Corporate Reporting (International)
Section B – TWO questions ONLY to be attempted. Do NOT open this question paper until instructed March/June 2017 – Sample Questions. The Association of.
Corporate Reporting (International)
Section B – TWO questions ONLY to be attempted. Do NOT open this question paper until September/December 2016 – Sample Questions. The Association of.
Corporate Reporting (United Kingdom)
March/June 2018 – Sample Questions. Time allowed: 3 hours 15 minutes Section B – TWO questions ONLY to be attempted ... Accountants. P2 UK ACCA ...
Corporate Reporting (United Kingdom)
September/December 2017 – Sample Questions. Time allowed: 3 hours 15 minutes Section B – TWO questions ONLY to be attempted ... Paper P2 (UK).
THE ESSENTIAL GUIDE
To complete the ACCA Qualification exams at the Professional level you must complete three Essentials papers (P1 P2 and P3) and then complete two from four.
Corporate Reporting (United Kingdom)
Dec 10 2013 Section B – TWO questions ONLY to be attempted. Do NOT open this paper until instructed by the supervisor. During reading and planning time ...
Corporate Reporting (United Kingdom)
Dec 9 2014 Section B – TWO questions ONLY to be attempted. Do NOT open this paper until instructed by the supervisor. During reading and planning time ...
Answers
Nov 30 2017 Professional Level – Essentials Module
Corporate Reporting (United Kingdom)
Jun 9 2015 Section B – TWO questions ONLY to be attempted. Do NOT open this paper until instructed by the ... been refused for this drug in the past.
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Professional Level – Essentials Module Paper P2 (UK) balance sheet date or a binding agreement to distribute the past earnings in future has been made.
Professional Level - Essentials Module
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eqo9u4- I ?fRSe aYO 6:q89u4- u8 o 4y5:w847> m-p Wgef nq m99qy59qp3The following draft financial statements relate to Zippy, a public limited company. Zippy is a manufacturing companybut also has a wide portfolio of investment properties. Zippy has investments in Ginny and Boo, both public limitedcompanies.a#ip% $%i%oo%$ p !# pt% # w $$ in %so# m !#oso$t'o tm o p # %so )oi# onon ND c&o HDFO
ht!!)bt)SRevenue42013290
Cost of sales(304)(76)(72)-----------
Gross profit1165618
Investment income42195
Administrative costs(22)(12)(18)
Other expenses(34)(18)(15)-----------
Operating profit10245(10)
Net finance costs(2)(6)(9)-----------
Profit before tax10039(19)
Income tax expense(30)(7)3-----------
Profit for the year7032(16)-----------
Other comprehensive income
Items that will not be reclassified to profit or lossGains on property revaluation1416-----------
Total comprehensive income for year8448(16)-----------The followin g information is relevant to t he preparation of the group statemen t of prof it or loss and other
comprehensive income:1.On 1 July 2014, Zippy acquired 60% of the equity interests of Ginny, a public limited company. The purchase
consideration comprised cash of $90 million and the fair value of the identifiable net assets acquired was
$114 million at that date. Zippy uses the 'full goodwill" method for all acquisitions and the fair value of the
non-controlling interest (NCI) in Ginny was $50 million on 1 July 2014. Goodwill had been reviewed annually
for impairment and no impairment was deemed necessary.2.Zipp y disposed of a 20% equity interest in Ginny on 31 March 2016 for a cash consideration of $44 million.
The remaining 40% holding had a fair value of $62 million and Zippy exercised significant influence over Ginny
following the disposal. Zippy accounts for investments in subsidiaries a t cost and has inc luded a gain in
investment income of $14 million within its individual financial statements to reflect the disposal. The net assets
of Ginny had a fair value of $118 million at 1 July 2015 and this was reflected in the carrying amounts of the
net assets. All gains and losses of Ginny have accrued evenly throughout the year. The disposal is not classified
as a separate major line of business or geographical operation.3.Zipp y acquired 80% of the equity interests of Boo, a public limited company, on 30 June 2014. The purchase
consideration was cash of $60 million. The fair value of the NCI was calculated as $12 million at this date. Due
to a tight reporting deadline, the fair value of the identifiable net assets at acquisition had not been finalised by
the time the financial statements for the year ended 30 June 2014 were published. Goodwill of $28 million was
calculated using the carrying amount of the net assets of Boo. The fair value of the identifiable net assets of Boo
was finalised on 31 December 2014 as $54 million. The excess of the fair value of the identifiable net assets at
acquisition is due to plant which had a remaining useful life of five years at the acquisition date.Due to the losses of Boo, an impairment review was undertaken at 30 June 2016. It was decided that goodwill
had reduced in value by 10%. Goodwill impairments are charged to other expenses.4.Zipp y holds properties for investment purposes. At 1 July 2015, Zippy held a 10-floor office block at a fair value
of $90 million with a remaining useful life of 15 years. The first floor was occupied by Zippy"s staff and the
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)o/On 1 July 2016, there was an amendment to Zippy"s defined benefit scheme whereby the promised pensionentitlement was increased from 10% of final salary to 15%. A bonus is paid to the directors each year which is
based upon the operating profit margin of Zippy. The directors of Zippy are unhappy that there is inconsistency
on the presentation of gains and losses in relation to defined benefit schemes. Additionally, they believe that as
the pension scheme is not an integral part of the operating activities of Zippy, it is misleading to include the gains
and losses in profit or loss. They therefore propose to change their accounting policy so that all gains and losses
on the pension scheme are recognised in other comprehensive income. They believe that this will make the
financial statements more cons istent, more understandable and c an be justified on the grounds of fair
presentation.Required:
Discuss the accounting and ethical implications arising from the proposed change of accounting policy on
Zippy"s defined benefit scheme. (7 marks)
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G[deh. (8 cOhai)
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kdj[b GOo 2017, mZTd jZT RecfTj[jeh [i TnfTRjTS je bOkdRZ [ji dTm fheSkRj.9j 30 HelTcPTh 2015, jZT TdS eU jZT U[dOdR[Ob oTOh, Mkdjeho OiiTiiTS jZT hTRelThOPbT Ocekdj eU jZT jhOSTcOha
Oj $400,000 OdS [djTdSi je Redj[dkT cOdkUORjkh[dW BebUe fheSkRji kdj[b 31 GOo 2017.NZT S[hTRjehi eU Mkdjeho hTgk[hT OSl[RT Oi je Zem je STOb m[jZ jZT jhOSTcOha [d jZT U[dOdR[Ob ijOjTcTdji Ueh jZT
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fhTfOh[dW [ji iTfOhOjT U[dOdR[Ob ijOjTcTdji Ueh jZT oTOh TdS[dW 30 HelTcPTh 2015.(6 cOhai) Edq6:u7qpENu8o:88 9tq mp;uoq On 21 August 2016, Evolve undertook a scrip (bonus) issue where the shareholders of Evolve received certain (ii)transfer ring their rights back to Evolve by 10 September 2016 for a fixed cash price which would be paid In the financial statements at 31 August 2016, Evolve believed that the criteria for the recognition of a financial liability as regards the second option were not met at 31 August 2016 because it was impossible to reliably determine the full amount to be paid, until 10 September 2016. Evolve felt that the transferring of the rights back to Evolve was a put option on its own equity, which would lead to recording changes in fair value in profit or loss in the next financial year. Evolve disclosed the transaction as a non-adjusting event after the reporting period. (b)At 31 August 2016, Evolve controlled a wholly owned subsidiary, Resource, whose only assets were land and buildings, which were all measured in accordance with International Financial Reporting Standards. On 1 August accepted and, at that date, the sale was expected to be completed by 31 August 2016. The non-current assets of Resource were measured at the lower of their carrying amount or fair value less costs to sell at 31 August Non-current Assets Held for Sale and Discontinued Operations. However, Evolve did not classify the non-current assets of Resource as held for sale in the financial stat ements at 31 August 2016 because the re were uncertainties regarding the negotiations with the buyer and a risk that the agreement would not be finalised. There was no disclosure of these uncertainties and the original agreement was finalised on 20 September 2016. (c)Evolve operates in a jurisdiction with a specific tax regime for listed real estate companies. Upon adoption of this tax regime, the entity has to pay a single tax payment based on the unrealised gains of its investment properties. Evolve purchased Monk whose only asset was an investment property for $10 million. The purchase price of Monk was below the market value of the investment property, which was $14 million, and Evolve chose to account for the investment property under the cost model. However, Evolve considered that the transaction constituted a 'bargain purchase" under IFRS 3 Business Combinations. As a result, Evolve accounted for the potential gain of $4 million in profit or loss and increased the 'cost" of the investment property to $14 million. At the same time, Evolve opted for the specific tax regime for the newly acquired investment property and agreed to pay the corresponding tax of $1 million. Evolve considered that the tax payment qualifies as an expenditure necessary to bring the propert y to the condition necessar y for its op erations, and therefore was directly attributable to the acquisition of the property. Hence, the tax payment was capitalised and the value of the Advise Evolve on how the above transactions should be correctly dealt with in its financial statements with :The Internat ional Accounting Standards Board (IASB) is undertaking a broad-based initia tive to explore how disclosures in IFRS financial report ing can b e improved. The Disclosure Initiative is made up of a number of implementation and research projects. The IASB has decided that the project should include a discussion on whether the definition of materiality should be changed and whether IAS 1 Presentation of Financial Statementsshould include additional guidance which clarifies the key characteristics of materiality. Materiality is a matter which has been debated extensively in t he context of many forms of reportin g, includ ing the Inte rnational Integrated Rep orting Framework. There are difficulties in applying the concept of materiality in practice when preparing the financial statements and it is thought that these difficulties contribute to a disclosure problem, namely, that there is both too much irrelevant information in financial statements and not enough relevant information. Further, the IASB has proposal responds to requests from investors for improved disclosures about an entity"s financing activities and its (a)(i)Discu ss the current definition of materiality and how the current application of the concept of materiality (ii)Discuss how the concepts of materi ality wou ld be use d in applying the Internatio nal Integ ratedS-9q7-m9u4-mw Pu-m-oumw dq5479u-s e9m-pm7p81
(25 marks) Lqh6m6g6
6)m /Evolve is a real estate company, which is listed on the stock exchange and has a year end of 31 August.
2016, Evolve published a statement stating that a binding offer for the sale of Resource had been made and
2016, based on the selling price in the bindi ng offer. Th is measurement was in ac cordance with IFRS 5
Required:
Statement of Cash Flows. The
Required:
Reporting Framework.(4 marks)
quotesdbs_dbs8.pdfusesText_14
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