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what information do you need sir/madam ?

what information do you need sir/madam ?

(20 Marks) QUESTION 5 (20 MARKS) Stilo Corporation is located in Japan and its parent company is Experd Ltd. Experd provides information technolgy services and its headquarters is in United Kingdom. Experd's business operations are situated in the United Kingdom (UK), the United States of America (US) and Japan, respectively. Business operations in the UK and the US each contributed to 30% to 55% labour costs of the Group. Between 50% and 70% of Experd total revenues are generated by business operations in the UK and Japan, respectively. Since the Brexit. the revenues generated from the UK business operations have continued to fluctuate between 30% and 50% per year. Following are Stilo Corporation financial statements: Statement of Profit or Loss and Other Comprehensive Income for financial year ended 30 April 2019 (Japanese Yen, \ Million) Less: Sales Cost of goods sold Gross profit Other expenses Other income Profit before taxation Taxation Profit after taxation Other comprehensive income Revaluation reserve Fan valve reserve Total other comprehensive income Total comprehensive income 16.500 19.950) 11.550 12.450) 1823 10.923 4798) 6.125 1260 1.065 7,190 Statement of Financial Poetton0 April 2010 (Japanese Yon, Millon) Annet Mon current Property, plant and equipment 103,087 Investment in Financial Anse Through Reserve 32 822 Intangibles 5,423 141,332 Qurant Inventories 4,500 Receivables 3211 Banks 1,439 Total asante 150 AB2 Llabilities Non-current Bank ban 3,500 Current Payables 1,862 Total Ilabilities 5,362 Equities Share capital 48.690 Revaluation reserve 18,697 Fair value reserve 6.281 Retained profits 71.452 Total equities 145,120 Additional information: Fair value reserve Million 1. Stilo Corporation reserves balances Date:Item Revaluation reserve (Y' Million 1.11.2015 14 325 30.4.2016 14.325 30.4.2017 18.957 30.4.2018 18.957 30.4.2019 18.697 Retained profits (X Million 55.751 57.935 62.000 66.328 71 452 6.542 4956 6.281 2 Exchange rate for 100 Japanese Yen (). 100 Japanese Yen () to Dollar US (USD) Date/Exchange rate Spot rate Average (USD) rate (USD) 1.11 2015 0.84 0.82 30.4.2016 0.86 0.83 30.4.2017 0.88 0.85 30.4.2018 0.87 0.84 1.2.2019 0.86 0.82 30.4.2019 089 100 Japanese Yen to UK Pound Sterling (E) Spot rate Average rate (E) 0.71 0.68 0.65 0.62 073 071 0.68 0.66 0.55 0.63 in the Stilo's board meeting on 1 February 2019 the board has decided to dose down its only subsidiary company lie wholly owned and the closure ettective immediately On this date the REDMI NOTE PRO financial information at the discontinued subsidiary were as follows ALQUAD CAMERA ItemAmount Post tax profit Retained profit brought forward Property, plant and equipment Inventories Trade receivables Banks Bank loan Payables ( Million) 25 115 305 8 14 10 167 30 These financial Information have not been reported yet in Stilo's financial statements above. (The financial Information need to be reported in accordance to IFRS 5: Non-Current Assets Held for Sale and Discontinued Operations) Required: 1. Identity and explain, what is the functional currency of Experd Ltd? (4 Marks) II. Using closing rate method, translate Stilo Corporation's financial statements to the group's functional currency. (16 Marks) (20 Marks) QUESTION 5 (20 MARKS) Stilo Corporation is located in Japan and its parent company is Experd Ltd. Experd provides information technolgy services and its headquarters is in United Kingdom. Experd's business operations are situated in the United Kingdom (UK), the United States of America (US) and Japan, respectively. Business operations in the UK and the US each contributed to 30% to 55% labour costs of the Group. Between 50% and 70% of Experd total revenues are generated by business operations in the UK and Japan, respectively. Since the Brexit. the revenues generated from the UK business operations have continued to fluctuate between 30% and 50% per year. Following are Stilo Corporation financial statements: Statement of Profit or Loss and Other Comprehensive Income for financial year ended 30 April 2019 (Japanese Yen, \ Million) Less: Sales Cost of goods sold Gross profit Other expenses Other income Profit before taxation Taxation Profit after taxation Other comprehensive income Revaluation reserve Fan valve reserve Total other comprehensive income Total comprehensive income 16.500 19.950) 11.550 12.450) 1823 10.923 4798) 6.125 1260 1.065 7,190 Statement of Financial Poetton0 April 2010 (Japanese Yon, Millon) Annet Mon current Property, plant and equipment 103,087 Investment in Financial Anse Through Reserve 32 822 Intangibles 5,423 141,332 Qurant Inventories 4,500 Receivables 3211 Banks 1,439 Total asante 150 AB2 Llabilities Non-current Bank ban 3,500 Current Payables 1,862 Total Ilabilities 5,362 Equities Share capital 48.690 Revaluation reserve 18,697 Fair value reserve 6.281 Retained profits 71.452 Total equities 145,120 Additional information: Fair value reserve Million 1. Stilo Corporation reserves balances Date:Item Revaluation reserve (Y' Million 1.11.2015 14 325 30.4.2016 14.325 30.4.2017 18.957 30.4.2018 18.957 30.4.2019 18.697 Retained profits (X Million 55.751 57.935 62.000 66.328 71 452 6.542 4956 6.281 2 Exchange rate for 100 Japanese Yen (). 100 Japanese Yen () to Dollar US (USD) Date/Exchange rate Spot rate Average (USD) rate (USD) 1.11 2015 0.84 0.82 30.4.2016 0.86 0.83 30.4.2017 0.88 0.85 30.4.2018 0.87 0.84 1.2.2019 0.86 0.82 30.4.2019 089 100 Japanese Yen to UK Pound Sterling (E) Spot rate Average rate (E) 0.71 0.68 0.65 0.62 073 071 0.68 0.66 0.55 0.63 in the Stilo's board meeting on 1 February 2019 the board has decided to dose down its only subsidiary company lie wholly owned and the closure ettective immediately On this date the REDMI NOTE PRO financial information at the discontinued subsidiary were as follows ALQUAD CAMERA ItemAmount Post tax profit Retained profit brought forward Property, plant and equipment Inventories Trade receivables Banks Bank loan Payables ( Million) 25 115 305 8 14 10 167 30 These financial Information have not been reported yet in Stilo's financial statements above. (The financial Information need to be reported in accordance to IFRS 5: Non-Current Assets Held for Sale and Discontinued Operations) Required: 1. Identity and explain, what is the functional currency of Experd Ltd? (4 Marks) II. Using closing rate method, translate Stilo Corporation's financial statements to the group's functional currency. (16 Marks)