CIMA F2 : Advanced Financial Reporting

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CIMA F2 Exam Syllabus Topics:

CIMA Advanced Financial Reporting Sample Questions:

Question 1

AB and EF are located in the same country and prepare their financial statements to 31 October in accordance with International Accounting Standards. EF supplies AB with a component that is vital to AB's product range. AB is considering acquiring a controlling interest in EF by 31 December 20X4 in order to guarantee future supply. The Board of EF has indicated that such an approach would be postively considered. AB would use its control to make AB the sole customer of EF.
The Finance Director of AB has been granted access to EF's management accounts and has conducted some initial analysis from the financial press. The results togther with comparisons for AB for the year to
31 October 20X4 are presented below:

AB and EF are forecasting revenues of S1,500,000 and $700,000 respectively for the year ended 31 October 20X5.
AB's Finance Director met with one of the directors of EF to discuss the potential impact of the acquisition.
Which of the director's statements below is correct?

A. The gross profit margin of EF will increase if AB's bargaining power is used to negotiate lower material costs for the whole group.
B. Redundancy costs arising from reorganisation following acquisition will be provided for by charging EF's profit for the year ended 31 October 20X4.
C. The P/E ratio of EF will increase to 12 after acquisition in line with that of AB.
D. Dividend yield for both entities will be identical after the acquisition.

Question 2

AB acquired an investment in a debt instrument on 1 January 20X5 at its nominal value of $25,000, which it intends to hold until maturity. The instrument carried a fixed coupon interest rate of 5%, payable in arrears. Transactions costs of $5,000 were paid in respect of this investment. The effective interest rate applicable to this instrument was estimated at 9%.
Calculate the value of this investment that AB will include in its statement of financial position at 31 December 20X5.
Give your answer to the nearest whole number.
$ ?

Question 3

Which THREE of the following would determine the functional currency of an overseas subsidiary in accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates?

A. The currency in which operating receipts are retained.
B. The currency which the parent company uses to present its financial statements.
C. The currency which principally influences selling prices for goods and services.
D. The currency in which all non-current assets are purchased and recognised.
E. The currency which principally influences the choice of functional currency of the parent.
F. The currency that mainly influences labour, material and other costs.

Question 4

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. 4.5
C. 3.3
D. 4.1

Question 5

GH's financial statements show the following:
What is the value of the dividend received from the associate to be included in GH's consolidated statement of cash flows for the year?
Give your answer to the nearest $000.
$ ? 000

Solutions: