SCHOOL OF PROFESSIONAL AND
EXECUTIVE PROGRAMS
FINANCIAL REPORTING
BY
CHARLES OMANYO
JANUARY, 2021
I1.2: FINANCIAL REPORTING
TABLE OF CONTENTS
FINANCIAL REPORTING COURSE OUTLINE ....................................................... 2
CHAPT 1: CONCEPTUAL FRAMEWORK ................................................................ 4
CHAPT 2: REGULATORY FRAMEWORK ............................................................... 8
CHAPT 3: CONSOLIDATED FINANCIAL STATEMENTS ................................... 12
CHAPT 4: IAS 7: STATEMENT OF CASH FLOWS................................................ 30
CHAPT 5: INTERPRETATION OF FINANCIAL STATEMENTS.......................... 35
CHAPT 6: ACCOUNTING STANDARDS ................................................................ 43
IAS 1: PRESENTATION OF FINANCIAL STATEMENTS .................................... 43
IAS 2: INVENTORIES ............................................................................................... 47
IAS 8: ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES
AND ERRORS ............................................................................................................ 50
IAS 10: EVENTS AFTER THE REPORTING PERIOD ........................................... 53
IAS 12: INCOME TAX ............................................................................................... 55
IAS 16: PROPERTY PLANT AND EQUIPTMENT ................................................. 59
IAS 20: ACCOUNTING FOR GOVT GRANTS AND DISCLOSURE OF GOVT
ASSISTANCE ............................................................................................................. 65
IAS 23: BORROWING COSTS .................................................................................. 69
FINANCIAL INSTRUMENTS ................................................................................... 71
IAS 33: EARNINGS PER SHARE ............................................................................. 76
IAS 36: IMPAIREMENT OF ASSETS....................................................................... 84
IAS 37: PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT
ASSETS ....................................................................................................................... 87
IAS 38: INTANGIBLE ASSETS ................................................................................ 89
IAS 40: INVESTMENT PROPERTY ......................................................................... 93
IAS 41: AGRICULTURE ............................................................................................ 96
IFRS 15: REVENUE FROM CONTRACTS WITH CUSTOMERS........................ 100
IFRS 16: LEASES ..................................................................................................... 104
CHAPT 7: COMPANY ACCOUNTS ....................................................................... 109
CHAPT 8: PUBLIC SECTOR ACCOUNTS ............................................................ 116
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I1.2: FINANCIAL REPORTING
FINANCIAL REPORTING COURSE OUTLINE
LECTURER: CHARLES KOMBO OMANYO
CONTACT: +250781833731 / +254724291295
EMAIL: comanyo@uok.ac.rw / charlesomanyo@gmail.com
CONTACT HOURS: 56 HOURS
AIM OF FR
To develop knowledge and skills in understanding and applying accounting standards
and the theoretical framework in the preparation of financial statements of entities,
including groups and how to analyse and interpret those financial statements
CONTENTS OF THE SYLABUS
Chapter 1: Conceptual Framework
Chapter 2: Regulatory Framework
Chapter 3: Consolidation
Chapter 4: Statement of Cash flow
Chapter 5: Analysis and Interpretation of Financial Statements
Chapter 6: Accounting Standards: IFRS and IASs
IAS 1Presentation of Financial Statements
IAS 2 Inventories
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
IAS 10 Events after the Reporting Period
IFRS 15 Revenues from contracts with Customers
IAS 12 Income Tax
IAS 16 Property Plant and Equipment
IFRS 16 Leases
IAS 20 Government Grants
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I1.2: FINANCIAL REPORTING
IAS 23 Borrowing Costs
IFRS 9 Financial Instruments
IAS 33 Earnings per Share
IAS 36 Impairment of Assets
IAS 37 Provisions, Contingent Assets and Contingent Liabilities
IAS 38 Intangible Assets
IAS 40 Investment Property
IAS 41Agriculture
IFRS 5 Non Current Assets Held for Sale and Discontinued Operations
IAS 34 Interim Financial Reporting
IFRS 8 Operating Segments
Other Accounting Standards
Chapter 7: Company Accounts
Chapter 8: IPSAS
REFERENCES
FR ACCA BPP text book
FR ACCA Kaplan text book
ICPAR I1.2 Study Text
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CHAPT 1: CONCEPTUAL FRAMEWORK
It’s the framework for the preparation and presentation of Financial Statements. It sets
out the concepts that underlie financial statements for external users.
Purpose of Conceptual framework
1. Assists IASB in the development of new standards and reviewing of the
existing standards
2. Assists IASB in harmonizing accounting standards and procedures
3. Assists National Standard setting bodies in developing national accounting
standards
4. Assists preparers of financial statements in applying standards to deal with
topics which aren’t discussed in the standards framework
5. Assists auditors in forming an opinion as to whether financial statements
conform with IASs or IFRSs
Scope of the Conceptual Framework
1. The objectives of the Financial Statements
2. The qualitative characteristics of financial statements
3. Definition, Recognition and Measurement of the Elements from which
Financial Statements are constructed
4. Concept of Capital and Capital Maintenance
1. Objectives of Financial Statements
Provide information on the financial position, financial performance and changes in
financial position to a wide range of users of the financial statements to enable them
make informed decisions.
Assumptions of the Financial Statements (Underlying)
There are two fundamental accounting assumptions
1) Accrual Basis Assumption
Simply means the matching concept. That is, match income with expenses
This means transactions and events will be recorded in the financial statements when
they occur but not when money is paid in or received in the accounting records and in
the correct period
2) Going Concern Assumption
It’s the assumption that the business will be in operation for the foreseeable future.
That is, the business entity has no intention or necessity to liquidate or curtail the
major operations of the business
If the business entity has that intention or necessity to liquidate, the FS should be
prepared on realization method and the method should be disclosed in the notes to the
financial statements.
NB. Accruals basis could be meaningless if the going concern is not there.
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2. Qualitative Characteristics of Financial Statements
Are divided into two groups
• Fundamental Qualitative Characteristics
• Enhancing Qualitative charateristics
a) Fundamental Qualitative Characteristics
1) Relevance
2) Faithful Representation
b) Enhancing Qualitative Characteristics
1) Verifiability
2) Timeliness
3) Understandability
4) Comparability
• Fundamental Qualitative Characteristics
1) Relevance
Information is relevant if it has the ability to influence economic decisions of users
and provided in time to influence those decisions.
To give information of great value, accountants must review the materiality of all
transactions and events which will be used to construct the financial statements.
Materiality
Information is material if its omission or misstatement would influence the economic
decisions of the users of financial statements. Materiality is judged on the size or
amount of error under that circumstance.
2) Faithful Representation
Business entities are going to disclose all the information that could influence the
economic decisions of the users of financial statements. That is, they will not
understate their expenses and liabilities while also not overstate income and assets of
Financial Statement.
• Enhancing Qualitative Characteristics
1) Verifiability
'Verification can be direct or indirect. Direct verification means verifying an amount
or other representation through direct observation, for example, by counting cash.
Indirect verification means checking the inputs to a model, formula or other technique
and recalculating the outputs using the same methodology' e.g. recalculating
inventory amounts using the same cost flow assumption such as first-in, first-out
method (Framework, para QC27).
2) Timeliness
'Timeliness means having information available to decision makers in time to be
capable of influencing their decisions. Generally, the older the information is the less
useful it becomes' (Framework, para QC29)
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I1.2: FINANCIAL REPORTING
3) Understandability
Financial statements prepared by the business entity must be readily understandable
by the users. The users are assumed to have a reasonable knowledge on the nature of
the business practice.
4) Comparability
The financial statements should be compared through time and should be compared
with different business entities within the same industry.
To enhance comparability, the business entity must adopt the same accounting
policies in each year they are reporting. This is in accordance with IAS 8 Accounting
Policies, which are the principles, conventions, bases, rules and practices business
entities use in the preparation and presentation of financial statements.
3. Definition, Recognition and Measurement of the Elements from which
Financial Statements are constructed
Definition of the Elements of Financial Statements
1. Assets
An asset is a resource controlled by the business entity as a result of a past event, from
which future economic benefits are expected to flow to the entity. Control is the
ability to generate economic benefits from the asset and also to restrict others from
using the asset.
2. Liabilities
A Liability is a present obligation as a result of a past event, the settlement of which
will result into an outflow from the entity of resources embodying economic benefits.
3. Capital
Capital is the amount invested in a business by the owner. Equity is the residual
interest of the assets of the entity after deducting all its liabilities.
4. Income
Income is the increase in economic benefits during the accounting period in the form
of inflows, enhancement of assets or reduction in liabilities resulting to increase in
equity other than those relating to the contribution by the members.
Income can be classified into two:
a) Revenue
Increase in economic benefits from the ordinary activities of the business which
qualify to be an income. E.g sales, fees, dividends, interests, royalties etc.
b) Gains
Other items that meet the definition of an income but do not relate to the ordinary
activities of the business. E.g sales of NCA. Gains
5. Expenses
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I1.2: FINANCIAL REPORTING
Expenses are decrease in economic benefits during the accounting period in form of
outflows, depletion of assets or incurrence of liabilities resulting to decrease in equity
other than distribution made to the owners of the entity.
Recognition of the Elements of the Financial Statements
Recognition means incorporating in the SOFP and IS an item that meets the definition
and satisfies the criteria for recognition.
• It’s probable that future economic benefits is going to flow to or from the
entity
• The cost or value can be measured reliably
Measurement of the Elements of Financial Statements
When preparing the financial statements, the following methods of measurement
should be used.
a. Historical Cost: original monetary value of an economic item
b. Current Cost: the market value (new asset)
c. Realizable Cost: the disposal value, if you assume you are liquidating
d. Present Cost: the discounted cost. Discounted value of the assets and liabilities
4. Concept of Capital and Capital Maintenance
Capital is the amount invested in the business by the owners.
Capital maintenance is the accounting equation:
Capital = Assets
New Capital = Old Capital + Profits – Losses
Capital Maintenance is viewed in two dimensions
a. Financial Capital Maintenance
The value of the firm is seen in monetary terms. That is, the value at the beginning of
the year against the value at the end of the accounting period. Financial capital
maintenance must be in money terms.
b. Physical Capital Maintenance
Looking at the value of the firm by comparing the assets held by the entity at the
beginning and assets held at the end of the accounting period
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I1.2: FINANCIAL REPORTING
CHAPT 2: REGULATORY FRAMEWORK
The Regulatory System
Structure of the International Regulatory System
The IASC
Foundation
IASB
SAC
IFRIC
The International Accounting Standards Committee (IASC) Foundation
The IASC Foundation:
•
Is a supervisory body for the new structure
•
Has 22 trustees
•
Is responsible for governance issues and ensuring each body is
properly funded
Objectives of IASC Foundation
1)
Develop a set of global accounting standards which are of high
quality, are understandable and are enforceable
2)
Which require high quality, transparent and comparable information
in financial statements to help those in the world’s capital markets and other
users make economic decisions
3)
Promote using and applying of these standards
4)
Bring about the convergence of national and international
accounting standards
International Accounting Standards Board (IASB)
The IASB:
•
Is solely responsible for issuing International Accounting Standards
(IASs)
•
Standards now called International Financial Reporting Standards
(IFRSs)
•
Is made up of 14 members
•
Has the same objectives as the IASC Foundation
The IASB and National Standard Setters
The intentions of the IASB are
•
To develop a single set of understandable and enforceable high
quality world wide accounting standards, however
•
The IASB cannot enforce compliance with its standards, therefore
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I1.2: FINANCIAL REPORTING
•
It needs the co-operation of national standard setters
In order to achieve this IASB works in partnership with the major national standard
setting bodies:
•
All the most important national standard setters are represented on
the IASB and their views are taken into account so that a consensus can be
reached
•
All national standard setters can issue IASB discussion papers and
exposure drafts for comment in their own countries, so that the views of all
preparers and users of financial statements can be represented
•
Each major national standard setter ‘leads’ certain international
standard setting projects
The IASB intends to develop a single set of understandable and enforceable high
quality worldwide accounting standards.
International Financial Reporting Interpretations Committee (IFRIC)
•
Issues rapid guidance on accounting matters where divergent
interpretations of IFRSs have arisen
•
Issues interpretations called IFRIC 1, IFRIC 2, etc
In 1997 the IASC formed the Standards Interpretation Committee (SIC) to ensure
proper compliance with IFRSs by considering points of contention where divergent
interpretations have emerged and issuing an authoritative view; 33 interpretations
(entitled SIC 1, SIC 2, etc) were issued by the SIC before its change of name (see
below).
SICs are important because IAS 1 (revised) states that financial statements cannot be
described as complying with IFRSs unless they comply with each IAS/IFRS and each
interpretation from the SIC/IFRIC.
In 2002 the SIC changed its name to the International Financial Reporting
Interpretations Committee (IFRIC). Interpretations are now designated IFRIC 1,
IFRIC 2, etc.
Standards Advisory Council (SAC)
The SAC provides a forum for a range of experts from different countries and
different business sectors to offer advice to the IASB when drawing up new standards.
The procedure for the development of an IFRS is as follows:
1)
The IASB identifies a subject and appoints an advisory committee
to advise on the issues
2)
The IASB publishes an exposure draft for public comment, being a
draft version of the intended standard
3)
Following the consideration of comments received on the draft, the
IASB publishes the final text of the IFRS
4)
At any stage the IASB may issue a discussion paper to encourage
comment
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I1.2: FINANCIAL REPORTING
5)
The publication of an IFRS, exposure draft or IFRIC interpretation
requires the votes of at least 8 of the 14 IASB members
Status of IFRS’s
Neither the IASC Foundation, the IASB nor the accountancy profession has the power
to enforce compliance with IFRSs. Nevertheless, some countries adopt IFRSs as their
local standards, and others ensure that there is minimum difference between their
standards and IFRSs. In recent years, the status of the IASB and its standards has
increased, so IFRSs carry considerable persuasive force worldwide.
Benchmark Treatment and Allowed Alternative Treatment
Some older IASs have two choices of treatment of items in the financial statements:
•
Benchmark treatment
•
Allowed alternative treatment
In future IFRSs:
•
If different treatments are allowed they will be given equal status
•
No treatment will be designated as the benchmark treatment
This is the case in IFRS 3 (revised), issued in 2008, which provides a choice of
treatment with regard to goodwill
The Regulatory Framework
The regulatory framework of accounting in each country which uses IFRS is affected
by a number of legislative and quasi-legislative influences as well as IFRS:
•
National Company Law
•
EU directives
•
Security Exchange Rules
Why a Regulatory Framework is Necessary
A regulatory framework for the preparation of financial statements is necessary for
the following reasons:
1)
Financial Statements are used by a wide range of users – investors,
lenders, customers, etc.
2)
They need to be useful to these users
3)
They need to be comparable
4)
They need to provide at the least some basic information
5)
They increase users’ understanding of, and confidence in, financial
statements
6)
They regulate the behavior of companies towards their investors
Accounting standards on their own would not be a complete regulatory framework. In
order to fully regulate the preparation of financial statements and the obligations of
companies and directors, legal and market regulations are also required
Principles Based and Rules Based Framework
Principles based Framework:
•
Based upon a conceptual framework such as the IASB’s Framework
•
Accounting standards are set on the basis of conceptual framework
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I1.2: FINANCIAL REPORTING
Rules based framework
•
Cookbook approach
•
Accounting standards are a set of rules which companies must
follow
For Example: In the UK there is a principles based framework in terms of the
statement of principles and accounting standards and a rules based framework in
terms of the Companies Acts, EU directives and Stock Exchange Rules.
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CHAPT 3: CONSOLIDATED FINANCIAL STATEMENTS
Introduction
Consolidated accounts are required when one company controls other companies. Each
company will prepare its own set of accounts. However, another set of accounts will be
prepared for the group as a whole. These are known as the consolidated accounts.
Consolidation: Is the bringing together of two or more financial statements
Related Standards under Consolidation
IAS 27: Separate Financial Statements (2011)
IAS 28: Investment in Associates
IAS 31: Interest in Joint ventures
IFRS 3: Business Combination
The business entities can be summarized in the table below:
Share Holding Nature of
Name
Accounting Treatment
Control
Above 50%
Subsidiary
• Control
• Purchase Method
= 50%
Joint Venture
• Contractual
• Proportionate
Agreement
Consolidation
o Line by Line
o Separate
• Equity Method
Above 20% but Significant
Associate
• Equity Method
Below 50%
Influence
Below 20%
None
Mere Investment • Financial Instruments
Standard
IAS 27
IAS 31
IAS 28
IAS 32, IAS 39,
IFRS 7 and IFRS 9
DEFINITIONS
Control
Control is the power to govern the financial and operating policies of an entity so as to obtain
benefits from its activities. It is evidenced by owning majority equity shares.
Group
It is a collection (group) of subsidiary companies under the control of one parent entity.
Parent company
The parent company is the company that controls the other company.
Subsidiary company
The subsidiary company is the company that is controlled by the parent company.
Group of companies
This is the parent company plus its subsidiaries.
Consolidated accounts
These are the accounts for the whole group, where we treat the group as though it is one big
company.
Non-controlling interest
If the parent company does not own 100% of the subsidiary then the part owned by others is
known as the non-controlling interest.
NB1. Circumstances under which a company owns less than 50% of Equity but still Controls
the Entity
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1. Power over more than half of the voting rights as a result of an agreement with other
investors.
2. Power to govern the financial and operating policies of the company under law or an
agreement.
3. Power to appoint or remove a majority of the directors.
4. Power to cast a majority of the votes at the meeting of the BODs
NB 2. Exemptions from Consolidation
1. The parent is a subsidiary of another company
2. The non controlling interest if any does not object.
3. The parent is not listed or about to be listed (quoted)
4. The ultimate parent of the group produced group accounts that comply with IFRSs
THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION
The purpose of the Consolidated Statement of Financial Position is to show all the assets and
liabilities that are controlled by the parent company – effectively as though it is one big
company.
Goodwill
Goodwill is the difference between purchase consideration and the net assets of the company.
$
$
Purchase Consideration
xx
Net Assets Acquired:
Ordinary Shares
xx
Share Premium
xx
Revaluation Reserve
xx
Retained Earnings (Pre)
xx
% of Total Net Assets
(xx)
Goodwill
xx/(xx)
$
Purchase Consideration
Fair Value of NCA
Net Assets Acquired:
Ordinary Shares
Share Premium
Revaluation Reserve
Retained Earnings (Pre)
Total Net Assets
Goodwill
Types of Goodwill
$
xx
xx
xx
xx
xx
(xx)
xx/(xx)
1. Positive Goodwill
Normally arises when the purchase consideration is more than the net assets acquired. It is
determined at cost at the date of acquisition and on each balance sheet date we review for
impairment. From march 2004 we stopped amortizing (depreciating) goodwill.
NB. The Impairment on goodwill is charged to the retained earnings in case of consolidated
SOFP or charged to the I.S in the case of consolidated I.S. i.e
Dr. Retained Earnings xx
Cr. Goodwill
xx
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2. Negative Goodwill
When the purchase consideration is less than the net assets acquired. In most cases negative
goodwill is got from loss making businesses the acquirer needs to purchase the acquiree to
take advantage of taxation.
Under IFRS 3, when negative goodwill arises, we need to assess the net assets acquired and if
the negative goodwill still remains, it should not be accounted for in the SOFP but recognized
as income in the year that it arose.
Retained Earnings
During acquisition, Retained Earnings is treated as acquisition profits which are included in
the cost of control a/c to determine the value of goodwill.
Other profits earned after acquisition is referred to as post acquisition profits and is combined
to the retained earnings of the holding company but only the % acquired.
Parent
xx
R/Earnings as per the Question
Less: pre acquisition profits
Post Acquisition Profits
%of post Acquisition Profit
Consolidated Retained Earnings
Subsidiary
xx - A
(xx)
xx - B
xx
xx
Example 1
H Ltd, a public listed company acquired 100% of S Ltd ordinary shares on 1st January 2006.
H Ltd paid $55 M for the acquisition when the retained earnings of S Ltd stood at $6 M.
The summarized SOFP of the two companies at 31st December 2006 are as shown below:
H Ltd
S Ltd
$000
Non Current Assets
PPE
Development
Investments - in S Ltd
- Others
Current Assets
Inventory
Accounts Receivables
Bank Balance
Total Assets
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$000
44500
4000
55000
16500
120000
12500
32000
4000
Equity and liabilities
Equity
Share Capital
Share Premium
Revaluation Reserves
Retained Earnings
Non Current Liabilities
10% Loan Notes
Deferred Tax
$000
48500
168500
52200
6800
4000
63000
4500
7500
-
30000
20000
22000
18000
90000
25000
5000
30000
$000
12000
75000
22000
10000
8000
10000
50000
8000
2000
10000
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I1.2: FINANCIAL REPORTING
Current Liabilities
Accounts Payables
Taxation
Bank Overdraft
Total Equity and Liabilities
26000
22500
-
48500
168500
9000
4000
2000
15000
75000
Required:
Prepare the Consolidated Statement of Financial Position for H Company.
Note:
1) Investment in subsidiary is not included in the consolidated SOFP
2) Only the Equity of the parent company is included in consolidation apart from the
retained earnings which is calculated (W2).
3) Only positive goodwill is recorded in the SOFP. Negative goodwill is added to the
retained earnings under the workings (W2).
Non Controlling Interest (NCI)
This arises when the holding company acquires less than 100% of the subsidiary. It is a
requirement of IFRS 3 to combine the assets and liabilities of the subsidiary company to the
holding company.
Loan Notes
Sometimes the holding company can advance loans at the date of acquisition or after
acquisition. Through acquisition of the holding company, the subsidiary becomes a member
of the group and that result to inter-company balance. Under IFRS 3 inter-company balance
should be eliminated i.e
Dr. Loan Notes xx
Cr. Investment a/c xx
Example 2
H Ltd, a Public listed company acquired 80% of S Ltd ordinary shares on 1st January, 2006. H
Ltd paid $47 million for the acquisition when the retained earnings of S Ltd stood at $5 M. As
part of the acquisition H Ltd acquired $5 M of the 10% loan notes.
The summarized SOFP of the Two Companies at 31st December 2006 are shown below:
H Ltd
$000
Non Current Assets
PPE
Development
Investments - in S Ltd
- Others
Current Assets
Inventory
Accounts Receivables
Bank Balance
Total Assets
S Ltd
$000
$000
44500
4000
47000
24500
120000
12500
32000
4000
48500
168500
$000
52200
6800
4000
63000
4500
4000
3500
12000
75000
Equity and liabilities
Equity
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Share Capital
Share Premium
Revaluation Reserves
Retained Earnings
Non Current Liabilities
10% Loan Notes
Deferred Tax
Current Liabilities
Accounts Payables
Taxation
Bank Overdraft
Total Equity and Liabilities
30000
20000
22000
18000
90000
25000
5000
26000
22500
-
30000
48500
168500
22000
10000
8000
10000
50000
8000
2000
9000
4000
2000
10000
15000
75000
Required:
Prepare the Consolidated Balance Sheet for H Company.
Unrealized Profits
IFRS 3 does not prohibit intercompany transactions, what it prohibits is the recognition of the
profits from inter- company transactions if the buyer has not sold those items to third parties.
The standard states clearly that you cannot make a profit on yourself.
a) Unrealized Profits on Inventory
It is computed using the following steps:
1) Get the profit on the transaction
2) Calculate the fraction of the inventory that remains on the Balance sheet debt
3) Compute the unrealized profits
4) Accounting treatment
Dr. Consolidated Retained Earnings xx
Cr. Inventories xx
b) Unrealized Profits on sale of NCA
If there are inter-company transactions relating to NCA, we have to eliminate the unrealized
profits by:
Dr. Consolidated Retained Earnings xx
Cr. NCA
xx
Since the buyer is going to recognize the assets at cost price the buyer will be overstating the
carrying amount of NCA and it will also lead to overcharge in depreciation.
Dr. Asset A/C xx
Cr. Consolidated Retained Earnings xx
Preference Shares
When the holding company acquires the subsidiary, what is to be taken into account in
determining the control is the ordinary share capital. Since pref share capital holders have no
voting right to vote for any decisions in the AGM.
When determining the value of goodwill, pref shares should be included in the net assets but
only the proportion that has been acquired.
Proposed Dividends
It can be classified into two:
1) Pre-proposed Dividends
If the holding company acquires the subsidiary within the year and the subsidiary had paid
interim dividends and then they declare final dividends (proposed dividends) at the end of the
year, the holding company will result in getting large share of the dividends.
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This dividend received from the subsidiary should be classified as pre and post acquisition
dividend.
For the pre-acquisition dividend, the amount should reduce the cost of investment.
2) Post-proposed dividends
It has 2 accounting treatments:
• When it is not accounted for
In this case, the subsidiary recognizes it as a current liability, but under substance over form,
it is not a liability.
The accounting treatment is to remove the proposed dividend (parent cos share) and recognize
it in the consolidated R/Es
Dr. Proposed Dividends xx
Cr. Consolidated R/E
xx
• When it is accounted for
In this case the 1st accounting treatement is to reverse the entry before. I.e remove the
proposed dividends in both the accounts receivable and the retained earnings by:
Dr. Retained Earnings xx
Cr. Accounts receivables xx
Example 3
The following relates to H Ltd and its Subsidiary S at 31st December, 2006.
NON CURENT ASSETS
Tangible PPE
Investment in S Ltd
CURRENT ASSETS
Inventory
Accounts Receivables
Cash at Bank
TOTAL ASSETS
Ordinary Share Capital $1 each
Preference Shares
Retained Profits
NON CURRENT LIABILITIES
10% Loan Stocks
8% Loan Stocks
CURRENT LIABILITIES
Accounts Payable
Proposed Dividends
H LTD
S LTD
150000
80000
120000
-
10000
30000
13000
283000
12000
26000
10000
168000
100000
70000
80000
60000
40000
20000
15000
-
20000
12000
6000
283000
18000
10000
168000
Additional Information
1) H ltd acquired 54000 ordinary shares of S Ltd on 1st January 2004 when the retained
earnings of S Ltd were shs.10000. H also acquired 60% of preference share capital in
S Ltd.
2) On 1st January 2005 H Ltd sold an item of plant to S Ltd at a selling price of shs.
40000. H Ltd made a profit of 25% on cost. It’s the policy of group to charge
depreciation at a rate of 20% on cost.
C. OMANYO
Page 17
I1.2: FINANCIAL REPORTING
3) Included in inventory of S are goods amounting to shs.3000 that were purchased from
H Ltd. H reported a third of the selling price as profit.
Required:
Prepare the Consolidated SOFP as at 31st December, 2006 assuming that:
a) H ltd has accounted for its share of the proposed dividends in S Ltd and is included in
the accounts receivable.
b) H has not accounted for proposed dividends.
Fair Value Adjustment
It’s a requirement of IFRS 3 that when the Parent Company acquires a business entity, fair
value of the net assets must be calculated before the goodwill is determined on acquisition.
This Fair Value should be accounted for in accordance with IAS 16 as revaluation upwards or
downwards.
In case of revaluation upwards:
Dr. Asset A/C xx
Cr. Cost of Control xx
Cr. N CI
xx
In case of FVA relating to depreciable assets, depreciation has to be calculated which is
charged to the consolidated retained earnings.
This will reduce the Carrying Amount of the same asset ie
Dr. R/Earnings xx
Cr. Asset A/C xx
Intercompany Balances
Due to intercompany transactions at the end of the year, there are always remaining balances
in the accounts Receivables and payables. This will be eliminated on consolidation but only
when the amounts agree.
This is accounted for by:
Dr. Accounts Payables xx
Cr. Accounts Receivables xx
Sometimes the company which owes the other may pay the amount at the end of the year and
the other company receives the amount after the year end. This will result in a different
intercompany balance. Therefore the amount paid is referred to as cash in transit which is
eliminated from the accounts receivables.
Example 4
The following relates to H Ltd and its Subsidiaries S at 31st December, 2006.
NON CURENT ASSETS
Tangible Land
Building
Plant
Investments in S Ltd
CURRENT ASSETS
Inventory
Accounts Receivable
Cash at Bank
TOTAL ASSETS
Ordinary Share Capital shs 1 each
C. OMANYO
H LTD
S LTD
100000
150000
80000
100000
50000
80000
50000
-
60000
80000
25000
595000
40000
50000
270000
200000
100000
Page 18
I1.2: FINANCIAL REPORTING
Capital Reserves
Retained Profits
100000
90000
40000
50000
NON CURRENT LIABILITIES
10% Loan Stocks
100000
20000
80000
25000
595000
10000
30000
20000
270000
CURRENT LIABILITIES
Bank Overdraft
Accounts Payable
Proposed Dividends
Additional Information
1) H acquired investment in S Ltd on 1st January 2004 as follows:
a) 60% ordinary shares 90000
b) Loan stock 10000
2) On date of acquisition the capital reserves of S Ltd amounted to shs. 10000 and
retained profits shs. 5000. On the same date the fair values of land and buildings were
shs. 10000 and shs. 20000 respectively above the carrying amounts, no depreciation
is provided on land and buildings are charged depreciation at 5% on cost.
3) Included in the inventory of H Ltd are goods purchased from S Ltd. They have a
selling price of shs. 15000. S reports a profit of 50% on cost.
4) Included in the plant of S Ltd is plant bought from H Ltd on 1st January, 2005 at a
price of shs. 20000. H Ltd reported a profit of a third on cost. The group provides
depreciation on 30% on reducing balance.
5) H Ltd has not accounted for its share of proposed dividends in S Ltd.
6) Included in accounts payable of H Ltd is an amount of shs. 25000 due to S Ltd. This
amount stands at shs. 28000 in the books of S Ltd.
7) Goodwill has been impaired by 60%
Required:
Prepare the Consolidated SOFP of H Ltd as at 31st December, 2006.
C. OMANYO
Page 19
I1.2: FINANCIAL REPORTING
CONSOLIDATED FINANCIAL STATEMENTS 2
Cost of Investment
Cost of investment is sometimes referred to as purchase consideration. It’s the price at
fair value the acquirer is paying to the acquiree. Under IFRS3 this should be
determined at fair value (the value at which an asset can be realized or a liability be
settled between two knowledgeable and willing parties at an arm’s length transaction.
The purchase consideration paid by the acquirer can be in three forms:
1. Cash
2. Share Exchange
3. Loan notes
1) Cash
Cash payments can be through two methods:
a) Immediate Cash Payment
There is no complication when determining the value of goodwill. It is the actual cash
amount paid
b) Deferred Payments
This is when the acquirer enters into a buying contract with the acquire regarding the
purchase consideration which will be paid at a later date. Initially this transaction is
recorded in the books as follows:
Dr. Cost of Control xx
Cr. Deferred Payment xx
The figure used above is the NPV after discounting the deferred payments using the
effective interest rate or Return on capital employed rate. Each year the acquirer
should compute the accrued financial cost which is charged in the IS and increases the
Carrying amount of deferred payment i.e
Dr. Consilidated R/E /Consolidated IS xx
Cr. Deferred Payment
xx
2) Share Exchange
Sometimes the acquirer pays the purchase consideration to the acquire through share
exchange. The ratio of share exchange is agreed upon by the two parties.
To get the cost of investment, we multiply the share issued by the acquirer
(Holding Co) by the MPS of the acquirer. If the MPS is above the nominal value,
then ordinary share capital and share premium increases in the acquirers financial
statements.
3) Loan Notes
Sometimes the acquirer may issue loan notes in their company as part of the purchase
consideration. This is treated as purchase consideration and is accounted for as cost of
control.
C. OMANYO
Page 20
I1.2: FINANCIAL REPORTING
Contingent Assets and Liabilities
Refer to IAS 37
If a contigent liability under acquires books is either probable or possible, it should be
included in the consolidated F.Ss and accounted for when determining the net assets
acquired.
In the case of Contigent Assets and they are probable, they should be included in the
consolidated F.S and accounted for when determining the net assets acquired.
Example 5
H acquires 24 Million $1 shares (80%) of the ordinary shares of S by offering a share
for share exchange of two shares for every three shares acquired in S ltd and a cash
payment of $1 per share payable three years later. H ltd shares have a nominal value
of $1 and a current market value of $2. The cost of capital is 10% and $1 receivable in
3 years can be taken as $0.75.
Required:
1. Calculate the cost of investment and show the journals to be recorded in H
accounts.
2. Show how the discounts would be unwound.
Example 6
Statement of Financial Position of P and S as at 30th June 20X8 are given below:
Property Plant and Equipment
Investment in S Ltd
P LTD
$
15000
5000
S LTD
$
9500
Current Assets
Total Assets
7500
27500
5000
14500
6000
4000
12500
22500
5000
7200
12200
1000
4000
27500
500
1800
14500
Equity and Liability
Share Capital $1 each
Share Premium
Retained Earnings
Non Current Liabilities
Current Liabilities
Additional Information
1. P acquired 60% of S on 1st July 20X7 when the retained earnings of S were
$5800. P paid $5000 in cash. P also issued 2 $1 shares for every 5 acquired in
S and agreed to pay a further $2000 in 3 years time. The market value of P’s
C. OMANYO
Page 21
I1.2: FINANCIAL REPORTING
shares at 1st July 20X7 was $1.8. P has only recorded the cash paid in respect
of the investment in S. Current Interest rate is 6%.
2. The P Group uses the fair value method to value Non Controlling Interests. At
the date of acquisition, the fair value of NCI was $5750.
Required:
Prepare the consolidated Statement of Financial Position of P Group as at 30 June
20X8.
CONSOLIDATED INCOME STATMENT
It is prepared by combining the income statement of each group company on a line by
line basis. You should consolidate as if you own everything in the subsidiary and then
show the extent that you do not own.
Example 1
P Co acquired 75% of the ordinary shares of S Co on that company’s incorporation in
20X3. The summarized income statement of the two companies for the year ending
31st December, 20X6 is set out below:
Revenue
Cost of Sales
Gross Profit
Administration Expenses
Profit before Taxation
Income Taxes
Profit for the year
P Co
$
75000
30000
45000
14000
31000
10000
21000
S Co
$
38000
20000
18000
8000
10000
2000
8000
Note: Movement on Retained Earnings
Retained Earnings brought forward
Profit for the year
Retained Earnings Carried Forward
87000
21000
108000
17000
8000
25000
Required:
Prepare the consolidated Income Statement and Movement on retained earnings for
the group.
C. OMANYO
Page 22
I1.2: FINANCIAL REPORTING
Example 2
The following information relates to the Wheeler group for the year to 30th April,
20X7.
Revenue
Cost of Sales
Gross Profit
Administration Expenses
Profit before Tax
Income Tax
Profit for the year
Note:
Retained Earnings brought forward
Retained Earnings carried forward
Wheeler Co
$000
1100
630
470
105
365
65
300
Brookes Co
$000
500
300
200
150
50
10
40
460
760
106
146
Additional Information
1. The issued share capital of the group was as follows.
Wheeler Co: 5000000 ordinary shares of $1 each.
Brookes Co: 100000 ordinary shares of $1 each.
2. Wheeler Co purchased 80% of the issued share capital of Brookes Co in 20X0.
At that time, the retained earnings of Brookes amounted to $56000.
Intra Group Trading
Intra group sales and purchases are normally eliminated from the consolidated Income
Statement. The consolidated figures for sales revenue and cost of sales should
represent sales and purchases from outsiders.
Unrealized Profit
The best way to deal with this for the consolidated income statement is to calculate
the unrealized profit on unsold inventory at the year end and reduce the consolidated
group profits by this amount. Cost of sales will be the balancing figure.
Example 3
Suppose in our earlier example (Example 1) that S Co has recorded sales of $5000 at
a gross margin of 40% to P Co during 20X1. 50% of the goods remained in P Co’s
inventories at 30th December, 20X1.
Required:
Prepare a revised consolidated income statement.
C. OMANYO
Page 23
I1.2: FINANCIAL REPORTING
Example 4
Pumpkin has held 90% of the equity share capital of Squash for many years. Cost of
Sales for each entity for the year ended 31 December 20X3 was as follows:
Pumpkin
Squash
$
100000
80000
During the year, Squash sold goods costing $5000 to Pumpkin for $8000. At the year
end, all these goods remained in inventory.
Required:
What figure should be should be shown as cost of sales in the consolidated income
statement of Pumpkin group for the year ended 31st December, 20X3.
Example 5
Percy has held 75% of the equity share capital of Mercy for many years.
A draft summarized income statements for Percy and Mercy for the year ended 31
December, 20X3 are below:
INCOME STATEMENTS AT 31ST DECEMBER, 20X3
Revenue
Cost of Sales
Gross Profit
Administration Expenses
Profit before Taxation
Income Taxes
Profit for the year
PERCY
$
500,000
300,000
200,000
90,000
110,000
10,000
100,000
MERCY
$
300,000
200,000
100,000
45,000
55,000
5,000
50,000
During the year, Percy sold goods which cost Percy $20000 to Mercy at a Margin of
20%. At the year end, all of these goods remained in inventory.
Required:
Prepare the Consolidated Income Statement for the Percy group as at 31st December,
20X3.
Acquisition Part way through the year
If a subsidiary is acquired during the year, only the post acquisition element of the
income statement is included in consolidation.
We must split the entire I.S of the Subsidiary between pre-acquisition and postacquisition proportions and only the post acquisition figures are included in the
income statement.
C. OMANYO
Page 24
I1.2: FINANCIAL REPORTING
Example 6
P Co acquired 60% of the equity of S Co on 1st April, 20X5. The income statement of
the two companies for the year ended 31st December, 20X5 are set out below.
Revenue
Cost of Sales
Gross Profit
Administration Expenses
Profit before Tax
Income taxes
Profit for the Year
Note:
Retained Earnings Brought Forward
Retained Earnings Carried Forward
P Co
$
170000
65000
105000
43000
62000
23000
39000
S Co
$
80000
36000
44000
12000
32000
8000
24000
81000
108000
40000
58000
Required:
Prepare the consolidated income statement and movements on retained earnings.
C. OMANYO
Page 25
I1.2: FINANCIAL REPORTING
IAS 28: INVESTMENT IN ASSOCIATES
When the acquirer acquires more than 20% but less than 50% of another business
entity ordinary share, it results to an associate company. This is accounted for under
IAS 28 using the equity method.
Equity Method
It involves accounting for investments made plus any post acquisition profits or
losses.
Before accounting for an associate, evidence must be clear regarding significant
influence.
Significant Influence exists when
1. Representation in the Board of Directors
2. Participation in the policy making process
3. Material Transactions between investor and Investees
4. Interchange of management personnel
5. Provision of essential technical information
Methods of Determining Investment in Associates
Method 1
Cost of Investment
Add: Post Acquisition Profit (Profit x %)
Less: Impairment of Goodwill
Investment in Associate
$
xx
xx
(xx)
xx
Method 2
Net Assets at Balance Sheet Date
Add: Goodwill
Less: Impairment of Goodwill
Investment in Associates
$
xx
xx
(xx)
xx
Fair values and the Associate
If the fair value of the associate’s net assets at acquisition are materially different
from their book value the net assets should be adjusted in the same way as for a
subsidiary.
Balances with the Associate
Generally the associate is considered to be outside the group. Therefore balances
between group companies and the associate will remain in the consolidated statement
of financial position.
C. OMANYO
Page 26
I1.2: FINANCIAL REPORTING
If a group company trades with the associate, the resulting payables and receivables
will remain in the consolidated SOFP.
Unrealized profit in Inventory
Unrealized profits on trading between group and associate must be eliminated to the
extent of the investor’s interest (i.e. % owned by the parent).
Adjustment must be made for unrealized profit in inventory as follows:
•
•
1. Determine the value of closing inventory which is the result of a sale to or
from the associate.
2. Use mark up/margin to calculate the profit earned by the selling company.
3. Make the required adjustments. These will depend upon who the seller is:
Parent selling to associate: the profit element is included in the parent company’s
accounts and associate holds the inventory.
Dr. Group retained earnings XX
Cr. Investment in Associates XX
Associate selling to parent: the profit element is included in the associate
company’s accounts and the parent holds the inventory.
Dr. Group retained Earnings XX
Cr. Group Inventory XX
Example: SOFP Associate
P acquired 80% of S on 1st December, 2004 paying $4.25 in cash per share. At this
date the balance on S’s retained earnings were $870,000. On 1st March 2007 P
acquired 30% of A’s ordinary shares. The consideration was settled by share
exchange of 4 new shares in P for every 3 shares acquired in A. the share price of P at
the date of acquisition was $5.00. P has not yet recorded the acquisition of A in its
books.
The statement of financial position of the three companies as at 30th November, 2007
is as follows:
P
$000
S
$000
A
$000
Non Current Assets
Property
Plant and Equipment
Investments
1300
450
1825
850
210
-
900
150
-
Current Assets
Inventory
Receivables
Cash
Total Assets
550
300
120
4545
230
340
50
1680
200
400
140
1790
C. OMANYO
Page 27
I1.2: FINANCIAL REPORTING
Share Capital $1
Share Premium
Retained earnings
1800
250
1145
3195
500
80
400
980
250
1200
1450
Non Current Liabilities
10% Loan Notes
500
300
-
Current Liabilities
Trade Payables
Income Tax
Total Equity and Liabilities
520
330
4545
330
70
1680
250
90
1790
Additional Information
1. As at 1st December, 2004, plant in the books of S was determined to have a
fair value of $50,000 in excess of its carrying value. The plant had a remaining
life of 5 years at this time.
2. During the year, S sold goods to P for $400,000 at a mark-up of 25%. P has a
quarter of these goods still in inventory at the year end.
3. In September A sold goods to P for $150,000. These goods had cost A
$100,000. P had $90,000 (at cost to P) in inventory at the year end.
4. As a result of the above intercompany sales, P’s books showed $50,000 and
$20,000 as owing to S and A respectively at the year end. These balances
agreed with the amounts recorded in S’s and A’s books.
5. Non controlling Interests are measured using the proportion of net assets
method. Goodwill is to be impaired by 30% at the reporting date. An
impairment review found the investment in associate was to be impaired by
$15,000 at the year end.
6. A’s profit after tax for the year is $600,000.
Required:
Prepare the Consolidated Statement of Financial Position as at 30th November, 2007.
Consolidated Income Statement: Associates
The equity method of accounting requires that the consolidated income statement:
•
•
Does not include dividends from the associate
Instead includes group share of the associate’s profit after tax less any impairment
of the associate in the year (included below group profit from operations)
Trading with the associate
Generally the associate is considered to be outside the group.
Therefore any sales or purchases between group companies and the associate are not
normally eliminated and will remain part of the consolidated figures in the income
statement.
It is normal practice to instead adjust for the unrealized profit in inventory.
C. OMANYO
Page 28
I1.2: FINANCIAL REPORTING
Dividends from associates
Dividends from associates are excluded from the consolidated income statement: the
group share of the associate’s profit is included instead.
Example: Income Statement Associate
Below are the income statements of Barbie Group and its associated companies, as at
31st December, 2008.
Revenue
Cost of Sales
Gross Profit
Operating Expenses
Profit before Tax
Tax
Profit for the Year
Barbie
$000
385
185
200
50
150
50
100
Ken
$000
100
60
40
15
25
12
13
Shelly
$000
60
20
40
10
30
10
20
Additional Information:
1. Barbie acquired 60,000 ordinary shares in Shelly for $80,000 when the
company had a credit balance on its retained earnings of $50,000 a number of
years ago. Shelly has 200,000 $1 ordinary shares.
2. Barbie acquired 45,000 ordinary shares in Ken, a number of years ago, for
$70,000 when the retained earnings were $20,000. Ken has 50,000 $1 ordinary
shares.
3. During the year Shelly sold goods to Barbie for $28,000. Barbie still holds
some of these goods in inventory at the year end. The profit element included
in these remaining goods is $2,000.
4. Non controlling interests are valued using proportion of net assets method.
5. Goodwill and investment in associate were impaired for the first time during
the year as follows:
Shelly $2,000
Ken $3,000
Impairment of the subsidiary’s goodwill should be charged to operating
expenses.
Required:
Prepare the consolidated income statement for Barbie including the results of its
associated company.
C. OMANYO
Page 29
I1.2: FINANCIAL REPORTING
CHAPT 4: IAS 7: STATEMENT OF CASH FLOWS
Objective of IAS 7
The objective of IAS 7 is to require the presentation of information about the
historical changes in cash and cash equivalents of an entity by means of a statement of
cash flows, which classifies cash flows during the period according to operating,
investing, and financing activities.
Introduction
As much as it is important for a company to make profits, it must also generate cash
in order to facilitate continuity of its operations. The statement of cash flow therefore
helps to show the cash generated and issued.
Accounting concepts of accruals and matching are normally used to compute a figure
which shows additional wealth created for the business owners during the accounting
period (profits). Profits represent an increase in net assets in the statement of financial
position during the accounting period.
Presentation of the statement of Cash Flow
Cash flows must be analyzed into operating, investing and financing activities.
Key principles specified by IAS 7 for the preparation of a statement of cash flows are
as follows:
1. Operating activities are the main revenue-producing activities of the entity
that are not investing or financing activities, so operating cash flows include
cash received from customers and cash paid to suppliers and employees.
2.
Investing activities are the acquisition and disposal of long-term assets and
other investments that are not considered to be cash equivalents.
3.
Financing activities are activities that alter the equity capital and borrowing
structure of the entity.
4.
Cash means the cash in hand and deposits available on demand e.g current
a/c.
5.
Cash Equivalent these are short term highly liquid investments that are
readily convertible to known amounts and subject to insignificant risk of
changes in value e.g treasury bills.
NOTE:
1. Interest and dividends received and paid may be classified as operating, investing,
or financing cash flows, provided that they are classified consistently from period
to period
2. Cash flows arising from taxes on income are normally classified as operating,
unless they can be specifically identified with financing or investing activities.
C. OMANYO
Page 30
I1.2: FINANCIAL REPORTING
For operating cash flows, the direct method of presentation is encouraged, but the
indirect method is acceptable.
Proforma of the Statement of Cash Flow:
3.
ABC Ltd Statement of Cash Flow for the year ended XXXX
Cash Flow from Operating Activities:
Cash generated from Operations
Less: Interest Paid
Less: Dividends Paid
Less: Income Tax Paid
Net Cash from/used in Operating Activities
$
xx
(xx)
(xx)
(xx)
$
xx/(xx)
Cash Flow from Investing Activities:
Purchase of PPE
Proceeds from sale of NCA
Interest Received
Dividends Received
Net Cash from/ used in Investing Activities
(xx)
xx
xx
xx
Cash Flow from Financing Activities:
Proceeds on issue of shares
Repayment of loans
Net cash from/used in Financing Activities
xx
(xx)
xx/(xx)
Net Increase/ Decrease in Cash and Cash Equivalent
Add: Cash and Cash Equivalent at the Beginning of the Period
Cash and Cash Equivalent at the end of the Period
xx/(xx)
xx/(xx)
xx
xx
Cash Flow from Operating Activities
There are two methods of calculation the cash generated from operations:
• Direct Method
• Indirect Method
1.
Direct Method
The direct method shows each major class of gross cash receipts and gross cash
payments. The operating cash flows section of the statement of cash flows under the
direct method would appear something like this:
Cash receipts from customers
xx
Less: Cash paid to suppliers
xx
Less: Cash paid to employees
xx
C. OMANYO
Page 31
I1.2: FINANCIAL REPORTING
Example1: Direct Method
Statement of Financial Position
Non Current Assets
Inventories
Receivables
Cash
Total Assets
Share Capital
Reserves
Total Capital and Liabilities
20X1
153,364
265,840
410,204
20X2
149,364
346,000
165,166
660,530
200,000
219,204
410,204
200,000
141,640
318,890
660530
Extract of income Statement 20X2
$
Sales
Cost of Sales
Purchases
Wages and Salaries
Administration
Purchases
Salaries
Operating and Retained profits
$
1589447
1,105,830
145,900
(1,251,730)
96,077
100,000
(196,077)
141,640
Additional information:
1) Payables
Non Current Assets
Other Payables
Wages Accrued
20X1
210,564
8,640
20X2
46,000
258,240
14,650
2) Purchase invoice relating to acquisition of NCAs totaling $80,000 has been posted to
the payables ledger during the year.
Required:
Using Direct Method, calculate the cash from operating activities.
C. OMANYO
Page 32
I1.2: FINANCIAL REPORTING
2.
Indirect Method
The indirect method adjusts accrual basis net profit or loss for the effects of non-cash
transactions. Reconciles the profit before tax (as reported in the income statement).
The operating cash flows section of the statement of cash flows under the indirect
method would appear something like this:
Profit Before Tax
xx
Add: Finance Costs
xx
Less: Investment Income
(xx)
Add: Depreciation charge
xx
Add: Amortization of Goodwill (if any)
xx
Loss/Profit on Disposal of NCA
xx/(xx)
Increase/Decrease in Inventories
(xx)/xx
Increase/ Decrease in Receivables
(xx)/xx
Increase/ Decrease in Payables
xx/(xx)
Cash Generated from Operations
xx
NB: Interest expense/ finance cost is added back because it is not part of the cash generated
from operations while Depreciation is a non cash expense.
Example 1: Indirect Method
XYZ Ltd has the following SOFP and IS.
Statement of Financial Position
Non Current Assets
Accumulated Depreciation
Net Book Value
2006
$000
1048
(190)
858
2005
$000
750
(120)
630
Current Assets
Inventories
Trade Receivables
Dividends Receivable
Cash
Total Current Assets
Total Assets
98
102
57
42
299
1157
105
86
50
18
259
889
Capital and reserves
Share Capital
Share Premium
Revaluation Reserve
Accumulated Profits
Total C and R
200
106
212
283
801
120
80
12
226
438
Non Current Liabilities
Loan
200
300
Current Liabilities
Trade Payables
Dividends Payable
Interest Accrued
47
30
3
52
27
5
C. OMANYO
Page 33
I1.2: FINANCIAL REPORTING
Tax
Total C. L
Total Capital and Liabilities
Income statement for the year ended 31st December, 2006.
76
156
1157
$000
Sales
Cost of sales
Gross Profit
Less: Operating Expenses
Operating Profit
Add: Investment Income
- Interest
- Dividends
Less: Finance Charges
Less: Income Tax
Net Profit for the year
15
57
67
151
889
$000
1,100
(678)
422
(309)
113
72
(22)
(71)
92
Additional Information:
1. Operating expenses include a loss on disposal of Non Current Assets of $5,000.
2. During the year, plant which had originally cost $80,000 and depreciation of $15,000
was disposed off.
Required:
1. Calculate the cash generated from operations using indirect method
2. Prepare XYZ Statement of Cash Flow for the year ended 31st December, 2006.
C. OMANYO
Page 34
I1.2: FINANCIAL REPORTING
CHAPT 5: INTERPRETATION OF FINANCIAL
STATEMENTS
Financial statements on their own are of limited use. They need to be interpreted so
that additional useful information can be derived from them. Ratio analysis is used to
analyse and interpret financial statements.
When calculating ratios, two main points should be taken into consideration:
1. Calculate only those ratios that are relevant to the needs of the users
2. State the definitions used: Some ratios can be calculated in alternative ways
and therefore it’s important to show formulas or define them
Commenting on Ratios
Ratios are of limited use on their own, thus most marks are available for sensible, well
explained and accurate comments on the key ratios. The following points should serve
as a useful checklist for the comments:
• What does the ratio literally mean?
• What does a change in the ratio mean?
• What is the norm?
• What are the limitations of the ratio?
Classification of Ratios
1) Profitability Ratios
2) Liquidity/ Working Capital Ratios
3) Solvency/Risk Ratios
4) Investor Ratios
Profitability Ratios
1) Percentage change in Sales
% change in
Sales
=
Current Sales – Previous Sales
Previous Sales
x 100
2) Profit Margin
Profit
Margin
=
Profit Before Interest & Tax
Sales
x 100
3) Asset Turnover
Asset
Turnover
=
Sales
Capital Employed
Capital Employed = Total Assets – Current Liabilities OR Equity + Non Current
Liabilities
Asset turnover measures management’s efficiency in generating revenue from the net
assets (CE) at its disposal. The higher the ratio, the more efficient the management is.
4) Return on Capital Employed (ROCE)
ROCE
=
Profit Before Interest & Tax
Capital Employed
x 100
ROCE of the current year should be compared to:
• The prior year ROCE
• A target ROCE
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I1.2: FINANCIAL REPORTING
•
•
The cost of borrowing
Other company’s ROCE in the same industry
5) Gross Profit Margin
Gross Profit
Margin
=
Gross Profit
Sales
x 100
6) Net Profit Margin
Net Profit
Margin
=
Net Profit
Sales
x 100
7) Non Current Assets Turnover
Non Current Asset
Turnover
=
Sales
Non Current Assets
Liquidity Ratios
1) Current Ratio
Current Ratio
=
Current Assets
Current Liabilities
It measures the adequacy of the current assets to meet the liabilities as they fall due. A
high or increasing figure may appear safe but should be regarded with suspicion as it
may be due to:
• High levels of inventory and receivables
• High cash levels which could be put to better use (by investing in noncurrent
assets)
A ratio between 2:1 to 1.5:1 is acceptable but the current ratio should also be looked
at in the light of what is normal for the business. For example, supermarkets tend to
have a lower ratio
2) Acid Test Ratio/Quick Ratio
Acid Test
Ratio
=
Current Assets - Inventories
Current Liabilities
The quick ratio is also known as acid test ratio because by eliminating inventory from
current assets, it provides the acid test of whether the company has sufficient liquid
resources (receivables and cash) to settle its liabilities.
The normal level for the quick ratio range from 1:1 to 0.7:1
3) Receivables Days
Receivables
Days
=
Receivables
Credit Sales
x 365
The collection period should be compared with:
• The stated credit period
• Previous period figures
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I1.2: FINANCIAL REPORTING
Increasing accounts receivables collection period is usually a bad sign suggesting lack
of proper credit control which may lead to irrecoverable debts
4) Inventory Days
Inventory Days
=
Inventory
Cost of Sales
x 365
An increasing number of days (or a diminishing multiple) implies that inventory is
turning over less quickly which is regarded as a bad sign as it may indicate: lack of
demand for goods; poor inventory control; an increase in costs etc.
5) Payables Days
Payables
Days
=
Payables
Credit Purchases
x 365
This represents the credit period taken by the company from its suppliers
6) Working Capital Cycle Days
Working Capital Cycle
Days
=
Receivables
Days
+
Inventory
Days
-
Payables
Days
Solvency Ratios
The main points to consider when assessing the long term financial position are:
• Gearing
• Overtrading
1) Gearing
Gearing ratio indicates:
o The degree of risk attached to the company
o The sensitivity of earnings and dividends to changes in profitability and
activity level
Preference share capital is usually counted as part of debt rather than equity since it
carries the right to a fixed rate of dividends which is payable before the ordinary
shareholders have any right to dividends
a) Equity Gearing
Equity
Gearing
=
Loans + Pref share cap
Ord.share cap + Reserves + Non Controlling interest
x 100
b) Total Gearing
Total
Gearing
=
Loans + Preference share cap
Ord share cap + Reserves + NCI+
Loans + Pref share cap
x 100
2) Interest Cover
Interest
Cover
=
Profit before interest & tax
Interest payable
Indicates the ability of a company to pay interests out of profits generated:
o Low interest cover indicates to shareholders that their dividends are at risk
(because most profits are eaten up by interest payments
o The company may have difficulty financing its debts if its profits fall
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I1.2: FINANCIAL REPORTING
Interest cover less than 2 is usually considered unsatisfactory
3) Overtrading
Overtrading arises where a company expands its sales revenue fairly rapidly without
securing additional long term capital adequate for its needs.
The symptoms of overtrading are:
1) Inventory increasing possibly more than proportionate to revenue
2) Receivables increasing possibly more than revenue
3) Cash and liquid assets declining at a fairly alarming rate
4) Trade payables increasing rapidly
Investor Ratios
1) Dividends Per Share (DPS)
DPS
=
Total ordinary dividends
Total number of ordinary shares
2) Dividends Cover
Dividends
Cover
=
Profit available for ordinary shareholders
Dividends for the year
It’s a measure of how many times the profits covers for the ordinary dividends
payment
3) Dividends Yield
Dividend
Yield
=
Dividends per share (DPS)
Market price per share (MPS
x 100
This ratio indicates the shareholder’s return in the short term. It does not however take
into account the long term capital growth.
4) Earnings Per Share
EPS
=
Profit attributable to ordinary shareholders
Weighted average no of ordinary shares
EPS normally looks at the profits which in theory could be paid to each ordinary
shareholder
5) Price Earnings Ratio
P/E
Ratio
=
Market price per share (MPS)
Earnings per share (EPS)
P/E ratio represents the market’s view of the future prospects of the share. High P/E
suggests that high growth is expected.
Earnings Yield
Earnings
Yields
=
C. OMANYO
Earnings per share (EPS)
Market price per share (MPS)
x 100
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I1.2: FINANCIAL REPORTING
Limitations of use of Ratios
1. Ratios are not predictive if they are based on historical information
2. Ratios ignore future actions by management
3. They can be manipulated by window dressing or creative accounting. Window
dressing is a method of carrying out transactions in order to distort the position
shown by the financial statements and generally improve the position shown
by them.
4. They may be distorted by differences in accounting policies. It is necessary to
be able to assess the impact of accounting policies on the calculation of ratios.
Comparison between businesses that follow different policies becomes a
major issue if accounting standards give either choice or judgment to
companies. i.e IAS 40 or IAS 16.
Example 1
The following financial statements relates to XYZ ltd for the 2 years ended 30th June,
20X7:
Summarized statement of financial position at 30th June
ASSETS
Property, Plant & Equipment
Current Assets:
Inventories
Receivables
Bank
20X7
$000
42
29
3
EQUITY & LIABILITIES
Ordinary shares of 50 cents
Share premium
Revaluation Reserve
Retained Earnings
Non Current Liabilities:
5% Secured Loan Stock
8% $1 Preference Shares
$000
130
20X6
$000
37
23
5
74
204
65
204
35
17
10
31
93
35
17
22
74
40
25
40
25
65
Current Liabilities:
Trade Payables
Taxation
36
10
65
55
10
46
204
C. OMANYO
$000
139
65
204
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I1.2: FINANCIAL REPORTING
Summarized statement of total comprehensive income for the year ended 30th
June
20X7
$000
Revenue
Opening Inventory
Purchases
Closing Inventory
20X6
$000
209
37
162
199
42
Gross Profit
Depreciation
Sundry Expenses
Profit before Interest
Interest
Preference share dividends
Net Profit
Taxation
Net profit for the year
Other comprehensive income:
Surplus on property revaluation
Total Comprehensive Income
The ordinary dividends for 20X7 was $6,000
$000
$000
196
29
159
188
37
157
52
(9)
(14)
29
(2)
(2)
25
(10)
15
151
45
(9)
(11)
25
(2)
(2)
21
(10)
11
10
25
11
and 20X6 was $5,000
The market price per share was 204 cents for the two years
Required
Calculate all the ratios for the two years
Example 2
Given below are the income statements for Pacific Motors for the last two years.
Income Statements:
Sales Revenue
Cost of sales
Gross Profit
Administration and Distribution expenses
Net profit before tax
Income tax expense
Net profit after tax
20X2
$000
1,500
(700)
800
(400)
400
(200)
200
20X1
$000
1,000
(300)
700
(360)
340
(170)
170
In 20X1 dividends were $100,000 and 20X2 they were $110,000.
The company is financed by 1,200,000 $1 ordinary shares and let us suppose that the
market price of each share was $1.64 at 31st December, 20X2 and $1.53 at 31st
December, 20X1.
Required
For each year, calculate the following ratios and comment on them briefly:
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I1.2: FINANCIAL REPORTING
o EPS
o P/E ratio
o Dividend Yield
o Dividend Cover
Example 3
Neville is a company that manufactures and retails office products. Their summarized
financial statements for the years ended 30th June, 20X4 and 20X5 are given below:
Income Statements for the year ended 30th June
Revenue
Cost of sales
Gross profit
Operating expenses
Profit from operations
Finance costs
Profit before tax
Tax
Net profit
20X4
$000
1,159,850
(753,450)
406,400
(170,950)
235,450
(14,000)
221,450
(66,300)
155,150
20X5
$000
1,391,820
(1,050,825)
340,995
(161,450)
179,545
(10,000)
169,545
(50,800)
118,745
Statements of Financial Position as at 30th June
Non Current Assets
Current Assets
Inventory
Receivables
Bank
Share Capital
Share Premium
Revaluation Reserve
Retained Earnings
Non Current Liabilities
Current Liabilities
Payables
Overdraft
Tax
20X4
$000
341,400
20X5
$000
509,590
88,760
206,550
95,400
732,110
100,000
20,000
287,420
407,420
83,100
109,400
419,455
1,038,445
100,000
20,000
50,000
376,165
546,165
61,600
179,590
62,000
732,110
345,480
30,200
55,000
1,038,445
The directors concluded that their revenue for the year ended 30th June 20X4 fell
below budget and introduced measures in the year ended 30th June 20X5 to improve
the situation. These included:
• Cutting prices
• Extending credit facilities to customers
• Leasing additional machinery in order to be able to manufacture more
products
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I1.2: FINANCIAL REPORTING
The directors are now reviewing the results for the year ended 30th June 20X5 and
have asked for your advice as an external business consultant, as to whether or not the
above strategies have been successful
Required
Prepare a report to the directors of Neville assessing the performance and position of
the company in the current year compared to the previous year and advise them on
whether or not you believe that their strategies have been successful.
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I1.2: FINANCIAL REPORTING
CHAPT 6: ACCOUNTING STANDARDS
IAS 1: PRESENTATION OF FINANCIAL STATEMENTS
Objective of IAS 1
The objective of IAS 1 is to prescribe the basis for presentation of general purpose
financial statements, to ensure comparability both with the entity's financial
statements of previous periods and with the financial statements of other entities.
Scope of IAS 1
IAS 1 applies to all general purpose financial statements based on International
Financial Reporting Standards.
General purpose financial statements are those intended to serve users who are not in
a position to require financial reports tailored to their particular information needs.
Objectives of Financial Statements
The objective of general purpose financial statements is to provide information about
the financial position, financial performance, and cash flows of an entity that is useful
to a wide range of users in making economic decisions. To meet that objective,
financial statements provide information about an entity's:
• Assets
• Liabilities
• Equity
• Income and Expenses, including gains and losses
• Contributions by and distributions to owners
• Cash flows
That information, along with other information in the notes, assists users of financial
statements in predicting the entity's future cash flows and, in particular, their timing
and certainty.
Components of Financial Statements
A complete set of financial statements should include:
1. A statement of financial position (balance sheet) at the end of the period
2. A statement of comprehensive income for the period (or an income statement
and a statement of comprehensive income)
3. A statement of changes in equity for the period
4. A statement of cash flows for the period
5. Notes, comprising a summary of accounting policies and other explanatory
notes
NB: When an entity applies an accounting policy retrospectively or makes a
retrospective restatement of items in its financial statements, or when it reclassifies
items in its financial statements, it must also present a statement of financial position
(balance sheet) as at the beginning of the earliest comparative period.
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I1.2: FINANCIAL REPORTING
An entity may use titles for the statements other than those stated above.
Key Terms in IAS 1
1. Fair Presentation and Compliance with IFRSs
The financial statements must "present fairly" the financial position, financial
performance and cash flows of an entity.
Fair presentation requires the faithful representation of the effects of transactions,
other events, and conditions in accordance with the definitions and recognition criteria
for assets, liabilities, income and expenses set out in the Framework.
The application of IFRSs, with additional disclosure when necessary, is presumed to
result in financial statements that achieve a fair presentation.
2. Going Concern
An entity preparing IFRS financial statements is presumed to be a going concern. If
management has significant concerns about the entity's ability to continue as a going
concern, the uncertainties must be disclosed.
If management concludes that the entity is not a going concern, the financial
statements should not be prepared on a going concern basis, in which case IAS 1
requires a series of disclosures.
3. Accruals Basis of Accounting
IAS 1 requires that an entity prepare its financial statements, except for cash flow
information, using the accrual basis of accounting. That is, costs should be recognized
when incurred but not when money expense has been paid while income should be
recognized when it has been earned but not when revenue has been received.
4. Consistency of Presentation
The presentation and classification of items in the financial statements shall be
retained from one period to the next unless a change is justified either by a change in
circumstances or a requirement of a new IFRS.
5. Materiality and Aggregation
Each material class of similar items must be presented separately in the financial
statements. Dissimilar items may be aggregated only if they are individually
immaterial.
6. Set – Offs (Offsetting)
Assets and liabilities, and income and expenses, may not be offset unless required or
permitted by an IFRS.
7. Comparative Information
IAS 1 requires that comparative information shall be disclosed in respect of the
previous period for all amounts reported in the financial statements, both face of
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I1.2: FINANCIAL REPORTING
financial statements and notes, unless another Standard requires otherwise. If
comparative amounts are changed or reclassified, various disclosures are required.
Structure and content of financial statements in general
Clearly identify: the financial statements
1. The reporting enterprise
2. Whether the statements are for the enterprise or for a group
3. The date or period covered
4. The presentation currency
5. The level of precision (thousands, millions, etc.)
Reporting period
There is a presumption that financial statements will be prepared at least annually. If
the annual reporting period changes and financial statements are prepared for a
different period, the entity must disclose the reason for the change and a warning
about problems of comparability.
Notes to the Financial Statements
The notes must:
• Present information about the basis of preparation of the financial statements
and the specific accounting policies used
• Disclose any information required by IFRSs that is not presented elsewhere in
the financial statements and
• Provide additional information that is not presented elsewhere in the financial
statements but is relevant to an understanding of any of them
IAS 1suggests that the notes should normally be presented in the following order:
1. A statement of compliance with IFRSs
2. A summary of significant accounting policies applied, including:
• The measurement basis (or bases) used in preparing the financial
statements
• The other accounting policies used that are relevant to an
understanding of the financial statements
3. Supporting information for items presented on the face of the statement of
financial position (balance sheet), statement of comprehensive income (and
income statement, if presented), statement of changes in equity and statement
of cash flows, in the order in which each statement and each line item is
presented
4. Other disclosures, including:
• Contingent liabilities (see IAS 37) and unrecognized contractual
commitments
• Non-financial disclosures, such as the entity's financial risk
management objectives and policies (see IFRS 7)
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I1.2: FINANCIAL REPORTING
Terminology
The 2007 comprehensive revision to IAS 1 introduced some new terminology.
Consequential amendments were made at that time to all of the other existing IFRSs,
and the new terminology has been used in subsequent IFRSs including amendments.
Term before 2007 revision of IAS
Term as amended by IAS 1 (2007)
1
Balance Sheet
Statement of financial position
Cash Flow Statement
Statement of cash flows
Statement of comprehensive income (income
Income Statement
statement is retained in case of a two-statement
approach)
Recognised in the income statement Recognised in profit or loss
Recognised [directly] in equity
Recognised in other comprehensive income
(only for OCI components)
Recognised [directly] in equity (for Recognised outside profit or loss (either in OCI
recognition both in OCI and equity) or equity)
Removed from equity and
Reclassified from equity to profit or loss as a
recognised in profit or loss
reclassification adjustment
('recycling')
Standard or/and Interpretation
IFRSs
On the face of
In
Equity holders
Owners (exception for 'ordinary equity holders')
Balance sheet date
End of the reporting period
Reporting date
End of the reporting period
After the balance sheet date
After the reporting period
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I1.2: FINANCIAL REPORTING
IAS 2: INVENTORIES
Objectives of IAS 2
The objective of IAS 2 is to prescribe the accounting treatment for inventories. It
provides guidance for determining the cost of inventories and for subsequently
recognising an expense, including any write-down to net realisable value.
Scope of Inventories
Inventories include
1. Assets held for sale in the ordinary course of business (finished goods),
2. Assets in the production process for sale in the ordinary course of business
(work in process), and
3. Materials and supplies that are consumed in production (raw materials).
NB:
IAS 2 excludes certain inventories from its scope:
1. Work in process arising under construction contracts (IAS 11Construction
Contracts)
2. Financial instruments (IAS 39Financial Instruments: Recognition and
Measurement)
3. Biological assets related to agricultural activity and agricultural produce at the
point of harvest (IAS 41 Agriculture).
Valuation of Inventory (Measurement)
They are valued at the lower of Costs and Net Realizable Value
Cost
It’s the cost to bring an asset to its present location and condition including cost of
purchase and cost of conversion. That is: Cost should include all:
1. Costs of purchase (including taxes, transport, and handling) net of trade
discounts received
2. Costs of conversion (including fixed and variable manufacturing overheads)
and
3. Other costs incurred in bringing the inventories to their present location and
condition
Net Realizable Value (NRV)
NRV is the estimated selling price in the ordinary course of business, less the
estimated cost of completion and the estimated costs necessary to make the sale.
Valuation Methods
1. Actual unit cost: where the items of inventory are not ordinarily
interchangeable
2. First In First Out (FIFO)
3. Average Cost Method (AVCO)
NB: FIFO and AVCO are used where the items of inventory are ordinarily
interchangeable. That is, prices keep on changing/fluctuating.
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I1.2: FINANCIAL REPORTING
Disclosure
1. Accounting policies adopted for inventories
2. Total carrying amount
3. Amount of inventories carried out at NRV
4. Amount of inventories recognized as expenses during the period
5. Details of any circumstances that have led to the Wright off inventories to
NRV
Example 1
Jack’s business sells 4 products A, B, C and D. The following information is available
at the year end.
A
12
6
100
Cost
Selling Price
Units
B
15
16
200
C
18
14
300
D
10
16
400
To sell product B and C, Jack’s business would incur an extra of $2 and $3
respectively selling costs for the items at a saleable condition.
Required
What is the value of the inventory?
Example 2
The following relates to product A and B
Item
A
Costs
2000
•
B
500
•
Notes
Items to be sold for $3500. No other costs are
anticipated
Items to be sold for $600. Selling costs will be
$50 and a trade discount of 10% is offered on
selling price
Required
Determine the value of closing inventory
Example 3
ABC ltd had the following transactions for the month of November:
1st Nov: Opening Inventory 600 units @ $2 each
5th Nov: Produced 800 units @ $3 each
10th Nov: Produced 1200 units @ $4 each
15th Nov: Sold 2200 units
20th Nov: Purchased 1800 units @ $5 each
25th Nov: Purchased 1600 units @ $6 each
30th Nov: Sold 3500 units
Required
1. Calculate the value of closing inventory using FIFO and AVCO (Prepare a stock
ledger card)
2. Find the gross profit if the selling price of stock was $12 each (Using FIFO for
closing inventory)
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I1.2: FINANCIAL REPORTING
Example 4
XYZ ltd had the following transactions for the month of January 20X1:
1st Jan: Opening Inventory 600 units @ $3 each
5th Jan: Purchased 1800 units @ $4 each
8th Jan: Purchased 2200 units @ $5 each
15th Jan: Sold 4200 units @ $6 each
20th Jan: Purchased 3200 units @ $6 each
21st Jan: Purchased 2100 units @ $6.5 each
30th Jan: Sold 5400 units @ $8 each
Required
1. Calculate the value of closing inventory using FIFO and AVCO (Prepare a stock
ledger card)
2. Find the gross profit (Using AVCO for closing inventory)
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I1.2: FINANCIAL REPORTING
IAS 8: ACCOUNTING POLICIES, CHANGES IN
ACCOUNTING ESTIMATES AND ERRORS
ACCOUNTING POLICIES
Accounting policies are the specific principles, bases, conventions, rules and practices
applied by an entity in preparing and presenting financial statements.
IAS 8 requires an entity to select and apply appropriate accounting policies,
complying with IFRSs and interpretations to ensure that the financial statements
provide information that is:
1. Relevant
2. Reliable
• In that they represent faithfully the results of financial position of an entity
• Reflect the economic substance of events and transactions and not merely
there legal form
• Are neutral. That is free from bias
• Are prudent
• Are complete in all material aspects.
Changing Accounting Policy
The general rule is that accounting policies are normally kept the same from period
to period to ensure comparability of the financial statements overtime.
IAS 8 requires accounting policies to be changed only if the change:
1. Is required by IFRS
2. Will result in a reliable and more relevant presentation of events or
transactions
A change in accounting policies occurs if there is a change in:
1. Recognition: Example: an expense is now recognized rather than an asset
2. Presentation: Example: depreciation is now included in cost of sales rather
than administrative expenses
3. Measurement: Example: stating assets at replacement costs rather than
historical cost
Accounting for a change in Accounting Policies
The required accounting treatment is that:
1. The change should be applied retrospectively with an adjustment to the
opening balance of the retained earnings of SOCE
2. Comparative information should be restated unless it is impracticable to do so
3. If the adjustments to opening RE can’t be reasonably determined, the change
should be adjusted prospectively
ACCOUNTING ESTIMATES
An accounting estimate is a method adopted by an entity to arrive at estimated
amounts for financial statements.
Most figures in the financial statements require some estimation:
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I1.2: FINANCIAL REPORTING
•
•
The exercise of judgment based on the latest information available at the time
At a later date, estimates may have to be revised as a result of the availability
of new information, more experience or subsequent developments
Changes in Accounting Estimates
The requirements of IAS 8 are:
1. The effects of a change in accounting estimates should be included in the
income statement in the period of the change and if subsequent periods are
affected, in those subsequent periods
2. The effects of the change should be included in the same income or expense
classification as was used for the original estimates
3. If the effect of the change is material, its nature and amount must be disclosed
Examples of Changes in Accounting Estimates
These include changes in:
1. The useful life of Non Current Assets (NCA)
2. The residual value of NCA
3. The method of depreciation of NCA
4. Warranty provisions based on more up to date information
NOTE.
• If NCA has a depreciable amount of $5000 to be written off over 5 years,
different depreciation methods such as straight line method, reducing balance,
machine hours method, sum of digits method all represent different estimation
techniques
• The choice of the method of depreciation would be the estimation technique,
where as the policy of writing off the cost of NCA over their useful life would
be the accounting policy
• That is, the estimation technique therefore implements measurement aspect of
accounting policies
ERRORS
Errors are the omissions or misstatements in the financial statements
Prior Period Errors
Are omissions and misstatements in the financial statements for one or more prior
periods (past) arising from a failure to use the information that:
1. Was available when the financial statements for those periods were authorized
for issue
2. Could reasonably be expected to have been taken into account in preparing
those financial statements
Such errors include:
• Mathematical mistakes, mistakes in applying accounting policies, over sights
and fraud
• Current period errors that are discovered in that period should be corrected
before the financial statement are authorized for issue
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NOTE
1. Changes in accounting policies should be corrected retrospectively
2. Changes in accounting estimates should be corrected prospectively
3. Errors should be corrected retrospectively
Example 1
During 2001, a company discovered that certain items had been included in inventory
at 31st December, 2000 at a value of $ 2.5 million but they had in fact been sold
before the year end. The original figures reported for the year ending 31st December
2000 and the figures for the current year 2001 are as shown below:
Sales
Cost of Sales
Gross Profit
Tax
Net Profit
2001
$000
52,100
(33,500)
18,600
(4,600)
14,000
2000
$000
48,300
(30,200)
18,100
(4,300)
13,800
The cost of goods sold in 2001 includes the $2.5 million error in opening inventory.
The Retained Earnings at 1st January 2000 were $ 11.2 million. (Assume that the
adjustments will not have an effect on tax charge).
Required
Show the 2001 income statement with comparative figures and retained earnings for
each year
Example 2
During 2007 ABC Ltd discovered that certain items had been included in inventory at
31st December, 2006 valued at $4.2 million which had in fact been sold before the
year end.
The following figures are available for the 2 years.
Sales
Cost of Sales
Profit before Tax
Income Tax
Profit for the Year
2006
$000
47,400
(34570)
12,830
(3880)
8950
2007
$000
67,200
(55,800)
11,400
(3,400)
8000
Retained earnings at 1st January 2006 were $13 million. Cost of sales for 2007
includes $4.2 million in opening inventory error. The income tax rate was 30% for
2006 and 2007. No dividends have been declared or paid.
Required
Show statement of profit or loss for 2007 with 2006 comparative and Retained
Earnings
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IAS 10: EVENTS AFTER THE REPORTING PERIOD
When the business entity prepares the financial statements, before they are presented to the
users of the financial statements, they must be audited by an independent body ie certified
public accountants known as auditors. Their work is to ascertain or form an opinion that the
financial statements presented to them are prepared in all material aspect in accordance with
IFRSs and show the true and fair view.
The period when the auditors are performing their work, business transactions are occurring
which may affect the financial statements already prepared.
Under IAS 10 there are two important dates which marks the events after the reporting period:
1. The date of the approval which is ordinarily the balance sheet date.
2. The date when the financial statements are authorized ordinarily this is the date of the
auditor’s report
The events which are happening during this period can be classified as either
1. Adjusting events
2. Non adjusting events
Adjusting events
Are those events which happen during the period and affect the financial statements which
have already been prepared. Examples include:
• Decision of a court case
• One of the customers being declared bankrupt
• Nature of our inventory
• Impairment of our assets
• Fraud and errors discovered by the auditors etc
Accounting Treatment
These amounts are adjusted to the financial statements before they are authorized.
Non Adjusting Events
Are the events which occur during the period but do not affect the financial statements
already prepared but will have great impact on the financial statements for the current period
and future periods. Examples include:
•
•
•
•
•
Destruction of company building by fire, earthquakes etc
Purchase of a significant noncurrent asset
Announcement of discontinued operations during the period
Announcement of the sale of some of the noncurrent assets
Announcement of restructured and the organization of the business entity during the
period etc.
Accounting Treatment
This must be disclosed in the notes accompanying the financial statements. Managers must
ensure that the users of the financial statements understand the effect they have in the
current year and future periods.
Example 1
Shortly after the reporting date a major credit customer of a company went into liquidation
because of heavy trading losses and it is expected that little or none of the $12,500 debt will
be recoverable. $10,000 of the debts relates to sales made prior to the year end; $2,500 relates
to sales made in the first two days of the new financial year.
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In the 20X1 financial statements the whole debt has been written off, but one of the directors
has pointed out that, as the liquidation is an event after the reporting date, the debt should not
in fact be written off but disclosure should be made by note to this year’s financial statements,
and the debt written off in the 20X2 financial statements.
Required
Advise whether the director is correct.
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IAS 12: INCOME TAX
OBJECTIVE OF IAS 12
The objective is to prescribe the accounting treatment for the income taxes
INTRODUCTION
In almost all countries, business entities are taxed on trading income. The principle of
charging/determining the income tax under IAS 12 is to determine the current tax and future
tax.
Income Tax is a component of three elements which include the following:
1. Estimate for the Year
xx
2. Under/Over Provision (Last Year) xx/(xx)
3. Transfer to/from Deferred Tax a/c xx/(xx)
Income Tax Expense
xx
1) ESTIMATE FOR THE YEAR
In many countries, the exact tax expense is not known until after the end of the year when the
financial statements have been audited and authorized for use. Therefore, business entities
have to make estimates for Income Tax expense to make the financial statements complete.
These estimates are made by the management based on the tax paid last year plus other
adjustments regarding the company’s performance in the current year.
2) UNDER OR OVER PROVISION
Due to the estimates above, there could be a variance between the estimates and the actual tax
paid.
If the amount which was charged in the income statement is higher than the actual tax paid, it
will result in over provision.
While if the amount that was charged in the income statement is less than the actual tax paid,
it results in under provision.
Adjustments to over or under provisions are in accordance with IAS 8: Accounting Policies,
Changes in Accounting Estimates and Errors (prospective application). Prospective
application is correction made this year and the year to come.
Example 1
The tax estimate for the year ending 2006 was $200,000. The estimate for the year ending
2007 was $250,000. Actual tax for last year (2006) was $235,000 which was paid in 2007.
Required
Show the extract of the Income Statement and the Statement of Financial Position for the year
ended 2006 and 2007.
Example 2
The estimate for the year ending 2006 was $200,000 and the estimate for the year ending
2007 was $250,000. Actual tax for last year (2006) which was paid in 2007 was $180,000.
Required
Show the extract of the IS and SOFP for year 2006 and 2007
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3) DEFERRED TAX
Deferred tax simply means future tax. That is, the future tax payable or deductible.
Deferred tax normally results from the difference between accounting profit (Capital
Allowance) and Taxable profit (Depreciation).
NB:
• F7 only deals with deferred tax on Non Current Assets
• Under the Accounting Profit, we charge depreciation on PPE and on taxable profit we
receive allowances from the tax authority known as capital allowance or capital
deductions.
• Due to the difference between Capital Allowance and the Depreciation Charge, it results
to temporal difference when the balance sheet approach is used while under the
Income Statement Approach it results to timing difference (Depreciation on NCA –
Capital Allowance).
• This amount should be multiplied by the tax rate and accounted for in the deferred tax
account.
• The temporal difference can result to deferred tax asset or deferred tax liability.
Example 1
The following information relates to X Ltd
Cost of the Asset $40,000
Depreciation 20% on cost
Residual value: NIL
Capital Allowance: 1st Year 50%
2nd -5th Year 12.5%
Tax Rate 30%
Profit before tax in each year $80,000
Required
Compute the deferred tax using
1. Balance sheet approach
2. Income Statement approach
Example 2
Cost of Asset $500,000
Depreciation 25%
Residual value NIL
Capital Allowance:
1st Year 40%
2nd – 4th Year 20%
Tax Rate 30%
Profit before tax each year $2,000,000
Required
Compute the deferred tax using
1. Balance sheet approach
2. Income Statement approach
Approach 1: Balance Sheet Approach
The important column in the balance sheet approach is the last column and any increase
means a charge in the income statement which is accounted for in the deferred tax account.
That is, transfer from the IS to the deferred tax account.
In case of an increase:
Dr. Income Statement xx
Cr. Deferred Tax
xx
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Any decrease in the column means a reduction in the charge in the IS regarding income taxes.
That is, transfer from deferred tax account to the IS.
Decrease:
Dr. Deferred Tax xx
Cr. Income Statement xx
In the balance sheet, the amount in the last column indicates the balance carried forward.
Example 1 and 2 Above
Approach 2: Income Statement Approach
In this method we look at the timing difference. That is, difference between capital allowance
and depreciation charged in the IS each year. The difference is then multiplied by the tax rate
to get the deferred tax.
Example 1 and 2 above
The important row is the last row in this case (IS approach). If the amount is negative, it
means a charge in the IS which is accounted for in the deferred tax account. That is, transfer
from the IS to the deferred tax by:
Dr. Income Statement xx
Cr. Deferred Tax xx
If the amount is positive:
Dr. Deferred Tax xx
Cr. Income Statement xx
METHODS OF ACCOUNTING FOR DEFERRED TAX
1. Nil / Flow Through Provision
2. Full Provision
3. Partial Provision (Not Tested)
NIL/FLOW - THROUGH PROVISION
Under this method the tax liability recognized is expected to be tax liability payable for the
period. That is, we don’t make provisions for deferred tax
Advantages of Nil Provision
1. It is straight forward to calculate as we account for only the real tax payable
2. It is the best method to apply where there is remoteness of the reversal of the deferred
tax
3. The full provision method gives the wrong information about the gearing of the
company where as this method does not overstate the gearing of the company
Disadvantages of Nil Provision
1. It leads to large fluctuations in the tax charge over the years and this makes it difficult
for the company to estimate the income tax expense
2. It breaches both accruals basis concept and prudence concept
3. Leads to overstatement of profits in the 1st year which can lead to wrong decision
making by management.
FULL PROVISION
Under this method, the provisions are made for effects of temporal difference. That is, the
method recognizes that the timing difference at the end of each balance sheet date will have
effect on future tax payments.
Advantages of Full Provision
1. It complies with both accruals and prudence concept
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2. There is no room for manipulation of the financial statements regarding the deferred
tax
3. Compared with the partial provision method, the method of calculating the deferred
tax is not subjective but its objective
Disadvantages of Full Provision
1. In the case where deferred tax has remoteness of reversing, the provisions accumulate
year in year out
2. It gives wrong impression about the gearing of the company
3. By using the actual tax payable in the future, it enables the company to set aside the
actual amount payable in the future. In this case partial provision method is more
recommendable.
PARTIAL PROVISION
Under this method, deferred tax is provided to the extent that its expected to be paid in the
foreseeable future. That is, at its best it gives the actual amount payable in the future but its
computation is hardly subjective.
NB: the advantages of full provision are the disadvantages of partial provision and vice versa.
Illustration
Example 1
Example 2
OTHER METHODS OF ACCOUNTING FOR DEFERRED TAX
1. Deferred Method
In this method we use the balance sheet approach and we account for the deferred tax on all
temporal differences without making adjustments to the deferred tax. It is close to the full
provision method.
2. Liability Method
In this method we use the balance sheet approach but when computing the deferred tax we
only compute the temporal difference which will reverse for the foreseeable future.
CONCLUSION
IAS 12 recommends the full provision under the balance sheet approach using the liability
method when appropriate.
DISCLOSURE
1. Current Tax and Deferred Tax chargeable
2. An explanation of the relationship between taxable profit and accounting profit.
3. Changes in tax rates
4. Tax relating to discontinued operations
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IAS 16: PROPERTY PLANT AND EQUIPTMENT
Objective of IAS 16 PPE
To show the accounting treatment for property, plant and equipment
Introduction
IAS 16 PPE are tangible items that are:
1) Held for use in the production or supply of goods, for rental to others or for
administrative purposes
2) Are expected to be used in more than one period
The principle issues in accounting for PPE are:
• Recognition of assets
• Determination of carrying amount
• Depreciation charges
• Impairment losses
Definitions
1) Carrying Amount
It’s the amount at which an asset is recognized after deducting accumulated
depreciation and any impairment losses.
2) Costs
This is the purchase price of any asset ie the consideration given to acquire an asset.
3) Depreciable Amount
This is the cost of an asset less its residual amount.
4) Depreciation
It is the systematic allocation of the depreciable amount of an asset over its expected
useful life or pattern of use.
5) Residual Value
It’s the amount at which an asset can be obtained when there are no longer any
expected future returns from the asset.
6) Fair Value
This is the amount by which an asset can be exchanged for between two
knowledgeable and willing parties at an arm’s length transaction.
7) Recoverable Amount
This is the amount that is higher of:
a) Fair value of an asset less selling expenses
b) Value in use
8) Impairment Loss
It’s a fall in the value of an asset so that its recoverable amount is less than its
carrying amount in the statement of financial position
Recognition of PPE
An item of PPE should be recognized when the following conditions are met:
1. It is probable that future economic benefits associated with the item will flow
to the entity
2. The cost of the PPE can be measured reliably
NB: PPE can be recognized in the following ways:
1. Initial recognition (measurement)
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2. Subsequent recognition (measurement
Initial Recognition
PPE should be recognized at cost.
The costs include the following:
1. The purchase price including import duties and non refundable purchase taxes
after deducting trade discounts
2. Directly attributable costs of bringing an asset to its present location and
condition and necessary for it to be capable of operating.
These include:
• Cost of site preparation
• Initial delivery and handling costs
• Installation and assembly costs
• Costs of testing whether the asset is functioning properly
• Professional fees
• Employee benefit costs
3. Estimated costs of dismantling and removing the item, and restoration of the
site on which the asset was located due to obligation incurred when the item
was acquired.
4. Borrowing costs (IAS 23): Only the part to be capitalized
NOTE:
Once the initial cost of the asset has been established (to be Capitalized), then any
subsequent expenditure incurred on PPE should be expensed unless it improves the
condition of the asset beyond its previous performance.
IAS 16 gives the following examples of improvement to PPE:
a) Modification of an item of PPE to extend its useful economic life
b) Upgrading of machine parts to improve quality of output
c) Adoption of a new production process leading to large reduction in operating
costs
d) Extensions to a building.
Example 1
Smart Ltd has recently purchased an item of plant from X Ltd the details of which are
as follows:
Basic list price of plant
Trade Discount
Ancillary Costs:
• Shipping and Handling costs
• Pre Production Testing
• Maintenance contract for 3 years
• Site Preparation costs:
o Electrical cable installation
o Concrete Reinforcement
o Own Labour costs
$240,000
12.5%
$2750
$12500
$24000
$14000
$4500
$7500
$26000
Additional Information
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1. Smart paid for the plant (excluding the ancillary costs) within 4 weeks of order
thereby obtaining an early settlement discount of 3%.
2. Smart had incorrectly specified the power loading of the original electrical cable
to be installed by the contractor and the cost of correcting this error was $6,000
which was included in the above figure of $14,000.
3. The plant is expected to last for 10 years and at the end of this period, there will
be a compulsory cost of $15,000 to dismantle the plant and $3,000 to restore the
site to its original condition.
Required
Calculate the amount at which the plant will be measured at recognition (5 marks)
Example 2
ABC Ltd started construction on a building for its own use on 1st April 2007 and
incurred the following costs.
Purchase price of land
Stamp Duty
Legal fees
Site preparation and clearance
Materials
Labour (period 1st April 2007 – 1st July 2008
Architects fees
General overheads
$000
250,000
5,000
10,000
18,000
100,000
150,000
20,000
30,000
The following information is also relevant:
• Materials costs were greater than anticipated. On investigation, it was found
that materials costing $10 million had been spoiled and therefore wasted and a
further $15 million was incurred as a result of faulty design work
• As a result of these problems, work on the building ceased for a fortnight
during October 2007 and it is estimated that approximately $9 million of the
labour costs relate to this period
• The building was completed on 1st July 2008 and occupied on 1st September
2008
Required
Calculate the cost of the building that will be included in tangible NCA additions
Subsequent Recognition
In attributing the value of PPE, a firm has a choice to make between keeping an asset
at its initial cost or at a carrying amount based on its revalued amount. IAS 16 gives
the following two alternatives;
1. Benchmark treatment/ cost model
2. Allowed alternative method/ Revaluation model
•
•
•
1. Benchmark Treatment/ Cost Method
In this method, an asset is carried at cost less accumulated depreciation less any
impairment losses.
The adoption of the cost model does not mean that an asset is not revalued.
Depreciation is charged from the time an asset is made available for use.
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•
IAS 16 does not prescribe the depreciation method to be adopted but recommends
3 methods
1) Straight line method
2) Reducing Balance method
3) Sum of digits method/ machine hours method
2. Allowed Alternative Method/ Revaluation Method
In this method, PPE is carried at a revalued amount. The revalued amount is always
equivalent to the Fair Value at the date of revaluation.
Requirements for Revaluation of Assets
1) When an asset is revalued from a certain class, then all the assets in that class
should be revalued
2) Revaluation should be carried out consistently over time eg after every 3- 5
years.
3) The revaluation surplus is included in equity and is shown as part of the
shareholders funds
4) A transfer from revaluation surplus account to the Retained Earnings should
be made in relation to excess depreciation (excess depreciation transferred to
RE in the SOCE)
Accounting for Revaluation
The following steps are used in the revaluation of assets:
1) Charge depreciation for the year if the asset is being revalued at the end of the
year. If the asset is being revalued at the beginning of the year, then move to
step two.
2) Transfer the accumulated depreciation to the cost account by
Dr. Accumulated Depreciation a/c xx
Cr. Asset a/c xx
3) Recognize the revaluation amount by putting it as a balance carried down in
the cost a/c on the credit side.
4) Balancing figure in the cost a/c is transferred to the revaluation a/c
Recognition of Excess Depreciation
This involves transferring the amount of revaluation surplus over the expected
remaining life of the asset by two ways:
1) By the difference in depreciation charged. Since the asset has been revalued
then depreciation charged is higher than if the asset was not revalued
2) Divide the revaluation surplus over the expected remaining life of the asset
De-recognition of PPE
The carrying amount of an item of PPE shall be derecognized when:
1) It is disposed.
2) There are no future economic benefits expected from its use or disposal.
NB:
• The gain or loss arising from de-recognition of an item of PPE shall be included in
the income statement in the year that it occurs.
• Depreciation is charged on the revalued amount
Gain/Loss = Disposal Proceeds – C.V of Asset (Rev Model). Goes to IS
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Balance on RR relating to disposed off taken to RE
Disclosure requirements of IAS 16
1) The measurement basis used for determining the gross carrying amount (Cost
or Revaluation)
2) The depreciation method used (straight line, reducing balance or machine hour
methods)
3) The useful life or depreciation rate used
4) If revaluation was done, the method that was used for revaluation
5) A reconciliation of the movement of items of the PPE (Fixed Asset movement
schedule)
NB: In any question on IAS 16 always find the following
1) Carrying Amount
2) Recoverable amount (higher of FV and Value in use)
3) Impairment loss: when CA> RA. Which leads to revaluation downwards
4) No impairment = revaluation upwards
5) Cost of asset calculation
Example 1
Smart acquired a 12 year lease on property on 1st October 2000 at a cost of $240,000.
The company’s policy is to revalue its property to their market value at the year end.
Accumulated amortization is eliminated and the property is restated to the revalued
amount. Annual amortization is calculated on the carrying values at the beginning of
the year.
The market value of the property on 30th September 2001 and 2002 were $231,000
and $175,000 respectively. The existing balance on the revaluation at 1st October
2000 was $50,000 and this related to some non depreciable land whose value had not
changed significantly since 1st October 2000.
Required
a) Prepare extracts of the FS of Smart Ltd (including movement in Revaluation
Reserve) for the year ended 30th September 2001 and 2002 (5 marks)
b) Explain
i. How initial PPE should be measured (2 marks)
ii.
The circumstances in which subsequent expenditure on those assets
should be capitalized (2 marks)
c) Explain IAS 16 requirements regarding revaluation of NCA and the
accounting treatment for surpluses and deficits on revaluation (6 marks)
Example 2
Elite leisure Ltd operates a single cruise ship. The ship was acquired on 1st October
20w6 (10 years before 20x6). Details of the cost of the ships components and their
estimated useful lives are:
Component
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Ship Fabric (Hull, decks etc)
Cabins and entertainment area fittings
Propulsion system
($Millions)
300
150
100
25 years – straight line
12 years – straight line
Useful life of 40,000 hours
At 30th September 20x4 no further capital expenditure had been incurred on the ship.
In the year ended 30th September 20x4 the ship had experienced a high level of engine
trouble which had cost the company considerable lost revenue and compensation
costs. The measured expired life of the propulsion system at 30th September 20x4 was
30,000 hours. Due to unreliability of the engine, a decision was taken in early October
20x4 to replace the whole of the propulsion system at a cost of $140 million. The
expected life of the new propulsion system was 50,000 hours and in the year ended
30th September 20x5 the ship had used its engines for 5000 hours.
At the same time as the propulsion system was replacement, the company took the
opportunity to do a limited upgrade to the cabin and entertainment facilities at a cost
of $60 million and repaint the ships fabric at a cost of $20 million. After the upgrade
of the cabin and entertainment are fittings it was estimated that their remaining life
was five years (from the date of the upgrade). For the purpose of calculating
depreciation, all the work on the ship can be assumed to have been completed on 1st
October 20x4. All residual values can be taken as nil.
Required
Calculate the carrying amount of Elite Leisure’s cruise ship at 30th September 20x5
and its related expenditure in the IS for the year ended 20x5. Your answer should
explain the treatment of each item.
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IAS 20: ACCOUNTING FOR GOVT GRANTS AND
DISCLOSURE OF GOVT ASSISTANCE
Objective of IAS 20
The objective of IAS 20 is to prescribe the accounting for, and disclosure of, government
grants and other forms of government assistance.
Scope of IAS 20
IAS 20 applies to all government grants and other forms of government assistance. However,
it does not cover government assistance that is provided in the form of benefits in determining
taxable income. It does not cover government grants covered by IAS 41 Agriculture, either.
The benefit of a government loan at a below-market rate of interest is treated as a government
grant.
Recognition of Government Grants
A government grant is recognized at Fair Value only when the following conditions are met;
1. The entity will comply with any conditions attached to the grant and
2. The grant will be received.
NB.The grant is recognised as income over the period necessary to match them with the
related costs, for which they are intended to compensate, on a systematic basis.
Accounting Treatment for Government Grant
There are two approaches for accounting for Government Grants
1. Capital Approach
2. Income Approach
a) Capital Approach
Under this approach the amount is credited immediately to the shareholders funds by:
Dr. Bank/Asset a/c xx
Cr. Equity a/c
xx
That is, the amount or assistance from the government is recognized immediately.
Advocates of Capital Approach argue as follows:
1. The amount/assistance received from the government is a form of financial device
with no repayment requirement
2. The amount received from the government is not earned, but is a form of incentive to
the business entity. Since it is not earned, it should not be accounted for thru the
income statement.
b) Income Approach
Under this approach, the amount received from the government is accounted for in the FSs
thru the IS. That is, the amount received is deferred to the deferred income a/c and amortized
in the IS over the useful life of the asset or the period on which the assistance is granted;
Initially:
Dr. Bank a/c xx
Cr. Deferred Income a/c xx
In the Subsequent period:
Dr. Deferred Income a/c xx
Cr. Income Statement a/c xx
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Advocates of the Income Approach argue as follows:
1. The money received is not from shareholders and therefore should not be credited
directly to the shareholders funds
2. The amount received in form of government assistance is earned thru compliance
with the set of conditions by the government
3. Government grant is a form of a fiscal policy like income taxes and should be treated
the same way as the Income Tax. That is, thru the IS
Types of Government Grants
1. Those relating to Assets
2. Lump sum compensation of Operating Expenses
1. Those Relating to Assets
In this method, the govt grants are accounted for in two ways:
a) When the Grant is Deferred to Deferred Income a/c and amortised over the useful life
of the asset thru the IS (Deferred Income Approach)
b) When the carrying amount of the asset is reduced by the amount of Govt Grant
Received by:
Dr. Bank a/c xx
Cr. Asset a/c xx
That is, the impact of the Govt Grant is through reduction of the Depreciation
charged.
NB. IAS 20 recommends creation of Deferred Income a/c. This is because when we reduce
the carrying amount of our assets, we will be giving wrong information about the asset in the
F.S (we will be unfaithful)
2. Lump Sum compensation of Operating Expenses
If the amount is received, to compensate the operating expenses which have already been
incurred or for financial assistance in the current period, they are recognized immediately in
the IS as income;
Dr.Bank a/c xx
Cr. Income Statementa/c xx
If the lump sum is received to cater for future periods of operating expenses, we create
deferred income a/c in which the amount is amortized over the period in which the grant is
received
NB. IAS 20 recommends the Income Approach over Capital Approach
Example 1
James Group of Traders received a 40% govt grant towards a cost of an item of plant. The
cost of the plant was $250,000 with estimated useful life of 5 years and no residual value. The
expected profit for the company before depreciation and govt grant was $200,000 per annum.
Required
Prepare the Income Statement and the Statement of Financial Position extracts for each of the
5 years assuming the following accounting treatments:
a) The grant is transferred to Deferred Income a/c
b) The grant is deducted from the cost of the asset
Example 2
KK chain of Supermarkets received a lump sum amount of $250,000 to cover certain
operating expenses that would be incurred over the next 5 years under the same terms. The
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chain of supermarkets was to receive an annual amount depending on the level of expenses.
The chain of supermarkets reports a profit of $500,000 pa before accounting for govt grants.
During the next 5 years, the chain of supermarkets received the following amounts:
Year
Amount ($)
1
35,000
2
20,000
3
25,000
4
30,000
5
15,000
Required
Prepare the IS and SOFP extracts for each of the 5 years
REPAYMENT OF GOVERNMENT GRANTS
Sometimes the business entity may fail to comply with the conditions for govt grants. In this
case, they will be required to pay back certain proportion of the amount received.
To account for the repayment of the govt grant, there are 3 methods to be used;
1) Government grant received to acquire an asset and was accounted for in the deferred
income a/c
2) Government grant received to acquire an asset and was accounted for as a reduction
of carrying amount of the asset
3) Government grant relating to lump sum received (operating expenses)
Method 1: Asset; Deferred Income a/c
The amount payable is charged in the IS in the year it becomes payable. Before the amount is
charged to the IS, we have to clear the amount in the Deferred a/c. The balance in the deferred
income a/c is what is charged to the IS. That is;
Dr. Deferred Income a/c xx
Dr. IS Balance a/c
xx
……Balance from deferred a/c
Cr. Bank (Grant Payable) xx
Method 2: Reduction of the Carrying Amount of the Asset
Under this method, the amount which becomes payable is DR to the asset account by:
Dr. Asset a/c xx
Cr. Bank/Grant Payable a/c xx
Since we are going to increase the carrying amount of the asset, the accumulated
depreciation already charged could be understated. To correct this, the amount which is
understated is charged in the IS and it increases the accumulated depreciation a/c. That is:
Dr. Income Statement a/c xx
Cr. Accumulated Depreciation a/c xx
Method 3: Relating to Lump Sum Received
Accounted for in the same way as method 1.
Example
James Group of Traders received a 40% govt grant towards a cost of an item of plant. The
cost of the plant was $250,000 with estimated useful life of 5 years and no residual value.
At the end of the 3rd year, the company was unable to comply with the conditions attached to
the grant and was required to pay 75% of the grant received which was paid at the beginning
of the 4th year.
Required
Show the extract of the IS and SOFP over the 5 years assuming
a) The grant was transferred to the deferred income a/c
b) The grant was deducted from the cost of the asset
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Disclosure Requirements of IAS 20
The following must be disclosed:
1.
accounting policy adopted for grants, including method of balance sheet presentation
2.
nature and extent of grants recognised in the financial statements
3.
unfulfilled conditions and contingencies attaching to recognised grants
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IAS 23: BORROWING COSTS
Objective of IAS 23
To prescribe the accounting treatment for borrowing costs.
Introduction
Borrowing costs include the following
1) Interests on bank overdrafts and borrowing
2) Amortization of discounts or premiums on borrowings
3) Finance charges on finance lease
4) Exchange differences on foreign currency borrowings where the differences
are regarded as an adjustment on interest costs
Recognition of Borrowing Costs
• Borrowing costs must be capitalized as part of cost of an asset for only qualifying
assets.
• Qualifying Asset: Is an asset which takes a substantial period of time to get ready
for its intended use or sale eg investment property, manufacturing plant, power
generating facility etc
• Other borrowing costs (not qualifying) are recognized as an expense
Commencement of Capitalization (Start)
Capitalization of borrowing costs should commence when the following conditions
are met.
1) Expenditure for the asset is being incurred
2) Borrowing costs are being incurred
3) Activities that are necessary to prepare asset for its intended use or sale are in
progress
Cessation of Capitalization (Stop)
Capitalization of borrowing costs should stop when
1) Substantially all the activities necessary to prepare the qualifying asset for its
intended use or sale are complete (anything after that is treated as an
expense).
2) Construction is suspended. For example due to industrial dispute
Disclosure of IAS 23 Borrowing Costs
1) Amount of Borrowing costs capitalized during the period
2) Capitalization rate used
NOTE
• If the borrowed funds are used in other investments before being capitalized, we
have to reduce the interest payable by the returns from those investments. The net
amount is what is capitalized.
Example 1
On 1st January 2005, ABC Ltd begun to construct a supermarket which had an
estimated useful life of 40 years. The company purchased a lease hold interest in the
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site for $25 million. The construction of the building cost $9 million and the fixtures
and fittings cost $6 million. The construction of the supermarket was completed on
30th September 2005 and was brought into use on 1st January 2006.
ABC Ltd borrowed $40 million on 1st January 2005 in order to finance the project.
The loan carried interest of 10% per annum and it was repaid on 30th June 2006.
Required
Calculate the total amount to be included at cost in PPE in respect of the development
at 31st December 2005
Example 2
On 1st January 2006, ABC Ltd borrowed $2.1 million to finance the construction of
Asset A and B which qualified to be qualifying assets. The construction commenced
immediately but only part of the funds was allocated to the construction. The amounts
were allocated to the two projects as follows:
Date
1st January, 2006
1st July, 2006
Asset A
$350,000
$350,000
$700,000
Asset B
$700,000
$700,000
$1400,000
The interest payable on the amount borrowed was 12%. The invested surplus realized
a surplus return at a rate of 6%.
Required
Compute the borrowing costs to be capitalized for each asset and the total cost of each
asset assuming the construction was completed on 31st December 2006.
Example 3
XYZ Ltd acquired a loan from two banks to facilitate the construction of our
investment property. The amount of the loan is as follows:
10% Bank Loan A $360,000
12% Bank Loan B $240,000
The company begun the construction of investment property on 1st January 2006
using existing bank loans. $90,000 was withdrawn from the funds on 1st January 2006
and $100,000 was withdrawn from the funds on 31st September 2006
Required
1) Compute the capitalization applicable to the investment property at the end of the
year
2) Compute the carrying amount of the investment property at the end of the 1st
year. Cost of asset
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I1.2: FINANCIAL REPORTING
FINANCIAL INSTRUMENTS
Financial Instruments are covered in the following standards
• IAS 32: Financial Instruments: Presentation
• IAS 39: Financial Instruments: Recognition and Measurement
• IFRS 7: Financial Instruments: Disclosure
• IFRS 9: Financial Instruments
IAS 32: FINANCIAL INSTRUMENTS PRESENTATION
Objective of IAS 32
The stated objective of IAS 32 is to establish principles for presenting financial instruments as
liabilities or equity and for offsetting financial assets and liabilities.
Definitions
1. Financial Instrument
This is a contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity. There are two classes of Financial
Instruments:
a) Primary Instruments
Includes accounts receivables or payables, investment in ordinary shares or preference
shares.
b) Derivative Instruments
These are financial instruments that derive their values from the price or rate of some
underlying items; for example; loan stocks derive its value from interest rates;
forwards and futures; options; swaps etc
NB: IAS 32 indicates that inventory, PPE, intangible assets, pre-paid expenses and
finance leases aren’t Financial Instruments.
2. Financial Asset
This is any asset that costs a contract, whereby a firm may receive cash from another
company or a contractual right to exchange financial instruments with another firm under
conditions that are potentially favorable or any equity instrument of another entity.
3. Financial Liability
Any liability that is a contractual liability to deliver cash or a financial asset to another firm or
exchange instruments under conditions that are potentially unfavorable.
4. Equity Instrument
This is any contract that has a residual interest in the assets of an entity after
deducting all of its liabilities. For example; ordinary shares
5. Monetary Items
Money held and financial assets or liabilities to be received or paid in fixed amounts of
money (for example; accounts receivables or payables)
6. Market Value
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Amount receivable from sale of a FI or the amount payable for the acquisition of Financial
Instruments in an active market
PRESENTATION OF FINANCIAL INSTRUMENTS
Presentation is the way financial instruments are input (presented) in the financial statements.
Under IAS 2 (inventories) FI are presented under the following headings:
1) Liabilities and Equity
2) Compound Instruments eg convertible loan notes
3) Interests, dividends, losses and gains on such instruments
4) Off-setting of financial assets and Liabilities
1) LIABILITIES AND EQUITY
The fundamental principle of IAS 32 is that, a financial instrument should be classified as
either a financial liability or an equity instrument according to the substance of the contract
and not on its legal form and definition of a liability or equity instrument.
A financial instrument is an equity instrument only if:
a. The instrument includes no contractual obligation to deliver cash or another financial
asset to another entity
b. If instrument will or may be settled in the issue of equity instruments
2) COMPOUND INSTRUMENTS
A company may issue certain financial instruments which have both the characteristics of a
liability and equity. For example convertible loan stock has the characteristics of a liability to
the extent that it’s a loan and interest must be paid and an equity to the extent that after
conversion, the holders are entitled to a residual interest in the company.
IAS 32 requires that for convertible loan stock, the liability and equity components should be
classified separately. That is, the cash received from the convertible loan stock should be split
into the liability component and classified as part of liabilities in the SOFP and the equity
component to be classified as part of shareholder’s funds.
NB: The approach recommended is normally to compute the liability component by
discounting all cash flows associated with the loan stock (principle and interest) using the
interest rate in the market for similar loan stocks without conversion option and thereafter the
difference between cash proceeds received and the liability component gives the equity.
Format:
Year
1
2
3
4
Interest
xx
xx
xx
xx
Principle
-
Total
PVIF
PV
xx
xx
xx
xx
xx
xx
xx
xx
xx
xx
xx
xx
Liability Component
xx
Equity Component
xx
Issue Proceeds
xx
It’s a requirement of IAS 32 to calculate the accrued financial costs after the liability
component has been ascertained. Accrued financial cost is based on the liability component
using the interest rate without the conversion option.
Accrued F. Cost = Liability Component x Interest Rate without Conv
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I1.2: FINANCIAL REPORTING
Less: Actual Interest Rate Paid (With Conversion)
Accrued Finance Cost
xx
xx
This amount is charged to the income statement and it increases the carrying amount of
liability components:
Dr.
Cr.
Cr.
Example
ABC Ltd issued 2,000 convertible loan stocks having a par value of $1,000 on 1st January
2001. The interest rate on the convertible loan stock was 6% per annum and loan stock
payable after 3 years. The interest rate for similar loan stock without conversion option is
10% and date of issue was 1st January 2001.
Required
Compute equity component and liability component and calculate accrued financial cost
showing the accounting treatment.
3) INTEREST, DIVIDENDS, LOSSES AND GAINS
Interests and dividends received from the financial statements should be recorded as other
incomes in the income statement. The same applies for gains on disposal of financial
instruments.
Interest paid or charged should be reported as finance cost while dividends relating to equity
should be deducted from the shareholders funds directly. That is in the statement of changes
in equity
NB: Dividends relating to redeemable preference shares should be charged in the income
statement as finance costs while losses on disposal of investments should be charged as part
of expenses in the income statement.
4) OFF-SETTING OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
IAS 32 prohibits companies from off-setting financial liabilities unless:
a. There is a legal enforceable right to do so
b. The firm intends to settle the two items on a net basis or to realize the assets and
settle liabilities simultaneously
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IAS 39: FINANCIAL INSTRUMENTS: RECOGNITION AND MEASUREMENT
RECOGNITION
Financial Instruments should be recognized in the SOFP when the firm becomes a party to the
contract that constitutes the financial instrument.
This requirement is very important because previously many companies committed financial
instruments because they did not meet the criteria for recognition as assets/liabilities
Currently IAS 39 now requires all derivatives to be included in the SOFP.
The standard also has the following additional requirements relating to recognition:
1. A firm should de-recognize a financial asset when it has no control over the financial
assets or when the rights to contractual benefits are either realized or expired
2. On de-recognition, a firm should report as profit or loss as other incomes or expenses.
The profit or loss is computed as the difference between the cash proceeds and the
carrying amount of the financial instrument.
3. The firm should de-recognize any financial liability when the contractual obligation is
either extinguished or expired.
MEASUREMENT
IAS 39 requires that the carrying amount of the loan stock should be adjusted with cost
incurred in issue (issue costs) and any premiums that will be charged upon repayment of the
loan (cash received + issue costs + premiums).
The issue costs and premiums should be amortized over the period of the loan and this
amortization should be added to amount on the loan to form part of finance costs.
Example 1
ABC Ltd issued a 5 year loan stock amounting to $2 million. The issue cost amounted to
$100,000 and interest rate is 6%. The loan was to be repaid at par at the end of the 5th year.
Required
Show the financial accounts relating to the loan stock
Example 2
ABC Ltd issued 6% $2 million loan stock repayable after 5 years at a premium of 10%
Required
Show the financial accounts relating to the loan stock
Example 3
ABC Ltd issued 6% $2 million loan stock repayable after 5 years at a premium of 10%. The
firm incurred issue costs of $200,000.
Required
Show the financial accounts relating to the loan stock
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I1.2: FINANCIAL REPORTING
IFRS 7: FINANCIAL INSTRUMENTS: DISCLOSURE
The two main categories of disclosures required by IFRS 7 are:
• Information about the significance of financial instruments
• Information about the nature and extent of risks arising from financial
instruments
Other disclosures
• Accounting policies for financial instruments
• Information about hedge accounting
• for fair value hedges, information about the fair value changes of the hedging
instrument and the hedged item
• hedge ineffectiveness recognised in profit and loss (separately for cash flow
hedges and hedges of a net investment in a foreign operation)
• information about the fair values of each class of financial asset and financial
liability, along with:
o comparable carrying amounts
o description of how fair value was determined
o the level of inputs used in determining fair value
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IAS 33: EARNINGS PER SHARE
Objective of IAS 33
The objective of IAS 33 is to prescribe principles for determining and presenting earnings per
share (EPS) amounts to improve performance comparisons between different entities in the
same reporting period and between different reporting periods for the same entity.
EPS is widely regarded as the most important indicator of a company’s performance. It is
important that users of the financial statements:
•
•
Are able to compare the EPS of different entities and
Are able to compare the EPS of the same entity in different accounting
periods
IAS 33 achieves comparability by:
•
•
Defining earnings
Prescribing methods for determining the number of shares to be included
in the calculation of EPS.
•
Requiring standard presentation and disclosures.
Scope of IAS 33
IAS 33 applies to entities whose ordinary shares are publicly traded.
Publicly traded entities which present both parent and consolidated financial statements are
only required to present EPS on the consolidated figures.
Definitions
1. Ordinary share: also known as a common share or common stock. An equity
instrument that is subordinate to all other classes of equity instruments.
2. Potential ordinary share: a financial instrument or other contract that may entitle
its holder to ordinary shares.
Common examples of potential ordinary shares
• convertible debt
• convertible preferred shares
• share warrants
• share options
• share rights
• employee stock purchase plans
• contractual rights to purchase shares
• contingent issuance contracts or agreements (such as those arising in business
combination)
3. Dilution: a reduction in earnings per share or an increase in loss per share
resulting from the assumption that convertible instruments are converted, that
options or warrants are exercised, or that ordinary shares are issued upon the
satisfaction of specified conditions.
4. Antidilution: an increase in earnings per share or a reduction in loss per share
resulting from the assumption that convertible instruments are converted, that
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options or warrants are exercised, or that ordinary shares are issued upon the
satisfaction of specified conditions.
Basic EPS
Basic EPS is calculated by dividing profit or loss attributable to ordinary equity
holders of the parent entity (the numerator) by the weighted average number of
ordinary shares outstanding (the denominator) during the period.
The earnings numerators (profit or loss from continuing operations and net profit or
loss) used for the calculation should be after deducting all expenses including taxes,
minority interests, and preference dividends.
The denominator (number of shares) is calculated by adjusting the shares in issue at
the beginning of the period by the number of shares bought back or issued during the
period, multiplied by a time-weighting factor. IAS 33 includes guidance on
appropriate recognition dates for shares issued in various circumstances.
Contingently issuable shares are included in the basic EPS denominator when the
contingency has been met.
Issue of Shares at full Market Price
Earnings should be apportioned over the weighted average equity share capital (ie
taking account of the date any new shares are issued during the year).
Example 1
A company issued 200,000 shares at full market price of $3.00 on 1st July 2008.
Relevant Information:
Profit attributable to ord. shareholders for the
year ending 31st December
Number of ordinary shares in issue at 31st
December
2008
$550,000
2007
$460,000
1,000,000
800,000
Required:
Calculate the EPS for each of the years
Example 2
Gerald’s earnings for the year ended 31st December 2004 are $2,208,000. On 1st
January 2004, the issued share capital of Gerald was 8,280,000 ordinary shares of $1
each. The company issued 3,312,000 shares at full market value on 30th June 2004.
Required:
Calculate the EPS for Gerald for 2004.
Bonus issue/ Capitalization Issue/ Scrip Issue
A bonus issue:
• Does not provide additional resources to the issuer
• Means that the shareholder owns the same proportion of the business before
and after the issue.
In the calculation of EPS:
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•
•
The bonus shares are deemed to have been issued at the start of the year.
Comparative figures are restated to allow for the proportional increase in share
capital caused by the bonus issue.
Example 3
A company makes a bonus issue of one new share for every five existing shares held
on 1st July 2008
Profit attributable to ord. shareholders for the
year ending 31st December
Number of ordinary shares in issue at 31st
December
2008
$550,000
2007
$460,000
1,200,000
1,000,000
Required:
Calculate the EPS in 2008 accounts and comparative figures for 2007
Example 4
Dora had the following capital and reserves on 1st April 2001.
$000
7,000
900
500
9,000
17,400
Share Capital ($1 ordinary shares)
Share Premium
Revaluation Reserve
Retained Earnings
Shareholder’s funds
Dora makes a bonus issue of one share for every seven held, on 31st August 2002.
Dora plc’s results are as follows:
Profit after tax and NCI
2003
$000
1,150
2002
$000
750
Required:
Calculate EPS for the year ending 31st March 2003, together with the comparative
EPS for 2002 that would be presented in the 2003 accounts.
Rights Issue
Rights issues present special problems:
1. They contribute additional resources
2. They are normally priced below full market price.
Therefore they combine the characteristics of issues at full market price and bonus
issues.
Determining the weighted average capital, therefore, involves two steps as follows:
1. Adjust for bonus element in rights issue, by multiplying capital in issue before the
rights issue by the following fraction:
=
Actual cum rights price
Theoretical ex rights price
2. Calculate the weighted average capital in the issue above.
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Example 5
A company issued one new share for every two existing shares held by way of rights
at $1.50 per share on 1st July 2008. Pre-issue market price was $3.00 per share.
Relevant Information
Profit attributable to ord. shareholders for the
year ending 31st December
Number of ordinary shares in issue at 31st
December
2008
$550,000
2007
$460,000
1,200,000
800,000
Required:
Calculate the EPS for each of the years
Example 6
On 31st December 2001, the issued share capital consisted of 4,000,000 ordinary
shares of 25c each, and the shares were quoted at $1. On 1st July 2002 the company
made a rights issue in the proportion of 1 for 4 at 50c per share. Its trading results for
the last two years were as follows:
Profit after tax
Year ended 31st December
2001
2002
$
$
320,000
425,000
Required:
Show the calculation of basic EPS to be presented in the financial statements for the
year ended 31st December 2002 (including the comparative figure).
Diluted Earnings per Share (DEPS)
Introduction
Equity share capital may change in the future owing to circumstances which exist
now- known as dilution. The provision of a diluted EPS figure attempts to alert
shareholders to the potential impact on EPS.
Examples of Dilutive Factors are:
1. The conversion terms for convertible bonds
2. The conversion terms for convertible preference shares
3. The exercise price for options and subscription price for warrants.
Basic Principles of Calculation
To deal with potential ordinary shares, adjust basic earnings and number of shares
assuming convertibles, options, etc. had converted to equity shares on the first day of
the accounting period, or on the date of issue, if later.
DEPS is calculated as follows:
=
C. OMANYO
Earnings + Notional extra Earnings
Number of Shares + Notional Extra Shares
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I1.2: FINANCIAL REPORTING
Convertibles
The principles of convertible bonds and convertible preference shares are similar and
will be dealt with together.
If the convertible bonds/preference shares had been converted:
1. The interest/dividends would be saved therefore earnings would be higher
2. The number of shares would increase.
Example 7
On 1st April 2001, a company issued $1,250,000 8% convertible unsecured bonds for
cash at per. Each $100 nominal of the loan stock will be convertible in 2006 - 2009
into the number of ordinary shares set out below:
• On 31st December 2006
124 shares
st
• On 31 December 2007
120 shares
st
• On 31 December 2008
115 shares
st
• On 31 December 2009
110 shares
Up to 2005, the maximum number of shares issuable after the end of the financial
year will be at the rate of 124 shares per $100 on $1,250,000 debt, which is 1,550,000
shares. With 4,000,000 already in issue, the total becomes 5,550,000. It is the
maximum possible number of shares that can be converted into which is always used.
Relevant Information:
Issued share capital:
• $500,000 in 10% cumulative irredeemable preference shares of $1.
• $1,000,000 in ordinary shares of 25c = 4,000,000 shares
• Income taxes are 30%.
Trading results for the years ended 31st December were as follows:
Profit before interest and tax
Interest on 8% convertible unsecured bonds
Profit before tax
Income tax
Profit after tax
2002
$
1,100,000
100,000
1,000,000
300,000
700,000
2001
$
991,818
75,000
916,818
275,045
641,773
Required:
1. Basic EPS for the year ended 2002 and its comparative figures
2. Diluted EPS for the year ended 2002 and its comparative
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Example 8
A company had 8.28 million shares in issue at the start of the year and made no new
issue of shares during the year ended 31st December 2004, but on that date it had in
issue $2,300,000 10% convertible loan stock 2006 – 2009. Assume a corporation tax
rate of 30%. The earnings for the year were $2,208,000.
This loan stock will be convertible into ordinary $1 shares as follows:
• 2006 90 $1 shares for $100 nominal value loan stock
• 2007 85 $1 shares for $100 nominal value loan stock
• 2008 80 $1 shares for $100 nominal value loan stock
• 2009 75 $1 shares for $100 nominal value loan stock
Required:
Calculate the fully DEPS for the year ended 31st December 2004.
Options and Warrants to subscribe for shares
An option or warrant gives the holder the right to buy shares at some time in the
future at a predetermined price.
Cash does enter the entity at the time the option is exercised, and the DEPS
calculation must allow for this.
The total number of shares issued on the exercise of the option or warrant is split into
two:
1. The number of shares that would have been issued if the cash received had been
used to buy shares at fair value (using average price of the shares during the
period).
2. The remainder, which are treated like a bonus issue (ie as having been issued for
no consideration).
The number of shares issued for no consideration is added to the number of shares
when calculating DEPS.
Example 9 (options)
On 1st January 2007, a company has 4 million ordinary shares in issue and issues
options over another million shares. The net profit for the year is $500,000.
During the year to 31st December 2007 the average fair value of one ordinary share
was $3 and the exercise price for the shares under option was $2.
Required
Calculate basic EPS and DEPS for the year ended 31st December 2007.
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Example 10
A company had 8.28 million shares in issue at the start of the year and made no new
issue of shares during the year ended 31st December 2004, but on that date there were
outstanding options to purchase 920,000 ordinary $1 shares at $1.7 per share. The
average fair value of ordinary shares was $1.80. Earnings for the year ended 31st
December 2004 were $2,208,000.
Required
Calculate the fully DEPS for the year ended 31st December, 2004
Importance of EPS
1. Price earnings ratio
The figure EPS is used to compute the major stock market indicator of performance,
the price earnings ratio. The calculation being:
P/E ratio = Market Value of Share
EPS
2. Trend in EPS
Although EPS is based on profit on ordinary activities after taxation, the trend in EPS
maybe a more accurate performance indicator than the trend in profit:
• EPS measures performance from the perspective of investors and potential
investors
• EPS shows the amount of earnings available to each ordinary shareholder, so
that it indicates the potential return on individual investments.
Importance of DEPS
1) It shows what the current years EPS would be if all the dilutive potential
ordinary shares in issue had been converted.
2) It can be used to assess trends in past performance
3) In theory, it serves as a warning to equity shareholders that the return on their
investment may fall in future periods
Limitations of EPS
1) It does not take account of inflation. Apparent growth in earnings may not be
real.
2) It is based on historic information and therefore it does not necessarily have
predictive value.
3) An entity’s earnings are affected by the choice of its accounting policies.
Therefore it may not always be appropriate to compare the EPS of different
companies.
4) DEPS is only an additional measure of past performance despite looking at
future potential shares.
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Disclosure Requirements for IAS 33
If EPS is presented, the following disclosures are required:
1. the amounts used as the numerators in calculating basic and diluted EPS, and a
reconciliation of those amounts to profit or loss attributable to the parent entity
for the period
2. the weighted average number of ordinary shares used as the denominator in
calculating basic and diluted EPS, and a reconciliation of these denominators
to each other
3. instruments (including contingently issuable shares) that could potentially
dilute basic EPS in the future, but were not included in the calculation of
diluted EPS because they are antidilutive for the period(s) presented
4. a description of those ordinary share transactions or potential ordinary share
transactions that occur after the balance sheet date and that would have
changed significantly the number of ordinary shares or potential ordinary
shares outstanding at the end of the period if those transactions had occurred
before the end of the reporting period. Examples include issues and
redemptions of ordinary shares issued for cash, warrants and options,
conversions, and exercises.
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I1.2: FINANCIAL REPORTING
IAS 36: IMPAIREMENT OF ASSETS
Objective
To ensure that assets are carried at no more than their recoverable amount, and to define how
recoverable amount is determined.
Scope
IAS 36 applies to (among other assets):
1) land
2) buildings
3) machinery and equipment
4) investment property carried at cost
5) intangible assets
6) goodwill
7) investments in subsidiaries, associates, and joint ventures carried at cost
8) assets carried at revalued amounts under IAS 16 and IAS 38
Key Definitions
Impairment loss: the amount by which the carrying amount of an asset or cash-generating
unit exceeds its recoverable amount
Carrying amount: the amount at which an asset is recognised in the balance sheet after
deducting accumulated depreciation and accumulated impairment losses
Recoverable amount: the higher of an asset's
1) Fair value less costs of disposal* (sometimes called net selling price) and
2) Value in use
Fair value: the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date
Value in use: the present value of the future cash flows expected to be derived from an asset
or cash-generating unit
It’s a requirement of IAS 36 that when getting the projected cash flows, it should not exceed
5 years because the accuracy of more than 5 years would not be certain but if a longer period
is justifiable, we can discount the cash flows.
To discount the cash flows we use the following formula:
1) Present Value =
2) Annuity =
Indicators of Impairment Loss
At the end of each reporting period, an entity is required to assess whether there is any
indication that an asset may be impaired. Indicators can either be external or internal.
External indicators of Impairment
1.
Market value declines
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2.
Negative changes in technology, markets, economy, or laws
3.
Increases in market interest rates
4.
Net assets of the company higher than market capitalization.
Internal Indicators of Impairment
1.
Obsolescence or physical damage
2.
Asset is idle, part of a restructuring or held for disposal
3.
Worse economic performance than expected
4.
For investments in subsidiaries, joint ventures or associates, the carrying
amount is higher than the carrying amount of the investee's assets, or a dividend
exceeds the total comprehensive income of the investee
Recognition of Impairment Loss
• An impairment loss is recognised whenever recoverable amount is below carrying
amount.
•
•
The impairment loss is recognised as an expense (unless it relates to a revalued asset
where the impairment loss is treated as a revaluation decrease)
Adjust depreciation for future periods.
Cash Generating Unit
• Recoverable amount should be determined for the individual asset, if possible.
• If it is not possible to determine the recoverable amount (fair value less costs of
disposal and value in use) for the individual asset, then determine recoverable amount
for the asset's cash-generating unit (CGU).
• CGU is the smallest identifiable group of assets that generates cash inflows that are
largely independent of the cash inflows from other assets or groups of assets.
Steps in Allocating Impairment for CGU
1. Charge the impairment to the specific asset in which there’s indication of impairment
2. Charge impairment to the goodwill
3. The remaining amount of impairment should be charged to the rest of the asset on a
pro-rata/weighted basis.
NB. An asset should not be reduced below its Recoverable Amount
Reversal of Impairment
If impairment has occurred to an asset which had been revalued upwards before, we should
off-set amount of Revaluation Reserve (Revaluation Surplus) a/c before we charge the
remaining amount to the income statement i.e
Dr. Revaluation Reserve xx
Dr. Income Statement (Bal fig) xx
Cr. Asset xx
NB. IAS 36 prohibits reversal of impairment on goodwill
Disclosure of IAS 36
• Events and circumstances resulting in the impairment loss
• Amount of the loss or reversal
• Individual asset: nature and segment to which it relates
• Cash generating unit: description, amount of impairment loss (reversal) by class of assets
and segment
• If recoverable amount has been determined on the basis of value in use, or on the basis of
fair value less costs of disposal using a present value technique*, disclose the discount
rate
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Example 1
XYZ Co has a single manufacturing plant which has a carrying value of $749,000. A new
Government elected in the country passes legislation significantly restricting exports of the
product produced by the plant and as a result of the foreseeable future; the production would
be cut by 40%.
The following are the cash flow forecasts projected for the next 5 years by the management.
Year
Cash flow
1
230,000
2
211,000
3
4
5
157,000 104,000 233,000
Year 5 cash flows include disposal proceeds.
If the plant was sold now, it would realize $650,000 and the cost of sale would be $69,000.
The entity estimates that pre-tax discount rate specific to the plant to 15% after taking into a/c
the effect of general price inflation.
Required
Calculate the recoverable amount and impairment loss if any and show the accounting
treatment.
Example 2
A company runs a unit that suffers a massive drop in income due to the failure of its
technology on 1st January 20X8. The following carrying values were recorded in the books
immediately prior to the impairment:
$M
Goodwill
20
Technology
5
Brands
10
Land
50
Buildings
30
Other net assets
40
The Recoverable value of the unit is estimated at $85 million. The technology is worthless,
following its complete failure. The other net assets include inventory, receivables and
payables. It is considered that the book value of other net assets is a reasonable representation
of its net realizable value.
Required
Show the impact of the impairment on 1st January.
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IAS 37: PROVISIONS, CONTINGENT LIABILITIES AND
CONTINGENT ASSETS
Objective
1. To ensure that appropriate recognition criteria and measurement basis are applied to the
provisions, contingent liabilities and contingent assets.
2. To ensure that sufficient information regarding the above (3) have been disclosed in the
financial statements in a manner that it will enable the users of financial statements to
understand the nature, timing and amount.
NOTE: Before the introduction of IAS 37, recognition of the above 3 were on the basis of
prudence ie there were little guidance on the treatment of the 3 above and this gave rise to
inconsistencies and manipulation of the financial statements ie creative accounting.
Reasons for IAS 37
The main reason for the introduction of IAS 37 was to reduce manipulation of the financial
statements and give guidance on the 3 items above. This is because;
1. Provisions could be recognized on the basis of management intentions rather than any
obligation to the enterprise eg restructuring, future losses etc
2. Several items could be combined in one large provision known as ‘big bath’ provision
which could be available to shield expenses in future years when perhaps the underlying
profits are low
3. A provision could be created for one purpose and bills for another purpose
4. A provision could be created when the profits are high and then released when the profits
are low to smoothen the profits
Definitions
1) Provision
It’s a liability of uncertain timing or amount
NB: Provision for depreciation, provision for doubtful debts, provision for impairment do not
qualify to be provisions for this standard but they are regarded as adjustments to the carrying
amounts of the assets in other standards like IAS 16, 38, 36 etc
Liability: It is a present obligation resulting from a past event in which it is probable that future
economic benefits are going to flow from the entity and this can be measured reliably.
Obligating event: it’s an event that creates legal or constructive obligation
Legal obligation: an obligation resulting from a contract, legislation or operation of law
Constructive obligation: arising from an entity’s actions where, by the past practice, the firm
has indicated to the other parties that it will accept certain responsibility and the other party
have a valid expectation that the firm will meet its responsibilities or it will discharge its
responsibilities.
2) Contingent Liabilities
Are possible obligations that arise from past events whose existence are confirmed only by
occurrence or non occurrence of one or more uncertain future events in which the business
entity have no control over it.
3) Contingent Assets
It’s a possible asset that arises from past events whose existence would be confirmed by
occurrence or non occurrence of one or more uncertain future events.
Contingent assets and liabilities can be accounted for using the following criteria
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Degree of Probability
Contingent Liability
Virtually Certain
Provide for
Probable (above 50%)
Provide for
Possible (>1%<50%)
Disclose as a note
Remote (0%)
Do nothing
Recognition of provisions
Provisions should only be recognized when:
Contingent Asset
Recognize
Disclose as a note
Do nothing
Do nothing
1. the entity has a present obligation legal or constructive as a result of a past event
2. it is probable that an outflow of economic resources embodying economic benefits would
be required to settle the obligation
3. Reliable estimates can be made on the amount of the obligation
Future losses do not qualify to be a provision due to the following:
1. We have a realistic alternative to avoid the losses eg we can close down the business,
have the business acquired by a bigger company, can merge with another business etc
2. Future losses are not from past events ie they are future
3. Not possible to estimate future losses
Measurement of Provisions
Are based on best estimates of management or the past experience of a similar transaction
Best estimates should reflect the following:
1. The risks and uncertainties on the obligation at the time of the settlement
2. In the case where we have a time lag we should consider the changes in technology,
legislation etc which will affect the settlement of the obligation
3. It is the time value of money: in periods that exceed one year, we should discount the
obligation to reflect the present value of money required to settle the obligation
NB: It’s a requirement of the standard that when present value (PV) has been used to
account for items in the financial statements, accrued financial costs should be computed
which is charged in the income statements and we increase the carrying amount of the
liability ie
Dr. Income Statement XX
Cr. Liability
XX
Example 1
An entity sells goods with a warranty covering customers for the cost of repairs of any defects
that are discovered within the first two months after purchase. Past experience suggests that
88% of the goods sold will have no defects, 7% will have minor defects and 5% will have
major defects. If minor defects were detected in all products sold, the cost of repairs would be
$24,000; if major defects were detected in all products sold, the cost would be $200,000.
Required
What amount of Provision should be made?
Example 2
During the year to 31st March 20X9, a customer started legal proceedings against a company,
claiming that one of the food products that it manufactures had caused several members of his
family to become seriously ill. The company’s lawyers have advised that this action will
probably not succeed.
Required
Should the company disclose this in its financial statements?
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IAS 38: INTANGIBLE ASSETS
Objective
IAS 38 describes the accounting treatment for the intangible assets. It explains at what value
they should be recognized and how they should be measured and presented in the financial
statements. It excludes some of the intangible assets to be included in the financial
statements while others give criteria for the recognition.
Definition
Intangible assets are identifiable non-monetary items with no physical substance.
Monetary items: these are money held and assets to be received or paid to acquire an asset
or to settle an obligation at fixed or determinable units of a currency.
Examples of Intangible Assets
Intangible assets can be classified into three:
1) Goodwill
2) Research and Development
3) Others eg trademark, franchise, license copyright/patent etc
Attributes of Intangible Assets
There are three attributes of intangible assets;
1) Identifiability
1. This means the asset can be separated or divided from other assets and either be
sold, be rented, licenced, transferred or exchanged in a contract of assets and liability
2. They result from contractual or legal right and the cost of value can be measured
reliably
2) Control
1. The business entity have the right of ownership to enjoy the benefits derived from the
intangible assets ie have control over the assets
2. The business entity can be able to restrict others from using the intangible assets
3) Future economic benefit
It is probable that future economic benefits are going to flow into the entity inform of cash and
cash equivalents or reduction in operating costs.
Recognition
Intangible assets are recognized in the financial statements if they meet the definition of an
asset (refer above)
Measurement at Recognition
Can be classified into six
1)
2)
3)
4)
5)
6)
Acquired separately
Acquired through business combination
Exchanged or transferred
Given as a government Grant
Internally Generated Goodwill
Internally Generated Intangible Assets
1. Acquired separately
Recognized at:
•
•
Cost
Directly attributable cost (refer to IAS 16)
2. Acquired through business combination
IFRS 3 business combination requires us to recognize the intangible assets at fair value.
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3. Exchanged or transferred
The intangible assets should be recognized at fair value
4. Given as a government Grant
Accounted for under IAS 20 ‘Government Grant’ and this should be recognized under the
following methods
•
•
At fair value
At Nominal value + The Directly attributable costs
5. Internally Generated Goodwill
IAS 38 prohibits recognition of Internally generated goodwill and state that this should be
expensed in the income statement in the year the cost has been incurred.
Examples of Internally generated goodwill is as follows
• Brand name
• Publishing Titles
• Customer lists eg loyal customers
• Start up costs
• Advertisement and promotions
• Training costs
• Relocation or reorganization costs
IAS 38 prohibits recognition of internally generated goodwill from the books due to its
subjective nature in determining the value.
The Purchased Goodwill
This is accounted for under IAS 38 and IFRS 3
Purchased goodwill is gotten from comparing purchase consideration and the net assets
acquired ie
Purchase Consideration
XX
Net Assets Acquired
(XX)
Goodwill
XX/ (XX)
Positive Goodwill
The positive goodwill should be shown in our books at its cost and each year we review for
impairment. If impairment has occurred we charge the income statement and reduce the
carrying amount of the goodwill ie
Dr Income statement XX
Cr Goodwill a/c
XX
Negative Goodwill
This is when we pay less than the net assets acquired ie from loss making business.
A negative goodwill should never be shown in our books but should be recognized as income
in the year we have acquired the business ie
Dr Cost of control a/c XX
Cr Income statement
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st
NB: We stopped amortizing the goodwill on 1 March 2004 and from that date we review for
impairement each balance sheet date
6. Internally Generated Intangible Assets
This is classified into two:
• Research
Research costs should never be capitalized but should be expensed in the year the cost has
been incurred.
• Development
Development costs should be expensed in the year the cost has been incurred unless they
meet criteria for capitalization. The criteria for capitalization are as follows:
1)
2)
3)
4)
5)
Probable that future economic benefits is going to flow into the entity
The management have the Intention to complete and use or sell the asset
There is enough Resources available to complete and use or sell the asset
The business entity have the Ability to complete and use or sell the asset
Technical feasibility: there is technical knowhow on how to complete the asset for
the intended use.
6) Expenditure: the cost to be incurred can be measured or estimated reliably
An asset must meet the above criteria for it to be capitalized and capitalization stops when the
asset is brought to use. At this date amortization starts which is systematic allocation of
depreciable amount over the useful life of the asset.
Measurement After Recognition
There are two methods
1) The cost model
2) Revaluation model (refer to IAS 16)
Amortization and Impairment
Intangible assets can be classified according to their useful life which can either be Finite or
Infinite.
1) Finite
These intangible assets should be amortized over their useful life. The amortization expense
is charged in the income statement and it is reduced to the carrying amount of the asset.
The amortization starts when the asset is available for use and most of the time we use
straight line method unless an appropriate method is justifiable.
2) Infinite
Are the assets which have indefinite useful life and should never be amortized but instead be
shown in our books at their cost.
At each balance sheet date we should review for the infinite status and if it has changed to
finite, they should be treated as finite intangible assets (start amortization).
Disclosure
For each class of intangible asset, disclose:
•
•
•
•
useful life or amortisation rate
amortisation method
gross carrying amount
accumulated amortisation and impairment losses
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•
•
•
•
•
•
line items in the income statement in which amortisation is included
basis for determining that an intangible has an indefinite life
description and carrying amount of individually material intangible assets
certain special disclosures about intangible assets acquired by way of
government grants
information about intangible assets whose title is restricted
contractual commitments to acquire intangible assets
Example 1
An entity has incurred the following expenditure during the current year
a) $100,000 spent on the initial design work of a new product. It is anticipated that this
design will be taken forward over the next two year period to be developed and tested
with a view to production in three year’s time.
b) $500,000 spent on the testing of a new production system which has been designed
internally and which will be in operation during the following accounting year. This
new system should reduce the costs of production by 20%
Required
How should each of these costs be treated in the financial statements of the entity?
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IAS 40: INVESTMENT PROPERTY
Objective
To prescribe the accounting treatment for assets held as investment property and distinguish
these assets from PPE.
Definition
Investment property: is property (land or a building or part of a building or both)
held (by the owner or by the lessee under a finance lease) to earn rentals or for capital
appreciation or both.
Examples of investment property:
1. land held for long-term capital appreciation
land held for undetermined future use
3. building leased out under an operating lease
4. vacant building held to be leased out under an operating lease
5. property that is being constructed or developed for future use as investment
property
2.
The following are not investment property and, therefore, are outside the scope of
IAS 40:
1. property held for use in the production or supply of goods or services or for
administrative purposes
2. property held for sale in the ordinary course of business or in the process of
construction of development for such sale (IAS 2 Inventories)
3. property being constructed or developed on behalf of third parties (IAS 11
Construction Contracts)
4. owner-occupied property (IAS 16 Property, Plant and Equipment), including
property held for future use as owner-occupied property, property held for
future development and subsequent use as owner-occupied property, property
occupied by employees and owner-occupied property awaiting disposal
5. property leased to another entity under a finance lease
Recognition
Initial Recognition/measurement
Investment property should be initially recognized at cost following the principles of IAS 16
PPE.
Recognition Criteria
Investment property should be recognised as an asset when:
1. It is probable that the future economic benefits that are associated with the
property will flow to the entity.
2. The cost of the property can be reliably measured.
Subsequent Measurement
IAS 40 permits entities to choose between:
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1.
Cost model.
2.
Fair value model
1) Cost Model
Under this method, investment property are recognized at cost and depreciation are charged
using the appropriate method on the cost of the asset (IAS 16 PPE)
2) Fair Value Model
Fair value is the amount for which the property could be exchanged between
knowledgeable, willing parties in an arm's length transaction.
Under this method, we value our investment property at the end of each balance sheet date.
The revaluation results to either gains or losses which should be accounted for in the financial
Statements.
Gains on Revaluation
Gains should be accounted for as income in the income statement and increase the Carrying
Amount of investment property by the same amount. That is;
Dr. Investment Property XX
Cr. Income Statement XX
Losses on Revaluation
This should be provided for in the income statement as an expense and we reduce the carrying
amount of the investment property by the same amount. That is;
Dr. Income Statement XX
Cr. Investment Property XX
Transfers to or from Investment Property Classification
Transfers to, or from, Investment Property should only be made when there is a
change in use, evidenced by one or more of the following:
1) Commencement of owner-occupation (transfer from Investment Property to
Owner-Occupied Property. IAS 16).
2)
Commencement of Development with a view to sale (transfer from Investment
Property to Inventories)
3)
End of Owner-Occupation (transfer from Owner-Occupied Property to
Investment Property)
4)
Commencement of an Operating Lease to another party (transfer from
Inventories to Investment Property)
5)
End of Construction or Development (transfer from property in the course of
construction/development to Investment Property)
De-Recognition
An investment property should be derecognized
1) Disposal through sale
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When the Investment Property is permanently withdrawn from use and no
future economic benefits are expected from its disposal.
The gain or loss on disposal should be calculated as the difference between the net
disposal proceeds and the carrying amount of the asset and should be recognised as
income or expense in the income statement.
2)
Disclosure Requirement
1) The movement in the period eg from PPE to IP or to Inventories
2) Criteria for distinguishing PPE and IP
3) Whether fair value or cost model has been used
4) The methods and significant assumptions applied in determining the fair value
of investment property
5) The extent to which the fair value of investment property is based on a
valuation by a qualified independent valuer; if there has been no such
valuation, that fact must be disclosed
Example 1
Celine a manufacturing company purchases a property for $1 million on 1st January 20X1 for
its investment potential. The land element of the cost is believed to be $400,000, and the
building element is expected to have a useful life of 50 years. At 31st December 20X1, local
property indices suggest that the fair value of the property has risen to $1.1 million.
Required
Show how the property would be presented in the financial statements as at 31st December
20X1 if Celine adopts:
a) The Cost Model
b) The Fair Value Model
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IAS 41: AGRICULTURE
OBJECTIVE OF IAS 41
The objective of IAS 41 is to establish standards of accounting for agricultural
activity – the management of the biological transformation of biological assets (living
plants and animals) into agricultural produce (harvested product of the entity's
biological assets).
DEFINITIONS
1. Biological assets: living animals and plants.
2. Agricultural produce: the harvested product from biological assets.
3. Costs to sell: incremental costs directly attributable to the disposal of an asset,
excluding finance costs and income taxes.
INITIAL RECOGNITION
An entity should recognise a biological asset or agriculture produce only when
1. The entity controls the asset as a result of past events,
2. It is probable that future economic benefits will flow to the entity, and
3. The fair value or cost of the asset can be measured reliably
MEASUREMENT
Biological assets should be measured on initial recognition and at subsequent reporting dates
at fair value less estimated costs to sell, unless fair value cannot be reliably measured.
Agricultural produce should be measured at fair value less estimated costs to sell at the point
of harvest. Because harvested produce is a marketable commodity, there is no 'measurement
reliability' exception for produce.
The gain on initial recognition of biological assets at fair value less costs to sell, and changes
in fair value less costs to sell of biological assets during a period, are reported in net profit or
loss.
A gain on initial recognition of agricultural produce at fair value less costs to sell should be
included in net profit or loss for the period in which it arises.
All costs related to biological assets that are measured at fair value are recognised as expenses
when incurred, other than costs to purchase biological assets.
IAS 41 presumes that fair value can be reliably measured for most biological assets.
However, that presumption can be rebutted for a biological asset that, at the time it is initially
recognised in financial statements, does not have a quoted market price in an active market
and for which other methods of reasonably estimating fair value are determined to be clearly
inappropriate or unworkable. In such a case, the asset is measured at cost less accumulated
depreciation and impairment losses. But the entity must still measure all of its other biological
assets at fair value less costs to sell. If circumstances change and fair value becomes reliably
measurable, a switch to fair value less costs to sell is required.
The following guidance is provided on the measurement of fair value:
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•
•
•
•
A quoted market price in an active market for a biological asset or agricultural
produce is the most reliable basis for determining the fair value of that asset. If an
active market does not exist, IAS 41 provides guidance for choosing another
measurement basis. First choice would be a market-determined price such as the most
recent market price for that type of asset, or market prices for similar or related assets
If reliable market-based prices are not available, the present value of expected net
cash flows from the asset should be used, discounted at a current market-determined
rate
In limited circumstances, cost is an indicator of fair value, where little biological
transformation has taken place or the impact of biological transformation on price is
not expected to be material
The fair value of a biological asset is based on current quoted market prices and is not
adjusted to reflect the actual price in a binding sale contract that provides for delivery
at a future date
OTHER ISSUES
•
•
•
•
The change in fair value of biological assets is part physical change (growth, etc.) and
part unit price change. Separate disclosure of the two components is encouraged, not
required.
Fair value measurement stops at harvest. IAS 2Inventories applies after harvest.
Agricultural land is accounted for under IAS 16Property, Plant and Equipment.
However, biological assets that are physically attached to land are measured as
biological assets separate from the land. [IAS 41.25]
Intangible assets relating to agricultural activity (for example, milk quotas) are
accounted for under IAS 38Intangible Assets.
GOVERNMENT GRANTS
Unconditional government grants received in respect of biological assets measured at fair
value less costs to sell are reported as income when the grant becomes receivable.
If such a grant is conditional (including where the grant requires an entity not to engage in
certain agricultural activity), the entity recognises it as income only when the conditions have
been met.
DISCLOSURE
Disclosure requirements in IAS 41 include:
• carrying amount of biological assets
•
•
•
•
•
•
•
description of an entity's biological assets, by broad group
change in fair value less costs to sell during the period
fair value less costs to sell of agricultural produce harvested during the period
description of the nature of an entity's activities with each group of biological assets
and non-financial measures or estimates of physical quantities of output during the
period and assets on hand at the end of the period
information about biological assets whose title is restricted or that are pledged as
security commitments for development or acquisition of biological assets
financial risk management strategies
methods and assumptions for determining fair value
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IFRS 5: NON CURRENT ASSETS HELD FOR SALE AND DISCONTINUED
OPEERATIONS
OBJECTIVE
The objective of IFRS 5 is to enable accountants to disclose information about discontinued
operations and NCA held for sale
NON CURRENT ASSETS HELD FOR SALE
Definition: Are those assets which their carrying amount would be recovered thru sale
transaction rather than continuing in use.
The following conditions must be evident for the asset to be classified as held for sale
1. The asset should be available for immediate sale
2. High level management should be committed to the plan and this is thru
communicating to the stakeholders eg they announce to employees about
retrenchment or redeployment; announce to suppliers of the discontinued acquisition
of raw materials
3. There must be an active programme to locate a buyer in which prices are negotiated
on an arm’s length
4. The selling price must be almost or above the CA or FV of the asset
5. The plan should be completed within one year
6. It’s highly unlikely that the management are going to change the plan
NOTE:
1. Once the NCA are held for sale, they should be removed from IAS 16 and be
accounted for under IAS 2 (inventories). That is, they should now be recognized at
the lower of cost and NRV
2. When the NCA are classified as held for sale, we should stop depreciating those
assets
3. All NCA should be disclosed separately in the face of the SOFP as follows:
Extract of SOFP
NCA
A xx
B xx
CA
C
D
xx
xx
NCA Held for Sale:
E xx
F xx
Total Assets
xx
xx
xx
xx
xx
Equity
Revaluation Reserve xx
NCA Held for Sale
xx
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DISCONTINUED OPERATION
Definition: it’s a component of business enterprise in the pursuant of a single co-ordinated
plan disposed off by whatever method entirely or thru a peace mill basis or terminated
through a bad omen.
Examples include:
1. Sale of a business line or a geographical area like a branch
2. Those subsidiaries that are acquired with the intention of selling them in the near
future
NOTE:
1. The plan to dispose of the operation should be formal, detailed and announced to the
stakeholders
2. The comparative figures for discontinued operations should be prepared by reinstating the figures regarding discontinued operations
ACCOUNTING FOR DISCONTINUED OPERATIONS
There are 2 methods that are used to account for discontinued operations in the income
statement
Method 1
Details
sales
Cost of Sales
Gross Profit
Income Tax
Profit After Tax
Continuing
Operation
$000
xx
(xx)
xx
(xx)
xx
Discontinued
Operation
$000
xx
(xx)
xx
(xx)
xx
Total
$000
xx
(xx)
xx
(xx)
xx
Method 2
Under this method, the discontinued operations are computed separately in the notes to the FS
and the results are combined to the continued operations after the tax.
DISCLOSURE REQUIREMENTS UNDER IFRS 5
• Description regarding the discontinuing operations eg declare whether it’s a
geographical area of business segment etc
• The date and nature of initial disclosure event
• The earliest date of completion
• The results of the discontinued operation either profits or loss after tax
• The cashflow statements regarding discontinued operation
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IFRS 15: REVENUE FROM CONTRACTS WITH
CUSTOMERS
Objective of IFRS 15
The objective of IFRS 15 is to prescribe the accounting treatment for revenue arising
from contracts with customers.
Classification of Revenue
1. Sale of goods
2. Rendering of services
3. Others e.g Interests, Dividends and Royalties
Definitions
1. Revenue
The gross inflow of economic benefits (cash, receivables, other assets) arising from
the ordinary operating activities of an entity (such as sales of goods, sales of services,
interest, royalties, and dividends).
2. Fair Value
Is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date
3. Contract
It’s an agreement between two people, where one party undertakes to deliver an item
and the other to pay for the delivery of the items.
4. Construction Contracts
A construction contract is a contract specifically negotiated for the construction of an
asset or a group of interrelated assets. The relationship of the assets is in terms of
design, technology or functions of their ultimate purpose.
5. Contract Revenue
It’s the amount specified in the contract subject to variations in contract work,
incentive payments and any claims that give rise to revenue. That is, contract revenue
comprises:
1)
The initial amount of revenue agreed in the contract
2)
Variations in contract work and claims to the extent
that:
•
It’s probable that they will result in revenue
•
They are capable of being measured reliably
3)
Incentive payments which are additional payments
made to the contractor if performance standards are met or exceeded when the
contract is sufficiently advanced that:
•
It is probable that specified performance standards
will be met/exceeded and
•
The amount of the incentives can be measured
reliably
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NB: The contract revenue is reduced by the amount of any penalties arising from
delays caused by the contractor in the completion of the contract
6. Claim
Is the amount that the contractor seeks to reclaim (refund) from the customer as
reimbursement for the costs not included in the contract price. Claims may arise due
to errors in design or customer caused delays.
7. Contract Costs
Contract costs comprises of:
1)
Costs that relate directly to the specific contract
2)
Costs that are attributable to contract activity in
general and can be allocated to the contract. Eg, insurance, cost of design and
technical assistance not directly related
3)
Such other costs as are specifically chargeable to the
customer under terms of the contract. Eg, development costs (Capitalized) and
administration costs etc
NB: Costs that relate directly to a specific contract include the following:
•
Site labour costs including site supervision
•
Costs of materials used in construction
•
Depreciation of plant and equipment used on the
contract
•
Costs of moving plant and equipment and other
materials to and from the site
•
Cost of hiring plant and equipment
•
Cost of design and technical assistance that are
directly related to the contract
•
Claims from 3rd parties
Recognition of Contract Revenue and Costs
Recognition depends upon whether the outcome of the contract can be measured
reliably.
1.
Where the outcome can be estimated reliably
•
If the expected outcome is a profit: Revenues and
costs should be recognized according to the stage of completion of the contract
•
If the expected outcome is a loss: The whole loss
should be recognized immediately (loss to completion)
2.
Where the outcome cannot be estimated reliably
•
Revenue should be recognized only to the extent of
the contract costs incurred that’s probable to be recovered
•
Contract costs should be recognized as an expense
in the period in which they are incurred
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NB: An expected loss on such a construction contract (if it arises) should be
recognized as an expense immediately
Example 1
The following information relates to a construction contract:
Estimated contract revenue
$800,000
Cost to date
$320,000
Estimated costs to complete
$280,000
Estimated stage of completion
60%
Required
What amount of revenue, costs and profit should be recognized in the income
statement?
Example 2
Take the same contract (example 1 above) but now assume that the business is not
able to reliably estimate the outcome of the contract although it’s believed that all
costs incurred will be recoverable from the customer.
Required
What amount should be recognized for revenue, costs and profits in the income
statement?
Reliable Estimate of Contract Revenue
A reliable estimate of the outcome of a construction contract can only be met when
certain conditions have been met. These conditions will be different for a Fixed Price
and Cost Plus Contracts.
Conditions for a Fixed Price Contract
1.
Probable that economic benefits of the contract will
flow to the entity
2.
Total contract revenue can be reliably measured
3.
Stage of completion at the period end and costs to
complete the contract can be reliably measured
4.
Costs attributable to the contract can be identified
clearly and reliably measured
Conditions for a Cost Plus Contract
1.
Probable that economic benefits of the contract will
flow to the entity
2.
Costs attributable to the contract (whether or not
reimbursed) can be identified clearly and be reliably measured
Determination of stage of completion of the contract
IFRS15 indicates several ways in which the percentage of completion of a contract
maybe arrived at.
1.
Proportion of Contract Cost
% of
completion
C. OMANYO
=
Cost incurred to date
Total contract costs
x 100
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2.
% of
completion
3.
Survey of work carried out
=
Work Certified
Contract Price (Revenue)
x 100
Physical proportion of the contract work
completed
Presentation of Financial Statements
Extract Income Statement
Revenue
xx
x%
Cost: - To date
(xx)
x%
-To complete (xx)
x%
Profit or Loss
xx
x%
Extract Statement of Financial Position
The following figures may appear in the statement of financial position:
1)
Gross amount due from customers (asset)
2)
Gross amount due to customers (liability)
The calculation which may result in an asset or liability is as follows:
Cost Incurred (to date)
xx
Add: Recognized profit
xx
Less: Recognized losses
(xx)
Less: Progress billings
(xx)
Gross amount due to/from
(xx)/ xx
Disclosure Requirements of IFRS 15
1)
The amount of contract revenue, recognized as
revenue in the period
2)
The methods used to determine contract revenue in
the period (fixed or cost plus)
3)
The methods used to determine stage of completion
4)
The aggregate amount of costs incurred and
recognized profits (less recognized losses) to date
5)
The amount of advances received
6)
The amount of retentions
Example
The main business of S Ltd is construction contracts. At the end of September 2003,
there is an uncompleted contract on the books, details of which are as follows:
Contract B
Date commenced
Expected completion
Final contract price
Cost to 30/09/2003
Value of work certified to 30/09/2003
Progress billings 30/09/2003
Cash received to 30/09/2003
C. OMANYO
01/04/2001
23/12/2003
$290,000
$210,400
$230,000
$210,000
$194,000
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Estimated costs to completion 30/09/2003
$20,600
Required: Prepare calculations showing amount to be included in the Income
Statement and Statement of Financial Position as at 30/09/2003
IFRS 16: LEASES
Objective of IFRS 16 Leases
To prescribe for lessees and lessors the appropriate accounting policies and
disclosures to apply in relation to finance and operating leases.
Introduction
IFRS 16 was introduced to discourage business entities from off balance sheet
financing ie IFRS 16 was introduced to emphasize substance over form.
Off balance sheet financing: is the funding or refinancing of a company’s operations
in such a way that under legal requirements and traditional accounting conventions
some or all of the finance may not be shown in the SOFP.
Substance over form: means transactions or events would be recorded in the F.S son
their financial or economic reality but not on their legal form.
Under the finance lease, the asset should charge depreciation and record the asset in
his books of account.
Types of Leases
Under IFRS 16, there are two types of Leases
1) Finance Lease
2) Operating Lease
Finance Lease
Occurs when the owner (lessor) transfers the risks and rewards incidental to
ownership to the lessee. The legal title may or may not be transferred.
The risks incidental to ownership include:
• Events that lead to loss of value of the asset eg depreciation, impairment losses
etc
• Maintenance costs incidental to the asset eg payment of insurance premiums,
repairs, renewal of license etc
• Renovations/restructuring mostly on buildings
Rewards incidental to ownership include:
• Use of the asset either individually or in combination with other assets to
generate economic benefits
Qualification of Finance Lease
For an asset to qualify to be under finance lease, one of the following must be evident:
1) The lessor will transfer the ownership of the asset at the end of the lease
period or lease term
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2) The lessee has an option to purchase the asset at the end of the lease period
and the amount of payment is expected to be sufficiently lower than fair value
of the assets at the end of the lease term
3) The lease term is for the major part of the economic useful life of the asset
even if the title isn’t transferred
4) The discounted minimum lease payment (MLP) is greater than or equal to the
FV of the asset
5) In the case of cancellation of the lease agreement, the party which cancels the
agreement bares the losses
6) The asset is of a specialized nature and only the lessee who can use the asset
without major modifications
7) Gains or losses from fluctuations of the FV are borne by the lessee
8) Lessee has ability to continue the lease for a secondary period at a rent below
the market rate
Operating Lease
If an asset does not qualify to be a financial lease, then it’s an operating lease ie if it
does not meet the above mentioned requirements.
NB: in case of land, even if it qualifies for the above conditions, it will be treated as
an operating lease unless the title is expected to be passed at the end of the lease term.
Accounting Treatment for Leases
Finance Lease
When accounting for finance lease, we use substance over form concept ie the
business entity which is using the asset should charge depreciation even if the legal
title has not passed to it.
Under finance lease in the initial recognition, we recognize the assets in our books
and the amount we are going to pay.
The principle amount is recognized as a financial obligation (NCL).
When accounting for leases, that are finance lease it’s important to first get the
financial charge which is calculated as follows:
Minimum Lease payments (MLP) xx
Less: Cost of the asset
(xx)
Finance charge
xx
The finance charge computed is either charged or recognized in the IS under 3
methods as follows
1) Actuarial Method
2) Sum of the year Digits Method
3) Straight Line Method
Finance lease is accounted for in both the books of the lessor and also in the books of
the lessee as follows:
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Books of the Lessee (Receiver of the Asset)
The lessee is going tom recognize the asset in the books of accounts and the principle
amount of the lease payment as a financial obligation.
Dr. Asset a/c xx
Cr. Financial Obligation xx
The finance charge paid is expensed in the IS computed using one of the three
methods.
In the IS of the lessee, depreciation is charged on the asset in accordance with IAS 16.
Books of the Lessor
Lessor is going to derecognize the asset from his books and recognize the principal
amount receivable under finance lease in the current assets (accounts receivables).
Dr. Accounts Receivable xx
Cr. Assets
xx
The rental income received is recognized as income after the gross profit in the IS.
NB: it is important to know when the rental income of the finance charge is paid since
it can either be paid in arrears or in advance.
Payment in Arreas
In this method, the lessee derives the benefits to the asset and pays the rent at the end
of the financial year.
Payment in Advance
In this method the lessee pays for the rent at the beginning of the beginning of the
period
Example 1
Cost $5,710
Rental payments $2,000
Interest Rate 15%
Period 4 years
Useful life of asset 4 years
Residual value Nil
Required
1) Compute the finance charge
2) Show the extract of IS and SOFP using actuarial method assuming
i.
Payment in arrears
ii. Payment in advance
Example 2
Cost $20,000
Rental payment $5200
Interest rate 15.15%
Period 5 years
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Useful life 5 years
Residual value Nil
Required
1) Compute the finance charge
2) Show the extract of the IS and SOFP using actuarial method assuming
i.
Payment in Advance
ii. Payment in Arreas
Sum of the Year Digits Method
Having computed the finance charge, its charged or recognized as follows:
2290 over 4 years
4+3+2+1 = 10
1st Year charge will be (4÷10) x 2290 = 916
2nd Year charge will be (3÷10) x 2290 = 687
Sum of years is calculated as:
= n(n+1)
= 4(4+1) = 10
2
2
i.e n = number of years
Straight Line Method
The finance charge is divided equally over the useful life of the asset.
SALE AND LEASE BACK TRANSACTIONS
The sale and lease back transactions should be accounted for under substance over
form.
Business entities can sell their assets and lease them back as either:
1) Operating Lease
2) Finance Lease
Operating Lease
Under the operating lease, the money received from the buyer is recognized as
revenue and the finance charge paid in each year is recognized as a financial cost ie
charged to the IS.
Finance Lease
The money received from the sale of the asset should not be recognized as revenue
(substance over form) but should be recognized as secured loans, security (collateral)
being the asset.
The finance charge of the lease should be recognized as finance interest on the loan
The business entity should not de-recognize the asset but should continue showing the
asset in the SOFP and continue charging depreciation over the useful life of the asset.
NB: introduction of IFRS 16 under sale and lease back was to stop the habit that the
business entities had of financing their business outside the balance sheet (off balance
sheet financing).
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I1.2: FINANCIAL REPORTING
Disclosures under IFRS 16
Finance Lease (lessees)
1) Carrying amount of the asset
2) Reconciliation between total MLP and their present values
3) Contigent rent recognized as an expense
4) General description of the significant leasing agreement including contigent
rent provisions, renewal or purchase options and restrictions imposed on
dividends, borrowings etc
Operating Leases (lessees)
1) Amount of MLP
2) Total minimum sub-lease income under non cancellable sub leases
3) Lease and sub lease payments recognized in income for the period
4) Contigent rent recognized as an expense
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CHAPT 7: COMPANY ACCOUNTS
Introduction
Limited companies come into existence because of the growth in size of business and
the need to have many investors in the business. Partnerships are not suitable for such
businesses because the membership is limited to twenty persons.
There are two principle types of companies:
1. Private companies Are companies owned by two or more people but not
exceeding fifty members excluding both current and past employees of the
company? These companies have the words “limited” at the end of the name.
Being private, they cannot invite the members of the public to invest in their
ownership.
2. Public companies They are much larger in size as compared to private companies.
They have the words “public limited” company at the end of their name. They can
invite the members of the public to invest in their ownership and the companies
may be quoted/listed on the stock exchange.
SHARE CAPITAL OF A COMPANY
 The owner’s interest in a limited company consists of share capital. The
share capital is divided into shares.

The investor will then pay for and be issued with the shares and
therefore, they become owners.

Each share has a flat value called Par value/face value/nominal value.
TYPES OF SHARE CAPITAL
Preference share capital
 This is made up of preference shares and a preference share carries the
right to a final dividend, which is expressed as a percentage of their
par value. E.g. 10% preference shares.

Preference shares do not carry a right to vote and therefore no control
in the company.
Ordinary Share capital
 These are the most common shares. They carry no right to a fixed
dividend but are entitled to residual value of the business during
winding up, and all profits after the claim on all of the preference
dividend have been paid.

The more the no. of ordinary share held, the higher the control.
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CLASSES OF SHARE CAPITAL:
1. Authorized share capital:
Also called, registered or nominal capital. Is the total of the share capital
which the company is allowed to issue to shareholders. A company cannot
issue more shares than the amount that is authorized.
2. Issued share capital:
This is the total of the share capital actually issued to the shareholders.
3. Called up share capital
This is the amount the shareholders have been asked to pay where the
amount of capital required is less than the issued share capital.
(e.g.) If a firm issues ordinary shares of £1 each and request the shareholders
to pay 60p. Assuming that the issued 100,000 shares, then the called up share
capital will be:
60p × 100,000 = £60,000.
4. Uncalled share capital
This is part of the issued share capital for which the company has not
requested for payment and therefore these amounts will be received in the
future.
In the above (e.g.) because the firm had not requested for 40p, therefore the
uncalled capital is 40p × 100,000 = £40,000.
5. Paid-up share capital:
This is the total of the share capital, which has been paid for by the
shareholders.
Example
A limited has an authorized share capital of 200,000 shares of Kshs1 each out of
which only
150,000 shares have been issued, Although the firm requested the shareholders to pay
80cents per share, the shareholders were able to pay 50cents per share.
Required:
Determine the:
i) Authorized share capital
ii) Issued share capital
iii) Called up share capital
iv) Uncalled up share capital
v) Paid up share capital
Bonus shares
Are shares issued to existing shareholders free of charge. They are paid out from
either the share premium, balance of retained profits of the General Reserves.
A scrip issue is similar to bonus issue only that a scrip issue gives the shareholder the
choice of receiving cash or stock dividends. In a bonus issue the shareholder has no
choice but to take up the shares.
Example
A Ltd has 100,000 shares at £1 each to form an ordinary share capital of £100,000 and
a balance on the share premium A/C of £50,000. It issues some bonus shares to
existing shareholders at a rate of 1 share for every 5 shares held.
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Required: What will be the balance in the share capital account and Share premium
account after the bonus issue
A right issue
Is an option on the part of the shareholder given by the company to existing
shareholders at a price lower than the market price.
It involves selling ordinary shares to existing shareholders of the company on a
prorata basis. When the rights are issued the shareholders have 2 options available.
Buy the new shares and exercise their rights
Sell the rights in the market, Ignore the rights.
A rights issue therefore gives the shareholder the right (but not an obligation) to buy
the new shares issued by the company.
Example
A Ltd has a share capital of £200,000 trade up of 100,000shares of £2 each. The
balance on the share premium is £60,000. Additional capital is raised by way of a
right issue. The term is:
For every 5 shares held in the company, a shareholder can buy 2 shares at a price of
£2.5 per share. The market price of the shares is £3 per share.
Required:
The journal entries to reflect the above transaction assuming that all the shareholders
exercise their rights and the relevant balance sheet extract.
CAPITAL RESERVES
Amounts reflected in Capital reserves cannot be paid out or distributed to
shareholders. The three types of capital reserves are:
1. Share Premium:
A share premium arises when accompany issues shares at a price that is more
than the par value.
2. Revaluation Reserve:
Any gain made on revaluation of non current Assets especially for Land
andbuildings
3. Capital Redemption Reserve:
A reserve created after redemption or purchase of Preference shares without
issuing new shares.
The transfer is made from either the share premium or the profit and loss
account.
REVENUE RESERVES:
This includes
1) The Retained Profits
2) The General Reserves.
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Transfers are made from the Profits to the General reserves to provide for
expansion or purchase of noncurrent assets. The General Reserves can also be
used to issue bonus Shares.
INCOME TAX
• Companies are charged income tax on their profits.
• Accounting for income tax is initially based on estimates, since a company’s
tax bill is not finalised and paid until nine months after its year end.
• This means that a company will normally under– or overprovide for tax in any
given year
• Tax will therefore appear in the year end financial statements as:
– A charge to profits in the income statement being
 Current year estimated tax + previous year’s underprovision; or
 Current year estimated tax – previous year’s overprovision.
– A year end liability in the statement of financial position being the current year’s
estimated tax.
Example 1
Garry Baldy commenced trade on 1 January 20X4 and estimates that the income tax
payable for the year ended 31 December 20X4 is $150,000.
In September 20X5, the accountant of Garry Baldy receives and pays a tax demand
for $163,000 for the year ended 31 December 20X4. At 31 December 20X5 he
estimates that the company owes $165,000 for income tax in relation to the year
ended 31 December 20X5.
Required: How much income tax should be charged in the Income statement and
statement of Financial Position for the year ended December 20X5
Example 2
Choccychip estimated last year’s tax charge to be $230,000. As it happened, their tax
advisor settled with the tax authorities at $222,000.
This year, Choccychip estimate their tax bill to be $265,000, but they are a little
confused as to how this should be reflected in the financial statements.
Required: How much income tax should be charged in the Income statement and
statement of Financial Position for this year
SOME SPECIFIC EXPENSES FOR COMPANIES:
1. Director’s salaries:
 Salaries, fees and other expenses in relation to the directors are
expenses as far as company accounts are concerned.

This is different from that of Partnerships which are shown as
appropriation expenses.
2. Audit fees:
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I1.2: FINANCIAL REPORTING

All companies are required to prepare the accounts which should be
audited and therefore any fees paid in relation to audit and
accountancy is an expense.
3. Debenture interest:
 Loans taken up by companies are called debentures. The interest paid
on these loans are charged as an expenses and unpaid amount are
shown as current liabilities in the business.

The debenture is classified under non-current liability.
4. Corporation tax:
 Companies pay corporation tax on the profits they earn.

The corporation tax is a deduction from the net profit for the period .

If not paid it is shown as a current liability.
OTHER ITEMS:
1. Interim Dividends:
Some dividends may have been paid in between the period. These are called
interim dividends.
2. Proposed dividends:
Directors may make a decision to pay more dividends at the end of the
period. These are proposed dividends. If unpaid in the current period, they
are shown as current liabilities in the SFP
STATEMENT OF CHANGES IN EQUITY
This statement is included within the accounts to provide further information on
certain statement of financial position accounts, namely share capital and reserves.
Statement of changes in equity for XYZ Ltd
Balance at 1st January
Equity shares Issued
Revaluation surplus
Net Profit
dividends
Share
Capital
Share
Premium
Revaluation
Reserve
Accumulated
profits
Total
xx
xx
xx
xx
xx
xx
xx
xx
xx
xx
(xx)
xx
xx
xx
C. OMANYO
xx
xx
xx
(xx)
xx
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Example 1: Company Accounts
(Kaplan FR p 8)
The following trial balance has been extracted from the books of Inyange Ltd as at
31st March 2019.
Administrative expenses
Interest paid
Called Up share capital (ordinary shares of $1 each)
Dividends
Cash at Bank and in hand
Income tax (remaining balance from previous year)
Warranty provisions
Distribution costs
Land and building
At cost (Land $110,000 , Building $100,000)
Accumulated depreciation (At 1st April 2018)
Plant and machinery
At cost
Accumulated depreciation (1st April 2018)
Retained Earnings (at 1st April 2018)
10% loan notes (Issued in 2017)
Purchases
Sales
Inventory (At 1st April 2018)
Trade payables
Trade Receivables
$000
170
5
$000
200
6
9
10
90
240
210
48
125
75
270
80
470
1,300
150
60
728
2,123
2,123
Additional Information
1) Inventory at 31st March 2019 was valued at $250,000
2) Building and plants and machinery are depreciated on a straight line basis
(assuming no residual value) at the following rates:
On cost: Buildings
5%
Plant and Machinery 20%
3) There were no purchases or sales of non current assets during the year to 31st
March 2019.
4) The depreciation charges for the year to 31st March 2019 are to be apportioned as
follows:
Cost of Sales 60%
Distribution costs 20%
Administrative expenses 20%
5) Income taxes for the year to 31st March 2019 are estimated to be $135,000.
6) The 10% loan note was issued on 1st April 2017 and is repayable five years from
that date
7) The year end provision for warranty claims has been estimated at $75,000.
Warranty costs are charged to administrative expenses.
Required:
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I1.2: FINANCIAL REPORTING
Prepare statement of profit or loss for the year ended 31st March 2019 and statement
of financial position as at that date
Example 2: Company Accounts
(Kaplan FR p 13)
The following trial balance has been extracted from the books of Rusizi Ltd as at 31st
March 2017.
Administrative expenses
Distribution costs
Share capital $1
Revaluation surplus
Share premium
Dividend paid
Cash at bank and in hand
Receivables
Interest paid
Dividends received
Interest received
Land and building at cost (Land 380, building 100)
Land and building accumulated depreciation
Plant and machinery at cost
Plant and machinery accumulated depreciation
Retained earnings account (at 1st April, 2016)
Purchases
Sales
Inventory at 1st April 2016
Trade payables
Bank Loan
$000
250
295
$000
270
20
80
27
3
233
25
15
1
480
30
400
170
235
1,260
2,165
140
3,113
27
100
3,113
Additional Information
1) Inventory at 31st March 2017 was valued at a cost of $95,000. Included in this
balance were goods that had cost $15,000. These goods had become damaged
during the year and it is considered that the goods could be sold for $5,000, after
paying commission of $500.
2) Depreciation for the year to 31st March 2017 is to be charged against cost of sales
as follows:
Building 5% on cost (straight line)
Plant and Machinery 30% on carrying amount (reducing balance)
3) Land is to be revalued upwards by $100,000.
4) Income tax of $165,000 is to be provided for the year to 31st March 2017.
5) The bank loan is repayable in five years time
Required:
Prepare statement of profit or loss for the year ended 31st March 2017 and statement
of financial position as at that date
Note: show all your working
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CHAPT 8: PUBLIC SECTOR ACCOUNTS
C. OMANYO
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iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CERTIFIED PUBLIC ACCOUNTANT
INTERMEDIATE LEVEL EXAMINATION
I1.2: FINANCIAL REPORTING
TUESDAY: 10 JUNE 2014
INSTRUCTIONS:
1.
Time Allowed: 3 hours 15 minutes (15 minutes reading and 3 hours
writing).
2.
This examination has two sections; A & B.
3.
Section A has three compulsory questions.
4.
Section B has two questions, one question to be attempted.
5.
In summary attempt four questions, three in section A and one in section B.
6.
Marks allocated to each question are shown at the end of the question.
7.
Show all your workings.
I 1.2
© iCPAR
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SECTION A
Attempt all questions in this section.
QUESTION ONE
a) From Organic Budget Law (OBL), explain the four key steps in planning and budgeting in the public
sector. (8 Marks)
b) The following balances were extracted from the books of Handicap Persons Fund under the Ministry of
Home Affairs for the year ended 30 April 2014.
Frw “000”
Transactions
Allowances to disabled persons
9,312,000
Payment for medical costs for disabled persons
480,000
Management expenses
224,000
Members contribution
6,438,400
Interest on investments
19,200,000
Grants and donations from GTZ
6,400,000
Investment account
256,000,000
Employers contributions
128,000
Fund account 30 April 2013
243,200,000
Cash at bank:
Bank of Kigali account
3,200,000
Umurenge Sacco account
5,120,000
Paymaster General account at National Bank of Rwanda
1,030,400
The following information is also available :
1. A sum of Frw 130, 000,000 was due to be paid to disabled persons, but claims were not received until
May 2014.
2. Interest on investments amounting to Frw 760,000,000 was to be paid to the fund in April 2014, but
the cheque was not received until May 2014
3. The employer contributions for the year should not be less than 3% of the total members’ contribution
for the year.
I 1.2
© iCPAR
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4. One hundred members of the fund were late in paying the contribution for the year ended 30 April
2014 amounting to Frw 300,000 each
Required: (12 Marks)
(i) Income and expenditure account for the year ended 30 April 2014
(ii) A statement of financial position as at 30 April 2014
(Total: 20 Marks)
QUESTION TWO
On 1 April 2013, Barcelona acquired 60% of the equity share capital of Madrid in a share exchange of two
shares in Barcelona for three shares in Madrid. The issue of shares has not yet been recorded by Barcelona. At
the date of acquisition, shares in Barcelona had a market value of Frw 6,000 each. Below are the summarized
draft financial statements of both companies.
Income statements for the year ended 30 September 2013
Barcelona
Madrid
Frw Millions
Frw Millions
Revenue
85,000
42,000
Cost of sales
(63,000)
(32,000)
Gross profit
22,000
10,000
Distribution costs
(2,000)
(2,000)
Administrative expenses
(6,000)
(3,200)
Finance costs
(300)
(400)
Profit before tax
13,700
4,400
Income tax expense
(4,700)
(1,400)
Profit for the year
9,000
3,000
Statements of financial position as at 30 September 2013
Barcelona
Madrid
Frw Millions
Frw Millions
Property, plant and equipment
40,600
12,600
Current assets
16,000
6,600
Non-current assets
I 1.2
© iCPAR
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Barcelona
Total assets
Madrid
56,600
19,200
Equity shares of Frw 1,000 each
10,000
4,000
Retained earnings
35,400
6,500
45,400
10,500
10% loan notes
3,000
4,000
Current liabilities
8,200
4,700
Total equity and liabilities
56,600
19,200
Equity and liabilities
Non-current liabilities
The following information is relevant:
1. At the date of acquisition, the fair values of Madrid’s assets were equal to their carrying amounts
with the exception of an item of plant, which had a fair value of Frw 2,000 million in excess of its
carrying amount. It had a remaining life of five years at that date [straight-line depreciation is used].
Barcelona has not adjusted the carrying amount of its plant as a result of the fair value exercise.
2. Sales from Madrid to Barcelona in the post acquisition period were Frw 8,000 million. Madrid made
a mark up on cost of 40% on these sales. Barcelona had sold Frw 5,200 million (at cost to) of these
goods by 30 September 2013.
3. Other than where indicated, income statement items are deemed to accrue evenly over the relevant
period.
4.
Madrid’s trade receivables at 30 September 2013 include Frw 600 Million due from Barcelona
which did not agree with Barcelona’s corresponding trade payable. This was due to cash in transit of
Frw 200 Million from Barcelona to Madrid. Both companies have positive bank balances.
5.
Barcelona has a policy of accounting for any non-controlling interest at fair value. For this purpose
the fair value of the goodwill attributable to the non-controlling interest in Madrid is Frw 1,500
million. Consolidated goodwill was not impaired at 30 September 2013.
Required:
a) Consolidated income statement for year ended 30 September 2013.
(12 Marks)
b) Consolidated statement of financial position as at 30 September 2013.
(18 Marks)
(Total: 30 Marks)
I 1.2
© iCPAR
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Frw million Frw million
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QUESTION THREE
(a) According to IAS 17 Leases, define a lease and differentiate between a finance lease and an operating
(4 Marks)
lease.
(b) Bralirwa leased its fleet of delivery vehicles through a finance lease on 1 April 2011. The fair value of the
vehicles at that date was Frw 324,000,000. The lease is for 5 years and payments of Frw 77,700,349 are
made every April in advance. The interest rate implicit in the lease is 10%.
Show the extract of the Statement of profit/loss and the Statement of financial position for years ended
(6 Marks)
31 March 2013 and 2014 in respect of the lease. c) Loyer’s trial balance at 31 March 2014 is shown below:
Administrative expenses
303
Investments at fair value through other comprehensive income
564
Cash and cash equivalents
21
Government grant on plant acquired in the year
160
Cost of goods sold
908
Distribution costs
176
Interim dividend paid
50
Income tax
12
Inventory cost at 31 March 2014
76
Land at cost – 31 March 2013
782
Long term borrowings
280
Ordinary Shares Frw1 each, fully paid at 31 March 2014
500
Property, plant and equipment – at cost 31 March 2014
630
Provision for deferred tax at 31 March 2013
19
Accumulated depreciation - property, plant and equipment at 31
March 2013
378
Retained earnings at 31 March 2013
321
Other reserves at 31 March 2013
48
Revenue
I 1.2
1,770
© iCPAR
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CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
Frw
million
million
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iCPAR
iCPAR iCPAR Frw
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Share premium at 31 March 2013
200
Trade payables
56
Trade receivables
210
3,732
3,732
Additional information provided :
1. Investments at fair value through other comprehensive income are carried in the financial statements at
market value. The market value of the investments at 31 March 2013 was Frw 608,000,000. There were
no purchases or sales investments during the year. Revaluations are recognized in other reserves
2. The income tax balance in the trial balance is a result of the under provision of tax for the year ended 31
March 2013. The taxation due for the year ended 31 March 2014 is estimated at Frw123, 000,000. The
tax depreciation cumulative allowances at 31 March 2013 for property, plant and equipment were Frw
554,000,000. Corporation tax rate is 30%.
3. The fair value of land at 31 March 2014 was Frw 829,000,000. The land is not investment property. No
deferred tax consequence for the revaluation of land. Revaluations are recognized in other reserves
4. Property, plant and equipment are depreciated at 20% per annum straight line. Depreciation of property,
plant and equipment is considered to be part of cost of sales. Loyer’s policy is to charge a full year’s
depreciation in the year of acquisition and no depreciation in the year of disposal. Government grant is
to be amortized at the same rate as plant acquired.
5. The inventory’s net realizable value as at 31 March 2014 was determined to be Frw 73,000,000.
6. Long term borrowings consist of a loan taken out on 1 April 2013 at effective interest of 5% per year. No
loan interest has been paid at 31 March 2014.
7. Loyer paid an interim dividend of Frw 50,000,000 and proposed on 5 May 2014 a dividend of Frw
60,000,000 for the year ended 31 March 2014.
Required : a) Statement of profit / loss for year ended 31 March 2014.
(12 Marks)
b) Statement of changes in equity for year ended 31 March 2014.
(8 Marks)
c) Statement of financial position as at 31 March 2014.
(10 Marks)
(Total: 30 Marks)
I 1.2
© iCPAR
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iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
SECTION B
Attempt one question in this section.
QUESTION FOUR
Juma commenced business on 1 January 2013 at a head office and at one branch. Purchases were made
exclusively by head office where all goods were processed before sale. There was neither loss nor wastage
in the processing. Only processed goods received from head office were handled by the branch and these
were charged thereto at processed cost plus 10%. All sales whether by head office or the branch were at a
uniform gross profit of 25% on the processed cost.
The following trial balances as on 31 December 2013 were extracted from the books before adjusting for any
of the matters referred to below:
Head office
Frw 000
Juma – capital
Frw 000
Branch
Frw 000
Frw 000
15,500
Drawings
2,750
Purchases
98,475
Cost of processing
2,525
Sales
64,000
Goods sent to/received by branch
46,200
Selling and general expenses
9,450
Debtors/creditors
15,480
41,000
44,000
1,060
30,070
5,680
540
Head office/branch
Current account
19,490
Balance at bank
7,600
155,770
13,075
3,875
155,770
54,615
54,615
You ascertain that:
1. Goods charged by head office to the branch in December 2013, at Frw 2.2 million were not received or
recorded by the branch until January 2014, and a remittance of Frw 4,215 million from the branch to head
office in December 2013 was not received or recorded at head office until January 2014. Any necessary
adjustments in respect of these items are to be made in the head office accounts.
I 1.2
© iCPAR
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2. Stock taking at the branch disclosed a shortage of goods of a selling value of Frw 1 million. There was
no shortage or surplus at head office.
3. The cost of the stock of unprocessed goods at head office on 31 December 2013 was Frw 5 million.
For the purpose of the separate trading account of the head office, stocks are valued at cost. In the case
of the separate account of the branch, stocks are to be valued at the price charged by head office. Any
necessary adjustments are to be made in the head office profit and loss account.
You are required to prepare in columnar form for:
i. The head office ii. The branch and
iii. The business as a whole:
a) Income statements for the year ended 31 December 2013.
(12 Marks)
b) Statements of financial position on that date. (8 Marks)
(Total: 20 Marks)
QUESTION FIVE
(a) Explain the role played by the following in Public Financial Management (PFM) in government:
(i) National Parliament.
(ii) Auditor General.
(6 Marks)
(iii) Public Accounts Committee.
(b) The Government of Rwanda recently rolled out an integrated financial management system (IFMS) in
ministries, agencies and districts.
Required:
Briefly discuss the benefits of the implementation of the IFMS in these Ministries, Agencies and
Districts.
(10 Marks)
(c) Explain the term “Commitment Control System” in government accounting and give at least two
challenges of commitment control system. (4 Marks)
(Total: 20 Marks)
End of question paper
I 1.2
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iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
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CERTIFIED PUBLIC ACCOUNTANT
INTERMEDIATE LEVEL EXAMINATIONS
I1.2: FINANCIAL REPORTING
TUESDAY: 2 DECEMBER 2014
INSTRUCTIONS:
1.
Time Allowed: 3 hours 15 minutes (15 minutes reading and 3 hours
writing).
2.
This examination has two sections; A & B.
3.
Section A has three compulsory questions.
4.
Section B has two questions, one question to be attempted.
5.
In summary attempt four questions, three in section A and one in
section B.
6.
Marks allocated to each question are shown at the end of the
question.
7.
Show all your workings.
I1.2
Page 1of 8
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CPAR iCPAR QUESTION
iCPAR iCPAR iCPARONE
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SECTION A
Attempt all questions in this section.
(a) NAT, a listed entity, had 10,000,000 ordinary Frw 1 shares in issue on 1 January 2013.
On 1 April 2013, NAT made a 1 for 2 bonus issue. On 1 October 2013 NAT issued 2,000,000 ordinary Frw
1 shares at their full market price of Frw 7.60 per share. NAT’s shares were trading at Frw 8.05 per share
on 31 December 2013. NAT’s profit after tax for the year ended 31 December 2013 was Frw 8,200,000.
The basic earnings per share for the year ended 31 December 2012 was previously reported at Frw 0. 623.
(b) NAT issued a convertible debt instrument on 1 January 2013. The liability element of the instrument had
a value of Frw 6,000,000 on 1 January 2013. The effective interest rate in respect of this liability was
5% per annum. If fully converted 1,500,000 ordinary Frw 1 shares would be issued. NAT is subject to
corporate income tax at a rate of 30%.
Required:
i) Calculate the basic earnings per share to be reported in the financial statements of NAT for the year ended
31 December 2013, including the comparative figure, in accordance with IAS 33 Earnings Per Share.
(6 Marks)
(ii) Explain why the bonus issue of shares and the share issue at full market price are treated differently in
the calculation of the basic earnings per share.
(4 Marks)
iii) Calculate the diluted earnings per share to be reported in the financial statements of NAT for the year
ended 31 December 2013, in accordance with IAS 33 Earnings Per Share.
(4 Marks)
c) LP issued 4 million Frw 1 cumulative redeemable preference shares on 1 April 2012 at their par value. The
shares carry a fixed coupon rate of 6%, which is payable annually in arrears. They are redeemable on 31
March 2016 at a premium of Frw 300,000. LP incurred a transaction cost on 1 April 2012 of 1% of the issue proceeds. The effective interest rate associated with the shares is
approximately 7.97%.
Required:
In accordance with IAS 32 Financial Instruments: Presentation and IAS 39 Financial
Instruments: Recognition and Measurement:
(i) Prepare the journal entries to record the issue of the shares and the associated transaction costs; and
(3 Marks)
(ii) Calculate the carrying value of the preference shares to be included in LP’s statement of financial
position as at 31 March 2013.
(3 Marks)
I1.2
(Total 20 Marks)
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QUESTION TWO
a) According to IAS 7 Statement of Cash Flows, state the difference between direct and indirect method of
preparing cash flow statement? (
4 Marks)
b) State any four reasons why the cash and cash equivalents of the company will differ with its profits( 4
Marks
c) The following information relates to the draft financial statements of Inya Ltd.
Summarised statement of financial position as at:
31 March 2014
Frw “000”
Non-Current Assets
Property, plant and equipment note (1)
Current Assets
Inventory
Trade receivables
Tax refund due
Bank
Total assets
Equity and liabilities
Equity
Equity shares of Frw 1 each note (2)
Share premium note(2)
Retained earnings
Non-Current liabilities
10% loan note (3)
Finance lease obligations
Deferred tax
Current liabilities
10% loan note (3)
Tax
Bank overdraft
Finance lease obligations
Trade payables
Total equity and liabilities
I1.2
31 March 2013
Frw “000”
19,000
25,500
12,500
4,500
500
Nil
36,500
4,600
2,000
Nil
1,500
33,600
10,000
3,200
4,500
8,000
4,000
6,300
Nil
4,800
1,200
5,000
2,000
800
5000
Nil
1,400
1,700
4,700
36,500
Nil
2,500
Nil
800
4,200
33,600
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CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
Summarised statement of profit or loss
Revenue
Less Cost of sales
Gross profit
Less Operating expenses
Less Finance costs (note 4)
Profit (loss) before tax
Income tax relief (expense)
Profit (loss) for the year
31 March 2014 31 March 2013
Frw “000”
Frw “000”
55,000
40,000
(43,800)
(25,000)
11,200
15,000
12,000
6,000
1,000
600
( 1,800)
8,400
700
(2,800)
(1,100)
5,600
The following information is available:
1. Property, plant and equipment is made up of:
As at
Leasehold property
Owned plant
Leased plant
31 March 2014 31 March 2013
Frw “000”
Frw “000”
Nil
8,800
12,500
14,200
6,500
2,500
19,000
25,500
During the year Inya Ltd sold its leasehold property for Frw 8·5 million and entered into an arrangement to
rent it back from the purchaser. There were no additions to or disposals of owned plant during the year. The
depreciation charges (to cost of sales) for the year ended 31 March 2014 were:
Leasehold property
Owned plant
Leased plant
Frw “000”
200
1,700
1,800
3,700
2. On 1 July 2013 there was a bonus issue of shares from share premium of one new share for every 10 held.
On 1 October 2013 there was a fully subscribed cash issue of shares at par.
3. The 10% loan note is due for repayment on 30 June 2014. Inya Ltd is in negotiations with the loan
provider to refinance the same amount for another five years.
4. The finance cost is made up of the following:
For year ended:
Finance lease charges
Overdraft interest
Loan note interest
31 March 2014
Frw “000”
300
200
500
1,000
31 March 2013
Frw “000”
100
Nil
500
600
Required:
Prepare a statement of cash flows for Inya Ltd for the year ended 31 March 2014 in accordance with IAS 7
Statement of Cash Flows, using the indirect method. (22 Marks)
I1.2
Total 30 Marks
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iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
QUESTION THREE
a) What are the accounting treatment for recognising, measuring, and disclosing all intangible assets as per
IAS 38?
(4 Marks)
b) H Ltd, a public listed company, acquired 75% of S Ltd’s ordinary shares on 1 April 2013. H Ltd paid an
immediate Frw 3·50 per share in cash and agreed to pay a further amount of Frw 108 million on 1 April
2014. H Ltd’s cost of capital is 8% per annum. H Ltd has only recorded the cash consideration of Frw 3·50
per share.
The summarised Statement of financial position of the two companies at 31 March 2014 is shown below:
H Ltd
“Frw 000”
Tangible non-current assets (note 1)
Development costs (note 4))
Investments (note 2)
Current assets
Total assets
Equity and Liabilities:
Ordinary shares of Frw 1 each
Reserves:
Share premium
Revaluation reserve
Retained earnings – 1 April 2013
-31 March 2014
Non-Current Liabilities
10% interest company loan (note2)
Current liabilities
Total equity and liabilities
S Ltd
“Frw 000”
420
Nil
300
133
853
320
40
20
91
471
270
80
80
45
160
190
40
Nil
134
76
Nil
108
853
60
81
471
1. H Ltd has a policy of revaluing land and buildings to fair value. At the date of acquisition S Ltd’s Land
and Buildings had a fair value Frw 20 million higher than their book value and at 31 March 2014 this
had increased by a further Frw 4 million (ignore any additional depreciation).
2. Included in H Ltd’s investments is a loan of Frw 60 million made to S Ltd at the date of acquisition. Interest is payable annually in arrears. S Ltd paid the interest due for the year on 31 March 2014, but H Ltd
did not receive this until after the year end. H Ltd has not accounted for the accrued interest from S Ltd.
3. S Ltd had established a line of products under the brand name of Titanware. Acting on behalf of H Ltd, a
firm of specialists, had valued the brand name at a value of Frw 40 million with an estimated life of 10 years
as at 1 April 2013. The brand is not included in S Ltd’s statement of Financial position.
4. S Ltd’s development project was completed on 30 September 2013 at a cost of Frw 50 million. Frw 10 million of this had been amortised by 31 March 2014. Development costs capitalised by S Ltd at the date of
acquisition were Frw 18 million. H Ltd’s directors are of the opinion that S Ltd’s development costs do not
meet the criteria in IAS 38 ‘Intangible Assets’ for recognition as an asset.
I1.2
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CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
S Ltd sold goods to H Ltd during the year at a profit of Frw 6 million, one-third of these goods were still in
the inventory of H Ltd at 31 March 2014.
6. An impairment test at 31 March 2014 on the consolidated goodwill concluded that it should be written down
by Frw 22 million. No other assets were impaired.
Required:
Calculate the following figures as they would appear in the consolidated statement of financial position of H
Ltd at 31 March 2014:
a) Goodwill;
(5 Marks)
b) Non-controlling Interest;
(5 Marks)
c) Share premium, (4 Marks)
d) Revaluation reserve;
(4 Marks)
e) Retained earnings;
(4 Marks)
f) Inventory;
(4 Marks)
Total 30 Mark
SECTION B
Attempt one question in this section.
QUESTION FOUR
a) On 1 October 2013 Habib entered into a non cancellable agreement whereby Habib would lease a new
locket booster. The terms of agreement were that Habib would pay 26 rentals of Frw 3,000,000 quarterly in
advance commencing on 1 October 2013, and that after this initial period Habib could continue at its option
to use the rocket booster for a nominal rental which is not material. The cash price of this asset would have
been Frw 61,570,000 and the asset has a useful life of 10 years. Habib considers this lease to be finance
lease and charges a full year’s depreciation in the year of purchase of an asset. The rate of interest implicit
in the lease is 2% per quarter.
On 1 July 2012 Habib entered into another non-cancellable agreement to lease a Zarkov Rocket for a period
of 10 years at a rental of Frw 5,000,000 half yearly to be paid in advance, commencing on 1 July 2012.
Habib considers this lease to be an operating lease.
Required:
Show how these transactions would be reflected in the financial statements for the year ended 31
December 2013.
(12 Marks)
b) Information below related to Gaby for the year ended 31 March 2013. The balance on the provision for
deferred taxation account at 1 April 2012 was Frw 35,000,000. This represented taxation of 35% on
cumulative timing differences of Frw 100,000,000 at 1 April 2012. Capital allowances (tax depreciation)
and depreciation for the year ending 31 March 2013 are as follows:
2013 ( Actual)
Capital allowances
Frw’000
100,000
Depreciation
Frw’000
90,000
The income tax rate for 2013 is 30% and is expected to remain at this level for the foreseeable future.
I1.2
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iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
Required:
State, with reasons, how to account for the deferred tax in the year ended 31 March 2013.
(8 Marks)
(Total 20 Marks)
QUESTION FIVE
a) The definition of a liability forms an important element of the IASB conceptual framework for financial
reporting and is the basis for IAS 37 Provision, Contingent Liabilities and Contingent Assets.
Define a liability and describe the circumstance under which provisions should be recognized. Give two
examples of how the definition of liabilities enhances the reliability of the financial statements.
(5 Marks)
b) IAS 11 Construction Contracts deals with accounting requirements for construction contacts whose
durations usually span at least two accounting periods.
Describe the issues related of revenue and profit recognition relating to construction contracts.
(5 Marks)
c) TV is a construction company that prepares its financial statements to 31 March each year. During the
year ended 31 March 2014 the company commenced two construction contracts that are expected to take
more than one year to complete. The position of each contract at 31 March 2014 is as follows:
Contract
Agreed contract price
Estimated total costs at commencement
Estimated total costs at 31 March 2014
Agreed value of work completed at 31 March 2014
Progress billings invoiced and received at 31 March 2014
Contract costs incurred to 31 March 2014
1
Frw “000”
5,500
4,000
4,000
3,300
3,000
3,900
2
Frw “000”
1,200
900
1,250
840
880
720
The agreed value of the work completed at 31 March 2014 is considered to be equal to the revenue
earned in the year ended 31 March 2014. The percentage of completion is calculated as the agreed
value of the work completed to the agreed contract price.
Required:
Calculate the amounts which should appear in the statement of profit or loss and statement of financial
position of TV Company at 31 March 2014 in respect of the above contracts.
(10 Marks)
(Total 20 Marks)
End of question paper
I1.2
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CERTIFIED PUBLIC ACCOUNTANT
INTERMEDIATE LEVEL EXAMINATIONS
I1.2: FINANCIAL REPORTING
TUESDAY: 9 JUNE 2015
INSTRUCTIONS:
1.
Time Allowed: 3 hours 15 minutes (15 minutes reading and 3 hours
writing).
2.
This examination has two sections; A & B.
3.
Section A has three compulsory questions.
4.
Section B has two questions, one question to be attempted.
5.
In summary attempt four questions, three in section A and one in
section B.
6.
Marks allocated to each question are shown at the end of the
question.
7.
Show all your workings.
I1.2
Page 1of 8
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SECTION A
This section has three compulsory questions
QUESTION ONE
IAS 16 Property, Plant and Equipment and IAS 40 Investment Property outlines the accounting treatment of
tangible non-current asset. Kiyovu Ltd is a Gikondo based computer manufacturer and during the year ended
31 October 2013 the following transactions in relation to Property, Plant and Equipment took place.
1. On 1 April 2014, a new machine was purchased by Kiyovu Ltd. in order to improve productivity. The
cost of the machine was Frw 60,000,000 but the company also incurred the following:
Description
Delivery costs
Labour installation costs (Note i)
Management and supervision (Allocated from head Office)
Material cost used for the installation-inclusive of 223 recoverable VAT
Cost of testing new machine (note ii)
Maintenance service contract cost per annum
Proceeds from sales of by-products produced as a result of the testing process
Notes:
Frw
400,000
1,500,000
1,000,000
150,000
300,000
40,000
(10,000)
i) These were 20% higher than budgeted due to an individual dispute at the time of installation
ii) Included in the testing costs of the machine was Frw 15,000 in connection with a quarterly diagnostic
check of the machine.
Plant and machinery are depreciated at 25% straight line. The cost of plant and equipment at 1 November
2013 amounted to Frw 30,000,000 and the accumulated depreciation was Frw 18,000,000 at that date.
2. Kiyovu Ltd’s head office building was originally acquired on 1 November 2013 for Frw 200,000,000 and
is depreciated at 4% per annum straight line. On 1 November 2013, it was revalued at Frw 250,000,000. Due
to the recent downturn in commercial property prices; property valuers acting for the company have advised
that the valuation on 31 October 2014 should be Frw 200,000,000.
3. On 1 November 2013, Kiyovu Ltd purchased a property in Gitega costing Frw 50,000,000, for its
investment portfolio. The amount attributable to land was negligible, and the buildings are expected to have a
useful life of 40 years.
Local property indices indicate that property prices in this area have gone against the downward national
trend, and that the fair value of the property has increased during the year to 31 October 2014.
REQUIRED:
a) In relation to machinery and head office building, draft the non-current assets schedule showing the
movements on property, plant and equipment for the year to October 2014. (12 Marks)
b) Define the term investment property and explain why it may not be appropriate to charge depreciation in
relation to such property. (4 Marks)
c) Assuming that Kiyovu Ltd. adopts a fair value policy for the property in Gitega, explain how the property
would be presented in the financial statements for the year to 31 October 2014, if the property has risen in
value by 5% during the year. (Disclosure notes are not required).
(4 Marks)
(Total 20 Marks)
I1.2
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iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
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iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
QUESTION TWO
The statements of financial position for AB and XY as at 31 December 2014 are provided below:
Assets
Non-Current assets
Property, Plant and Equipment
Investment in XY
Current Assets
Inventories
Receivables
Cash and cash equivalents
Total assets
Equity and Liabilities
Equity
Share capital (Frw.100 per equity share)
Share premium
Retained earnings
Total equity
Non-current Liabilities
Long-term borrowings
Deferred consideration
Current Liabilities
Total Liabilities
Total Equity and Liabilities
AB
XY
Frw “000” Frw “000”
9,715
3,300
3,800
-
980
900
320
2,200
15,017
400
600
200
1,200
5,000
3,200
1,800
4,800
9,800
1,000
3,600
4,600
3,200
917
1,100
5,217
15,017
400
400
5,000
Additional information:
1. AB acquired 80% investment in XY on 1 January 2014. The consideration consisted of the following:
the transfer of 500,000 shares in AB with a nominal value of Frw.100 each and a market value on the
date of acquisition of Frw. 305 each; Frw.408,000 of cash paid on 1 January 2014; and Frw.1, 000,000
of cash, payable on 1 January 2015 (a discount rate of 9% has been used to value the liability in the
financial statements of AB). At the date of acquisition XY had retained earnings of Frw. 2,300, 000.
The investment in XY was classified as available for sale in the books of AB and is held at fair value.
The gains earned to date are included in the retained earnings of AB.
It is the group policy to value non-controlling interest at fair value at the date of acquisition. The fair
value of the non-controlling interest at 1 January 2014 was Frw.750, 000.
2. As at 1 January 2014 the fair value of net assets acquired was the same as the book value with
exceptions of:
I1.2
•
The fair value of property, plant and equipment was Frw. 300,000 higher than book value. These
assets were to have remaining useful life of 6 years from the date of acquisition .A full year’s
depreciation is charged in the year of acquisition and none in the year of sale.
•
The fair value of inventories was estimated to be Frw.100,000 higher than the book value. All of
the inventories were sold by 31 December 2014.
•
Contingent liability which had a fair value of Frw.150,000 at the date of acquisition, had fair
value of Frw. 70,000 at 31 December 2014.
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3. XY sold goods to AB during the year for Frw. 300,000, Part of those goods with a sales value of Frw.
40,000 remaining in AB’s inventories at 31 December 2014. XY makes 20% margin on sales.
4. AB issued a long term instrument on 1 January raising Frw. 3,400,000.The transaction costs
as-
sociated with the issues was Frw.200,000 and have been correctly recorded.
The debt instrument has nominal rate of interest payable of 6% and interest due for 2014 was paid and
recorded on 31 December 2014, however no further accounting entries have been made in respect of
liability. The effective interest rate is approximately 7.05%.
5. No dividends were paid by either entity in year ended 31 December 2014.
REQUIRED:
a) Consolidated statement of financial position for AB group as at 31 December 2014 (18 Marks)
b) On 1 January 2014 AB issued 400,000 5% redeemable preference shares at their nominal value of Frw
1000 each. The shares have been recorded within equity and the preference dividend is payable on 31
December 2014.
REQUIRED:
(i)
Explain how the issue of the preference shares should be recorded, with specific reference to the
relevant provisions of IAS 32 Financial Instruments: Presentation.
(6 Marks)
(ii) Prepare the journal entry required to correct the initial recording of the share issue and the journal entry
that will be processed to record the dividend paid.
(6 Marks)
(Total 30 Marks)
QUESTION THREE
Mulindi Ltd. has a number of subsidiaries, one of which is Remera Ltd, which was acquired during the year
ended 31 December 2014. The draft consolidated financial statements for the year ended 31 December 2014
are as follows:
Consolidated statement of profit or loss for the year ended 31 December 2014
Profit from operation
Interest
Share of profits of associates
Profit before tax
Taxation
Non-controlling interest
Group profit
I1.2
Frw “000”
1,120
(100)
1,100
240
1,350
(482)
868
(104)
764
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iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
Statement of financial position is as follows:
Assets
Non-current assets
Property Plant and Equipment
Intangibles
Investment in associates
Investment in associates
Current assets
Inventories
Trade and other receivables
Cash and cash equivalent
Total assets
Equity and liabilities
Frw 100 ordinary shares
Share premium
Retained earnings
Non-controlling Interest
Non-current Liabilities
Long term loans
Current liabilities
Trade payables
Taxation
Total Equity and Liability
Mulindi Ltd Consolidated Remera Ltd
at acquisition
31/12/2014
31/12/2013
Frw 000
Frw 000
Frw 000
4,730
350
520
2,610
310
500
610
-
740
390
40
6,770
610
350
85
4,465
150
85
20
865
1,400
300
1,615
580
1,000
200
865
610
500
100
80
-
1,900
1,100
-
520
455
480
210
75
110
6,770
4,465
865
Additional information:
1. Mulindi Ltd issued 4,000 Frw 100 ordinary shares at a premium of Frw 25 and paid cash consideration of
Frw 197,500 to acquire 75% of Remera Ltd. At the date of acquisition, Remera Ltd’s assets and liabilities
were recorded at their fair value with the exception of some plant which had a fair value of Frw 90,000 in
excess of its carrying value. Goodwill on acquisition was Frw 120,000.
2. The property, plant and equipment during the year to 31 December 2014 show plant with a carrying value
of Frw 800,000 which was sold for Frw 680,000. Total depreciation for the year was Frw 782,000.
REQUIRED:
a) Consolidated statement of cash flows in accordance with IAS 7 for the year ended 31 December 2014.
(22 Marks)
b) The managing Director of Mulindi Ltd has asked you to draft a memorandum, briefly explaining the following :
(i)
I1.2
Why it is important to remove unrealized profits arising from transactions between companies
in a group? (3 Marks)
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(ii)
Whether it is possible for a business to be making losses year after year but still increase its
bank balance?
(3 Marks)
(iii)
The difference between the direct method and indirect methods of calculating the net cash flow
from operating activities.
(Total 30 Marks)
SECTION B
Attempt one of the two questions in this section.
QUESTION FOUR
(a) Impapuro Products Ltd. is a large paper manufacturing company. The company’s Finance Director is
working on the published accounts for the year ended 31 March 2015. The Chief Accountant has prepared
the following list of problems which will have to be resolved before the statements can be finalized.
1. Events after the reporting date
A fire broke out at the company’s factory on 4 April, 2015. This has destroyed the administration block.
Most of the costs incurred as a result of this fire were uninsured. A major customer went into liquidation
on 27 April, 2015. The customer’s balance at 31 March 2015 remains unpaid. The receiver has intimated
that unsecured payables will receive very little compensation, if any.
(5 Marks)
2. Possible Investment Property
The company decided to take advantage of the down turn in property prices and purchased a new office
building at Ruhengeri. This was purchased with the intention of the building being resold at a profit with-
in five years. In the meantime, the company is using the property to house the administrative staff until
such time as their own offices can be repaired. It is anticipated that this will take at least nine months. The
Managing Director has suggested that the building should not be depreciated.
(3 Marks)
3. Possible Development Expenditure
The company paid the Engineering Department at Kigali University a large sum of money to design a new
pulping process which will enable the use of cheaper raw materials. This process has been successfully
tested in the University’s laboratories and is almost certain to be introduced at Impapuro Products Ltd. pulping plant within the next few months.
The company paid a substantial amount to the University’s Biology Department to develop a new tree species
of tree which could grow more quickly and therefore enable the company’s forest to produce more wood
for paper manufacturing. The project was successful in that a new tree was developed. Unfortunately, it
was prone to disease and the cost of the chemical sprays needed to keep the wood healthy rendered the tree
uneconomical. (6 Marks)
4. Possible Contingent Liabilities
One of the company’s employees was injured during the year. He had been operating a piece of machinery
which had been known to have a faulty guard. The company’s lawyers have advised that the employee has
a very strong case, but will be unable to estimate the likely financial damages until further medical evidence
becomes available.
I1.2
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One of the company’s customers is claiming compensation for the losses sustained as a result of a delayed
delivery. The customer had ordered a batch of cut sheet with the intention of producing leaflets to promote
a special offer. There was a delay in supplying the paper and the leaflets could not be prepared in time. The
company’s lawyers have advised that there was no specific agreement to supply the goods in time for this
promotion and furthermore, that it would be almost impossible to attribute the failure of the special offer to
the delay in the supply of the paper. (6 Marks)
REQUIRED:
Explain how each of these matters should be dealt with in the published accounts for the year ended 31
March, 2015 in the light of the International Financial Reporting Standards. You should assume that the
amounts involved are material in each case.
(Total 20 Marks)
QUESTION FIVE
a) Conceptual framework of accounting is a coherent system of interrelated objectives and fundamental
principles which prescribes the nature, function and limits of financial accounting and financial statements.
REQUIRED:
i) Outline five (5) objectives the IASB’s conceptual framework of accounting seeks to achieve.
(5 Marks)
ii) State the main contents of the IASB’s conceptual framework for financial reporting.
(5 Marks)
(b) You are the Financial Accountant of Makena Ltd. The Assistant Accountant responsible for preparing the
2014 annual financial statements is considering the accounting treatment of the following non-current assets
and has approached you for guidance.
i) Makena Ltd acquired a property on 1 January 2009 at a cost of Frw 400 Million and immediately occu-
pied it as office premise. On acquisition, it was estimated to have a useful life of 50 years. Subsequent to its
acquisition, the asset was measured at depreciated cost until 1 July 2014 when management of Makena Ltd
decided to convert the building into an investment property (mainly for rentals). Following this decision, the
property was fair valued at Frw 373.8 Million. Makena Ltd adopted the fair value model for subsequent measurement of the investment property. At 31 December 2014, it was fair valued at Frw 380 Million
REQUIRED:
Account for the treatment of this property in the 2014 financial statements of Makena Ltd.
(5 Marks)
ii) Makena Ltd had the following loans in place at the beginning and end of 2014
12.5% Debenture stocks (repayable in 2017)
15% Bank loan (repayable in 2016)
1 January 2014 31 December 2014
Frw
Frw
480 Million
480 Million
320 Million
320 Million
On 1 January 2014 the company began the construction of a qualifying asset, a piece of machine for hydro
I1.2
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CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
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CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
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CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
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CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
electric plant at a cost of Frw 400 Million , using existing borrowings (the 12.5% debenture and the 15%
bank loan). Expenditure incurred on for the construction was Frw 120 Million on 1 January 2014; Frw 80
Million on 1 May 2014 and Frw 200 Million on 1 October 2014. The machine was completed and put to use
on 31December 2014.
REQUIRED:
Calculate the borrowing costs to be capitalized for the machine. (5 Marks)
(Total 20 Marks)
End of question paper
I1.2
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iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
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iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CERTIFIED PUBLIC ACCOUNTANT
INTERMEDIATE LEVEL EXAMINATIONS
I1.2: FINANCIAL REPORTING
FRIDAY: 4 DECEMBER 2015
INSTRUCTIONS:
1.
Time Allowed: 3 hours 15 minutes (15 minutes reading and 3 hours
writing).
2.
This examination has two sections; A & B.
3.
Section A has three compulsory questions.
4.
Section B has two questions, one question to be attempted.
5.
In summary attempt four questions, three in section A and one in
section B.
6.
Marks allocated to each question are shown at the end of the question.
7.
Show all your workings.
I1.2
Page 1of 8
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SECTION A
This section has three compulsory questions
QUESTION ONE
(a) IAS 20: Accounting for Government Grants and Disclosures of Government Assistance, provides
two methods of accounting for government grants. State two arguments for each method.
(4 Marks)
(b) On 1 March, 2015 ABC Ltd purchased equipment worth Frw 200,000,000 and received a grant from the
government of Frw 50,000,000 towards the cost of the equipment. ABC Ltd’s accounting policy is to treat
the grant as deferred income. The equipment has an estimated useful life of 8 years.
REQUIRED:
(i)
Show the accounting entries to record the acquisition of the equipment and the receipt of the
government grant in the year ended 30 November 2015.
(6 Marks)
(ii) The government further transferred additional equipment to ABC Ltd on 1 June, 2015. The fair
value of the equipment transferred was assessed to be Frw 80,000,000. However, the cost of
such equipment on 1 June 2015 was estimated at Frw 60,000,000. Show the entries to record this
non-monetary government grant in the books of ABC Ltd.
(5 Marks)
(c) Certain forms of government assistance cannot reasonably have a value placed upon them and certain
transaction with government cannot be distinguished from the normal trading transactions of the entity.
State two examples of government assistance which cannot reasonably have a value placed upon them.
(2 Marks)
(d) IAS 41: Agriculture defines agricultural activity as the management by an entity of the biological
transformation and harvest of biological assets for sale or for conversion into agricultural produce or
additional biological assets. State three examples each of: biological assets; agricultural produce; and
products that are as a result of processing agricultural produce after harvest.
(3 Marks)
(Total 20 Marks)
QUESTION TWO
Humura Ltd acquired 80% of Ndaho Ltd for Frw 120,000,000 on 1 November, 2014 when the share capital of
Ndaho Ltd was Frw 50,000,000 and reserves were Frw 5,000,000.
The statements of profit or loss and other comprehensive income for Humura Ltd and Ndaho Ltd for the year
ended 31 October, 2015 were as follows.
Revenue
cost of sales
Gross profit
Administrative expenses
Selling and distribution expenses
Net profit
I1.2
Humura Ltd
Frw ‘000’
1,800,000
(1,100,000)
700,000
(250,000)
(150,000)
300,000
Ndaho Ltd Frw
Frw ‘000’
700,000
(500,000)
200,000
(70,000)
(50,000)
80,000
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Additional information:
(i)
The share capital and reserves of Ndaho Ltd and Humura Ltd as at 31 October 2015 stood as follows.
Share capital
Reserves
Ndaho Ltd
Frw
50,000,000
6,000,000
Humura Ltd
Frw
200,000,000
180,000000
During the year, Ndaho Ltd sold goods worth Frw 200,000,000 to Humura Ltd. at a markup of 20%.
40% of these goods were still in Humura Ltd’s inventory at the year end.
(ii)
Humura Ltd owns 40% of the ordinary shares of Kiyovu Ltd and has a seat on its board. Kiyovu Ltd’s
accounts for the period ended 31 October, 2015 showed an after tax profit of Frw 49,000,000.
(iii)
At 31 October, 2015 Humura Ltd’s total number of shares was 200,000. All shares were fully issued
and paid up.
(iv)
Humura Ltd has assets denominated in USD. On 1 November, 2014, these assets had a fair value of
USD 50,000. Included in this value is a loan of USD 10,000 issued to Ndaho Ltd at an interest rate
of 20% per annum payable at the end of each year. The interest payable by Ndaho Ltd for the ended
31 October 2015 was included in the administrative expenses. The exchange rates as on 1 November,
2014 and 31 October, 2015 were Frw 750 and Frw 810 respectively to 1 USD. No record of the
foreign exchange differences has been included in the books of Humura Ltd.
(v)
Corporation tax is to be calculated at a rate of 30%
REQUIRED:
(a) Consolidated statement of profit or loss and other Comprehensive incomes; and a consolidated statement
of changes in equity for the year ended 31 October, 2015.
(25 Marks)
(b) Basic earnings per share for Humura Ltd after the consolidation.
(c)
(2 Marks)
Explain the circumstances under which a group may decide to dispose of part of its subsidiaries.
(3 Marks)
(Total 30 Marks)
I1.2
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CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
QUESTION THREE
Kabeza Ltd is incorporated in Rwanda and listed on the stock exchange. The trial balance for the company
for the year ended 31 December, 2014 is as follows:
Share capital
Dividends paid
Turnover
Inventory
Purchases
Returns
Discounts
Carriage on purchases
Land
Buildings
Accumulated depreciation ( Buildings)
Plant and machinery at cost
Accumulated depreciation (Plant & Machinery)
Motor vehicles at cost
Accumulated depreciation ( Motor vehicles)
Rent and rates
Power and fuel
General expenses
Cash at hand
Cash at bank
Loan from bank
Trade receivables and payables
Additional notes:
Frw ‘000’ Frw ‘000’
75,000
10,000
1,000,000
50,000
800,000
5,000
11,000
1,000
2,500
2,100
50,000
30,000
9,000
45,000
13,500
25,000
7,500
3,200
2,200
7,000
15,000
63,000
80,000
150,000
60,000
1,258,500 1,258,500
(i) Included in plant and machinery is machinery worth to Frw 3,000,000 which had been recommended
to be reclassified as held for sale on 1 January 2014. No adjustment has been done to this item.
(ii) Depreciation is charged on a straight line basis on plant and machinery at 10 %, and motor vehicles
at 10% per annum. On 1 January, 2014 Kabeza Ltd decided to change the depreciation method on
buildings. Buildings had always been depreciated at a rate of 5% on straight line basis per annum. The
estimated remaining useful life of the buildings was 10 years and management decided to depreciate
the buildings on a straight line basis on the assumption that there was no residue value at the end of
the 10 years.
(iii) Kabeza Ltd invested in the development of a new system to assist in its operations. During the year,
the company incurred Frw 5,000,000 in relation to the development of the system. This was included
in general expenses.
(iv) On 31 December, 2014 inventory with a cost of Frw 102,000,000 had a net realizable value of Frw
88,000,000 due to changes in economic conditions.
(v)
I1.2
Kabeza Ltd sells goods on a sale and/or return basis. Included in the trade receivables is a value
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of Frw 30,000,000 relating to goods sold on the sale and/or return basis. By 31 December 2014, it was
established that 30% of these goods were to be returned. A provision of 5% on account receivables was to
be provided for doubtful debts.
(vi) Income taxes for the year ended 31 December, 2014 of Frw 1,300,000 had not been paid. This amount
was included in trade payables. Tax rate is 30%.
REQUIRED:
(a) A schedule for property, plant and equipment.
(5 Marks)
(b) A statement of profit or loss and other comprehensive income for year ended 31 December 2014.
(12 Marks)
(c) Statement of financial position as at 31 December, 2014.
(13 Marks)
(Total 30 Marks)
SECTION B
Attempt one of the two questions in this section.
QUESTION FOUR
(a) Different parties require different financial information from financial statements. However, it is possible
to construct a series of financial ratios that would provide all parties with information that they would find
relevant. Financial ratios are extremely useful if used and interpreted appropriately, otherwise they can be
very misleading.
REQUIRED:
(i) Identify any two user groups of each of the following categories of ratios.
•
Profitability ratios
(1 Mark)
•
Liquidity Ratios
(1 Mark)
•
Efficiency ratios
(1 Mark)
•
Shareholders’ ratios
(1 Mark)
• Capital structure ratios
(ii) State and describe two examples of each of the above categories of ratios.
(1 Mark)
(10 Marks)
(b) Briefly explain any two limitations of using financial statement-based ratios in predicting the future
performance of an entity.
(2 Marks)
(c) Identify any three ways by which management can change the gearing and/or capital structure of a company.
(3 Marks)
(Total 20 Marks)
QUESTION FIVE
(a) The government of Rwanda rolled out a 5-year Public Finance Management (PFM) reform strategy with
the aim of enhancing the public finance management system to prepare efficient, effective, transparent,
and to reduce opportunities for corruption. The reform process is being implemented under four pillars
and reinforced by 12 distinct but complementary components that encompass the whole range of activities
including planning and budgeting, budget execution and expenditure control, audit and inspection,
reporting and accountability, and oversight arrangements. The Chief Budget Managers play a central
role in the implementation of the PFM strategy and contribute directly to its success.
I1.2
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CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
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CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
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CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
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CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
REQUIRED:
Identify the four pillars under which the reform process is being implemented.
(4 Marks)
(ii) State any six complementary components which reinforce the pillars in (a) (i) above.
(6 Marks)
(i)
(iii) Outline any seven duties/responsibilities of the Chief Budget Manager as specified in Articles 21 and
25 of the Organic Budget Law.
(7 Marks)
(b) IAS 34 Interim Financial Reporting: defines an interim financial report as a financial report containing
either a complete set of financial statement as described in IAS1, or a set of condensed financial statements
for an interim period. An interim period is a financial reporting period shorter than a full financial year.
Whereas the preparation of interim financial reports is not mandatory, the International Accounting
Standards Board (IASB) strictly recommends to governments that interim financial reports should be a
requirement for companies whose equity or debt securities are publicly traded.
REQUIRED:
Identify the minimum components of an interim financial report as specified by IAS 34: Interim
Financial Reporting.
(3 Marks)
(Total 20 Marks)
End of question paper
I1.2
Page 6 of 8
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@iCPAR
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CERTIFIED PUBLIC ACCOUNTANT
INTERMEDIATE LEVEL EXAMINATION
I1.2: FINANCIAL REPORTING
MONDAY: 6 JUNE 2016
INSTRUCTIONS:
1.
Time Allowed: 3 hours 15 minutes (15 minutes reading and 3 hours
writing).
2.
This examination has two sections; A & B.
3.
Section A has three compulsory questions.
4.
Section B has two questions, one question to be attempted.
5.
In summary attempt four questions, three in section A and one in
section B.
6.
Marks allocated to each question are shown at the end of the question.
7.
Show all your workings.
I1.2
Page 1of 12
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SECTION A
This section has three compulsory questions
QUESTION ONE
Munini Ltd is a merchandising business located in Kigali and has recorded a steady expansion in the last three
years. In 2014 it opened a branch in Musanze after procuring the premises and other physical resources needed
for the branch to become operational. In order to meet customer demand of the branch without constraining
the cash flows of the head office in Kigali, it was appointed as a commission agent for Uruganda Distributors
Ltd (Uruganda), a company located in Mombasa.
This principal-agent relationship has made it possible for Uruganda to tap into the Rwandan market and
remain a consignor for Munini since 2014. The consignment agreement provides that Uruganda shall bear all
expenses of Munini which relate to all consignments and an agency commission of 10% of all consignment
sales shall be paid to Munini.
(a)
The following transactions transpired between Uruganda and Munini during the year ended March 31,
2016:
(i) On 1 April, 2015 Uruganda sent a consignment of 1,000 boxes of merchandise to Munini at a cost of
Frw 200,000 per box. Carriage, freight and insurance costs of the consignment paid by Munini during
the year amounted to Frw 20 million.
(ii) On 1 March, 2016 Uruganda received Frw 150 million from Munini.
(iii) Munini incurred the following expenses during the year ended 31 March, 2016:

Delivery charges to customers Frw 259,000.

Advertising charges Frw 500,000.

Warehouse rent Frw 21.6 million.
(iv) At the end of March, 2016 Munini had sold the whole consignment at Frw 300,000 per box.
Required:
Prepare the Uruganda consignment account in the books of Munini for the year ended 31 March,
2016. (5 Marks)
(b)
Munini maintains the books of account of its branch in Musanze along with those of its own operations.
The goods sent to Musanze account maintained by Munini is used to identify head office purchases
separately. Munini transfers goods to Musanze at cost price.
The following information in the books of Munini Ltd relate to Musanze branch.
I1.2
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iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
Opening balance 1 April, 2015
Brach inventory (at cost to Munini)
Branch debtors
Branch bank
Closing balances 31 March, 2016
Branch inventory (at cost to Munini)
Transactions during the year ended 31 March 2016:
Goods transferred to Musanze branch at cost
Goods returned from Musanze branch at cost
Cash transferred from Musanze branch bank
Cash sales paid into bank
Credit sales
Returns inwards to Musanze branch by credit customers at selling price
Cheques received from credit customers
Discounts allowed to credit customers
Bad debts written off
Annual rent paid for warehouse and offices at Musanze branch
Wages
Insurance expenses (warehouse)
Frw ‘000’
189,000
81,300
54,600
144,000
387,000
7,200
521,700
75,600
487,200
1,800
510,300
4,500
900
6,600
2,400
2,100
Required:
Prepare the following accounts in the books of Munini with regard to Musanze branch for the year
ended 31 March, 2016:
(i)
(ii)
(iii)
(c)
Musanze branch trading account
Musanze branch debtors account
Musanze branch bank and cash account
(3 Marks)
(3 Marks)
(4 Marks)
Munini Ltd has embarked on a programme to counter its ever rising rental costs by contracting a
civil engineering company to construct warehouses in Kigali and Musanze branch. The construction
is estimated to take three years. The civil engineering company has submitted a draft construction
contract. The management of Munini Ltd has contacted you to explain the contents of the draft
construction contract before it is signed.
Required:
Explain to the management of Munini the following as applied under IAS 11 Construction Contracts:
(i)
(ii)
(iii)
(iv)
(v)
I1.2
Contract revenue
Contract costs
Fixed price contract
Determination of the stage of completion of a contract
Costs relating directly to a contract
( 1 Mark)
(1 Mark)
( 1 Mark)
(1 Mark)
( 1 Mark)
(Total 20 Marks)
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CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
QUESTION TWO
(a)
Icumbi Ltd was incorporated in Rwanda in the construction sector. Icumbi Ltd earns most of its income from the construction of roads and houses. In a bid to fulfill the demand of the rapid growth in
the housing sector, Icumbi Ltd on 1 February, 2014 bought machinery under a finance lease. The cash
price of the machinery was Frw 20,000,000. The expected useful life of the machinery was 6 years.
The lease agreement requires Icumbi Ltd to pay annual lease rentals of Frw 5,966,311 for five years
starting 1 January, 2015.
Required:
(b)
(i)
Briefly explain any two conditions that must be satisfied for a lease to be classified as a finance
lease under IAS 17: Leases.
(5 Marks)
(ii)
Explain how Icumbi Ltd should record the lease of machinery in its financial statements and
prepare the financial statements extracts for periods ending 31 January, 2015 and 2016. The
interest rate implicit in the lease is 15%.
(8 Marks)
Amashi (R) Ltd deals in construction materials and equipment. The following information has been
extracted from the financial statements of Amashi (R) Ltd.
Non-current assets:
Property, plant and equipment
Current assets:
Inventory
Trade receivables
Cash and bank
Current liabilities:
Trade payables
Taxation
Financed by:
Share capital
Share premium
Retained profits
Long-term loan
2015
Frw ‘000’ Frw ‘000’
2014
Frw ‘000’ Frw ‘000’
425,200
286,000
124,000
142,340
60,200
87,240
15,230
326,540
(102,470)
649,270
220,000
56,000
216,030
157,240
649,270
106,700
120,200
52,000
93,520
14,300
278,900
(107,820)
457,080
200,000
50,000
104,580
102,500
457,080
Additional information:
(i)
I1.2
Amashi (R) Ltd’s property, plant and equipment schedule for the period ended 31 May, 2015
was as follows:
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iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
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iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
Buildings
Frw ‘000’
Cost:
At 31 May, 2014
Additions
Disposals
At 31 May, 2015
Depreciation:
At 31 May, 2014
Charge for the year
Disposals
At 31May, 2015
Net book value:
At 31 May 2014
At 31 May 2015
(ii)
Furniture &
fittings
Frw ‘000’
Frw ‘000’
Machinery
Total
Frw ‘000’
200,000
150,000
..
350,000
80,000
25,000
(12,000)
93,000
50,000
5,000
..
55,000
330,000
180,000
(12,000)
498,000
20,000
17,500
..
37,500
16,000
9,300
(2,400)
22,900
8,000
4,400
..
12,400
44,000
31,200
(2,400)
72,800
180,000
312,500
64,000
70,100
42,000
42,600
286,000
425,200
The depreciation rates applicable by Amashi (R) Ltd are buildings 5%, machinery 10% and
furniture & fittings 8%. It is company policy to charge full depreciation in the year of acquisition
and none in the year of disposal.
(iii)
During the year ended 31 May, 2015, Amashi (R) Ltd disposed of an item of machinery. The
profit on disposal was Frw 3,000,000, and has been incorporated in the profit for the year.
(iv)
The corporation tax rate is 30%. Assume that the long-term loan was acquired interest free.
(v)
During the year ended 31 May, 2015 Amashi (R) Ltd issued 20,000 Frw 1,000 additional shares
at a premium of Frw 300.
Required:
In accordance with the requirements of IAS 7; Statement of Cash Flows:
(i)
Prepare a statement of cash flows for the period ended 31 May, 2015 for Amashi (R) Ltd using the
indirect method.
(10 Marks)
(ii)
State the advantages the direct method of preparing statements of cash flows has over the indirect
method.
(2 Marks)
(c)
IAS 37; Provisions, Contingent Liabilities and Contingent Assets, specifies the conditions un
der which an entity shall recognise a provision, contingent asset and contingent liability.
Required:
Explain what is meant by an ‘onerous contract’ and a ‘constructive obligation’.
(ii)
Explain the conditions under which a provision should be recognised as a liability in the
financial statements.
(3 Marks)
I1.2
(2 Marks)
(i)
(Total 30 Marks)
Page 5 of 12
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QUESTION THREE
(a)
Gikondo Ltd deals in the processing of agricultural products into finished products that can be stored for
a long time. In a bid to expand its distribution network, Gikondo Ltd made an offer of Frw 100,000,000
for the whole of the share capital of Inyanza Ltd a company that sells processed agricultural products.
The offer was accepted and payment made in cash.
The statements of financial position for the two companies immediately before the takeover on 30
September, 2015 were as follows:
Non-current assets
Current assets
Current liabilities
Total assets
Financed by:
Share capital Frw 1,000 per share
Revenue reserves
Gikondo Ltd Inyanza Ltd
Frw ‘000’
Frw ‘000’
450,000
70,000
350,000
20,000
800,000
90,000
(140,000)
(15,000)
660,000
75,000
400,000
260,000
660,000
60,000
15,000
75,000
The fair value placed on the tangible non-current assets of Inyanza Ltd for purposes of the takeover
was Frw 75,000,000.
Required:
In accordance with the requirements of IFRS 3 Business Combinations:
(b)
I1.2
(i)
Prepare Gikondo Ltd’s statement of financial position as at 30 September, 2015 before and
after the takeover.
(9 Marks)
(ii)
Briefly explain the circumstances under which negative goodwill may arise and how it should
be recognised in the financial statements.
(6 Marks)
Kabeza Ltd deals in the distribution of a variety of products. It also has investments in other companies.
The management of Kabeza Ltd, while reviewing the financial statements of the company for the
year ended 30 June, 2015 realised that some transactions had occurred between 1 July, 2015 and 31
December, 2015. Some of these transactions had been adjusted in the financial statements while others
had not. The financial statements were authorized for issue on 31 December, 2015. The following are
some of the transactions that had occurred:
(i)
On 1 September, 2015 the board of directors of Kabeza Ltd declared a dividend of Frw 500 per
share.
(ii)
Kabeza Ltd owns investments in other companies; the fair value of these investments on 10
October, 2015 had declined by Frw 10,500,000.
(iii)
On 1 July, 2015 Haba Ltd, one of the clients of Kabeza Ltd who had multiple loans obtained
from different financial institutions, was declared bankrupt by court as all its assets had been
attached by the different financial institutions to recover the loans. Haba Ltd had purchased
goods on credit from Kabeza Ltd on 15 June, 2015 to a tune of Frw 8,500,000.
Page 6 of 12
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(iv)
On 18 August, 2015 one of the warehouses of Kabeza Ltd caught fire as a result of an electric
short circuit. A report prepared by registered valuers shows that the value of the damaged
inventory was Frw 50,000,000.
(v)
On 30 September, 2015, the board of directors announced plans to take over two other companies:
Zig Ltd and Zura Ltd that are operating in the same industry to leverage Kabeza Ltd and enable
it to compete internationally. This takeover was estimated to cost Frw 200,000,000.
(vi)
Kabeza Ltd settled a case that was before court on 1 October, 2015. This case had earlier been
filed by members of the community for the damage inflicted on the community by Kabeza Ltd.
The cost of settlement was Frw 60,000,000, and management had earlier provided for it.
Required:
As the finance manager, write a memo to the board of directors of Kabeza Ltd explaining to them what
is meant by ‘adjusting’ and ‘non-adjusting’ events as specified in IAS 10 Events after the Reporting
Period and how the above transactions should be treated in the financial statements.
(15 Marks)
(Total 30 Marks)
SECTION B
Attempt one of the two questions in this section
QUESTION FOUR
(a)
The objective of IAS 40: Investment Property is to prescribe the accounting treatment for investment
property and related disclosure requirements.
Required:
Explain what is meant by ‘investment property’ and state the circumstances under which an asset may
cease being classified as an investment property.
(5 Marks)
(b)
IFRS 5: Non-current Assets Held for Sale and Discontinued Operations requires that assets or groups
of assets that are held for sale, be presented separately on the face of the statement of financial position
and the results of discontinued operations to be presented separately in the statement of profit or loss.
Required:
(c)
(i)
Explain the conditions that must be met for an asset to be classified as held for sale and
discontinued operations, as per the requirements of IFRS 5.
(3 Marks)
(ii)
State any four additional disclosures that are required to be made once a non-current asset has
either been classified as held for sale or sold.
(4 Marks)
Explain the following concepts as applied under IAS 12: Income Taxes, giving an example of each
where applicable.
(i)
(ii)
(iii)
(iv)
I1.2
Deductible temporary differences.
Tax base of an asset.
Taxable temporary differences.
Deferred tax assets.
(2 Marks)
(2 Marks)
(2 Marks)
(2 Marks)
(Total 20 Marks)
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QUESTION FIVE
(a)
Abdai Rwanda has its head office in the United States of America where the local currency is the United
States Dollar (USD). The following trial balance was prepared by Abdai Rwanda for incorporation
into Abdai Global’s financial statements for the year ended 31 March, 2016.
Frw ‘000’
47,400
Non-current assets at cost
Accumulate depreciation
Inventory 1 April, 2015 at cost
Trade receivables and payables
Goods from head office
Sales
Operating expenses
Bank
Head office current account
Frw ‘000’
12,270
21,840
11,400
80,700
5,400
116,100
19,980
4,500
..
185,820
52,050
185,820
Additional information:
(i)
Inventory at 31 March, 2016 was Frw 25.5 million.
(ii)
Assume the following exchange rates of 1 USD to Frw:
1 April, 2015
31 March, 2016
Average rate for year
Frw 608
Frw 760
Frw 684
The affairs of Abdai Rwanda are very closely interlinked with those of the head office in United States of
America.
Assume the opening and closing inventory was translated at the following opening and closing rates:
(iii)
Non-current assets were acquired as follows
Non-current Assets
1 April, 2015
Prior to 1 April, 2015
31 March, 2016
(iv)
Frw “000”
14,400
33,000
47,400
Accumulated
Depreciation
Frw “000”
720
11,550
12,270
Rate
Frw
608
380
At 31 March, 2016, the following items were in transit:
From head office to Abdai Rwanda USD 7,850.
From Abdai Rwanda to the United States of America Frw 900,000.
(v)
In the head office ledger the following balances appeared at 31 March, 2016:
Goods to Abdai Rwanda
Abdai Rwanda current account
I1.2
USD
122,368
103,224
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Required:
(7 Marks)
(i)
Translate the Abadai Rwanda trial balance into USD.
(ii)
Prepare, in USD, the trading and profit or loss account for Abdai Rwanda for the year ended
March 31, 2016 and statement of financial position as at that date.
(8 Marks)
(iii)
Compute the head office current account in USD and round off to the nearest whole dollar.
(b) During 2016 Abdai Rwanda discovered the following:
(i)
The board of directors had recommended a change from inventory valuation using weighted
average cost to first in first out (FIFO) for a more appropriate presentation of transactions.
However, it was found that it was impracticable to determine the cumulative amount of the
change.
(ii)
The non-current assets were reviewed during 2016 and discovered that they actually had a
useful economic life of 25 years. These assets were being depreciated on straight line basis
using an estimated useful economic life of 20 years. It is proposed that the effect of this change
to the year ended 31 March, 2016 and future periods be included in the determination of net
profit.
(iii)
During the reconciliation of head office and Abdai Rwanda in 2016, it was discovered that
goods sent from the head office had been overstated by USD 3,464 in the Abdai Rwanda books.
These are included in the goods from head office on the trial balance for the year ended 31
March, 2016. However, their effects are not included in the translation.
Required:
Explain how the changes in accounting policy, accounting estimate and errors given above will
be treated in the financial statements.
(5 Marks)
(Total 20 Marks)
End of question paper
I1.2
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CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
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CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
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CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
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CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
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CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
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CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
CPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
I1.2
Page 12 of 12
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR
iCPAR
iCPAR iCPAR
iCPAR iCPAR
iCPAR iCPAR
iCPAR reading
iCPAR iCPAR
iCPARwriting).
iCPAR iCPAR iCPAR iCPAR iCP
1. iCPAR
Time
Allowed:
3 hours
15 minutes
(15iCPAR
minutes
andiCPAR
3 hours
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
2.
This examination has two sections; A & B.
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
3. iCPAR
Section
A hasiCPAR
three
compulsory
iCPAR iCPAR
iCPAR iCPAR
iCPAR
iCPAR iCPARquestions.
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
4. iCPAR
Section
B hasiCPAR
two iCPAR
questions,
one question
toiCPAR
be attempted.
iCPAR iCPAR
iCPAR iCPAR
iCPAR iCPAR
iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR
iCPAR iCPARattempt
iCPAR iCPAR
iCPAR
iCPAR iCPAR
iCPAR
iCPAR
iCPARone
iCPAR
iCPAR
5. iCPAR
In summary
four
questions,
three
in iCPAR
section
A and
in iCPAR
section
B.iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR
iCPARallocated
iCPAR iCPAR
iCPARare
iCPAR
iCPAR at
iCPAR
iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCP
6. iCPAR
Marks
toiCPAR
eachiCPAR
question
shown
theiCPAR
end of
theiCPAR
question.
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
7. iCPAR
Show
alliCPAR
youriCPAR
workings.
iCPAR iCPAR
iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
8. iCPAR
AlliCPAR
iCPAR
Examination
rulesiCPAR
and iCPAR
regulations
apply
iCPAR iCPAR
iCPAR
iCPAR iCPAR iCPAR
iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
@iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR
iCPAR
Page
1of
8 iCPAR iCP
I1.2
iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCP
CERTIFIED PUBLIC ACCOUNTANT
INTERMEDIATE LEVEL EXAMINATIONS
I1.2: FINANCIAL REPORTING
MONDAY: 28 NOVEMBER 2016
INSTRUCTIONS:
AR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
AR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
AR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
AR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR iCPAR
SECTION
A iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
AR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
This
section
has
three
compulsory
questions
AR iCPAR iCPAR iCPAR iCPAR iCPAR
iCPAR
iCPAR
iCPAR
iCPAR
iCPAR iCPAR
iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
AR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
ONE iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
AR iCPARQUESTION
iCPAR iCPAR iCPAR
AR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR iCPAR
International
Financial
Standards
(IFRSs)
areiCPAR
developed
an international
process
AR iCPAR(a)
iCPAR iCPAR
iCPAR iCPAR
iCPARReporting
iCPAR iCPAR
iCPAR iCPAR
iCPAR
iCPARthrough
iCPAR iCPAR
iCPAR iCPARdue
iCPAR
iCPAR iCPAR
that
involves
accountants,
financial
analysts
and
other
users
of
financial
statements
from
around
the iCPAR
AR iCPAR iCPAR