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CIMA Advanced Financial Reporting Sample Questions:

1. EF obtained a government licence, free of charge, to operate a silver mine in 20X7 and $5 million was spent on preparing the site. The mine commenced operation on 1 January 20X8. The licence requires that at the end of the mine's useful life of 20 years, the site above ground must be reinstated to its original position.
EF estimated that the cost in 20 years' time of this reinstatement will be $3 million, which has a present value of $1 million at 1 January 20X8.
Which THREE of the following describe how the cost of the reinstatement of the site should be treated in the financial statements of EF in the year ended 31 December 20X8?

A) The cost of the mine will be increased by $1 million on 1 January 20X8.
B) There will be a credit to finance costs for the unwinding of the discount on the reinstatement provision.
C) There will be a debit to finance costs for the unwinding of the discount on the reinstatement provision.
D) Only the cost of the site preparation will be depreciated over the mine's useful economic life.
E) Depreciation will be charged over 20 years on the full cost of the mine including the reinstatement cost.
F) The cost of the mine will be increased by $3 million on 1 January 20X8.

2. ST has sold its main office property, which had a carrying value of $360,000, to AB, a property management entity.
The property was sold for $400,000 which is equal to its fair value and was immediately leased back under an operating lease agreement.
Which of the following journals will record this transaction?

A) Option C
B) Option A
C) Option D
D) Option B

3. 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) $190,000
B) $595,000
C) $95,000
D) $575,000

4. LM acquired 15% of the equity share capital of ST on 1 January 20X6 for $18 million. LM acquired a further 50% of the equity share capital of ST for $50 million on 1 January 20X7 when the fair value of ST's net assets was $82 million. The original 15% investment in ST had a fair value of $20 million at 1 January 20X7. The non controlling interest in ST was measured at its fair value of $30 million at the date control in ST was acquired.
Calculate the goodwill arising on the acquisition of ST that LM included in its consolidated financial statements at 31 December 20X7.
Give your answer to the nearest $ million.
$ ? million

5. Information from the financial statements of an entity for the year to 31 December 20X5:

The gearing ratio calculated as debt/equity and interest cover are:

A) gearing of 16% and interest cover of 4.
B) gearing of 15% and interest cover of 4.
C) gearing of 16% and interest cover of 6.
D) gearing of 15% and interest cover of 6.

Solutions: