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CIMA Advanced Financial Reporting Sample Questions:

1. Following a wedding in October 20X0 ten people contracted food poisoning from eating food cooked by the wedding caterer PQ. At 31 December 20X0 PQ was advised by its legal advisors that a liability was possible but not probable and the incident was disclosed as a contingent liability at that date.
As the result of developments in the case, which is still not settled, PQ was advised that it is now probable, as at 31 December 20X1, that they will be found liable and will therefore have to pay damages of unknown value.
Which of the following would indicate that in the financial statements of PQ for the year ended 31 December 20X1 this should still be recognised as a contingent liability rather than a provision?

A) A present obligation exists as a result of a past event.
B) There is no reliable estimate of the cost.
C) The case has not yet been settled.
D) It is probable that there will be an outflow of economic resources to settle the case.

2. EF obtained a government licence, free of charge, to operate a silver mine in 20X7 and $5 million was spent on preparing the site. The mine commenced operation on 1 January 20X8. The licence requires that at the end of the mine's useful life of 20 years, the site above ground must be reinstated to its original position.
EF estimated that the cost in 20 years' time of this reinstatement will be $3 million, which has a present value of $1 million at 1 January 20X8.
Which THREE of the following describe how the cost of the reinstatement of the site should be treated in the financial statements of EF in the year ended 31 December 20X8?

A) The cost of the mine will be increased by $3 million on 1 January 20X8.
B) The cost of the mine will be increased by $1 million on 1 January 20X8.
C) There will be a credit to finance costs for the unwinding of the discount on the reinstatement provision.
D) Only the cost of the site preparation will be depreciated over the mine's useful economic life.
E) There will be a debit to finance costs for the unwinding of the discount on the reinstatement provision.
F) Depreciation will be charged over 20 years on the full cost of the mine including the reinstatement cost.

3. LM acquired an asset under a 5-year non-cancellable operating lease agreement on 1 January 20X8.
Under the terms of the agreement, LM paid nothing for the first year and then made four payments of
$50,000 in each subsequent year. LM adopted the provisions of IAS 17 Leases when accounting for this agreement.
Which of the following is correct in respect of this operating lease in LM's financial statements for the year to 31 December 20X8?

A) An expense of $50,000 was recognised.
B) An accrual of $40,000 was recognised.
C) A prepayment of $10,000 was recognised.
D) An accrual of $50,000 was recognised.

4. ST acquired two financial investments in the year to 31 December 20X8. One of these investments was initially classified as held for trading, the other as available for sale. ST remeasured both investments at fair value at 31 December 20X8 in accordance with IAS 39 Financial Instruments: Recognition and Measurement. The resulting gains were calculated as follows:
* Gain on held for trading investment $50,000
* Gain on available for sale investment $40,000
What was the value of the gain that ST presented in its other comprehensive income when it prepared its financial statements for the year to 31 December 20X8?
Give your answer to the nearest $000.
$ ? 000

5. The consolidated statement of profit or loss for VW for the year ended 30 September 20X7 includes the following:

What is VW's interest cover for the year ended 30 September 20X7?

A) 5.1
B) 3.3
C) 4.1
D) 4.5

Solutions: