Question Tag: Fair Value

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CR – May 2015 – L3 – Q6 – Ethical Issues in Corporate Reporting

Analyze the financial reporting needs and efficiency challenges of not-for-profit organizations, including asset valuation at cost vs. fair value.

Question

NICE & DICE

NICE & DICE is a large charity located in Abuja and set up to provide support and assistance to disadvantaged people in major cities. Most of the charity’s income comes from members of the public through direct cash collections and regular monthly payments from donors. The other source of funding comes from government bodies who give grants to support specific projects that are recognized as being beneficial to the public good.

The charity publishes a detailed annual report. Performance is described largely in terms of an analysis of income received and the manner in which it has been spent. The trustees are concerned that this type of analysis does not really reflect the performance of the charity. They would like to report performance in terms of the work done rather than in terms of cash inflows and outflows. They want donors to appreciate how efficient the charity is.

The statement of financial position of the charity is a typical one for a large organization. NICE & DICE owns numerous properties in Abuja, some of which have been owned for many years. These are shown at historical cost less depreciation. The trustees do not wish to revalue the properties because this will create the impression that the charity is wealthy and that it does not require further financial support.

Required:
(a) Prepare a report to the trustees of Nice & Dice advising them on the reasons why specialized entities are required to publish detailed information about their activities. (5 Marks)
(b) Analyze the problems of quantifying and reporting the efficiency of not-for-profit organizations such as Nice & Dice. (5 Marks)
(c) Discuss the decision of the trustees to value its properties at cost less depreciation rather than at fair value. (5 Marks)

Answer

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Tags: Charity Reporting, Efficiency Measurement, Fair Value, Historical Cost, Not-for-Profit Reporting
Level: Level 3

Topic: Ethical Issues in Corporate Reporting

AT – Nov 2016 – L3 – SB – Q4 – Tax Planning and Management

Define fair value, determine fair value for a product in principal or non-principal markets, and compute fair value of land under IFRS 13.

Question

a. Prior to the advent of IFRS 13, many standards such as IAS 16, IAS 38, IAS 40, and IAS 39, among others, required the use of fair value. These various requirements have been harmonized with the introduction of IFRS 13 Fair Value Measurement.

Required:
Define fair value in accordance with IFRS 13. (2 Marks)

b. One of the companies formally operating in Nigeria that had recently relocated its operations to Ghana as a result of the challenging business environment in Nigeria has access to both Lagos and Accra markets for its product. The product sells at slightly different prices (in naira) in the two active markets. An entity enters into transactions in both markets and can access the price in those markets for the product at the measurement date as follows:

Market	Lagos Market (₦’000)	Accra Market (₦’000)
Sale Price	260	250
Transaction Cost	(30)	(10)
Transport Cost	(20)	(20)
Net Price Received	210	220

Required:
i. Briefly explain the principal market of an asset in accordance with IFRS 13 and determine what fair value would be used to measure the sale of the above product if the Lagos market were the principal market.

(4 Marks)

ii. How is fair value determined in the absence of a principal market and what fair value would be used to measure the sale of the above product if no principal market could be identified? (4 Marks)

c. Megida Plc, a public limited liability company, has just acquired some hectares of land in Abuja earmarked by the government for an economic empowerment program of citizens given the harsh economic environment in Nigeria and so is only meant for commercial purposes. The fair value of the land if used for commercial purposes is ₦100 million. If the land is used for commercial purposes, it is expected that it will result in reducing unemployment. This will attract a tax credit annually, which is based upon the lower of 15% of the fair market value of the land or ₦10,000,000 at the current tax rate. The current tax rate as fixed by the government is 20%.

Megida Plc has determined that, given the nature of Abuja’s land, market participants would consider that it could have an alternative use for residential purposes. The fair value of the land Megida Plc has just acquired for residential purposes before associated costs is estimated to be ₦148 million. In order to transform the land from its commercial purposes to residential use, there are estimated legal costs of ₦4,000,000, a project viability analysis cost of ₦6,000,000, and costs of demolition of the commercial buildings of ₦2,000,000.

In addition, permission for residential use has not been formally given by Abuja Municipal Authority. This has created uncertainty in the minds of market participants. Consequently, the market participants have indicated that the fair value of the land, after the above costs, would be discounted by 20% because of the risk of not obtaining the planning permission from Abuja Municipal Authority.

Required:
Discuss the way in which Megida Plc should compute the fair value of the Abuja land with reference to the principles of IFRS 13 Fair Value Measurement.

(10 Marks)

Answer

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Tags: Alternate Use, Fair Value, IFRS 13, Principal Market, Risk Discount
Level: Level 3

Topic: Tax Planning and Management
Series: NOV 2016

CR – May 2016 – L3 – Q4c – Share-Based Payments (IFRS 2)

Discuss how the SARs granted by Yerokun Ltd should be accounted for under IFRS 2 and IFRS 13 from the grant date to April 30, 2014.

Question

On May 1, 2011, Yerokun Limited granted 500 share appreciation rights (SARs) to its 300 managers. All of the rights vested on April 30, 2013, but they can be exercised from May 1, 2013, to April 30, 2015. At the grant date, the value of each SAR was ₦10 and it was estimated that 5% of the managers would leave during the vesting period. The fair value of the SARs is as follows:

Date	Fair Value of SAR
April 30, 2012	₦9
April 30, 2013	₦11
April 30, 2014	₦12

All of the managers who were expected to leave employment did not leave the company as expected before April 30, 2013. On April 30, 2015, 60 managers exercised their options when the intrinsic value of the right was ₦10.50 and were paid.

Yerokun Limited is confused as to whether to account for SARs under IFRS 2 Share-Based Payment or IFRS 13 Fair Value Measurement and would like to be advised as to how the SARs should have been accounted for from the grant date to April 30, 2014.

Answer

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Tags: Fair Value, IFRS 13, IFRS 2, SARs, Share Appreciation Rights, Vesting Period
Level: Level 3

Topic: Share-Based Payments (IFRS 2)

CR – May 2017 – L3 – Q6 – Fair Value Measurement (IFRS 13)

Identify the fair value hierarchies under IFRS 13 and distinguish between principal and most advantageous markets.

Question

The International Accounting Standards Board (IASB) aims at enhancing the guidance available for assessing fair value in order to increase consistency and comparability in fair value measurements and related disclosures. To this end, fair value measurements are categorized into a three-level hierarchy, based on the type of inputs to the valuation techniques used in IFRS 13. IFRS uses the terms principal or most advantageous market.

Required:

(i) What are the fair value hierarchies under IFRS 13? (3 Marks)

(ii) Distinguish between the principal and most advantageous market and state how price is determined in the principal market taking into consideration transport and transaction costs. (5 Marks)

Answer

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Tags: Fair Value, Hierarchy, IFRS 13, Market, Price determination
Level: Level 3

Topic: Fair Value Measurement (IFRS 13)

CR – Nov 2016 – L1 – SB – Q4 – Fair Value Measurement (IFRS 13)

Discuss fair value principles, principal market, and valuation adjustments under IFRS 13.

Question

a. Prior to the advent of IFRS 13, many standards such as IAS 16, IAS 38, IAS 40, and IAS 39 among others required the use of fair value. These various requirements have been harmonized with the introduction of IFRS 13 Fair Value Measurement.

Required:
Define fair value in accordance with IFRS 13. (2 Marks)

b. One of the companies formerly operating in Nigeria that had recently relocated its operation to Ghana as a result of the challenging business environment in Nigeria has access to both Lagos and Accra markets for its product. The product sells at slightly different prices (in naira) in the two active markets. An entity enters into transactions in both markets and can access the price in those markets for the product at the measurement date as follows:

Market	Lagos (N’000)	Accra (N’000)
Sale Price	260	250
Transaction Cost	(30)	(10)
Transport Cost	(20)	(20)
Net Price	210	220

ii. How is fair value determined in the absence of a principal market and what fair value would be used to measure the sale of the above product if no principal market could be identified? (4 Marks)

c. Megida Plc, a public limited liability company, has just acquired some hectares of land in Abuja earmarked by the government for economic empowerment programs. The land is expected to be used for commercial purposes. The fair value of the land if used for commercial purposes is N100 million, which includes tax credits.

Market participants consider alternative use for residential purposes, with an estimated fair value of N148 million, adjusted for:

Legal Costs: N4 million
Viability Analysis Costs: N6 million
Demolition Costs: N2 million
Planning Permission Uncertainty: 20% risk discount.

Required:
Discuss how Megida Plc should compute the fair value of the Abuja land with reference to IFRS 13 principles. (10 Marks)

Answer

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Tags: Fair Value, IFRS 13, Measurement Methods, Non-Financial Assets, Principal Market
Level: Level 3

Topic: Fair Value Measurement (IFRS 13)
Series: NOV 2016

CR – May 2021 – L3 – Q4c – Fair Value Measurement (IFRS 13)

Advise on measuring the fair value of land for residential purposes in financial statements.

Question

Kantala Limited is a company based in Abeokuta, the Ogun State capital. It uses the revaluation model for its non-current assets. Kantala Limited has several plots of farmland which are unproductive.

The company feels that the land would have more value if it were used for residential purposes.

There are several potential purchasers for the land, but planning permission has not yet been granted by the Abeokuta Planning Authority for use of the land for residential purposes.

However, preliminary enquiries with the planning authority seem to indicate that the planning permission may be granted. Additionally, the Ogun State Government has recently indicated that some agricultural land should be used for residential purposes.

Required:

Advise Kantala Limited on how to measure the fair value of the land in its financial statements. (2 Marks)

Answer

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Tags: Agricultural Land, Fair Value, IFRS 13, Revaluation Model
Level: Level 3

Topic: Fair Value Measurement (IFRS 13)

CR – May 2021 – L3 – Q4 – Fair Value Measurement (IFRS 13)

Evaluate fair value relevance versus historical cost and explain valuation techniques under IFRS 13.

Question

a. Fair value is a market-based measurement, not an entity-specific measurement. It focuses on assets and liabilities and on the exit (selling) price. It also takes into account market conditions at the measurement date. In other words, fair value measurement looks at the amount for which the holders of an asset could sell it and the amount which the holder of a liability would have to pay to transfer it.

Required:

i. Discuss the view that fair value is a more relevant measure to use in corporate reporting than historical cost. (4 Marks)

ii. Discuss the valuation techniques in fair value measurement in accordance with IFRS 13. (4 Marks)

Answer

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Tags: Fair Value, Historical Cost, IFRS 13, Valuation Techniques
Level: Level 3

Topic: Fair Value Measurement (IFRS 13)

CR – Nov 2016 – L3 – Q4c – Fair Value Measurement (IFRS 13)

Discuss IFRS 13’s principles in computing fair value for land with alternative uses in Abuja.

Question

Megida Plc, a public limited liability company, has acquired hectares of land in Abuja designated for economic empowerment programs, intended for commercial use. The fair value of the land for commercial purposes is estimated at N100 million. Utilizing the land for commercial purposes would contribute to reducing unemployment and attract an annual tax credit, which is based on the lower of 15% of the fair market value or N10,000,000, at a 20% tax rate.

Megida Plc has also considered an alternative use of the land for residential purposes, a choice market participants may support. The fair value of the land for residential purposes is estimated to be N148 million, excluding certain associated costs such as:

Legal costs: N4,000,000
Project viability analysis: N6,000,000
Demolition of commercial structures: N2,000,000

Due to uncertainty in obtaining residential use permission from the Abuja Municipal Authority, market participants would discount the fair value by 20%.

Required: Discuss the way in which Megida Plc should compute the fair value of the Abuja land with reference to the principles of IFRS 13 Fair Value Measurement. (10 Marks)

Answer

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Tags: Fair Value, Highest and Best Use, IFRS 13, Market Participants, Risk Adjustment
Level: Level 3

Topic: Fair Value Measurement (IFRS 13)

CR – Nov 2016 – L3 – Q4b -Fair Value Measurement (IFRS 13)

Determine the principal market and fair value measurement for product sales in the Lagos and Accra markets.

Question

One of the companies formally operating in Nigeria that had recently relocated its operations to Ghana, as a result of the challenging business environment in Nigeria, has access to both the Lagos and Accra markets for its product. The product sells at slightly different prices (in naira) in the two active markets. An entity enters into transactions in both markets and can access the price in those markets for the product at the measurement date as follows:

	Lagos Market (N’000)	Accra Market (N’000)
Sale Price	260	250
Transaction Cost	(30)	(10)
Transport Cost	(20)	(20)
Net Price Received	210	220

Required:

i. Briefly explain the principal market of an asset in accordance with IFRS 13 and determine what fair value would be used to measure the sale of the above product if the Lagos market were the principal market. (4 Marks)

ii. How is fair value determined in the absence of a principal market, and what fair value would be used to measure the sale of the above product if no principal market could be identified? (4 Marks)

Answer

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Tags: Asset Valuation, Fair Value, IFRS 13, Most Advantageous Market, Principal Market
Level: Level 3

Topic: Fair Value Measurement (IFRS 13)

CR – Nov 2016 – L3 – Q4a – Fair Value Measurement (IFRS 13)

Define fair value as per IFRS 13, addressing the standardized approach to valuation.

Question

Prior to the advent of IFRS 13, many standards such as IAS 16, IAS 38, IAS 40, and IAS 39 required the use of fair value. These various requirements have been harmonized with the introduction of IFRS 13 Fair Value Measurement.

Required: Define fair value in accordance with IFRS 13. (2 Marks)

Answer

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Tags: Asset Valuation, Fair Value, IFRS 13, Liability Valuation
Level: Level 3

Topic: Fair Value Measurement (IFRS 13)

CR – Nov 2023 – L3 – Q1 – Consolidated Financial Statements

Preparation of consolidated statement of profit or loss and other comprehensive income including adjustments for NCI, goodwill, and fair value.

Question

Below are the statements of comprehensive income of Agingo Plc (Agingo), Telemo Plc (Telemo), and Zimbo Plc (Zimbo) for the year ended 31 March 2023:

Item	Agingo (GH¢000)	Telemo (GH¢000)	Zimbo (GH¢000)
Revenue	432,840	302,988	259,704
Cost of sales	(194,778)	(136,345)	(116,867)
Gross profit	238,062	166,643	142,837
Operating expenses	(83,322)	(58,325)	(49,993)
Other income	10,821	7,575	6,493
Finance cost	(5,952)	(4,166)	(3,571)
Profit before tax	159,609	111,727	95,766
Tax	(39,902)	(29,927)	(27,134)
Profit for the year	119,707	81,800	68,632
Other comprehensive income	6,493	5,843	–
Total comprehensive income	126,200	87,643	68,632

Additional Information:

Agingo held 15% of the equity shares of Telemo and acquired an additional 45% and 10% of the loan stock during the year.
Fair value adjustments were made for the production machinery of Telemo, which had a useful life of 4 years.
Agingo acquired 70% of Zimbo in 2016.
Intercompany transactions occurred between Telemo and Agingo.
There were shareholding increases and impairments during the year.
Any intercompany dividends were excluded.

Required:
Prepare the consolidated statement of profit or loss and other comprehensive income of Agingo’s group for the year ended 31 March 2023. (All your workings are to be rounded to the nearest thousand).

Answer

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Tags: Consolidation, Deferred Tax, Fair Value, Goodwill, Non-Controlling Interest
Level: Level 3

Topic: Consolidated Financial Statements
Series: NOV 2023

CR – Nov 2017 – L3 – Q2e – 17 Financial instruments: Recognition and measurement Corporate reporting

Advise on the accounting treatment for an investment bond not held to maturity under IFRS 9.

Question

DanKay Ltd bought a ten-year bond on 1 August 2016 at a cost of GH¢45 million. The bond carries an interest coupon of GH¢5 million paid annually in arrears, and its effective yield to maturity was 12% at the date of purchase. DanKay Ltd is holding the bond as a speculative investment, expecting its value to increase, and hopes to sell the bond at a profit in the short to medium term. On 31 July 2017, its reporting date, the fair value of the bond had declined to GH¢43 million. The interest payment was received as scheduled.

Required:
Advise DanKay Ltd on the treatment of the above in the financial statements for the year ended 31 July 2017 in accordance with IFRS 9: Financial Instruments.

Answer

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Tags: Amortized Cost, Bond Valuation, Fair Value, Financial instruments, Investment
Level: Level 3

Topic: Financial instruments: Recognition and measurement Corporate reporting
Series: NOV 2017

CR – Nov 2016 – L3 – Q2c – Financial instruments: Recognition and measurement

Discuss the accounting treatment for the fair value movement of financial liabilities at fair value through profit or loss.

Question

Abiba Limited is a company operating in Northern Ghana and provides loans to customers and funds the loans by selling bonds in the market. The financial liability is designated as fair value through profit or loss. The bonds have a fair value increase of GH¢100 million in the year to 31 December 2015, of which GH¢5 million relates to the reduction in Abiba’s creditworthiness. The directors of Abiba Ltd have contacted your consultancy firm for advice on how to account for this movement.

Required:
Discuss, with appropriate computations where necessary, the accounting treatment of the above transactions in the financial statements of Abiba Ltd for the year ended 31 December 2015.

Answer

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Tags: Bonds, Credit risk, Fair Value, Financial instruments
Level: Level 3

Topic: Financial instruments: Recognition and measurement Corporate reporting

CR – Dec 2022 – L3 – Q2c -IFRS 5: Non-current assets held for sale and discontinued operations

Provide accounting treatment for Ayew Plc's plant reclassification under IFRS 5.

Question

Ayew Plc (Ayew) decided to dispose of one of its major production plants, which had become surplus to requirement. At 31 January 2021, all criteria were met for the plant to be classified as held for sale. On 31 July 2022, there was material evidence that the original sale plan would change and hence, it was considered not appropriate to retain the plant as held-for-sale. The plant is carried under the cost model.

Details of the plant are as follows:

	GH¢’million
Cost (acquired on 1 August 2019)	20
Depreciation rate (straight line to nil residual value)	10%
At 31 January 2022:
Fair value	14
Costs to sell	0.4
At 31 July 2022:
Recoverable amount	15.2

Required:
In line with IFRS 5: Non-Current Assets Held for Sale and Discontinued Operations, recommend how the above would be accounted for within the financial statements of Ayew for the year ended 31 July 2022.
(Total: 5 marks)

Answer

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Tags: Fair Value, Held for Sale, Impairment, Non-Current Asset, Plant, Reclassification
Level: Level 3

Topic: IFRS 5: Non-current assets held for sale and discontinued operations
Series: DEC 2022

CR – Dec 2022 – L3 – Q1 – Consolidated Financial Statements

Prepare the consolidated financial statement for Blackstars Ltd, accounting for business combinations and pensions.

Question

Blackstars Ltd is a very successful SME business operating in a very good commercial location in Accra. The following statements of financial position are as at 30 June 2022:

	Blackstars Ltd	Meteors Ltd	Satellite Ltd
Assets:
Tangible non-current assets	GH¢1,024m	GH¢352m	GH¢224m
Investment in Meteors Ltd	GH¢320m	–	–
Investment in Satellite Ltd	GH¢48m	–	–
Current assets	GH¢435m	GH¢152m	GH¢104m
Total assets	GH¢1,827m	GH¢504m	GH¢328m
Equity and liabilities:
Share capital	GH¢760m	GH¢208m	GH¢184m
Revaluation reserve	GH¢72m	–	–
Retained earnings	GH¢312m	GH¢168m	GH¢75.2m
Total equity	GH¢1,144m	GH¢376m	GH¢259.2m
Non-current liabilities	GH¢512m	GH¢24m	GH¢12.8m
Current liabilities	GH¢171m	GH¢104m	GH¢56m
Total equity and liabilities	GH¢1,827m	GH¢504m	GH¢328m

Additional information:

On 1 July 2019, Blackstars Ltd acquired 10% holding of Meteors Ltd when the fair value of the net assets was GH¢260 million at a purchase consideration of GH¢24 million. On 1 July 2021, Blackstars Ltd further acquired 70% holding in Meteors Ltd when the fair value of the net assets was GH¢368 million at a purchase consideration of GH¢296 million.
The estimated fair value of the initial 10% investment in the shares of Meteors Ltd was GH¢32 million at 30 June 2021.
Blackstars Ltd wishes to use the full fair value method of accounting for the acquisition of Meteors Ltd. At 1 July 2021, the estimated value of the non-controlling interests was GH¢76 million.
The difference between the carrying amount of Meteors Ltd’s net assets and their fair value at the date of acquisition was due to land valued at cost, which on 1 July 2021 had a fair value of GH¢20 million in excess of its carrying value. There has been no subsequent significant change in that value.
On 1 July 2021, Blackstars Ltd acquired 25% holdings in Satellite Ltd when the fair value of the net assets was GH¢160 million for a purchase consideration of GH¢48 million.
On 1 July 2021, the fair value of Satellite Ltd’s land was GH¢12.8 million in excess of its carrying value. There has been no subsequent significant change in that value.
Goodwill arising on acquisition is tested for impairment at each year end. The recoverable amount of goodwill in Meteors Ltd at 30 June 2022 was GH¢24 million. There has been no impairment of the investment in Satellite Ltd.
During the year, the Directors of Blackstars Ltd decided to form a defined benefit pension scheme for its employees. The company contributed cash amounting to GH¢200 million to the scheme but the only accounting entry for this has been to include it in receivables at 30 June 2022. At 30 June 2022, the following details relate to the pension scheme:

	GH¢’million
Present value of obligation	253.6
Fair value of plan assets	241.6

Required:
Prepare the consolidated statement of financial position of the Blackstars Ltd group as at 30 June 2022.
(Total: 20 marks)

Answer

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Tags: Business Acquisition, Consolidated Financial Position, Fair Value, Goodwill, Pensions, Step Acquisition
Level: Level 3

Topic: Consolidated Financial Statements
Series: DEC 2022

Question Tag: Fair Value

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CR – May 2015 – L3 – Q6 – Ethical Issues in Corporate Reporting

Analyze the financial reporting needs and efficiency challenges of not-for-profit organizations, including asset valuation at cost vs. fair value.

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AT – Nov 2016 – L3 – SB – Q4 – Tax Planning and Management

Define fair value, determine fair value for a product in principal or non-principal markets, and compute fair value of land under IFRS 13.

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CR – May 2016 – L3 – Q4c – Share-Based Payments (IFRS 2)

Discuss how the SARs granted by Yerokun Ltd should be accounted for under IFRS 2 and IFRS 13 from the grant date to April 30, 2014.

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CR – May 2017 – L3 – Q6 – Fair Value Measurement (IFRS 13)

Identify the fair value hierarchies under IFRS 13 and distinguish between principal and most advantageous markets.

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CR – Nov 2016 – L1 – SB – Q4 – Fair Value Measurement (IFRS 13)

Discuss fair value principles, principal market, and valuation adjustments under IFRS 13.

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CR – May 2021 – L3 – Q4c – Fair Value Measurement (IFRS 13)

Advise on measuring the fair value of land for residential purposes in financial statements.

Required:

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CR – May 2021 – L3 – Q4 – Fair Value Measurement (IFRS 13)

Evaluate fair value relevance versus historical cost and explain valuation techniques under IFRS 13.

Required:

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CR – Nov 2016 – L3 – Q4c – Fair Value Measurement (IFRS 13)

Discuss IFRS 13’s principles in computing fair value for land with alternative uses in Abuja.

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CR – Nov 2016 – L3 – Q4b -Fair Value Measurement (IFRS 13)

Determine the principal market and fair value measurement for product sales in the Lagos and Accra markets.

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CR – Nov 2016 – L3 – Q4a – Fair Value Measurement (IFRS 13)

Define fair value as per IFRS 13, addressing the standardized approach to valuation.

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CR – Nov 2023 – L3 – Q1 – Consolidated Financial Statements

Preparation of consolidated statement of profit or loss and other comprehensive income including adjustments for NCI, goodwill, and fair value.

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CR – Nov 2017 – L3 – Q2e – 17 Financial instruments: Recognition and measurement Corporate reporting

Advise on the accounting treatment for an investment bond not held to maturity under IFRS 9.

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CR – Nov 2016 – L3 – Q2c – Financial instruments: Recognition and measurement

Discuss the accounting treatment for the fair value movement of financial liabilities at fair value through profit or loss.

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CR – Dec 2022 – L3 – Q2c -IFRS 5: Non-current assets held for sale and discontinued operations

Provide accounting treatment for Ayew Plc's plant reclassification under IFRS 5.

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CR – Dec 2022 – L3 – Q1 – Consolidated Financial Statements

Prepare the consolidated financial statement for Blackstars Ltd, accounting for business combinations and pensions.

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