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CIMA F2 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Financial Reporting Framework | - Conceptual framework of financial reporting - Regulatory environment and standards (IFRS overview) |
| Topic 2: Group Financial Statements | - Consolidated financial statements - Associates and joint arrangements - Business combinations |
| Topic 3: Interpretation of Financial Statements | - Performance evaluation - Financial ratio analysis |
| Topic 4: Financial Statements | - Statement of cash flows - Preparation and presentation of financial statements |
| Topic 5: Specialised Financial Reporting Topics | - Changes in accounting policies and estimates - Events after reporting period - Financial instruments |
CIMA Advanced Financial Reporting Sample Questions:
Which of the following statements are incorrect regarding identifiable assets? Select ALL that apply.
- A. Contingent assets and liabilities are examples of exceptions to the rules governing identifiable assets
- B. Assets can also be identifiable if they arise from contractual or legal rights
- C. To be identifiable assets must be separable from the subsidiary
- D. Deferred tax assets and liabilities are not classed as identifiable assets
- E. Net assets must be identifiable at acquisition
Correct Answer: A,D 🗳️
The directors of AB want to reduce the entity's gearing ratio in the year to 31 December 20X9.
Which of the following independent actions could the directors take during 20X9 to achieve this?
- A. Recognise the valuation surplus on AB's property, plant and equipment.
- B. Issue cumulative preference shares.
- C. Switch AB's fixed interest bearing borrowing to a lower variable rate borrowing.
- D. Issue redeemable preference shares.
Correct Answer: A 🗳️
ST granted 1,000 share appreciation rights (SARs) to its 100 employees on 1 December 20X7. To be eligible, employees must remain employed for 3 years from the grant date. In the year to 30 November
20X8, 10 staff left and a further 20 were expected to leave over the following two years. The fair value of each SAR was $12 at 1 December 20X7 and $15 at 30 November 20X8.
What is the accounting entry to record this transaction for the year to 30 November 20X8?
- A. Dr Staff costs $280,000, Cr Non-current liabilities $280,000
- B. Dr Staff costs $350,000, Cr Non-current liabilities $350,000
- C. Dr Staff costs $280,000, Cr Equity $280,000
- D. Dr Staff costs $350,000, Cr Equity $350,000
Correct Answer: B 🗳️
Which of the following is a related party according to the definition of a related party in IAS24 Related Party Disclosures?
- A. Major customer
- B. Managing Director
- C. Major supplier
- D. Provider of finance
Correct Answer: B 🗳️
KL acquired 75% of the equity share capital of MN on 1 January 20X8. The group's policy is to value non- controlling interest at fair value at the date of acquisition. MN acquired 60% of the equity share capital of PQ on 1 January 20X9 for $360 million.
At 1 January 20X9 the fair value of the non-controlling interest in PQ was $220 million and the fair value of the net assets of PQ at 1 January 20X9 were $320 million.
Calculate the goodwill arising on the acquisition of PQ at 1 January 20X9.
Give your answer to the nearest million.
$ ? million
Correct Answer:
170, 170000000
