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CIMA Advanced Financial Reporting Sample Questions:

1. CD acquired 100% of the equity share capital of FG for cash consideration of Kr1,200,000 on 1 January
20X7.
Retained earnings of FG at the date of acquisition was Kr800,000. CD operates from Country A and its functional and presentation currency is $. FG is located and trades throughout Country B and its functional currency is the Krona (Kr).
CD has no other subsidiaries. Goodwill had not suffered any impairment to date.
Summarised data from the statements of financial position for both entities at 31 December 20X7 is presented below:

Calculate the exchange difference arising on the retranslation of goodwill on the acquisition in the consolidated statement of financial position of CD at 31 December 20X7.
Give your answer to the nearest $000.

2. Operating segments are separately reportable where they exceed 15% of revenue / profits / assets.
These must in total cover 80% of total revenue. Is this statement true or false?

A) False
B) True

3. Which of the following options provides a representation of how the non controlling interest in FG is measured in CD's consolidated statement of financial position at 31 December 20X8?

A) * FV of NCI at acquisition; plus
* NCI's share of post acquisition reserves of FG; plus
* NCI's share of accumulated exchange differences arising on goodwill of FG.
B) * FV of NCI at reporting date; plus
* NCI's share of post acquisition reserves of FG; plus
* NCI's share of exchange difference arising on goodwill of FG for the year.
C) * FV of NCI at acquisition; plus
* NCI's share of post acquisition reserves of FG; plus
* NCI's share of exchange difference arising on goodwill of FG for the year.
D) * FV of NCI at reporting date; plus
* NCI's share of group reserves; plus
* NCI's share of accumulated exchange differences arising on goodwill of FG.

4. Which TWO of the following are TRUE in respect of preparing a consolidated statement of cash flows where there has been an acquisition of a subsidiary part way through the year?

A) Any shares that were issued on acquisition of the subsidiary will be shown separately on the statement of cash flows within financing activities.
B) Non-controlling interest will arise in relation to the subsidiary and any dividends paid to the non- controlling interest will be shown within financing activities as a cash outflow.
C) Investing activities will include a total cash outflow for the acquisition comprising the cash paid for the subsidiary less the cash held by the subsidiary at the acquisition date.
D) The year end cash and cash equivalents balance will be reduced by the cash and cash equivalents that were held by the subsidiary at the acquisition date.
E) The working capital held by the subsidiary at acquisition will be excluded from the year end figures based on the percentage shareholding in the subsidiary.

5. 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.
%

Solutions: