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F1 Exam Dumps : Financial Reporting

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Financial Reporting Questions and Answers

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Question 1

OP holds an investment property purchased on 1 January 20X3 for $700,000 with a useful economic life of 25 years.

At 31 December 20X5 the fair value of the investment property was $750,000 with a revised useful economic life of 25 years from that date.

OP has been carrying the investment property using the cost model until 31 December 20X5.

The directors wish to change their valuation method to fair value in accordance with IAS 40 Investment Property.

Which of the following is the correct treatment of the revaluation gain and the value of the property in the statement of financial position at 31 December 20X5?

Options:

A.

A gain of $134,000 taken to the statement of profit or loss and $750,000 shown on the statement of financial position.

B.

A gain of $106,000 taken to the statement of profit or loss and $720,000 shown on the statement of financial position.

C.

A gain of $134,000 taken to other comprehensive income and $750,000 is shown on the statement of financial position.

D.

A gain of $106,000 taken to other comprehensive income and $720,000 is shown on the statement of financial position.

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Question 2

Options:

Question 3

EF is a large manufacturing entity with several of its manufacturing sites in different locations. Currently all of the sites have a local procurement department. EF's board are looking to implement a centralized purchasing system.

Match the tokens according to whether you believe each statement is either an advantage or disadvantage of implementing a centralized purchasing system for EF.

Options:

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