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CIMA Advanced Financial Reporting Sample Questions:

1. ST acquired 80% of the equity shares of AB on 1 January 20X7. AB acquired 60% of the equity shares of UV on 1 January 20X8. Profit for the year ended 31 December 20X9 for AB is $160,000 and for UV is
$100,000.
Calculate the non-controlling interest figure to be included within ST's consolidated statement of profit or loss for the year ended 31 December 20X9.
Give your answer to the nearest whole number in $000s.
$ ?

2. LM has made the following share purchases during the year:
* Purchased 55% of the equity share capital of OP.
* Purchased 45% of the equity share capital of QR. LM have the power to appoint the majority of board members on the QR board.
* Purchased 30% of the equity share capital of ST. LM is represented by one director on the main board of ST which has five members in total. The other 70% of ST's equity share capital is owned by a single company, UV.
The Managing Director has told you that OP has performed well, but both QR and ST have not performed as expected. He is therefore pleased that OP will be included as a subsidiary and that QR and ST will only be included as investments in the group financial statements.
In accordance with the ethical principle of professional competence and due care how should the investments in OP, QR and ST be treated in the group financial statements?

A) OP should be consolidated, QR should be equity accounted and ST should be valued at cost.
B) OP should be consolidated and QR and ST should be equity accounted.
C) OP and QR should be consolidated and ST should be equity accounted.
D) OP and QR should be equity accounted and ST should be valued at cost.

3. LK acquired 100% of the equity shares of TU on 1 January 20X4. LK disposed of 60% of TU for £2,400,000 on 30 September 20X4. The sale proceeds reflected the fair value of TU's shares on that date.
The remaining 40% shareholding gave LK the ability to exercise significant influence over the activities of TU. TU reported profit of $1,800,000 for the year ended 31 December 20X4 and this accrued evenly throughout the year.
Calculate the investment in associate that will be presented in LK's consolidated statement of financial position as at 31 December 20X4.
Give your answer to the nearest whole $'000.
$ 000

4. Which TWO of the following statements about bonds and their issue are true?

A) All bonds have the same terms and conditions when issued.
B) A bond issue is never underwritten because the return is fixed and guaranteed.
C) Credit rating agencies assign risk categories to bond issues.
D) Bonds are a risk-free form of investing because they will always be repaid.
E) Bonds are a form of loan capital, traded on stock exchanges.

5. What is meant by the term "a placing of ordinary shares"?

A) Selling new ordinary shares directly to the public.
B) Selling new ordinary shares to a financial institution on a pre-arranged basis.
C) Selling new ordinary shares to existing shareholders.
D) Selling existing ordinary shares to new investors through a stock exchange.

Solutions: