CIMA F1 : Financial Reporting

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CIMA Financial Reporting Sample Questions:

1. Which of the following would be classified as a parent and subsidiary relationship in accordance with IFRS 10 Consolidated Financial Statements?

A) Entity B owns 20% of another entity's equity shares and has an agreement with other equity shareholders of that entity that gives it power over a further 20% of the equity voting rights.
B) Entity C owns 45% of another entity's equity shares and can exercise significant influence over that entity's financial and operating policy decisions.
C) Entity D owns 25% of another entity's equity shares and associated voting rights and 100% of its preference shares.
D) Entity A owns 30% of another entity's equity shares and has the power to appoint or remove the majority of the members of the board of directors and control of the entity is through that board.

2. AB has prepared its financial statements for the year ended 31 July 20X5. On 15 September 20X5 a major fraud was uncovered by the external auditors which had taken place during the year to 31 July 20X5 The financial statements have not yet been authorised In accordance with IAS 10 Events After the Reporting Period, AB should treat the fraud as:

3. The United Kingdom (UK) uses a principle based approach to corporate governance which means:

4. The International Accounting Standards Board's "The Conceptual Framework for Financial Reporting" identifies fundamental and enhancing qualitative characteristics of financial statements.
Which of the following is included within the fundamental characteristics?

A) Verifiability
B) Understandability
C) Comparability
D) Materiality

5. TUV owns property that has a carrying amount greater than its original cost due to a revaluation 2 years ago.
The property continues to be used by TUV up lo the date of its disposal and is sold for more than its carrying amount.
Which THREE of the following correctly describe the accounting treatment for the disposal of the property?

A) The property is depreciated based on its original cost up to the date ot disposal
B) The gain on disposal is recognised in other comprehensive income
C) The remaining balance on the revaluation surplus is transferred to the statement of profit or loss
D) The remaining balance on the revaluation surplus is transferred to retained earnings
E) The gam on disposal is recognised in the statement ot profit or loss
F) The property is depreciated based on its revalued amount up to the date of disposal

Solutions: