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    Acca Questions Certifr

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    blesson
    The document provides two example questions from an international financial reporting assessment. The first question asks about the appropriate statement of financial position and statement of comprehensive income entries for the first year of a four-year operating lease with an initial six-month rent-free period. The second question asks which types of financial assets must be held at fair value under IFRS 9.

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    Acca Questions Certifr

    Uploaded by

    blesson
    1K views1 page
    The document provides two example questions from an international financial reporting assessment. The first question asks about the appropriate statement of financial position and statement of comprehensive income entries for the first year of a four-year operating lease with an initial six-month rent-free period. The second question asks which types of financial assets must be held at fair value under IFRS 9.

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    The document provides two example questions from an international financial reporting assessment. The first question asks about the appropriate statement of financial position and statement of comprehensive income entries for the first year of a four-year operating lease with an initial six-month rent-free period. The second question asks which types of financial assets must be held at fair value under IFRS 9.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    1K views1 page

    Acca Questions Certifr

    Uploaded by

    blesson
    The document provides two example questions from an international financial reporting assessment. The first question asks about the appropriate statement of financial position and statement of comprehensive income entries for the first year of a four-year operating lease with an initial six-month rent-free period. The second question asks which types of financial assets must be held at fair value under IFRS 9.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    Two example questions from the Certificate in International

    Financial Reporting (CertIFR) assessment

    Sebastian Ltd enters into a new four-year operating lease agreement on 1 January 2011.
    As an incentive to sign up they receive a six-month rent-free period initially, after which rent
    will be charged annually in arrears at a cost of 4,000 per annum.
    What figures should appear on the statement of financial position (SOFP) and in the
    statement of comprehensive income (SOCI) for the year ended 31 December 2011 in
    relation to this lease?
    SOFP

    SOCI

    No balance

    Expense of 2,000

    Accrual of 1,500

    Expense of 3,500

    Prepayment of 1,500

    Expense of 3,500

    Payable of 2,000

    Expense of 2,000

    The correct answer is B.

    Under IFRS 9 which of the following assets should be held at fair value?
    1. An investment in 1m ordinary shares of Edward Plc
    2. 3m of 5% 2018 bonds. The company intends to sell the bonds within the next three
    years. Until then the company will receive interest.
    3. 500,000 loan to a supplier. Interest charged at 4% and due for repayment in two years.
    A

    1 and 2

    1 only

    All of the above

    2 and 3

    The correct answer is A.

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