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1、AnswersFundamentalsLevel–SkillsModule,PaperF7FinancialReportingDecember2014AnswersSectionA1AAchangeofclassificationinpresentationinfinancialstatementsisachangeofaccountingpolicy(CAP)underIAS8.23CBHistoricalcostannualdepreciation=$90,000((500,000x90%)/5years).Aft
2、ertwoyearscarryingamountwouldbe$320,000(500,000–(2x90,000)).Currentcostannualdepreciation=$108,000((600,000x90%)/5years).Aftertwoyearscarryingamountwouldbe$384,000(600,000–(2x108,000)).4CAlthoughtheinvoicedamountis$180,000,$30,000ofthishasnotyetbeenearnedandmust
3、bedeferreduntiltheservicingworkhasbeencompleted.56C(i)isanonerouscontractand(iii)theprovisionisstillrequiredifthereisnointentiontosellBThetotalprofitonthecontractisexpectedtobe$1million(5,000–(1,600+2,400)).At30September2014theprofitrecognisedwouldbe$360,000(1,0
4、00x1,800/5,000).Thereforetheamountduefromthecustomerwouldbe:$’000CosttodateProfitrecognisedProgressbillings1,600360(1,800)––––––Amountduefromthecustomer160––––––78DAsthereceivableis‘sold’withrecourseitmustremainasanassetonthestatementoffinancialposition;itisnotd
5、erecognised.DThenormalsellingpriceofdamagedinventoryis$300,000(210/70%).Thiswillnowsellfor$240,000(300,000x80%),andhaveaNRVof$180,000(240–(240x25%)).Theexpectedlossontheinventoryis$30,000(210cost–180NRV)andthereforetheinventoryshouldbevaluedat$970,000(1,000–30).
6、9ACashflowis(in$million):23·4–14·4b/f+2·5dep+3disposal–2revaluation–4non-cashacquisition=8·510DTheinvestmentnolongermeetsthedefinitionofasubsidiary(abilitytocontrol)andthereforewouldnotbeconsolidated.1711AYearended30SeptemberCashflowDiscountrateDiscountedcashflo
7、ws$’000465430$’000500500at8%0·930·860·7920142015201610,5008,295–––––––Valueofdebtcomponent9,190Difference–valueofequityoptioncomponent810–––––––Proceeds10,000–––––––12AGoodwillshouldbewrittenoffinfullandtheremaininglossisallocatedproratatopropertyplantandequipme
8、ntandtheproductpatent.B/f$Loss$Postloss$Property,plantandequipmentGoodwillProductpatent200,00050,00020,000(45,455)(50,000)(4,545)154,545nil15,455Netcurrentassets(atNR
