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business
international financial management

Questions and Answers of International Financial Management

Wilbern Ltd prepares financial statements to 30 June each year. On 1 March 2017, the company classifies a non-current asset as held for sale. The asset is eventually sold in July 2017.
(a) Explain what is meant by a non-current asset "held for sale" and list the criteria which must be satisfied in order for an asset to be classified as held for sale.(b) Explain why it is not
IAS36 Impairment of Assets was issued in June 1998 and subsequently revised in March 2004 and January 2008. Its main objective is to prescribe the procedures that should ensure that an entity's
(a) Define the term "cash-generating unit" (CGU).(b) Explain the circumstances in which a CGU should be tested for impairment.
An asset (which has never been revalued) has a carrying amount of £100,000. The asset is being depreciated on the straight-line basis, with a remaining useful life of three years and a residual
(a) Define the term "impairment loss".(b) List the main indications which would suggest that an asset might be impaired.(c) Identify the two types of asset which must always be tested for impairment,
(a) Distinguish between research and development within the context of IAS38 Intangible Assets.(b) State, with reasons, how the following expenditure would be dealt with in the financial statements
On 1 January 2018, A Ltd bought all of the assets and liabilities of B Ltd for a price of ?500,000. B Ltd then went into liquidation. The statements of financial position of the two companies just
(a) Define the term "goodwill" and distinguish between internally generated goodwill and goodwill acquired in a business combination.(b) Identify the main features of goodwill which distinguish it
Distinguish between the cost model and the revaluation model for the measurement of intangible assets subsequent to their initial recognition.
A company has purchased the following intangible assets in separate transactions:(a) A patent which expires after ten years; the company expects to make use of this patent for six years and then
(a) Distinguish between research expenditure and development expenditure.(b) Explain the accounting treatment required by IAS38 in relation to each of these types of expenditure.(c) During the year
(a) Define the term "intangible asset" and explain the main features of this definition.(b) Explain how an intangible asset should be measured at its initial recognition if it is acquired in a
Elite Leisure is a private limited liability company that operates a single cruise ship. The ship was acquired on 1 October 2009. Details of the cost of the ship's components and their
(a) Define the term "investment property" and explain the two models permitted by international standard IAS40 for the measurement of investment property after its initial recognition.(b) How do
(a) In relation to property, plant and equipment, define the terms "depreciation", "depreciable amount", "useful life" and "residual value".(b) On 1 July 2017, a company which prepares financial
(a) Distinguish between the cost model and the revaluation model for the measurement of property, plant and equipment subsequent to its initial recognition.(b) If the revaluation model is used,
(a) Define the term "property, plant and equipment".(b) When should an item of property, plant and equipment be recognised as an asset and when should it be derecognised?(c) Which of the following
(a) Explain what is meant by a "material prior period error" and explain how such an error should be corrected.(b) List the disclosures required when a material prior period error is corrected.
List the disclosures which must be made if an accounting policy is changed.
(a) Explain how an entity should select its accounting policy in relation to an item if there is no applicable international standard or IFRIC Interpretation.(b) In what circumstances may an entity
(a) Distinguish between accounting policies and accounting estimates.(b) Explain how a change in an accounting policy should be accounted for.(c) Explain how a change in an accounting estimate should
The following trial balance has been extracted from the books of Walrus plc as at 31 March 2018: The following information is also available: 1. The company's non-depreciable land was valued at
List the main types of information which should be provided in the notes which accompany and form an integral part of the financial statements.
You have been asked to help prepare the financial statements of Tanhosier Ltd for the year ended 31 March 2018. A trial balance as at 31 March 2018 is shown below. The following further information
Explain the purpose of a statement of changes in equity and list the main items that should be shown in this statement.
(a) Distinguish between current assets and non-current assets.(b) Distinguish between current liabilities and non-current liabilities.(c) Explain why these distinctions are useful.
International standard IAS1 lists seven "general features" relating to the presentation of financial statements. These are:(a) Fair presentation and compliance with international standards(b)
The qualitative characteristics of relevance, faithful representation and comparability which are identified in the IASB Conceptual Framework are some of the attributes that make financial
The Conceptual Framework states that an entity's choices of measurement bases and capital maintenance concept determine the accounting model used in the preparation of the financial statements.(a)
Define each of the five elements of financial statements. Also explain the circumstances in which an element should be recognised in the financial statements.
Identify the main classes of information that should be presented in general purpose financial reports.
(a) State the objective of general purpose financial reporting.(b) Identify the primary users of general purpose financial reports and any other parties who might find these reports useful.
Explain what is meant by a "conceptual framework" for financial reporting and list the main purposes of the IASB Conceptual Framework for Financial Reporting.
The term "regulatory framework" refers to the body of rules and regulations which apply to the financial statements of limited companies. This framework includes company law, accounting standards
A company adopts international standards for the first time when preparing its financial statements for the year to 30 June 2018. These financial statements show comparative figures for the
Explain the purpose of accounting standards (whether national or international) and identify the advantages that stem from the standardisation of accounting practice. Are there any disadvantages?
Outline the structure of an international standard (IFRS Standard or IAS Standard).
Outline the structure and functions of:(a) The IFRS Foundation.(b) The International Accounting Standards Board (IASB).(c) The IFRS Advisory Council.(d) The IFRS Interpretations Committee.
Explain the term "generally accepted accounting practice" (GAAP). Is there just one GAAP which is accepted worldwide? If not, why not?
Explain the term "regulatory framework" as it applies to financial reporting. Why is this framework needed?
What is chartism?
What are the rules that determine the residency requirements on the balance of payments?
Pick 3 currencies, and go to www.oanda.com to get their current bilateral exchange rates. Is there an arbitrage opportunity?
The main role of the International Accounting Standards Board (IASB) is to devise and publish International Financial Reporting Standards (IFRS Standards) and revised versions of International
Brenda is considering an investment in the ordinary shares of either Baker plc or Grant plc. Both companies operate in the same sector of industry and both prepare accounts to 30 September each year.
1. When and how did Danone expand into the Chinese market? What problems did Danone Group encounter while operating in China?2. How was the Danone and Wahaha JV formed? What was its structure? Why
Floothair plc is a large international airline company with three operating segments:International airline businessDomestic airline businessNon-airline business.The company reports segment
On 1 January 2016, G plc issued £2 million of 7% convertible loan stock. The holders of this stock may choose to convert the stock to ordinary shares on 1 January 2020, 2021 or 2022. The number of
The profits attributable to the ordinary shareholders of F plc are as follows:
Western Trading plc is a company which uses a variety of component parts in its manufacturing operations. One of the company's suppliers has recently gone out of business and therefore Western is now
Related party relationships are a common feature of commercial life. The objective of IAS24 Related Party Disclosures is to ensure that financial statements contain the necessary disclosures to make
On 1 October 2017 Pumice acquired the following non-current investments:(i) 80% of the equity share capital of Silverton at a cost of £13.6 million.(ii) 50% of Silverton's 10% loan notes at
The financial statements of JJ Ltd and KK Ltd for the year to 30 June 2018 are shown below:Statements of comprehensive income for the year to 30 June 2018.Statements of financial position as at 30
The following are the statements of financial position of two companies at 31 October 2018, the end of their most recent financial years:The following additional information is available:1). On 1
The statements of financial position of CC Ltd and its two subsidiaries DD Ltd and EE Ltd as at 31 December 2017 are as follows:The following information is available:(a) CC Ltd acquired 60% of the
(a) List the main indicators of a hyperinflationary economy, as specified by IAS29.(b) Explain why IAS29 takes the view that conventional financial statements are not useful in a hyperinflationary
The following draft financial statements are available for Sipfalor plc for the year ended 31 May 2018:Statement of financial position at 31 May 2018.Statement of profit or loss for the year to 31
The statement of financial position of Aadvaark Trading Ltd at 30 November 2018 (with comparatives for 2017) is as follows: Statement of financial position at 30 November 2018.The following
Petersford plc prepares accounts to 31 December each year. On 1 January 2014, the company acquired a non-current asset at a cost of £256,000 and decided to depreciate this asset on the straight-line
On 1 January 2018, a company which prepares accounts to 31 December grants "share appreciation rights" to 30 of its employees. By virtue of these rights, the employees concerned will become entitled
Prentiss plc operates a defined benefit pension plan and prepares financial statements to 31 March each year. The financial statements for the year to 31 March 2017 showed that the present value of
Triangle, a public listed company, is in the process of preparing its draft financial statements for the year to 31 March 2018. On 1 April 2017, Triangle sold maturing inventory that had a
A company enters into 10,000 contracts with customers, all on the same date. These contracts have very similar characteristics and therefore (as a practical expedient) the company decides to apply
(a) Sparkling Pictures plc is a company which specialises in video production. The company is preparing its financial statements for the financial year ended 30 April 2018. During the financial
Querk plc prepares financial statements to 31 December each year. On 1 January 2017 the company bought £500,000 of 6% loan stock for £490,420. Interest is receivable on 31 December each year and
The main activity of J&T Ltd is to buy old vehicles, which are sold after converting them into a saleable condition. At 28 February 2018, the end of the company€™s financial year,
Parrison Ltd is a manufacturing company. The company's inventory at 30 June 2018 includes the following items of work in progress:The company complies with IAS2 Inventories.(a) Define the term
IFRS16 Leases replaces IAS17 Leases for accounting periods beginning on or after 1 January 2019. The main aim of the new standard is to improve lessee accounting so that a lessee's financial
On 1 December 2014, Gebouw plc entered into a finance lease requiring the company to make payments of £785,000 each on 1 December 2014, 2015, 2016, 2017 and 2018.The fair value of the leased asset
Bakewall Ltd prepares annual financial statements to 31 December. On 1 August 2017 the company closed down one of its operations and classified the corresponding cash generating unit (CGU) as held
Stenberg plc is preparing its financial statements for the year ended 30 November 2018. On 1 May 2018, the company purchased a factory for the manufacture of optical disks, paying £24,000,000. The
An asset which cost £200,000 on 1 January 2016 is being depreciated on the straight line basis over a five year period with an estimated residual value of £40,000. The company which owns
There are two international standards which deal with goodwill. IAS38 does not allow internally generated goodwill to be recognised as an asset. Goodwill acquired in a business combination is dealt
The following information relates to three companies that use the revaluation model in relation to intangible assets and prepare annual financial statements to 31 December:(a) Company W acquired an
Accounting standard IAS16 Property, Plant and Equipment makes a number of recognition, measurement and disclosure requirements with regard to tangible non current assets. The term "non-current asset"
(a) Define the term "investment property". Explain why it is not generally appropriate to charge depreciation in relation to such a property.(b) Give three examples of properties (land or buildings)
J Ltd has been trading for many years, preparing financial statements to 31 March each year. As from 1 April 2017, the company decided to adopt a new accounting policy in relation to revenue
Chilwell Ltd prepares financial statements to 31 October each year. The company's trial balance at 31 October 2017 is as follows:The following information is also available:1. Land is
Assuming that today's date is 1 January 2018, calculate the present value of each of the following:(a) £50,000 to be received on 1 January 2021(b) £100,000 to be received on 1 January 2023(c)
IFRS1 First-time Adoption of International Financial Reporting Standards lays down the procedure which must be followed when an entity prepares its first financial statements that comply with IFRS
The International Accounting Standards Board (IASB) develops international standards by means of a "due process". The main stages of this process are listed in the Preface to
With the variables as in Problem 3, use put-call parity to determine the yen price of the corresponding dollar put option with the same maturity and same strike price.
Let the current spot rate be $1.25/€, and assume that one month from now the spot rate will be either $1.30/€ or $1.20/€. Let the dollar interest rate be 0.4% per month, and let the euro
What are Anti-globalists?
What was the euro price of the British pound on July 21, 2015? Why?
If the yen is selling at a premium relative to the euro in the forward market, is the forward price of EUR per JPY larger or smaller than the spot price of EUR per JPY?
Suppose the market price of a 20-year pure discount bond with a face value of $1,000 is $214.55. What is the spot interest rate for the 20-year maturity expressed in percentage per annum?
Suppose that in 2017, the Japanese rate of inflation is 2%, and the German rate of inflation is 5%. If the euro weakens relative to the yen by 10% during 2017, what would be the magnitude of the real
Why is the pass-through from changes in exchange rates to changes in the prices of products not one-for-one?
In March 2015, Ryanair, an Irish airline company, issued a €850 million 8-year bond. Look up more details about this issue. What type of bond is it? How was it rated? What is the credit spread
What is a dual-currency bond?
Why are Eurocredits not extended by one bank but by a large syndicate of banks?
Web question: Go to http://www.adrbnymellon.com and access the most recent Depositary Receipt Market Review. Determine which five firms with Depositary Receipts have the largest market
What are the three primary components of transaction costs in trading stocks?
If you borrow a foreign currency, what interest deduction would you receive on your taxes?
Go to the J.P. Morgan’s Best Practices: Foreign Exchange Risk Management, https://www.chase.com/content/dam/chasecom/en/commercial-bank/documents/foreign-exchange-risk-management.pdf. Do you agree
Explain intuitively how foreign currency options can be replicated with portfolios of borrowing and lending in the two currencies.
Why do the formulas for option prices not depend explicitly on the expected rate of appreciation of one currency relative to another currency?
Suppose that the price of the euro call option in Problem 1 were $0.03/€. How would you arbitrage between the market in risk-free assets and the foreign currency options market? What would you do

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