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CIMA F2 Exam Syllabus Topics:

CIMA Advanced Financial Reporting Sample Questions:

1. Which THREE of the following statements are true in relation to financial assets designated as fair value through profit or loss under IAS 39 Financial Instruments: Recognition and Measurement?

A) Shares in another entity held for short term trading purposes fall within this category.
B) Transaction costs in relation to these assets are expensed to profit or loss on acquisition.
C) The gain or loss on the subsequent measurement of these assets is recorded within profit for the year.
D) Transaction costs in relation to these assets are added to the initial cost of the asset on acquisition.
E) The gain or loss on the subsequent measurement of these assets is recorded within other comprehensive income.
F) Once the asset has been subsequently measured to fair value an impairment review is undertaken.

2. PQ and WX are similar sized entities and operate in the same industry within Country X . Both operate from a single warehouse and have similar levels of non current asset resources.
The following ratios have been calculated at 31 October 20X8:

If considered individually, which of the following would limit the usefulness of these ratios in assessing the comparative financial performances of PQ and WX?

A) Operating lease rentals for plant and equipment being charged to administration expenses by PQ and distribution costs by WX.
B) Depreciation of warehouses being charged to cost of sales by PQ and distribution costs by WX.
C) Increased prices for raw materials, which was passed on to customers by both entities.
D) Year end review of equipment resulting in WX charging an impairment loss while PQ's equipment is not impaired.

3. LK acquired 100% of the equity shares of TU on 1 January 20X4. LK disposed of 60% of TU for £2,400,000 on 30 September 20X4. The sale proceeds reflected the fair value of TU's shares on that date.
The remaining 40% shareholding gave LK the ability to exercise significant influence over the activities of TU. TU reported profit of $1,800,000 for the year ended 31 December 20X4 and this accrued evenly throughout the year.
Calculate the investment in associate that will be presented in LK's consolidated statement of financial position as at 31 December 20X4.
Give your answer to the nearest whole $'000.
$ 000

4. A local council is one year into a two year project to renovate local parks. The project is on track to be completed within the set time-scale, however it has proved more costly than initially expected.
The project is on track to be completed within its two year period. Contracts for the labour and materials needed to renovate the parks were agreed at the start of the project and no changes have arisen. Despite the fact that the council has yet to fully settle these contracts, costs are set to be as budgeted.
Why would this example not be recognised as a provision?

A) The council doesn't have a present obligation from the project.
B) Neither the timing nor the amount of the provision is uncertain.
C) The council has no potential future obligations arising from the project.
D) The settlement of the contract is unlikely to result in an outflow from the council.

5. What is meant by the term "a placing of ordinary shares"?

A) Selling new ordinary shares directly to the public.
B) Selling new ordinary shares to existing shareholders.
C) Selling existing ordinary shares to new investors through a stock exchange.
D) Selling new ordinary shares to a financial institution on a pre-arranged basis.

Solutions: