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business
financial accounting and reporting

Questions and Answers of Financial Accounting And Reporting

The following note appeared in the 2002 Annual Report of Mercer International Inc.For 2002 and 2001 options and warrants were not included in the computation of diluted earnings per share because
Would the following items justify the calculation of a separate EPS figure under IAS 33?(a) A charge of £1,500m that appeared in the accounts, described as additional provisions relating to exposure
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 (P/E) ratio.Why may the P/E
The following is an extract from the FirstGroup 2004 Annual Report:Discuss the relevance of an adjusted cash EPS. LO26-7 Profit for adjusted basic EPS calculation Depreciation 112.0 27.3 111.8 103.0
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 lASC'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.LO27-3
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.19 LO28-5
The problems of using ratio analysis on a set of published accounts exceed the benefits to be gained.' Discuss.LO28-5
'Unregulated segmental reporting is commercially dangerous to companies making disclosures.’20 Discuss.LO28-5
Discuss Z-score analysis with particular reference to Altman’s Z-score and Taffler’s Z-score. In particular:(i) What are the benefits of Z-score analysis?(ii) What criticisms can be levelled at
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.25
(a) Explain how ROI, ROCE and EVA are calculated.(b) Compare ROI, ROCE and EVA as a means of improving company performance.LO29-4
Explain what you would look for when examining a company’s common-sized balance sheet.LO29-4
Discuss the difficulties when attempting to identify comparator companies for benchmarking as, for example, when selecting aTSR peer group.LO29-4
Discuss the main features/perspectives of the 'balanced scorecard’.LO29-4
Discuss how an investor might benefit from Annual Reports being made available in XBRL.LO30-2
Explain how a body such as a tax authority might benefit from XBRL.LO30-2
Explain what you understand by taxonomy and mapping.LO30-2
Explain the uses of stylesheets.LO30-2
List the steps in the approval process for a taxonomy to be considered to have 'final' status. (Hint: look at www.xbrl.org.)LO30-2
'Management will become accountable only when shareholders receive information on corporate strategy, future-based plans and budgets, and actual results with explanations of variances.’
There has been much criticism of the effectiveness of non-executive directors following failures such as Enron. Some consider that their interests are too close to those of the executive directors
The audit fee disclosed for Cable & Wireless pic was £ 1.7 million in its 1997 accounts.(a) Discuss how many man-days of audit time you think would be reasonable to audit an industrial company
Discuss the relevance of corporate social reports to an existing and potential investor.LO32-6
Obtain a copy of the environmental report of a company that has taken part in the ACCA Awards for Sustainability Reporting and critically discuss from an investor’s and public interest
‘Charters and guidelines help make reports reliable but inhibit innovation and reduce their relevance.’ Discuss.LO32-6
Discuss the implications of the Global Reporting Initiative for the accountancy profession.LO32-6
Discuss The Corporate Report’s relevance to modern business; identify changes that would improve current reporting practice and the conditions necessary for such changes to become mandatory.LO32-6
(a) Explain the term ‘stakeholders' in a corporate context.(b) ‘Social accounting recognises all Corporate Report users as stakeholders. Discuss.LO32-6
Discuss the value added concept, giving examples, and ways to improve the statement.LO32-6
Outline the arguments for and against a greater role for the audit function in corporate social reporting.LO32-6
(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
Discuss the impact of the following groups on the accounting profession:(a) Environmental groups;(b) Customers;(c) Workforce;(d) Ethical investors.LO32-6
Outline three areas where ethics and ethical behaviour are of importance to business.LO33-5
Discuss the role of the accounting profession in the issue of ethics.LO33-5
How might a company develop a code of ethics for its own use?LO33-5
Outline the advantages and disadvantages of a written code of ethics.LO33-5
(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.LO33-5
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.LO33-5
'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
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
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.LO33-5
It is said that Format I extends the management accounting concept of responsibility accounting to published financial statements. Explain what this means.LO9-1
When preparing accounts under Format I, how would a bad debt that was materially larger than normal be disclosed?LO9-1
Explain the conditions set out in IFRS 5 for determining whether operations have been discontinued and the problems that might arise in applying them.LO9-1
Annual accounts have been put into such a straitjacket overemphasis on uniform disclosure that there will be a growing pressure by national bodies to introduce changes unilaterally which will again
Explain the relevance to the user of accounts if expenses are classified as ‘administrative expenses’ rather than as ‘cost of sales'.LO9-1
‘The regulators are correct in their thinking that voluntary disclosures, e.g. OFR and Interim Reports, are more helpful to shareholders than disclosures made under mandatory, more closely defined
IAS I Presentation of Financial Statements requires the publication of a statement of recognised income and expense or a statement of changes in equity.Explain the need for the publishing of these
What is the relevance of dividend cover if dividends are paid out of distributable profits? LO10-1
How do industries differ in the levels of distributable profits?LO10-1
What is the significance of high distributable profits to an existing/potential investor/loan creditor/creditor?LO10-1
Why is the distributable profits figure not apparent from the accounts?LO10-1
Give four examples of reasons why the retained profit figure might not equal distributable profits.LO10-1
Is there any relationship between non-distributable reserves and total assets?LO10-1
(a) How can distributable profits become non-distributable?(b) In what circumstances can non-distributable reserves become distributable?(c) Explain how the restrictions on dividends by a public
In a report 'Reforming Capital' [www.biicl.org] there was a view that there are problems when there is a rigid link between distributions and a company's statutory accounts, particularly now that
The Companies Act requires capitalised development costs to be deducted from realised profits unless circumstances justify the policy of capitalisation. Discuss (a) why you think the Act contains
(a) The regional electricity companies and the National Grid argued strongly against the ASB proposal to require full provisioning for deferred tax on fits revision of SSAP 15. Explain why these
How can distributable profits become non-distributable?LO11-2
In what circumstances can non-distributable profits become distributable?LO11-2
Why do companies reorganise when they have accumulated realised losses?LO11-2
What does the court consider in those circumstances?LO11-2
The directors of Edac pic are considering purchasing some or all of the company's preference shares (nominal value £1 per share) on the open market during the year ending 30 June 20X1.Edac pic’s
The Woolwich repurchased 1.79 million shares at a cost of around £221 m.Discuss possible reasons for the buyback of shares.LO11-2
A boat manufacturer; Swann SpA, supplies its dealers on a consignment basis, which allows either Swann SpA or a dealer to require a boat to be returned. Each dealer has to arrange insurance for the
Discuss the problems of interpreting financial reports when there are events after the balance sheet date, and the extent to which you consider IAS 10 should be amended. Illustrate your decisions
Mining, nuclear and oil companies have normally provided an amount each year over the life of an enterprise to provide for decommissioning costs. Explain why the IA5B considered this to be an
Explain why financial instruments, particularly derivatives, can alter the risk profile of a business. Use a forward currency contract as an example. Discuss whether disclosure alone is sufficient to
'Disclosure of the fair values of financial instruments (as required by FRS 13 in the UK) is better than measuring them at fair values in the financial statements (as is often required by IAS 39)
A reduction in the credit rating of a business would reduce the fair value of its debt instruments. Explain why this is the case.LO13-3
Following from Question 4, if the debt instrument was included in the balance sheet at fair value through profit or loss this would mean that a profit would be recognised in the income statement.
Many groups have treasury policies that use hedging of net positions. They would look at their group-wide exposure in, e.g. foreign currency and then take forward contracts to cover the position.
Interest rate swaps can be designated as hedges. A swap of floating for fixed rate is a cash flow hedge, but a swap of fixed for floating is a fair value hedge. Why?LO13-3
Outline the differences between a defined benefit and a defined contribution pension scheme.LO14-5
If a defined contribution pension scheme provided a pension that was 6% of salary each year; the company had a payroll cost of€5 million, and the company paid €200,000 in the yean what would be
The approach taken in IAS 19 before its 1998 revision was to match an even pension cost against the period the employees provided service. This follows the accruals principle and is therefore
Under the revised IAS 19 (post 1998) what amount of actuarial gains and losses should be recognised in the income statement?LO14-5
Past service costs are recognised under IAS 19 (revised) immediately if the benefit is 'vested'. In what circumstances would the benefits not be vested?LO14-5
What is the required accounting treatment for a curtailment of a defined benefit pension scheme?LO14-5
What distinguishes a termination benefit from the other benefits considered in IAS 19 (revised)?LO14-5
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. As
Why does the charge to taxation in a company's accounts not equal the profit multiplied by the current rate of corporation tax?LO15-5
Explain clearly how advance corporation tax arose and its effect on the profit and loss account and the year-end balance sheet figures. (Use a simple example to illustrate.)LO15-5
Explain how the corporation tax system changed as from April 1999.LO15-5
Deferred tax accounting may be seen as an income-smoothing device which distorts the true and fair view. Explain the impact of deferred tax on reported income and justify its continued use.LO15-5
Explain how dividends received and paid are shown in the accounts.LO15-5
Distinguish between (a) the deferral and (b) the liability methods of company deferred tax.LO15-5
Explain the criteria that a deferred tax provision needs to satisfy under IASLO15-5
in order to be accepted as a liability in the balance sheet.8 Explain the effect of SSAP 5 Accounting for Value Added Tax.LO15-5
Define PPE and explain how materiality affects the concept of PPE.LO16-2
Define depreciation. Explain what assets need not be depreciated and list the main methods of calculating depreciation.LO16-2
What is meant by the phrases ‘useful life' and ‘residual value'?LO16-2
Define 'cost1 in connection with PPE.LO16-2
What effect does revaluing assets have on gearing (or leverage)?LO16-2
How should grants received towards expenditure on PPE be treated?LO16-2
Define an investment property and explain its treatment in financial statements.LO16-2
Depreciation should mean that a company has sufficient resources to replace assets at the end of their economic lives.' Discuss.LO16-2

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