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1、AnswersFundamentalsLevel–SkillsModule,PaperF7FinancialReportingDecember2014AnswersSectionA1AAchangeofclassificationinpresentationinfinancialstatementsisachangeofaccountingpolicy(CAP)underIAS8.23CBHistoricalcostannualdepreciation=$90,000((500,000x90%)/5years).Aftertwo
2、yearscarryingamountwouldbe$320,000(500,000–(2x90,000)).Currentcostannualdepreciation=$108,000((600,000x90%)/5years).Aftertwoyearscarryingamountwouldbe$384,000(600,000–(2x108,000)).4CAlthoughtheinvoicedamountis$180,000,$30,000ofthishasnotyetbeenearnedandmustbedeferred
3、untiltheservicingworkhasbeencompleted.56C(i)isanonerouscontractand(iii)theprovisionisstillrequiredifthereisnointentiontosellBThetotalprofitonthecontractisexpectedtobe$1million(5,000–(1,600+2,400)).At30September2014theprofitrecognisedwouldbe$360,000(1,000x1,800/5,000)
4、.Thereforetheamountduefromthecustomerwouldbe:$’000CosttodateProfitrecognisedProgressbillings1,600360(1,800)––––––Amountduefromthecustomer160––––––78DAsthereceivableis‘sold’withrecourseitmustremainasanassetonthestatementoffinancialposition;itisnotderecognised.DThenorm
5、alsellingpriceofdamagedinventoryis$300,000(210/70%).Thiswillnowsellfor$240,000(300,000x80%),andhaveaNRVof$180,000(240–(240x25%)).Theexpectedlossontheinventoryis$30,000(210cost–180NRV)andthereforetheinventoryshouldbevaluedat$970,000(1,000–30).9ACashflowis(in$million):
6、23·4–14·4b/f+2·5dep+3disposal–2revaluation–4non-cashacquisition=8·510DTheinvestmentnolongermeetsthedefinitionofasubsidiary(abilitytocontrol)andthereforewouldnotbeconsolidated.1711AYearended30SeptemberCashflowDiscountrateDiscountedcashflows$’000465430$’000500500at8%0·
7、930·860·7920142015201610,5008,295–––––––Valueofdebtcomponent9,190Difference–valueofequityoptioncomponent810–––––––Proceeds10,000–––––––12AGoodwillshouldbewrittenoffinfullandtheremaininglossisallocatedproratatopropertyplantandequipmentandtheproductpatent.B/f$Loss$Post
8、loss$Property,plantandequipmentGoodwillProductpatent200,00050,00020,000(45,455)(50,000)(4,545)154,545nil15,455Netcurrentassets(atNR
