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business
international financial reporting and analysis

Questions and Answers of International Financial Reporting And Analysis

Appraise the harmonization of corporate governance regulation across the EU.
Identify and discuss at least four reasons why corporations should take CSR reporting seriously.
Freeman’s (1984) concept of strategic stakeholder management probably formed the basis for Stakeholder Theory in corporate governance. Explain in what ways Stakeholder Theory in corporate
Socially responsible investors apply positive and/or negative screening based on values and performance criteria. What kind of criteria would you apply and why?
Map the core subjects and the principles of social responsibility of the GRI and IIRC frameworks onto the UN Global Compact’s ten principles. In what ways are they similar and in what ways are they
Some people think that the term ‘business ethics’ is an oxymoron. What do you think and why?
The accounting profession serves the private interests of the profession, the private interests of clients, credit grantors, employers, investors, the business and financial community, governments
According to the IESBA Code of Ethics, integrity is one of the main principles that accountants must apply in order to serve the public interest. For accountancy bodies to teach their prospective
Consider the threats to adherence to the principles of the IESBA Code of Ethics in relation to each of the ethical principles of the IESBA Code of Ethics. For example, the threat of self-interest can
Consider how the threat of self-interest relates to the threat of advocacy, and how the threat of familiarity might lead to the threat of advocacy. What might be solutions to these types of threat?
Amy is a senior financial accountant for a large manufacturing company listed on the stock exchange. In her professional capacity she has learnt that the company’s profit for the year is above the
On 1 January 20X5 Company A commenced the construction of a new office building. The office building was completed on 31 December 20X5. To fund the construction of the building, Company A used both
What are fixed (non-current) assets?
Should land be allowed or required to be revalued?
Due to rising property prices, Downing decided to revalue its land and buildings on 1 April 20X5 to their market value. On 1 April 20X5, prior to the revaluation exercise, the carrying value of land
Kayte operates in the shipping industry and owns vessels for transportation. Kayte’s vessels constitute a material part of its total assets. The economic life of the vessels is estimated to be 30
(i) Discuss the arguments for and against the capitalization of borrowing costs as part of the cost of an asset.(ii) On 1 April 20X2 Webster commenced the construction of a large development
Minco often sponsors professional tennis players in an attempt to improve its brand image. At the moment, it has a three-year agreement with a tennis player who is currently ranked in the world’s
Aphrodite has a year end of 31 December and operates a factory which makes computer chips for mobile phones. It purchased a machine on 1 July 20X3. A fire at the factory on 1 October 20X6 damaged the
During 20X9 the following inventory of XYZ was acquired and used by Degrees.There was no opening inventory of XYZ.Required: Using the FIFO method, calculate the closing inventory of XYZ for
Darlatt has built an offshore wind farm with the purpose of testing the efficiency of its prototype wind turbines. Darlatt has applied to the regulators for approval for production of its new
On 1 December 20X2, Suntory acquired a trademark, Golfo, for a line of golf clothing for $3 million. Initially, Suntory expected to continue marketing and receiving cash flows from the Golfo product
Robby purchased plant, property and equipment (PPE) for $10 million on 1 June 20X9. It has an expected useful life of 20 years and is depreciated using the straight line method. On 31 May 20X1, the
At 30 November 20X3, Joey carried a property in its statement of financial position at its revalued amount of $14 million in accordance with IAS 16 Property, Plant and Equipment. Depreciation is
Green Change is preparing its financial statements for the year ended 28 March 20X7. On 24 March 20X7, at their meeting, the board of directors approved a detailed plan which involved selling a
From the perspective of a lessor, explain the theoretical distinction between finance leases and operating leases.
On 1 January 20X8, a lessee acquires new equipment, with a fair value of £730,000, by entering into a ten-year lease. Lease payments are £90,000 per annum and all payment are made at the end of the
Access Point acquired an asset under a finance lease. The fair value of the asset was £440,000 and it is estimated that the residual value after 5 years will be £20,000. The lease is for 5 years.
Critically appraise the different cost assumptions underlying the valuation of closing inventory.
(i) Coatmin is a government-controlled bank. Coatmin was taken over by the government during the recent financial crisis. At the start of the financial year to 30 November 20X3, Coatmin gave a
Ethan, a public limited company, develops, operates and sells investment properties. Ethan wishes to apply the fair value option rules of IFRS 9 Financial Instruments to debt issued to finance its
The directors of Lizzer, a public limited company, have read various reports on excessive disclosure in the annual report. They have decided to take action and do not wish to disclose any further
Diamond is looking at ways that it may improve its liquidity. One option is to sell some of its trade receivables to a debt factor. The directors are considering two possible alternative agreements
Useful information is provided to users by restricting the definition of revenue to that arising from ordinary activities only. Discuss.
Previous revenue recognition requirements under IAS 18 were in need of improvement. Discuss.
Entity A sells medical devices to the healthcare sector. It operates in a number of European countries. On 1 January 20X6, Entity A signed an agreement with Entity B. Entity B is located in the US
Entity A manufactures and sells electronic goods. One particular product, Product X, is sold with a six-month manufacturer’s warranty. Entity A also offers customers the option to purchase an
Entity A sells a range of scooters. When purchasing a scooter, a customer can also purchase an extended warranty. The extended warranty takes effect after the manufacturer’s warranty ends. If at
Mighty IT Co provides hardware, software and IT services to small business customers. Mighty IT Co has developed an accounting software package. The company offers a supply and installation service
Explain the terms: (i) Big bath accounting and (ii) Profit smoothing. Give an illustration of each.
Blackcutt owns a warehouse. Chemco has leased the warehouse from Blackcutt and is using it as a storage facility for chemicals. The national government has announced its intention to enact
Verge, a public limited company, operates local and inter-city trains. In February 20X2, an inter-city train did what appeared to be superficial damage to a storage facility of a local company. The
Explain and distinguish between: • The flow through approach• Full deferral• Partial deferral.
Comparability requires that either all entities provide in full for deferred tax or that it is always ignored. Discuss.
Explain to a non-accountant the difference between the income statement view and the balance sheet view of deferred tax.
In December 20X5, Mighty IT Co revalued its corporate headquarters. Prior to the revaluation, the carrying amount of the building was $2m and it was revalued to $2.5m. Mighty IT Co also revalued a
VB granted share options to its 500 employees on 1 August 20X6. Each employee will receive 1,000 share options provided they continue to work for VB for the four years following the grant date. The
DF granted 1,000 share options to each of its 300 employees on 1 January 20X0, with the condition that they continue to work for DF for four years from the grant date. The fair value of each option
NB operates a defined benefit pension plan for its employees. At 1 April 20X3, the fair value of the pension plan assets was $8,200,000 and the present value of the pension plan liabilities was
The following information relates to Marchant plc’s pension scheme:Required:Calculate the net costs to be recognized in the statement of profit or loss and other comprehensive income for the year
A potential investor has approached you for some help in analyzing the financial information on QW, an entity in which he is considering investing. QW has been trading for many years and has recently
MR operates a defined benefit pension plan for its employees. At 1 January 20X3, the fair value of the pension plan assets was $3,700,000 and the present value of the pension plan liabilities was
MR operates a defined benefit pension plan for its employees. On 1 January 20X3, MR made improvements to the benefits offered by the plan, and the actuary estimated that the past service costs
The IASB issued IAS 33 Earnings Per Share in 1997 with the objective of determining the principles for the calculation and presentation of earnings per share in order to improve performance
MLR operates a defined benefit pension plan for all of its employees. On 10 December 20X2 improvements were made to the pension plan in respect of the pension rights of members.At that date, the
Cash is a very difficult figure to fiddle. David Tweedie (former Chairman of the IASB). Discuss.
Differentiate, using illustrative examples where necessary, between cash and cash equivalents.
Cash flows should be defined as increases or decreases in cash. Discuss.
A quote from a colleague: ‘I never look at the operating segment information in a set of financial statements when I am making investment decisions – it’s just lots and lots of numbers I
Which one of the following is not included in the definition of an operating segment in accordance with IFRS 8 Operating Segments?(a) A component of an entity that earns the majority of its revenue
According to IFRS 8 Operating Segments, which two of the following apply to reportable segments? (a) The results of the segment must be prepared using the same accounting policies as are used
Which one of the following would be classified by WDC as a non-adjusting event according to IAS 10 Events After the Reporting Period? WDC’s year end is 30 September 20X1.(a) WDC was notified on 5
AB had 10 million €0.50 ordinary shares in issue at 1 January 20X7. On 1 August 20X7 AB issued 2 million €0.50 ordinary shares at a premium of €0.30. Throughout the year AB had in issue €2

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