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CIMA Advanced Financial Reporting Sample Questions:

1. EF has redeemable 10% bonds which are currently trading at $94.00 for each $100 of nominal value. The bonds can be redeemed at par in five years' time. The corporate income tax rate is 22%.
The present value of the cash flows associated with $100 nominal value of these bonds at a discount rate of 7% is $9.28.
Calculate the post tax cost of debt.
Give your answer as a percentage to one decimal place.
%

2. WX acquired 20% of the equity share capital of MN for $135 million in 20X5. WX acquired a further 40% of the equity share capital of MN for $400 million on 1 October 20X8 when the fair value of the net assets of MN were $800 million.
The fair value of the initial 20% investment in MN was $175 million at 1 October 20X8. There has been no impairment of the investment in MN. WX uses the proportion of net assets method to value non- controlling interest at acquisition.
Calculate the goodwill arising on the acquisition of MN.
Give your answer to the nearest $ million.
$ ? million

3. Which of the following, in accordance with IFRS 2 Share-based Payments, are only applicable to the accounting treatment of cash settled rather than equity settled share-based payment schemes?
Select ALL that apply.

A) The credit entry in the financial statements is to equity.
B) The credit entry in the financial statements is to liabilities.
C) The instruments in the scheme are remeasured at the end of each financial year to fair value.
D) The instruments in the scheme are measured at the fair value at the grant date of the scheme.
E) The expense of the scheme is spread to profit or loss over the vesting period.

4. Which THREE of the following statements about preference shares are true?

A) The characteristics of preference shares are closer to debt than equity.
B) Preference shares cannot be issued as redeemable shares.
C) Preference shareholders receive their dividend entitlement before the equity shareholders.
D) Preference shareholders rank below the equity shareholders in a winding up.
E) For an investor, preference shares carry more risk than ordinary shares.
F) Unlike ordinary shares, preference shares may be cumulative.

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

Solutions: