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CIMA Advanced Financial Reporting Sample Questions:

1. What is the total comprehensive income attributable to the non-controlling interest that will be presented in GHI's consolidated statement of changes in equity for the year ended 31 December 20X4?

A) $595,000
B) $95,000
C) $190,000
D) $575,000

2. LM acquired 80% of the equity shares of ST when ST's retained earnings were $50 million. The fair value of the net assets of ST included a contingent liability with a fair value of $100 million at the date of acquisition and a fair value of $40 million at 31 December 20X6. No other fair value adjustments were required at the date of acquisition.
LM and ST had retained earnings of $200 million and $80 million respectively at 31 December 20X6.
The consolidated retained earnings of LM at 31 December 20X6 were:

A) $284 million
B) $164 million
C) $272 million
D) $176 million

3. 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) Goodwill is reflected in the consolidated statement of financial position translated at the exchange rate on the date of acquisition.
B) The statement of profit or loss of the subsidiary is translated for the reporting period using the closing exchange rate.
C) A current period exchange gain or loss is shown within the consolidated statement of comprehensive income within other comprehensive income.
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.

4. What is the total comprehensive income attributable to the shareholders of GHI that will be presented in GHI's consolidated statement of changes in equity for the year ended 31 December 20X4?

A) $2,880,000
B) $3,260,000
C) $2,875,000
D) $2,780,000

5. On 30 November 20X9 OPQ acquires a financial asset that is classified as Available for Sale.
Which of the following describes the value of the financial asset on the date of acquisition?

A) Present value excluding transaction costs.
B) Present value including transaction costs.
C) Fair value excluding transaction costs.
D) Fair value including transaction costs.

Solutions: