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financial reporting

Questions and Answers of Financial Reporting

Segment disclosures are widely regarded as some of the most useful disclosures in financial statements because of the extent to which they disaggregate financial information into meaningful and often
Accounting for cash‐settled share‐based payment transactions    LO3, 8 Abernethy Ltd grants 1000 share appreciation rights (SARs) to 10 senior managers, to be taken in cash within 2
Share‐based payment with a non‐vesting condition    LO3, 4, 5 An employee is offered the opportunity to contribute 10% of their annual salary of $3000 across the next 2 years to a plan
Application of the intrinsic value method    LO6 At the beginning of 2019, Angourie Ltd grants 2000 share options to each of its 50 most senior executives. The share options have a life of 5
Disclosure    LO9 Bodalla Ltd operates a share option plan for its officers, employees and consultants for up to 10% of its outstanding shares. Under this plan, the exercise price of each
Accounting for a grant with a market condition   LO5, 7 At the beginning of 2019, Callala Bay Ltd grants 10 000 share options to a senior marketing executive, conditional on the executive
Accounting for a grant of share options where the exercise price varies   LO7 At the beginning of 2019, Bargo Ltd grants 3000 employee share options with an exercise price of $45 to its newly
Accounting for a grant where the number of equity instruments expected to vest varies   LO7 Alstonville Ltd grants 80 share options to each of its 200 employees. Each grant is conditional on
Modifications to equity‐settled share‐based payment transactions   LO4, 7 At the beginning of year 1, Camden Ltd grants 50 share options to each of its 120 employees, conditional on the
Cash‐settled share‐based payment transactions  LO3, 8 An entity receives inventories from a counterparty in exchange for a liability based on the price of 5000 of the entity’s own shares. At
Equity‐settled share‐based payment transactions  LO3, 4 On 1 January 2019, Ambrose Park Ltd announces a grant of 250 share options to each of its 20 senior executives. The grant is conditional
Categorising  LO2, 3 An entity grants 10 000 shares to a senior manager in return for services rendered. Required Should the entity recognise the cost of these services as a liability or a
Recognition principles  LO2, 3 Cabramurra Ltd, a listed company, organises major sporting events. It acquires crowd control equipment in return for a liability for an amount based on the price of
Scope of AASB 2/IFRS 2  LO2 Which of the following is a share‐based payment transaction within the scope of AASB 2/IFRS 2? Give reasons for your answer. (a) Goods acquired from a supplier
INCENTIVE PLANS Visit the websites of three Australian companies and access their latest annual reports. View the remuneration report within the director’s statutory report. Compare these
VESTING CONDITIONS AND SHARE OPTIONS Sebastian Ltd grants its manager a share option plan conditional on the manager contributing 10% of his fortnightly salary of $3000 for the next 2 years. The
CASE STUDY VESTING CONDITIONS On 1 January 2017, Jarrod Ltd grants 2000 share options to its 10 sales staff. At this date the fair value of the share options is $50. The vesting conditions are: •
Explain what the ‘repricing’ of share options means.
Hedged firm commitment; hedged highly probable forecast transaction; hedged recognised liability; and borrowings and interest attributable to a qualifying asset    LO3, 7, 10 Aloha Ltd is an
Sale of inventories with no hedge, fair value hedge and cash flow hedge    LO3, 7, 10 Cool Ltd is an Australian mining company listed on the ASX. The company is an exporter of iron ore to
Purchase of inventories paid in instalments; borrowing with hedged interest commitment; purchase of inventories with hedged liability to supplier    LO3, 7, 10 You are the finance director
Purchase of inventories paid in instalments; borrowing hedged by forward contract   LO3, 6, 10 You are the finance director of the Australian listed company Fire Ltd, which has a functional
Forward contract with cash flow hedging   LO10 On 1 January 2020, Toby Ltd, an Australian company that has A$ as its functional currency, enters into a forward exchange contract to sell €300
Forward contract with fair value hedging   LO10 On 1 March 2021, Fred Ltd, an Australian company that has A$ as its functional currency, enters into a firm commitment with a foreign supplier to
Forward contract with fair value hedging   LO10 On 1 May 2021, Edmund Ltd, an Australian company that has A$ as its functional currency, purchases inventories for US$100 000 with the invoice to
Forward contract with no hedging   LO3, 6, 10 On 1 February 2020, Robbie Ltd, an Australian company that has A$ as its functional currency, enters a forward exchange contract to buy £200 000
Revalued assets and inventory write-downs   LO3, 6, 7 On 15 July 2019, Margot Ltd, an Australian company that has A$ as its functional currency, acquires land in Paris, France, for a cash
Qualifying assets   LO3, 6, 7 On 1 July 2019, Remote Ltd, an Australian company that has A$ as its functional currency, enters a loan agreement with a lender in Hong Kong to borrow HK$400 000
Translation of sales of inventories on credit terms   LO3, 6, 7 You are the financial controller of Valley Ltd, an Australian company listed on the ASX that sells premium Australian wines into
Translation of purchases of inventories on credit terms   LO3, 7 You are the financial controller of Yummy Ltd, an Australian company listed on the ASX that distributes imported food products
Translation of purchase of plant, sale of inventories and interest free loan   LO3, 6, 7 Just Ltd is an Australian company. The functional currency of Just Ltd is A$. It has reporting periods
Translation of foreign currency borrowings and interest costs  LO3, 6 On 1 October 2019, the Australian company Run Down Ltd enters a loan agreement with the Bank of Scotland to borrow £2 000 000
Translation of sale of inventories on credit terms  LO3, 6, 7 Haven Ltd is an Australian company that makes and sells small electronic goods. On 1 February 2020, a customer from the United States
Translation of purchase of inventories on credit terms  LO3, 6, 7 Stranded Ltd is an Australian company that purchases inventories from Hammers plc, which is an English company. The following
Translation of consulting service expense  LO3, 6, 7 Orstralia Ltd is an Australian company that receives management consulting services from Spin Incorporated. On 15 June 2020, Orstralia Ltd
Translation of various foreign currency transactions and balances  LO6, 7 Know Your Product Ltd is an Australian company with a functional currency of A$. The company entered into a number of
Translation of various foreign currency transactions and balances  LO3, 6 On 1 June 2020, Laurie Ltd, an Australian company with a functional currency of A$, entered into a number of transactions
RECOGNITION METHODS AASB 121/IAS 21 mandates the immediate recognition method where exchange differences on monetary items are recognised in the profit or loss in the period of exchange rate
RECOGNITION OF LIABILITIES You are the technical accounting consultant of a Big 4 accounting firm. One of your clients is an Australian travel company that arranges package tours to overseas
What is meant by foreign exchange risk? How can forward exchange contracts be used to manage foreign exchange risk?
Explain what is meant by the term ‘qualifying asset’. Describe the accounting treatment for exchange differences that relate to qualifying assets.
Explain what is meant by the term ‘exchange difference’. Distinguish between an unrealised exchange loss and a realised exchange loss. Provide an overview of the accounting requirements of AASB
Explain how the items that arise from foreign currency transactions are translated into the functional currency when initially recognised in the accounting records.
Illustrate the direct and indirect methods of quoting exchange rates.
Describe the indicators used in determining the functional currency of an entity.
Explain what is meant by the term ‘functional currency’.
Reporting    LO3 Explain the difference between an integrated report and a CSR report. What are some of the benefits and limitations of each?
Sustainability index  LO2 Explain the purpose of the Dow Jones Sustainability Indices.
ETS   LO5 Research and prepare a report on the different approaches for accounting for carbon emissions under the EU ETS.
ETS    LO5 Explain the difference between an emissions trading scheme and a carbon tax. What are some of the benefits and limitations of each?
Sustainability — developing countries   LO1, 2, 5 You are the accountant of a company that is considering expanding its operations to a developing country. The CEO has asked for a report
Sustainability reporting   LO1, 2, 3, 4 Obtain the most recent sustainability report by Toyota Motor Corporation. Required Prepare a report that addresses the following issues. 1. Toyota’s
Stakeholder engagement   LO2 This chapter has identified a range of stakeholders that managers should consider when determining sustainability performance and reporting. Determine how managers
Impact on financial reporting   LO3, 4 There are no formal accounting standards for the reporting of social and environmental activities. Evaluate what issues this presents for the preparation
ETHICAL INVESTMENT Refer again to the report mentioned in case study 22.4. While some investment categories have a smaller carbon footprint than others (due to a focus on different industries), it
ETHICAL INVESTMENT The report Carbon counts 2011: The carbon footprints of Australian superannuation investment managers examines 14 of the largest superannuation funds in Australia, accounting for
STAKEHOLDERS Derby Ltd wants to focus on ‘people, profits, planet’. The board of directors has proposed linking top managers’ pay to broad measures of environmental sustainability, and worker
COSTS AND BENEFITS OF ENVIRONMENTALLY FRIENDLY BUSINESS PRACTICES The directors of Broome Ltd are concerned about the increased costs proposed by the company in adopting new, more environmentally
CASE STUDY SUSTAINABILITY REPORTING The manager of Exmouth Ltd is not convinced of the scientific evidence behind climate change, and does not consider it necessary to adopt changes in the
Explain how emissions trading schemes are likely to affect financial reporting.
Explain what an environmental management system is and how it can be used to improve environmental performance.
Identify why you would expect the finance sector — and investment funds in particular — to have an interest in climate change. Identify how ethical investment can affect corporate decision making
Identify four corporate stakeholders and explain how they affect a business’s operations.
What is the Global Reporting Initiative, and what is its purpose?
What is international integrated reporting and how does it differ from the current financial reporting system?
Explain the difference between sustainability reporting and traditional financial reporting.
Identify what information entities are likely to provide if they use sustainability reporting.
What reasons might an entity provide for adopting sustainable development?
Explain the difference between eco-justice and eco-efficiency, and outline how both might relate to business activities.
Explain the meaning of sustainability.
Identifying related party transactions    LO3 Many entities have transactions with related parties which occur under normal terms and conditions. For example, banks provide a wide range of
Exemption from disclosure for government-related entities   LO5 Production Zone is a government organisation which directly controls another entity, Allsorts Ltd, and through its interest in
Determining whether transactions are related party transactions   LO2, 3, 4 Which of the following is a related party transaction and, under AASB 124/IAS 24, requires disclosure in the annual
Determining whether parties are related   LO2, 3 Brian holds 100% of the shares in Barlow Ltd and he is also a director of Donaldson Ltd. All of the shares in Donaldson Ltd are held by
Disclosure   LO4 During the period ended 30 June 2020, Rebecca Johnston, an employee of Northwing Company, purchased goods from the company on normal commercial terms and conditions. Johnston
Recognition principles  LO2, 3 Sunshine Company operates a pension scheme that offers defined benefit pensions for the benefit of the company’s employees. At the end of the reporting period, the
Recognition principles  LO2, 3 Sonia Goodall is a newly appointed director of Proserpine Ltd, a listed company that organises major sporting events. Sonia has provided consultancy services to
Scope of AASB 124/IAS 24  LO2, 3 Which of the following is the related party of an entity within the scope of AASB 124/IAS 24? Give reasons for your answer. (a) A person who has the authority to
RELATED PARTY LOANS At the end of the 2013 financial reporting period, Westpac Banking Corporation had a number of outstanding loans it had advanced to directors. These loans included a year-end
RELATED PARTY DISCLOSURES Choose the most recent annual report of two Australian publicly listed companies (other than Woolworths Limited). Locate the remuneration report and the financial statement
CASE STUDY EXECUTIVE REMUNERATION The following text outlines the purpose of the Australian Government Productivity Commission’s public inquiry into executive remuneration. The Productivity
AASB 124/IAS 24 requires the identity of key management personnel to be disclosed. Explain how an entity determines whether an employee is a member of key management personnel.
Outline the rationale for including an employer-sponsored post-employment benefit plan as a related party of the employer entity.
Explain why a parent company and its subsidiary entities are regarded as related parties.
An alternative to disclosing information about related parties is to restate related party events as though they had occurred between independent parties in arm’s length transactions. Explain why
Explain why key management personnel are regarded as related parties.
Explain how the mere existence of a related party relationship might have the potential to affect transactions with other parties.
Why do standard setters formulate rules for the disclosure of related party relationships?
Theoretical ex‐rights value, rights adjustment factor and basic earnings per share    LO5 At the beginning of the current reporting period (1 January 2020 – 31 December 2020) Diamond Ltd
Disclosure    LO6 Lamington Ltd operates an executive performance share plan. Under this plan, the company grants rights to employees which are convertible into ordinary shares of the
Determining the additional shares from potentially dilutive options   LO4 Tennyson Ltd has 20 000 ordinary shares outstanding during the reporting period ended 30 June 2021. The average market
Effect of share options on diluted earnings per share   LO4 Xenia Ltd determines its profit attributable to ordinary shareholders for the reporting period ended 30 June 2020 as $96 000. The
to calculate the adjustment factor, and calculate adjusted basic earnings per share.
Kelso Ltd announced the rights issue at the beginning of its reporting period (1 July 2020) and the last date for exercising the rights was 1 October 2020. Kelso Ltd announced profit attributable to
Rights adjustment factor and adjusted basic earnings per share   LO3 Assume that in exercise
Theoretical ex‐rights value   LO3 Kelso Ltd has 30 000 ordinary shares on issue. The company announced a 1‐for‐3 rights issue with an exercise price of $4 for each right. The market price
Bonus issue of shares   LO3 On 1 January 2019, Regis Ltd has 200 000 ordinary shares outstanding. On 1 March 2019, the company announces a bonus issue of 2 shares for every share held on that
Categorising  LO3 An entity announces a share split to occur in the current reporting period. There is no consideration payable by existing shareholders and therefore no corresponding increase in
Measurement principles  LO3 The directors of Singh Group have decided to repurchase 100 000 ordinary shares in an ‘on‐ market’ arm’s length transaction. Required Are the treasury shares
Measuring basic earnings per share  LO3 On 30 June 2020, Samira Ltd determines profit attributable to ordinary shareholders as $450 000. At the beginning of the reporting period the company had 1

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