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CIMA Advanced Financial Reporting Sample Questions:

1. FG acquired 75% of the equity share capital of HI on 1 September 20X3.
On the date of acquisition, the fair value of the net assets was the same as the carrying amount, with the exception of a contingent liability disclosed by HI and relating to a pending legal case. At 1 September 20X3, the contingent liability was independently valued at $1.2 million.
At the current year end, 31 March 20X5, the legal case is still outstanding. The fair value of the liability has now been estimated at $1.4 million, and the case is expected to be resolved in the forthcoming financial year.
How should this contingent liability be recorded in the consolidated financial statements for the year ended 31 March 20X5?

A) A current liability of $1.4 million.
B) A non-current liability $1.2 million.
C) A current liability of $1.2 million.
D) A non-current liability of $1.4 million.

2. Which of the following statements are INCORRECT with regards to impairment of financial instruments; Select ALL that apply.

A) In the result of an impairment loss, the carrying amount of the asset is directly reduced, or reduced through an allowance account.
B) If a contract relating to a financial instrument is breached then this might be an indication of impairment.
C) If a loss is suspected following an impairment review, a financial asset is written down to its fair value.
D) Held to maturity instruments and available for sale assets are both measured at amortised cost and are therefore impacted by impairment.
E) The impairment loss on held to maturity instruments is the difference between the assets carrying amount and the present value of its future cashflows.

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

4. On 1 January 20X7 GH purchased plant and equipment at a cost of $400,000. The temporary differences in respect of this plant and equipment at 31 December 20X7 and 20X8 have been calculated as follows:

Assume that there are no other temporary differences in the periods and that the corporate income tax rate is 25%. GH is expected to have significant taxable profits in the future.
Which of the following is the correct impact in GH's statement of financial position at 31 December 20X8 in respect of deferred tax?

A) Decrease in the deferred tax liability.
B) Decrease in the deferred tax asset.
C) Increase in the deferred tax liability.
D) Increase in the deferred tax asset.

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.
%

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