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CIMA F2 Exam Syllabus Topics:

CIMA Advanced Financial Reporting Sample Questions:

Question 1

GH acquired 3,000,000 of the 12,000,000 equity shares of JK. All shares carried equal voting rights and no other single shareholder of JK held more than 10% of the equity shares. GH has the power to participate in the financial and operating policy decisions but not control them.
Based on the information provided above, how would GH's investment in JK be accounted for in its consolidated financial statements?

A. Associate
B. Joint venture
C. Financial asset
D. Joint arrangement

Question 2

XY puchased 2% of the equity shares of FG on 1 October 20X3.
XY paid $25,000 for the shares as well as a transaction cost of 2.5% of the purchase price.
The shares are being held for short term trading and XY intend to sell them in December 20X3.
At the year end of 31 October 20X3, the shares in FG could be sold for $28,000.
What is the journal entry to record the subsequent measurement for this investment at 31 October
20X3?

A. Debit investment in equity shares $3,000 and credit other reserves $3,000.
B. Debit investment in equity shares $3,000 and credit profit or loss $3,000.
C. Debit investment in equity shares $2,375 and credit other reserves $2,375.
D. Debit investment in equity shares $2,375 and credit profit or loss $2,375.

Question 3

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

Question 4

Which TWO of the following are true in relation to IAS21 The Effects of Changes in Foreign Exchange Rates when consolidating an overseas subsidiary?

A. A current period exchange gain or loss is shown within the consolidated statement of comprehensive income within other comprehensive income.
B. The statement of profit or loss of the subsidiary is translated for the reporting period using the closing exchange rate.
C. Goodwill is reflected in the consolidated statement of financial position translated at the exchange rate on the date of acquisition.
D. Goodwill is re-translated at the end of each reporting period and reflected at the period end exchange rate in the consolidated statement of financial position.
E. Assets and liabilities of the subsidiary are translated at each reporting date using the average exchange rate for the period.

Question 5

Which of the following is NOT an example of an unconsolidated structured entity as defined in IFRS12 Disclosure of Interests in Other Entities?

A. A securitisation vehicle
B. An investment fund
C. An asset-backed financing scheme
D. A post-employment benefit plan

Solutions: