
11.. What distinguishes a termination benefit from the other benefits considered in IAS 19 (revised)?
11..What is the required accounting treatment for a cur tailment of a defined benefit pension scheme?
11.. Outline the differences between a defined benefit and a defined contribution pension scheme.
13 The following are extracts from the financial statements of Heidelberger Druckmaschinen AG showing the accounting policy and detailed notes regarding the provision of pensions according to IAS 19.
11.. Explain the effect of SSAP 5 Accounting for Value Added Tax.
11..Distinguish between (a) the deferral and (b) the liability methods of company deferred tax.
11.. Explain how dividends received and paid are shown in the accounts.
11..Explain how the corporation tax system changed as from April 1999.
11..The following information is available for the year ended 31 March 20X6 (values in $m):Present value of scheme liabilities at 1 April 20X5 $1,007; Fair value of plan assets at 1 April 20X5$844;
October 20X1, Little Raven plc issued 50,000 debentures, with a par value of £100 each, to investors at £80 each. The debentures are redeemable at par on 30 September 20X6 and have a coupon rate of
How does a country establish a ‘jurisdiction’? Is your countr y listed as such? If not do you know of any activity in the XBRL area in your countr y?
List the steps in the approval process for a taxonomy to be considered to have ‘final’ status. (Hint:look at www.xbrl.org.)
5 List the steps in the approval process for a taxonomy to be considered to have ‘final’ status. (Hint:look at www.xbrl.org.)
4 Explain the sue of stylesheets.
3 Explain what you understand by taxonomy and mapping.
– For the adventurous!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
Harr y is about to star t negotiations to purchase a controlling interest in NX, an unquoted limited liability company. The following is the balance sheet of NX as at 30 June 2006, the end of the
3 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.30
The following profit and loss account and balance sheet extracts from the accounts of J D Wetherspoon have been downloaded from the FAME (Financial Analysis Made Easy) database:PROFIT & LOSS ACCOUNTS
(a) The following ratios have been extracted from an analysis of the accounts of three companies –North, South and East:Nor th South East Profit/Sales " 100 5% 4% 3%Asset turnover 5 times 3 times 4
Chelsea plc has embarked on a programme of growth through acquisitions and has identified Kensington Ltd and Wimbledon Ltd as companies in the same industrial sector, as potential targets.Using
7 The details given below are a summary of the balance sheets of six public companies engaged in different industries:Trend analysis and multivariate analysis • 737 The activities of each company
R. Johnson inherited 810,000 £1 ordinar y 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
The directors of Chekani plc, 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
The following are the accounts of Bouncy plc, a company that manufactures playground equipment, for the year ended 30 November 20X6 Profit and loss accounts for years ended 30 November 20X6 20X5
The following five-year summary relates to Wandafood Products plc and is based on financial statements prepared under the historical cost convention:738 • Interpretation Financial ratios 20X9 20X8
The Housing Depar tment of Chaldon District Council has invited tenders for re-roofing 80 houses on an estate. Chaldon Direct Ser vices (CDS) is one of the Council’s direct ser vices organisations
17 The Inter national Association for Accounting Education and Research states that: ‘The Professional ethics should per vade the teaching of accounting’ (www.iaaer.org). Discuss how this can be
3 How might a company develop a code of ethics for its own use?
The following items have been extracted from the accounts:844 • Accountability 2005 (€m) 2004 (€m)Other income 844 980 Cost of materials 25,694 24,467 Financial income 188 54 Depreciation/amor
8 With your researches produced for discuss how this viewpoint may be applied to a named business of your choice to help develop appropriate ethics for this business.
15 Lord Borrie QC has said7 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,
14 Confidentiality means that an accountant in business has a loyalty to the business which employs him/her which is greater than any commitment to a professional code of ethics. Discuss.
(a) You are required to prepare a value added statement to be included in the corporate repor t of Hythe plc for the year ended 31 December 20X6, including the comparatives for 20X5, using the
The following information relates to the Plus Factors Group plc for the years to 30 September 20X8 and 20X9:Environmental and social reporting • 839 Notes 20X9 20X8£000 £000 Associated company
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
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
9 (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
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
Filios Products plc brews beers, owns and manages pubs and hotels, manufactures and supplies alcoholic and soft drinks, and is a supplier and operator of amusement machines and other leisure
The following are the income statements of four companies for the year ended 31 October 2006, the end of their most recent financial year.The following additional information is available:(a) All
The balance sheets of Red Ltd and Pink Ltd at 31 December 20X2 are as follows:Income statements for the year ended 31 December 20X2Red Ltd acquired 75% of the shares in Pink Ltd on 1 Januar y 20X0
The balance sheets of Mars plc and Jupiter plc at 31 December 20X2 are as follows:Mars acquired 80% of the shares in Jupiter on 1 Januar y 20X0 when Jupiter’s retained ear nings were £80,000 and
River plc acquired 90% of the common shares and 10% of the 5% bonds in Pool Ltd on 31 March 20X1. All income and expenses are deemed to accrue evenly through the year. On 31 January 20X1 River sold
Morn Ltd acquired 90% of the shares in Eve Ltd on 1 January 20X1 for £90,000 when Eve Ltd’s accumulated profits were £50,000. On 10 January 20X1 Morn Ltd received a dividend of £10,800 from Eve
Bill plc acquired 80% of the common shares and 10% of the preferred shares in Ben plc on 31 December three years ago when Ben’s accumulated retained profits were £45,000. During the year Bill sold
11..Explain why dividends paid by a subsidiar y to a parent company are eliminated on consolidation.
Alpha has owned 80% of the equity shares of Beta since the incorporation of Beta. On 1 July 20X6 Alpha purchased 60% of the equity shares of Gamma. The income statements and summarised statements of
H Ltd has one subsidiar y, S Ltd. The company has held a controlling interest for several years. The latest financial statements for the two companies and the consolidated financial statements for
Alpha has owned 75% of the equity shares of Beta since the incorporation of Beta. Therefore Alpha has prepared consolidated financial statements for some years. On 1 July 20X6 Alpha purchased 40%of
Set out below are the financial statements of Ant Co., its subsidiary Bug Co. and an associated company Nit Co. for the accounting year-end 31 December 20X9.Ant Co. acquired 80% of the shares in Bug
The following are the financial statements of the parent company Swish plc, a subsidiary company Broom and an associate company Handle.Swish acquired 90% of the shares in Broom on 1 Januar y 20X1
11..How does the treatment of inter-company unrealised profit differ between subsidiaries and associated companies?
11..Why are associated companies accounted for under the equity method rather than consolidated?
11..Explain why it is necessar y to appor tion a subsidiar y’s profit or loss if acquired par t-way through a financial year.
Ham plc acquired 100% of the common shares of Burg plc on 1 Januar y 20X0 and gained control. At that date the balance sheets of the two companies were as follows:Notes:1. The fair value is the same
Rouge plc acquired 100% of the common shares of Noir plc on 1 Januar y 20X0 and gained control.At that date the balance sheets of the two companies were as follows:Required: Prepare a consolidated
The following accounts are the consolidated balance sheet and parent company balance sheet for Alpha Ltd as at 30 June 20X2.Notes:(i) There was only one subsidiar y called Beta Ltd.(ii) There were no
11..On 1 January 20X7 Parent Ltd acquired 75% of the ordinar y shares in Daughter Ltd for £9,000 cash.The fair value of the net assets in Daughter Ltd was their book value.
11..On 1 January 20X7 Parent Ltd acquired all the ordinar y shares in Daughter Ltd for £6,000 cash. The fair value of the net assets in Daughter Ltd was their book value.
11..(a) On 1 Januar y 20X7 Parent Ltd acquired all the ordinar y 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
11..(a) On 1 Januar y 20X7 Parent Ltd acquired all the ordinar y 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
11..(a) Assume that on 1 January 20X7 Parent Ltd acquired all the ordinar y shares in Daughter Ltd for£10,800 cash. The fair value of the net assets in Daughter Ltd was their book value.(b) The
Set out below is the summarised balance sheet of Berlin plc at 1 January 20X0.On 1/1/20X0 Berlin acquired 100% of the shares of Hanover for £100,000 and gained control.Required: Prepare the balance
Bleu plc acquired 80% of the common shares of Ver te plc on 1 Januar y 20X0 and gained control. At that date the balance sheets of the two companies were as follows:Required: Prepare a consolidated
On 30 September 20X0 Gold plc acquired 75% of the equity shares, 30% of the preferred shares and 20% of the bonds in Silver plc and gained control. The balance of retained ear nings on 30 September
Summer plc acquired 60% of the common shares of Winter Ltd on 30 September 20X1 and gained control. At the date of acquisition, the balance of retained ear nings of Winter was £35,000.At 31 December
Sweden acquired 100% of the equity shares of Oslo on 1 March 20X1 and gained control. At that date the balances on the reser ves of Oslo were as follows:The Revaluation reser ve – Kr10 million
11..Explain why pre-acquisition profits of a subsidiar y are treated differently from post-acquisition profits.
Base plc acquired 60% of the common shares of Ball plc on 1 Januar y 20X0 and gained control. At that date the balance sheets of the two companies were as follows:The fair value of the property,
The major shareholder/director of Esrever Ltd has obtained average data for the industr y as a whole.He wishes to see what the forecast results and position of Esrever Ltd would be if in the ensuing
The balance sheets of Maytix as at 31 October 2005 and 31 October 2004 are as follows:2005 2004$000 $000 $000 $000 Non-current assets:Property, at cost 4,000 3,000 Plant and equipment, at cost 7,390
The balance sheets of Flow Ltd for the years ended 31 December 20X5 and 20X6 were as follows:20X5 20X6 i i i i Non-cur rent assets Tangible assets PPE at cost 1,743,750 1,983,750 Accumulated
Shown below are the summarised final accounts of Mar tel plc for the last two financial years:Cash flow statements • 659 Balance sheet as at 31 December 20X1 20X0£000 £000 £000 £000 Non-cur
The draft balance sheets of Example Ltd as at 31 March 20X0 and 31 March 20X1 are as follows:658 • Interpretation 20X1 20X0(£000) Cost Depn NBV Cost Depn NBV Non-current assets 2,760 ,462 2,298
Almost Ready Ltd had extracted the following information from the income statement and balance sheet ( 000s) for the year ended 30 September 20X9:Proceeds from issue of ordinary shares 405, Dividends
Sally Gorden seeks your assistance to decide whether she should invest in Ruby plc or Sapphire plc.Both companies are quoted on the London Stock Exchange. Their shares were listed on 20 June 20X4 as
Amalgamated Engineering plc makes specialised machiner y for several industries. In recent years, the company has faced severe competition from overseas businesses, and its sales volume has hardly
Saddam Ltd is considering the possibility of diversifying its operations and has identified three firms in the same industrial sector as potential takeover targets. The following information in
6 ‘Unregulated segmental repor ting is commercially dangerous to companies making disclosures.’22 Discuss.
(a) The issued share capital of Manfred, a quoted company, on 1 November 2004 consisted of 36,000,000 ordinar y shares of 75 cents each. On 1 May 2005 the company made a rights issue of 1 for 6 at
In the 1999 Annual Repor t and Accounts of Associated British Por ts Holdings plc, the directors repor t earnings per share – basic, and earnings per share – underlying, as follows:Underlying
How it is calculated and used by shareholders??
The information is the same as in above but assume that the functional currency of Paris SA is the euro.Required:(a) Translate the accounts of the French company into sterling for the consolidated
On 1 Januar y 20X0 Walpole Ltd acquired 90% of the ordinar y shares of a French subsidiar y Paris SA.At that date the balance on the retained ear nings of Paris SA was €10,000. No shares have been
The following note appeared in the 2002 Annual Repor t of Mercer International Inc.2002 2001 2000 Net income (loss) available to shareholders of beneficial interest i(6,322) i(2,823) i32,013 BEPS
The following information relates to Simrin plc for the year ended 31 December 20X0:638 • Interpretation Simrin plc had 100,000 ordinar y shares of £1 each in issue throughout the year. Simrin plc
The computation and publication of earnings per share (EPS) figures by listed companies are governed by IAS 33 Ear nings per Share.Nottingham Industries plc Income statement for the year ended 31
Alpha plc had an issued share capital of 2,000,000 ordinar y shares at 1 January 20X1. The nominal value was 25p and the market value £1 per share. On 31 March 20X1 the company made a rights issue
The following is an extract from the FirstGroup 2004 Annual Repor t:Profit for adjusted basic EPS calculation £112.0m EPS: £27.3p Depreciation £103.0m EPS: £25.1p Profit for adjusted cash EPS
Prepare the income statement J. Smith by using the following information: Stock at 1st January 2019 7,500 Purchases 99,000 Sales 130,000 Rent 4,000 Water & electricity 3,300 Office Expenses 578
The trial balance of G. Patton is shown below:Required:a) Income Statement for year ended 31st December 2019.b) Statement of financial position as at 31st December 2019: P-63 Trial Balance as at 31st

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