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FR – Financial Reporting

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Showing 7–9 of 10 questions

Question 7

The consolidated financial statements of Paulo plc for the year ended 31 March 2013 showed the following.

Non-controlling interest in the consolidated statement of financial position at 31 March 2013 was $6 million ($3.6 million at 31 March 2012). Non-controlling interest in the consolidated income statement for the year ended 31 March 2013 was $2 million.

During the year ended 31 March 2013, the group acquired a new 75% subsidiary whose net assets at the date of acquisition were $6.4 million. On 31 March 2013, the group revalued all its properties and the non-controlling interest in the revaluation surplus was $1.5 million. There were no dividends payable to non-controlling shareholders at the beginning or end of the year.

In accordance with IAS 7 Statement of Cash Flows, what was the dividend paid to non-controlling shareholders that will be shown in the consolidated statement of cash flows of Paulo plc for the year ended 31 March 2013?

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    $1.2 million

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    $2.7 million

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    $4.5 million

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    $7.5 million
Question 8

IAS 17 Leases standardizes the accounting treatment and disclosure of assets held under lease. IAS 17 Leases requires a lessee to capitalize a finance lease at the amount of the

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    Fair value
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    Present value of the minimum lease payments
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    Higher of fair value or present value of minimum lease payments
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    Lower of fair value or present value of minimum lease payments
Question 9

Consider the following statements:

(i) Some operating segments meet all the aggregation criteria.

(ii) Identified reportable segments account for 75 percent of the entity’s revenue.

How these should be reported under IFRS 8 Operating Segments?

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    (i) Reportable segments to be disclosed provided that they meet the quantitative thresholds.
    (ii) Aggregate remaining segments into ‘all other segments’ category.

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    (i) Aggregate remaining segments into ‘all other segments’ category.
    (ii) Reportable segments to be disclosed provided that they meet the quantitative thresholds.
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    (i) This is not a reportable segment to be disclosed.
    (ii) Aggregate remaining segments into ‘all other segments’ category.
  • ○

    (i) Aggregate remaining segments into ‘all other segments’ category.
    (ii) This is not a reportable segment to be disclosed.