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CIMA Advanced Financial Reporting Sample Questions:

1. AB, a listed entity, prepared its financial statements to 31 December 20X7, in accordance with international accounting standards.
Which THREE of the following were disclosed as related parties of AB in its financial statements?

A) ST, an entity that was jointly established by AB and CD, and that is accounted for as a joint venture in AB's financial statements to 31 December 20X7.
B) AB's main supplier, GH, who supplies more than 70% of AB's goods for manufacture.
C) The wife of the Managing Director of AB, to whom AB sold a motor vehicle in the year to 31 December 20X7.
D) AB's defined benefit pension plan.
E) AB's bank that provides more than 60% of the entity's loan finance.

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

3. Calculate the value of non controlling interest that will be presented in KL's consolidated statement of financial position at 31 December 20X9?
Give your answer to the nearest whole $'000.
$ ? 000

4. Following the impairment review of the investment in BC, what would be the carrying value of this associate in KL's consolidated statement of financial position at 31 December 20X9?

A) $1,800,000
B) $1,240,000
C) $1,050,000
D) $1,960,000

5. Which of the following examples of contracts will use cost of sales as the balancing figure when calculating profit or loss?
Select ALL that apply.

A) Contract A has a total value of£55m, costs to date of£33m and expected costs to completion of£18m.
B) Contract A has a total value of£50m, costs to date of£42m and expected costs to completion of£15m.
The project's % stage of completion is 74% using the cost method.
C) Contract A has a total value of£75m, costs to date of£61m and expected costs to completion of£20m.
The contracts % stage of completion was calculated by dividing its value to date of£45m by£75m.
D) Contract A has a total value of£60m, costs to date of£42m and expected costs to completion of£15m.
The project's % stage of completion is 80% using the value method.
E) Contract A has a total value of£85m, costs to date of£69m and expected costs to completion of£22m.
The contracts % stage of completion was calculated by dividing its costs incurred to date of£69m by £75m.

Solutions: