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CIMA Financial Reporting Sample Questions:

1. On 31 March 20X1 OP decided to sell a property. On that date this property was correctly classified as held for sale in accordance with IFRS 5 Non-Current Assets Held For Sale And Discontinued Operations.
In the draft financial statements of OP for the year ended 31 October 20X1 this property has been included at its fair value, which was $520,000 lower than its carrying value. This has resulted in a charge to profit or loss, the result of which is that the draft financial statements show a loss of $450,000 for the year to 31 October
20X1. When the management board of OP reviewed the draft financial statements it was unhappy about the loss and decided that the property should be reclassified as a non-current asset and reinstated to its original value, despite the fact that its plans for the property had not changed.
In accordance with the ethical principle of professional competence and due care, which THREE of the following statements explain how this property should be accounted for in the financial statements of OP for the year ended 31 October 20X1?

A) The impairment of $520,000 should be shown as an expense in the statement of profit or loss.
B) The property should be depreciated until 31 October 20X1.
C) The property impairment should not be recorded until the sale has completed.
D) The property should not be depreciated after 31 March 20X1.
E) The property should be treated as a non-current asset held for sale from 31 March 20X1.
F) The property should be treated as a non-current asset held for sale from 1 November 20X1.

2. While conducting their audit, auditor 0 did not encounter issues which significantly limited the scope of their audit, however they did run into problems in that they disagreed with the management on facts in the statements.
These disagreements were somewhat material, but they did not affect the auditor's overall opinion of the business. Which of the following statements should auditor 0 issue?

A) Unqualified report
B) Adverse audit opinion
C) 'Except for' qualification
D) Disclaimer of opinion
E) Emphasis of matter

3. In 20X4, DEF closed its business having made a trading loss of $160,000. In DEF's country of residence, trading losses may be carried back three years on a LIFO basis.
The profits for the last four years of trading were:

What are the taxable profits or losses for years 20X1 and 20X2?

A) 20X1 $150,000, 20X2 $133,000
B) 20X1 $150,000, 20X2 $nil
C) 20X1 $10,000, 20X2 $113,000
D) 20X1 $143,000, 20X2 $ nil

4. Mr K is being pressured by his manager to change figures in his report so that it will improve his manager's bonus.
His manager has promised Mr K a promotion if he agrees to do this.
What threats is Mr K facing?

A) Self-review and advocacy
B) Familiarity and self-interest
C) Intimidation and familiarity
D) Intimidation and self-interest

5. Which of the following is NOT a responsibility of the International Accounting Standards Board?

A) Final approval of interpretations by the international financial reporting interpretations committee.
B) Fundraising for the international accounting standards committee foundation.
C) Withdrawal of international accounting reporting standards.
D) Preparation of international financial reporting standards.

Solutions: