Question Tag: Investment Property

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CR – May 2018 – L3 – SC – Q6 – Foreign Currency Transactions and Translation (IAS 21)

Discuss treatment of foreign currency transactions and accounting for investments in subsidiaries.

Question

Omotola Nigeria Plc is a conglomerate which operates in different sectors of the economy. The company has many subsidiaries and associates across the six continents of the world, and its head office is located in Lagos, Nigeria. The shares of the company are listed on the Nigerian Stock Exchange.

The company is trying to finalize its financial statements for the year ended April 30, 2018, and the following accounting issues are being considered by the chief accountant based on the submission by the assistant accountant who is yet to complete her professional examinations with the Institute of Chartered Accountants of Nigeria. The functional and presentation currency of Omotola Nigeria Plc. is Naira. The following transactions relate to the company:

(i) On May 1, 2017, Omotola Nigeria Plc. bought an investment property in the United States for $1,000,000. The company uses the fair value model of IAS 40 to account for the investment property, and the fair value at April 30, 2018, is determined to be $1,200,000. The assistant accountant is unsure which exchange rate to use in translating the investment property at the year end and how to recognize any exchange difference that may arise.

(ii) On May 1, 2017, Omotola Nigeria Plc. acquired a wholly owned subsidiary in the United States of America. The goodwill that arose on the acquisition of this subsidiary is $400,000. In addition, the company invested in an equity instrument on the same date, which is measured at fair value through other comprehensive income (OCI) in accordance with the requirements of IFRS 9.

Required:

a. In accordance with the requirement of IAS 21 – Effect of Changes in Foreign Exchange Rates, discuss the treatment of foreign currency transactions and the gain or loss arising therefrom.
(7 Marks)

b. Discuss how the transaction in (i) will be accounted for in the financial statements of Omotola Nigeria Plc. for the year ended April 30, 2018, in accordance with IAS 21.
(4 Marks)

c. Discuss how the transaction in (ii) will be accounted for in the financial statements of Omotola Nigeria Plc. for the year ended April 30, 2018, in accordance with IAS 21.
(4 Marks)

Answer

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Tags: Exchange Rates, Foreign Currency, Goodwill, IAS 21, Investment Property
Level: Level 3

Topic: Foreign Currency Transactions and Translation (IAS 21)
Series: MAY 2018

FR – Nov 2023 – L2 – Q3b – Property, Plant, and Equipment (IAS 16)

Discuss financial implications of reclassifying investment property under cost and fair value models.

Question

Young Shall Grow Limited with year-end December 31 purchased an office building, with a useful life of 50 years, for N55 million on January 1, 2013. The amount attributable to land was negligible. The company used the building as its head office until December 31, 2017, when the entity moved to a larger premises.

The building was reclassified as an investment property and leased out under a five-year lease. However, owing to a change in circumstances, Young Shall Grow Limited took possession of the building five years later, on December 31, 2022, to use it as its head office once more. At that date, the remaining useful life of the building was confirmed as 40 years.

The fair value of the building was as follows:

At December 31, 2017: N60 million
At December 31, 2022: N75 million

Required:

Discuss how the changes of use should be reflected in the financial statements of Young Shall Grow Limited:

If the company uses the cost model for its investment properties.
If the company uses the fair value model for its investment properties.

Answer

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Tags: Change in Use, IAS 40, Investment Property, Reclassification
Level: Level 2

Topic: Property, Plant, and Equipment (IAS 16)

FR – Nov 2023 – L2 – Q3a – Property, Plant, and Equipment (IAS 16)

Explain reclassification criteria for transferring investment property to PPE.

Question

a. If a property is transferred into or out of the category of property, plant and equipment (PPE), it might be reclassified as investment property or as no longer an investment property.

A transfer of investment property can only be made where there is a change of use of such property.

Answer

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Tags: Equipment, IAS Compliance, Investment Property, Plant, Property, Reclassification
Level: Level 2

Topic: Property, Plant, and Equipment (IAS 16)

FR – May 2017 – L2 – SB – Q3 – Partnership Account

Advise Bode Limited on accounting treatment for impairment, borrowing costs, and reclassification to investment property in accordance with IAS 36, IAS 23, and IAS 40.

Question

You are a financial reporting consultant. The management of Bode Limited, a well-diversified company with branches in all states of the federation, has some transactions for which it requires advice. Bode Limited has a financial accountant who is not yet a qualified accountant. These transactions are as follows:

Impairment of Assets: Bode Limited recognized a cash-generating unit during the year ended December 31, 2015, comprising:
- Property, plant, and equipment: N4,050 million
- Goodwill: N450 million
- Other assets: N2,700 million
  Total carrying amount: N7,200 million
The management estimated the recoverable amount of the cash-generating unit at N6,300 million as of December 31, 2015. The financial accountant understands some provisions of IAS 36 on asset impairment but is uncertain about how to allocate impairment across these assets within the unit.
Borrowing Costs: On January 1, 2015, Bode Limited borrowed N300 million to fund the construction of two assets, expected to take a year to complete. The funds were drawn on January 1 and were allocated as follows, with the remaining funds invested temporarily:
- Asset X: N50 million on January 1, N50 million on July 1
- Asset Y: N100 million on January 1, N100 million on July 1
  The loan interest rate is 9% per annum, and surplus funds can be invested at a rate of 7% per annum.
Investment Property Reclassification: The company’s head office in Abuja, previously owner-occupied, was vacated and let out on June 30, 2015, due to a cost-saving decision to move operations to a nearby branch office. The property, initially recognized under IAS 16 at a cost of N37.5 million with a 50-year useful life, was revalued to N52.5 million by an independent valuer as of December 31, 2015. Bode Limited’s accounting policy for investment properties is to use the fair value model.

Required:
Write a memo advising Bode Limited on the accounting treatments for each transaction in their financial statements. Provide relevant calculations where necessary.

Answer

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Tags: Borrowing Costs, IAS 23, IAS 36, IAS 40, Impairment of Assets, Investment Property

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2017

FR – Nov 2015 – L2 – Q7b – Fair Value Measurement (IFRS 13)

Explaining accounting treatment for investment property and calculating values for the financial statements.

Question

KOLA NITDA Nigeria Plc is a company engaged in the manufacturing of hand sanitizer to prevent Ebola disease. The following information relates to property owned by the company:

N’000
Land – Plot 404 Apapa Industrial Area
Building therein (acquired June 30, 2013)
Improvement to the building to extend rented floor capacity
Repairs and maintenance to investment property for the year
Rental received for the year

Approximately six percent of the property floor space is used as the administrative head office of the company. The property can be sold only as a complete unit. The remainder of the building is leased out under operating leases. The company provides lessees with security services.

The company values investment property using the fair value model on December 31, 2014, which is the company’s year-end. Tewogbade & Co. (an independent valuer) valued the property at N144,000,000 on that date.

Required:
i. Advise the Directors of KOLA NITDA Nigeria Plc on how the property should be treated in the financial statements of the company as at December 31, 2014 in order to ensure strict compliance with provisions of IAS 40. (5 Marks)
ii. Calculate the value of investment property that should be disclosed in the statement of financial position as at December 31, 2014 and the amount that should be charged to the statement of profit or loss and other comprehensive income for the period then ended. (5 Marks)

Answer

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Tags: Fair Value, IAS 40, Investment Property, Property Accounting, Revaluation Model, Valuation
Level: Level 2

Topic: Fair Value Measurement (IFRS 13)
Series: NOV 2015

FR – Nov 2015 – L2 – Q7a – Fair Value Measurement (IFRS 13)

Explaining the difference between accounting treatment for investment properties and owner-occupier properties under IAS 40 and revaluation model.

Question

The objectives of IAS 40 – Investment Property is to prescribe the accounting treatment and disclosure requirements for investment property. The main issue in accounting for investment properties is to distinguish these properties separately from owner-occupier properties.

Required:
Explain how treatment of an investment property carried at fair value model differs from an owner-occupier property carried under revaluation model.

Answer

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Tags: Fair Value, IAS 40, Investment Property, Real Estate Accounting, Revaluation Model
Level: Level 2

Topic: Fair Value Measurement (IFRS 13)
Series: NOV 2015

PSAF – Nov 2018 – L2 – Q2 – International Public Sector Accounting Standards (IPSAS)

Discuss reasons for holding investment properties and IPSAS 16 measurement methods, providing examples of investment and non-investment properties.

Question

In line with the Government’s efforts at promoting accountability and transparency, the Federal Government of Nigeria has adopted and is implementing the International Public Sector Accounting Standards (IPSAS). The IPSAS 16 specifically deals with Investment Property which could be land, building, or both. A public sector entity may be established to manage such property portfolios on a commercial basis. An example of such an entity could be a University or Local Government.

Required:
a. Discuss two reasons for holding investment property and the two methods of measurement as contained in IPSAS 16.
(8 Marks)
b. Illustrate with four examples each of investment property and non-investment property.
(12 Marks)

Answer

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Tags: Investment Property, IPSAS 16, property management, Public Sector Accounting
Level: Level 2

Topic: International public sector accounting standards
Series: NOV 2018

FR – April 2022 – L2 – Q2d – Conceptual Framework for Financial Reporting

Explain the definition of investment property under IAS 40 and discuss the differences between the fair value model and revaluation model for investment properties.

Question

d) The recognition, measurement, and disclosure of an Investment Property in accordance with IAS 40: Investment Property appears straightforward. However, this could get complicated when measured either under the fair value model or under the revaluation model.

Required:
i) Define Investment Property under IAS 40 and explain the rationale behind its accounting treatment. (2 marks)

ii) Explain how the treatment of an investment property carried under the fair value model differs from an owner-occupied property carried under the revaluation model. (2 marks)

Answer

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Tags: Fair Value Model, IAS 40, Investment Property, Owner-Occupied Property, Revaluation Model, Valuation Models
Level: Level 2

Topic: Financial Reporting Standards and Their Applications
Series: APR 2022

FR – March 2024 – L2 – Q3 – Preparation of Financial Statements

Preparation of the statement of comprehensive income for Skolom Ltd.

Question

The following figures have been extracted from the accounting records of Skolom Ltd on 31 December 2022:

Additional information provided includes notes on Skolom Ltd’s agency arrangements with Keke Ltd, joint venture details, and depreciation policies.

Required:
Prepare for Skolom Ltd in accordance with International Financial Reporting Standards (IFRSs):
a) Statement of Comprehensive Income for the year ended 31 December 2022
b) Statement of Financial Position as at 31 December 2022

Answer

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Tags: Financial Reporting, IFRS, Investment Property, Leasehold, Profit or Loss, Statement of Comprehensive Income
Level: Level 2

Topic: Presentation of financial statements
Series: MAR 2024

FR – May 2016 – L2 – Q1 – Preparation of Financial Statements

Prepare the statement of profit or loss and statement of financial position for Zealow Ltd as at 31st December 2015, incorporating relevant adjustments.

Question

The following trial balance relates to Zealow Ltd as at 31st December 2015:

GH¢000	GH¢000
Turnover	213,800
Cost of sales	143,800
Operating expenses	22,400
Trade receivables	13,500
Bank	900
Closing inventories – 31st December 2015 (note i)	10,500
Interest expenses (note iii)	5,000
Rental income from investment property	1,200
Plant and equipment-cost (note ii)	36,000
Land and building- at valuation (note ii)	63,000
Accumulated depreciation	16,800
Investment property-valuation 1st January 2015 (note ii)	16,000
Trade payables	11,800
Joint arrangement (note v)	8,000
Deferred tax (note iv)	5,200
Ordinary shares of 25p each	20,000
10% Redeemable preference shares of GH¢1 each	10,000
Retained earnings – 1st January 2015	17,500
Revaluation surplus (note ii)	21,000

Total: GH¢318,000 | GH¢318,000

The following additional information is relevant:

An inventory count on 31st December 2015 listed goods with a cost of GH¢10.5 million. This includes some damaged goods that had cost GH¢800,000. These would require remedial work costing GH¢450,000 before they could actually be sold for an estimated GH¢950,000.
Non-current assets:
- Plant: All plant, including that of the joint operation (note v), is depreciated at 12.5% on a reducing balance basis.
- Land and Building: The land and building were revalued at GH¢15 million and GH¢48 million respectively on 1st January 2015, creating a GH¢21 million revaluation surplus. At this date, the building had a remaining life of 15 years. Depreciation is on a straight-line basis. Zealow Ltd does not make a transfer to realized profits in respect of excess depreciation.
- Investment property: On 31st December 2015, a qualified surveyor valued the investment property at GH¢13.5 million. Zealow Ltd uses the fair value model in IAS 40 Investment property to value its investment property.
Interest expenses include overdraft charges, the full year’s preference dividend, and an ordinary dividend of 4p per share that was paid in June 2015.
The directors have estimated the provision for income tax for the year ended 31st December 2015 at GH¢8 million. The deferred tax provision at 31st December 2015 is to be adjusted (through the profit or loss statement) to reflect that the tax base of the company’s net assets is GH¢12 million less than their carrying amounts. The rate of tax is 30%.

On 1st January 2015, Zealow Ltd entered into a joint arrangement with two other entities. Each venturer contributes their own assets and is responsible for their own expenses, including depreciation on assets of the joint arrangement. Zealow Ltd is entitled to 40% of the joint venture’s total turnover. The joint arrangement is not a separate entity and is regarded as a joint operation.
Details of Zealow Ltd joint venture transactions are:

GH¢000
Plant and equipment at cost
Share of joint venture turnover (40% of total turnover)
Related joint venture cost of sales excluding depreciation
Trade receivables
Trade payables
Total

Required:

(a) Prepare the statement of profit or loss for Zealow Ltd for the year ended 31st December 2015. (10 marks)
(b) Prepare the statement of financial position for Zealow Ltd as at 31st December 2015. (10 marks)

Answer

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Tags: Deferred Tax, Depreciation, Financial Position, Investment Property, Joint Arrangements, Statement of Profit or Loss, Trial Balance
Level: Level 2

Topic: Preparation of Financial Statements
Series: MAY 2016

CR – May 2018 – L3 – SC – Q6 – Foreign Currency Transactions and Translation (IAS 21)

Discuss treatment of foreign currency transactions and accounting for investments in subsidiaries.

Question

Required:

b. Discuss how the transaction in (i) will be accounted for in the financial statements of Omotola Nigeria Plc. for the year ended April 30, 2018, in accordance with IAS 21.
(4 Marks)

c. Discuss how the transaction in (ii) will be accounted for in the financial statements of Omotola Nigeria Plc. for the year ended April 30, 2018, in accordance with IAS 21.
(4 Marks)

Answer

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Tags: Exchange Rates, Foreign Currency, Goodwill, IAS 21, Investment Property
Level: Level 3

Topic: Foreign Currency Transactions and Translation (IAS 21)
Series: MAY 2018

FR – Nov 2023 – L2 – Q3b – Property, Plant, and Equipment (IAS 16)

Discuss financial implications of reclassifying investment property under cost and fair value models.

Question

The fair value of the building was as follows:

At December 31, 2017: N60 million
At December 31, 2022: N75 million

Required:

Discuss how the changes of use should be reflected in the financial statements of Young Shall Grow Limited:

If the company uses the cost model for its investment properties.
If the company uses the fair value model for its investment properties.

Answer

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Tags: Change in Use, IAS 40, Investment Property, Reclassification
Level: Level 2

Topic: Property, Plant, and Equipment (IAS 16)

FR – Nov 2023 – L2 – Q3a – Property, Plant, and Equipment (IAS 16)

Explain reclassification criteria for transferring investment property to PPE.

Question

a. If a property is transferred into or out of the category of property, plant and equipment (PPE), it might be reclassified as investment property or as no longer an investment property.

A transfer of investment property can only be made where there is a change of use of such property.

Answer

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Tags: Equipment, IAS Compliance, Investment Property, Plant, Property, Reclassification
Level: Level 2

Topic: Property, Plant, and Equipment (IAS 16)

FR – May 2017 – L2 – SB – Q3 – Partnership Account

Advise Bode Limited on accounting treatment for impairment, borrowing costs, and reclassification to investment property in accordance with IAS 36, IAS 23, and IAS 40.

Question

Impairment of Assets: Bode Limited recognized a cash-generating unit during the year ended December 31, 2015, comprising:
- Property, plant, and equipment: N4,050 million
- Goodwill: N450 million
- Other assets: N2,700 million
  Total carrying amount: N7,200 million
The management estimated the recoverable amount of the cash-generating unit at N6,300 million as of December 31, 2015. The financial accountant understands some provisions of IAS 36 on asset impairment but is uncertain about how to allocate impairment across these assets within the unit.
Borrowing Costs: On January 1, 2015, Bode Limited borrowed N300 million to fund the construction of two assets, expected to take a year to complete. The funds were drawn on January 1 and were allocated as follows, with the remaining funds invested temporarily:
- Asset X: N50 million on January 1, N50 million on July 1
- Asset Y: N100 million on January 1, N100 million on July 1
  The loan interest rate is 9% per annum, and surplus funds can be invested at a rate of 7% per annum.
Investment Property Reclassification: The company’s head office in Abuja, previously owner-occupied, was vacated and let out on June 30, 2015, due to a cost-saving decision to move operations to a nearby branch office. The property, initially recognized under IAS 16 at a cost of N37.5 million with a 50-year useful life, was revalued to N52.5 million by an independent valuer as of December 31, 2015. Bode Limited’s accounting policy for investment properties is to use the fair value model.

Required:
Write a memo advising Bode Limited on the accounting treatments for each transaction in their financial statements. Provide relevant calculations where necessary.

Answer

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Tags: Borrowing Costs, IAS 23, IAS 36, IAS 40, Impairment of Assets, Investment Property

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2017

FR – Nov 2015 – L2 – Q7b – Fair Value Measurement (IFRS 13)

Explaining accounting treatment for investment property and calculating values for the financial statements.

Question

KOLA NITDA Nigeria Plc is a company engaged in the manufacturing of hand sanitizer to prevent Ebola disease. The following information relates to property owned by the company:

N’000
Land – Plot 404 Apapa Industrial Area
Building therein (acquired June 30, 2013)
Improvement to the building to extend rented floor capacity
Repairs and maintenance to investment property for the year
Rental received for the year

Answer

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Tags: Fair Value, IAS 40, Investment Property, Property Accounting, Revaluation Model, Valuation
Level: Level 2

Topic: Fair Value Measurement (IFRS 13)
Series: NOV 2015

FR – Nov 2015 – L2 – Q7a – Fair Value Measurement (IFRS 13)

Explaining the difference between accounting treatment for investment properties and owner-occupier properties under IAS 40 and revaluation model.

Question

Required:
Explain how treatment of an investment property carried at fair value model differs from an owner-occupier property carried under revaluation model.

Answer

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Tags: Fair Value, IAS 40, Investment Property, Real Estate Accounting, Revaluation Model
Level: Level 2

Topic: Fair Value Measurement (IFRS 13)
Series: NOV 2015

PSAF – Nov 2018 – L2 – Q2 – International Public Sector Accounting Standards (IPSAS)

Discuss reasons for holding investment properties and IPSAS 16 measurement methods, providing examples of investment and non-investment properties.

Question

Answer

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Tags: Investment Property, IPSAS 16, property management, Public Sector Accounting
Level: Level 2

Topic: International public sector accounting standards
Series: NOV 2018

FR – April 2022 – L2 – Q2d – Conceptual Framework for Financial Reporting

Explain the definition of investment property under IAS 40 and discuss the differences between the fair value model and revaluation model for investment properties.

Question

Required:
i) Define Investment Property under IAS 40 and explain the rationale behind its accounting treatment. (2 marks)

ii) Explain how the treatment of an investment property carried under the fair value model differs from an owner-occupied property carried under the revaluation model. (2 marks)

Answer

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Tags: Fair Value Model, IAS 40, Investment Property, Owner-Occupied Property, Revaluation Model, Valuation Models
Level: Level 2

Topic: Financial Reporting Standards and Their Applications
Series: APR 2022

FR – March 2024 – L2 – Q3 – Preparation of Financial Statements

Preparation of the statement of comprehensive income for Skolom Ltd.

Question

The following figures have been extracted from the accounting records of Skolom Ltd on 31 December 2022:

Additional information provided includes notes on Skolom Ltd’s agency arrangements with Keke Ltd, joint venture details, and depreciation policies.

Answer

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Tags: Financial Reporting, IFRS, Investment Property, Leasehold, Profit or Loss, Statement of Comprehensive Income
Level: Level 2

Topic: Presentation of financial statements
Series: MAR 2024

FR – May 2016 – L2 – Q1 – Preparation of Financial Statements

Prepare the statement of profit or loss and statement of financial position for Zealow Ltd as at 31st December 2015, incorporating relevant adjustments.

Question

The following trial balance relates to Zealow Ltd as at 31st December 2015:

GH¢000	GH¢000
Turnover	213,800
Cost of sales	143,800
Operating expenses	22,400
Trade receivables	13,500
Bank	900
Closing inventories – 31st December 2015 (note i)	10,500
Interest expenses (note iii)	5,000
Rental income from investment property	1,200
Plant and equipment-cost (note ii)	36,000
Land and building- at valuation (note ii)	63,000
Accumulated depreciation	16,800
Investment property-valuation 1st January 2015 (note ii)	16,000
Trade payables	11,800
Joint arrangement (note v)	8,000
Deferred tax (note iv)	5,200
Ordinary shares of 25p each	20,000
10% Redeemable preference shares of GH¢1 each	10,000
Retained earnings – 1st January 2015	17,500
Revaluation surplus (note ii)	21,000

Total: GH¢318,000 | GH¢318,000

The following additional information is relevant:

An inventory count on 31st December 2015 listed goods with a cost of GH¢10.5 million. This includes some damaged goods that had cost GH¢800,000. These would require remedial work costing GH¢450,000 before they could actually be sold for an estimated GH¢950,000.
Non-current assets:
- Plant: All plant, including that of the joint operation (note v), is depreciated at 12.5% on a reducing balance basis.
- Land and Building: The land and building were revalued at GH¢15 million and GH¢48 million respectively on 1st January 2015, creating a GH¢21 million revaluation surplus. At this date, the building had a remaining life of 15 years. Depreciation is on a straight-line basis. Zealow Ltd does not make a transfer to realized profits in respect of excess depreciation.
- Investment property: On 31st December 2015, a qualified surveyor valued the investment property at GH¢13.5 million. Zealow Ltd uses the fair value model in IAS 40 Investment property to value its investment property.
Interest expenses include overdraft charges, the full year’s preference dividend, and an ordinary dividend of 4p per share that was paid in June 2015.
The directors have estimated the provision for income tax for the year ended 31st December 2015 at GH¢8 million. The deferred tax provision at 31st December 2015 is to be adjusted (through the profit or loss statement) to reflect that the tax base of the company’s net assets is GH¢12 million less than their carrying amounts. The rate of tax is 30%.

GH¢000
Plant and equipment at cost
Share of joint venture turnover (40% of total turnover)
Related joint venture cost of sales excluding depreciation
Trade receivables
Trade payables
Total

Required:

(a) Prepare the statement of profit or loss for Zealow Ltd for the year ended 31st December 2015. (10 marks)
(b) Prepare the statement of financial position for Zealow Ltd as at 31st December 2015. (10 marks)

Answer

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Tags: Deferred Tax, Depreciation, Financial Position, Investment Property, Joint Arrangements, Statement of Profit or Loss, Trial Balance
Level: Level 2

Topic: Preparation of Financial Statements
Series: MAY 2016

Question Tag: Investment Property

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CR – May 2018 – L3 – SC – Q6 – Foreign Currency Transactions and Translation (IAS 21)

Discuss treatment of foreign currency transactions and accounting for investments in subsidiaries.

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FR – Nov 2023 – L2 – Q3b – Property, Plant, and Equipment (IAS 16)

Discuss financial implications of reclassifying investment property under cost and fair value models.

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FR – Nov 2023 – L2 – Q3a – Property, Plant, and Equipment (IAS 16)

Explain reclassification criteria for transferring investment property to PPE.

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FR – May 2017 – L2 – SB – Q3 – Partnership Account

Advise Bode Limited on accounting treatment for impairment, borrowing costs, and reclassification to investment property in accordance with IAS 36, IAS 23, and IAS 40.

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FR – Nov 2015 – L2 – Q7b – Fair Value Measurement (IFRS 13)

Explaining accounting treatment for investment property and calculating values for the financial statements.

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FR – Nov 2015 – L2 – Q7a – Fair Value Measurement (IFRS 13)

Explaining the difference between accounting treatment for investment properties and owner-occupier properties under IAS 40 and revaluation model.

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PSAF – Nov 2018 – L2 – Q2 – International Public Sector Accounting Standards (IPSAS)

Discuss reasons for holding investment properties and IPSAS 16 measurement methods, providing examples of investment and non-investment properties.

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FR – April 2022 – L2 – Q2d – Conceptual Framework for Financial Reporting

Explain the definition of investment property under IAS 40 and discuss the differences between the fair value model and revaluation model for investment properties.

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FR – March 2024 – L2 – Q3 – Preparation of Financial Statements

Preparation of the statement of comprehensive income for Skolom Ltd.

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FR – May 2016 – L2 – Q1 – Preparation of Financial Statements

Prepare the statement of profit or loss and statement of financial position for Zealow Ltd as at 31st December 2015, incorporating relevant adjustments.

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CR – May 2018 – L3 – SC – Q6 – Foreign Currency Transactions and Translation (IAS 21)

Discuss treatment of foreign currency transactions and accounting for investments in subsidiaries.

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FR – Nov 2023 – L2 – Q3b – Property, Plant, and Equipment (IAS 16)

Discuss financial implications of reclassifying investment property under cost and fair value models.

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FR – Nov 2023 – L2 – Q3a – Property, Plant, and Equipment (IAS 16)

Explain reclassification criteria for transferring investment property to PPE.

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FR – May 2017 – L2 – SB – Q3 – Partnership Account

Advise Bode Limited on accounting treatment for impairment, borrowing costs, and reclassification to investment property in accordance with IAS 36, IAS 23, and IAS 40.

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FR – Nov 2015 – L2 – Q7b – Fair Value Measurement (IFRS 13)

Explaining accounting treatment for investment property and calculating values for the financial statements.

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FR – Nov 2015 – L2 – Q7a – Fair Value Measurement (IFRS 13)

Explaining the difference between accounting treatment for investment properties and owner-occupier properties under IAS 40 and revaluation model.

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PSAF – Nov 2018 – L2 – Q2 – International Public Sector Accounting Standards (IPSAS)

Discuss reasons for holding investment properties and IPSAS 16 measurement methods, providing examples of investment and non-investment properties.

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FR – April 2022 – L2 – Q2d – Conceptual Framework for Financial Reporting

Explain the definition of investment property under IAS 40 and discuss the differences between the fair value model and revaluation model for investment properties.

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FR – March 2024 – L2 – Q3 – Preparation of Financial Statements

Preparation of the statement of comprehensive income for Skolom Ltd.

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FR – May 2016 – L2 – Q1 – Preparation of Financial Statements

Prepare the statement of profit or loss and statement of financial position for Zealow Ltd as at 31st December 2015, incorporating relevant adjustments.

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