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CIMA Advanced Financial Reporting Sample Questions:

1. When accounting for a finance lease under IAS 17 Leases, which TWO of the following are recognised in the statement of profit or loss?

A) Depreciation of the leased asset
B) Finance cost element of the lease payments
C) Lease payments paid
D) Lease payments payable
E) Capital repayment element of the lease payments

2. 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.

3. Which of the following should be eliminated when using the equity method to account for associates in a parent's financial statements?
Select ALL that apply.

A) Unrealised profits
B) Intra-group balances and transactions
C) Dividends from associates
D) Goodwill payments

4. A convertible bond with a nominal value of $100 can be redeemed at par in 5 years' time or be converted into 1 new equity share for every $5 of bond held.
The current equity share price is $3.50 and it is anticipated that this will grow at a rate of 7% per year.
What is the value of the conversion option of the bond in 5 years' time?
Give your answer to two decimal places.
$ ?

5. XY has a weighted average cost of capital (WACC) of 12%. The debt:equity ratio is 1:3 and this is considered low for the industry. XY needs to raise finance to purchase new machinery in the coming year.
Which of the following forms of finance is most likely to increase the WACC?

A) 6% bank loan
B) Finance lease
C) 8% preference shares
D) Rights issue of equity shares

Solutions: