Subject: FINANCIAL REPORTING

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FR – Nov 2023 – L2 – Q7b – Presentation of Financial Statements (IAS 1)

Lists minimum line items for the statement of financial position and changes in equity as per IAS 1

Question

IAS 1- Presentation of Financial Statements provides a list of line items that, as a minimum, must be shown on the face of the statement of financial position.

Required:

i. Give FIVE examples of minimum line items to be shown on the face of the statement of financial position. (5 Marks)
ii. State FIVE items that should be accounted for in the statement of changes in equity. (5 Marks)

Answer

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Tags: Changes in Equity, Equity Components, IAS 1, Minimum Line Items, Statement of Financial Position
Level: Level 2

Topic: Presentation of Financial Statements (IAS 1)

FR – Nov 2023 – L2 – Q7a – Regulatory Framework for Financial Reporting

Discusses main sources of financial reporting regulations and reasons for regulatory practices.

Question

Within the context of financial reporting and regulatory frameworks:

i. Discuss the main sources of regulations. (3 Marks)
ii. Discuss TWO reasons why financial reporting practice should be regulated. (2 Marks)

Answer

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Tags: Accounting Standards, Company Law, Financial Reporting, Regulations, Regulatory Rationale, Stock Exchange
Level: Level 2

Topic: Regulatory Framework for Financial Reporting

FR – Nov 2023 – L2 – Q6c – Conceptual Framework for Financial Reporting

Discusses areas of financial reporting enhanced by technology, such as data collection, recording, and report distribution.

Question

Discuss TWO areas of financial reporting that could be enhanced by the use of technology. (4 Marks)

Answer

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Tags: Data collection, Data Recording, Report Consumption, Report Distribution, Report preparation, Technology Integration
Level: Level 2

Topic: Conceptual Framework for Financial Reporting

FR – Nov 2023 – L2 – Q6b – Ethical Issues in Financial Reporting

List three types of non-financial information useful to stakeholders for decision-making.

Question

Businesses are increasingly accepting that they are not only accountable to investors and lenders, but also accountable to a much wider group of people or stakeholders to which non-financial information is useful in understanding and taking informed decisions on financial statements of the entities.

Required:
State THREE of such useful non-financial information. (3 Marks)

Answer

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Tags: Decision Making, Financial Statements, Non-financial Information, Stakeholder Accountability
Level: Level 2

Topic: Ethical Issues in Financial Reporting

FR – Nov 2023 – L2 – Q6a – Ethical Issues in Financial Reporting

Identify and discuss techniques for manipulating financial statements under ethical compliance.

Question

The management of an entity experiencing a decline in profits or poor cash flows may use various forms of creative accounting techniques to manipulate the views shown by the financial statements while complying with all applicable accounting standards and regulations.

Required:
Identify and discuss FOUR techniques of creative accounting. (8 Marks)

Answer

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Tags: Accounting estimates, Creative Accounting, Ethical Issues, Financial Manipulation, Window Dressing
Level: Level 2

Topic: Ethical Issues in Financial Reporting

FR – Nov 2023 – L2 – Q5b – Accounting for Income Taxes (IAS 12)

Calculate Shakara Limited's income tax liability, deferred tax balance, and movement of deferred tax.

Question

Shakara Limited was incorporated on January 1, 2022. During the year ended December 31, 2022, the company made a profit before taxation of N18,150,000.

The following capital expenditure were made during the year:

Expenditure	N’000
Plant and machinery	7,200
Motor vehicles	1,800

The depreciation charged for the year amounted to N1,650,000, and capital allowance granted by the Federal Inland Revenue Services (FIRS) for the same period amounted to N2,250,000.

Company income tax rate is 30%, and deferred tax liability brought forward was N1,200,000.

Required:
i. Calculate the company income tax liability for the year ended December 31, 2022. (3 Marks)

ii. Calculate the deferred tax balance that should be disclosed in the statement of financial position of Shakara Limited as at December 31, 2022. (3 Marks)

iii. Prepare notes showing the movement of deferred tax charged to profit or loss for the year ended December 31, 2022. (3 Marks)

Answer

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Tags: Capital Allowance, Deferred Tax, IAS 12, Income Tax, Tax Liability
Level: Level 2

Topic: Accounting for Income Taxes (IAS 12)

FR – Nov 2023 – L2 – Q5a – Accounting for Income Taxes (IAS 12)

Define deferred tax, permanent differences, and temporary differences per IAS 12.

Question

Explain the following terms in accordance with IAS 12 – Income tax.
i. Deferred tax
ii. Permanent differences
iii. Temporary differences

Answer

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Tags: Deferred Tax, IAS 12, Permanent Differences, Temporary Differences
Level: Level 2

Topic: Accounting for Income Taxes (IAS 12)

FR – Nov 2023 – L2 – Q4a & b – Earnings Per Share (IAS 33)

Discuss diluted EPS and calculate EPS measures for Ebonyi Limited.

Question

IAS 33 requires publicly-traded companies to calculate a diluted Earning Per Share (EPS) in addition to their basic EPS for the current year (with a comparative diluted EPS for the previous year), allowing for the effect of all dilutive potential ordinary shares.

Required: a. Explain the purpose of the dilutive measures and discuss THREE types of dilution. (8 Marks)

b. The statement of financial position (extracts) for Ebonyi Limited for the year ended December 31, 2022 is as follows:

Equity and Liabilities	N’000
Ordinary shares (N1 each)	12,000
Retained earnings	36,000
Equity	48,000
Non-current liabilities:
5% convertible loan notes	4,000

Additional information: i. As at December 31, 2022, there has been no new issue of shares or loan notes for several years.
ii. The loan notes are convertible into ordinary shares in year 2023 or year 2024 at the following rates.
iii. At 30 shares for every N100 of loan notes if converted at December 31, 2023.
iv. At 25 shares for every N100 of loan notes if converted at December 31, 2024.
v. Company income tax rate is 30% on profit.

Required: Calculate the basic EPS and diluted EPS for year 2022. (8 Marks)

c. IAS 33 allows an entity to disclose an alternative measure of EPS in addition to the EPS calculated.

Required: Identify and explain TWO conditions that are required in accordance with IAS 33 to be complied with where an alternative measure of EPS is shown in the financial statements of an entity. (4 Marks)

Answer

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Tags: Contingently Issuable Shares, Convertible Instruments, Dilution, Earnings Per Share, Financial Statements, Options
Level: Level 2

Topic: Earnings Per Share (IAS 33)

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 – Nov 2014 – L2 – Q3 – Conceptual Framework for Financial Reporting

Calculate basis periods and assess tax-related obligations within the Financial Reporting framework.

Question

USMAN Plc.
Statement of Profit or Loss and Other Comprehensive Income
for the year ended 31 December 2013

USMAN Plc.
Comparative Statements of Financial Position as at:

Additional information extracted from the company’s records are:

(i) Plant which had a carrying amount of N20,000,000 was sold for N28,000,000
cash and new equipment was purchased for N100million.
(ii) Intangibles valued at N30,000,000 were acquired for cash.
(iii) Borrowings of N20,000,000 were made during the year and received in cash.
(iv) Dividends paid in cash amounted to N100,000,000.

Required:

Prepare Statement of Cash Flows for USMAN Plc for the year ended 31 December 2013
in accordance with IAS7 using direct method.

Answer

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Tags: Basis Periods, Capital allowances, Financial Reporting
Level: Level 2

Topic: Conceptual Framework for Financial Reporting
Series: NOV 2014

FR – Nov 2014 – L2 – Q2b – Consolidated Financial Statements (IFRS 10)

Compute performance and investment ratios to evaluate financial performance.

Question

You are provided with the following set of amended published Financial Statements of HAMMED Plc for the year ended 31 December 2013:

Capital and Reserves Attributable to
equity shareholders:

Additional information:

The issued share capital of the company consists of 50k ordinary shares.
The market price of the ordinary shares was N17 at 31 December 2012 and N19.16 at 31 December 2013.
There were no preference shares and no loan notes.
The cost of purchases plus production cost was N124,966,000 in 2012 and N125,000,000 in 2013.
Other opening and closing balances:

Description	Closing 2013 (N’000)	Closing 2012 (N’000)	Opening 2012 (N’000)
PPE accumulated depreciation	37,046	129,540	122,288
Inventories	16,548	18,344	20,836
Trade receivables	40,486	37,160	35,678
Trade payables	9,604	12,882	11,412
Other taxes and social security	3,822	3,640	3,818
Accruals	30,740	27,810	27,680
Equity	129,888	121,364	106,274

Required:

i. Calculate performance (efficiency) and investment ratios for each of the two years as far as the available information permits. (10 Marks)

ii. Comment on the company’s financial performance for the year ended 31 December 2013 based on the ratios. (5 Marks)

Answer

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Tags: Financial Ratios, Financial Statements, Investment Ratios, Performance
Level: Level 2

Topic: Consolidated Financial Statements (IFRS 10)
Series: NOV 2014

FR – Nov 2014 – L2 – Q2a – Regulatory Framework for Financial Reporting

Explain limitations of accounting ratios in financial statement interpretation for a non-accounting executive.

Question

A non-accountant friend of yours attended a seminar for non-accounting executives on the interpretation of financial statements.

Though he enjoyed the seminar, especially the aspect on the uses of accounting ratios, he strongly believes that they have their limitations.

Required: State and explain the limitations of ratios for the purpose of interpreting financial statements. (5 Marks)

Answer

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Tags: Analysis Limitations, Financial Ratios, Interpretation, Non-Accountant
Level: Level 2

Topic: Regulatory Framework for Financial Reporting
Series: NOV 2014

FR – Nov 2014 – L2 – Q1 – Presentation of Financial Statements (IAS 1)

Analyze a trial balance to prepare financial statements, compute impairment, and adjust inventories for a corporate entity.

Question

The Trial Balance of Excellent Plc. as at 30 June 2014 is as follows:

The following notes are relevant:
i. Inventories as at 30/6/2013:

The net realisable values of these commodities per unit are as follows:

ii. Inventories on 30 June 2014 amounted to N9,000,000

iii. Prepaid salaries and wages were N10,000,000

iv. Included in the plant and machinery maintenance cost was depreciation of
N14,800,000.

v. The allowances for receivables are no longer required. The outstanding 10%
loan notes interest was paid on 30 June 2014 and this has not been accounted
for. The fair value of goods is N40,000,000 at the end of the year.

vi. The value in use of delivery van for the year 30 June 2014 is N31,000,000. The
prevailing market interest rate is 21% per annum and the Discounting Factor for
this year is 0.8264.

vii. The fair value of delivery van at an arm’s length transaction as at 30 June 2014
was N28,000,000 and the cost to sell was N2,000,000. All non-current assets
were depreciated at 10% per annum on reducing balance basis.

viii. Current tax provision for the year is N165,000,000.

Required:

a. Identify any FOUR of the cost items that are EXCLUDED in the valuation of inventories under IAS 2. (4 Marks)

b. Calculate the following:

(i) Value of opening inventories to be included in the Statement of Profit or Loss and Other Comprehensive Income. (2 Marks)
(ii) The present value in the use of delivery van (1 Mark)
(iii) The fair value and recoverable amount of delivery van (2 Marks)
(iv) The carrying amount and impairment if any on delivery van (2 Marks)

c. Prepare the Statement of Profit or Loss and Other Comprehensive Income (OCI) and Statement of Changes in Equity for the year ended 30 June 2014. (11 Marks)

d. Prepare the Statement of Financial Position as at 30 June 2014. (8 Marks)

Show all relevant workings

Answer

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Tags: Comprehensive Income, Depreciation, Financial Position, Impairment, Inventory Valuation, Trial Balance
Level: Level 2

Topic: Impairment of Assets (IAS 36), Inventory Accounting (IAS 2), Presentation of Financial Statements (IAS 1)
Series: NOV 2014

FR – May 2024 – L2 – SB – Q7 – Impairment of Assets (IAS 36)

Discuss the measurement models for intangible assets and calculate the carrying amount and revaluation surplus for Olumo-Taxi Limited.

Question

a. IAS 38 – Intangible Assets allows a business to choose one of two measurement models as its accounting policy for intangible assets after acquisition. However, the same model should be applied to all assets in the same class.

Required:
Discuss the TWO measurement models for intangible assets. (3 Marks)

b. Olumo-Taxi Limited’s financial year ends on December 31. The company adopted the revaluation model for its intangible assets and revalues them on a regular three-year cycle.

However, for intangible assets with a finite life, Olumo-Taxi Limited transfers the relevant amount from revaluation reserve to retained earnings each year.

During the year 2019, Olumo-Taxi Limited incurred N700,000 on the process of preparing an application for licenses for 15 taxis to operate in a holiday resort very close to Abeokuta. In order to prevent congestion and excessive traffic pollution, the licensing authority only allowed a small number of taxis to operate.

The outcome of the company’s application was uncertain up to November 30, 2019, when the local government authority accepted its application. In December 2019, Olumo-Taxi Limited incurred a cost of N90,000 in registering its licenses. The licenses were for a period of 9 years from January 1, 2019.

The licenses are freely transferable, and an active market in them exists. The fair value at December 31, 2019, was N94,500 per taxi, and Olumo-Taxi Limited carried them at fair value in its statement of financial position at December 31, 2019.

At December 31, 2022, Olumo-Taxi Limited undertook its regular revaluation. On that date, the licensing authority announced that it would triple the number of licenses offered to taxi operators, and there were transactions in the active market for licenses with six years to run at N45,000.

Required:
Calculate, with explanations, the carrying amount and revaluation surplus of the intangible assets of Olumo-Taxi Limited according to IAS 38 as at:
i. December 31, 2019
ii. December 31, 2022 (before regular revaluation)
iii. December 31, 2022 (after regular revaluation)
(12 Marks)

Answer

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Tags: Amortization, IAS 38, Intangible Assets, Measurement Models, Revaluation
Level: Level 2

Topic: Impairment of Assets (IAS 36)
Series: MAY 2024

FR – May 2024 – L2 – SB – Q6 – Financial Instruments (IAS 32)

Discuss how to treat transactions of debt and equity instruments in Akwa Nig. Limited under IAS 32.

Question

Akwa Nig. Limited is a private limited company planning to be registered with the Nigeria Exchange Limited (NGX). The company is engaged in the conversion of petrol engines into compressed gas engines.

The following are the transactions of the company in respect of its debts and equity instruments.

Transaction 1:
Akwa Nig. Limited issued 40 million non-redeemable N1 preference shares at par value. Under the terms relating to the preference shares, a dividend is payable on the preference shares only if Akwa Nig. Limited also pays a dividend on its ordinary shares for the same period. (5 Marks)

Transaction 2:
Akwa Nig. Limited entered into a contract with a supplier to buy a significant item of equipment. Under the terms of the agreement, the supplier will receive ordinary shares with an equivalent value of N5 million one year after the equipment is delivered. (5 Marks)

Transaction 3:
The directors of Akwa Nig. Limited, on becoming directors, are required to invest a fixed agreed sum of money in a special class of N1 ordinary shares that only directors hold. Dividend payments on the shares are discretionary and are ratified at the Annual General Meeting (AGM) of the company. When a director’s service contract expires, Akwa Nig. Limited is required to repurchase the shares at their nominal value. (5 Marks)

A senior accountant in your company (Akwa Nig. Limited) has asked for your advice on how the above transactions should be treated in the financial statements of your company in accordance with IAS 32 – Financial Instruments: Presentation.

Required:
Write a memo on the above request, discussing and justifying how each of the transactions should be treated in the financial statements, in accordance with IAS 32 – Financial Instruments: Presentation.

Answer

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Tags: Debt, Equity, Financial instruments, Financial Statements, IAS 32, Preference shares
Level: Level 2

Topic: Financial Instruments (IAS 32, IFRS 9)
Series: MAY 2024

FR – May 2024 – L2 – SB – Q5 – Segment Reporting

Explanation of prior period errors, examples, and correction methods as per IAS 8, along with practical application to inventory errors in Lagos Company Nig. Limited.

Question

a. Errors might happen when preparing financial statements. If such errors are discovered quickly, they are corrected before the finalised financial statements are published. When this happens, the correction of the error is of no significance for the purpose of financial reporting.

However, when an error is discovered that relates to a prior accounting period, a problem may arise.

Required:
Explain prior period errors, giving examples, and discuss how such errors are corrected in accordance with IAS 8 – Accounting Policies, Changes in Accounting Estimates, and Errors. (7 Marks)

b. During the year 2022, Lagos Company Nig. Limited discovered that certain items had been erroneously included in inventory at December 31, 2021. The amount was valued at ₦16.8 million, which had been sold before the year-end.

The following figures for the year 2021 (as reported) and 2022 (draft) are available as follows:

	2022 (Draft)	2021 (Published)
Revenue	₦268,800,000	₦189,600,000
Cost of sales	(₦223,200,000)	(₦138,280,000)
Profit before tax	₦45,600,000	₦51,320,000
Income tax expense	(₦13,600,000)	(₦15,520,000)
Profit for the year	₦32,000,000	₦35,800,000

The retained earnings at January 1, 2021, were ₦52 million. The cost of sales for the year 2022 includes a ₦16.8 million error in the opening inventories. The company income tax rate is 30%.

Required:
Prepare a statement of profit or loss and other comprehensive income for the year ended December 31, 2022, and retained earnings extracts showing comparative figures. (8 Marks)

Answer

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Tags: Financial Reporting, IAS 8, Prior Period Errors, Retrospective Adjustments
Level: Level 2

Topic: Segment Reporting (IFRS 8)
Series: MAY 2024

FR – May 2024 – L2 – SB – Q4 – Impairment of Assets (IAS 36)

Differentiate between impairment and depreciation, and discuss the indicators and accounting treatment of impairment as per IAS 36.

Question

a. Differentiate between impairment and depreciation. (5 Marks)

b. Discuss the following as contained in IAS 36 – Impairment of Assets: i. Indicators of impairment.
ii. How to identify and account for impairment of assets. (6 Marks)

c. A non-current asset in the statement of financial position of Zamfara Ltd, an SME, at the beginning of the financial year had a carrying amount of ₦800,000. The asset had previously been revalued, and there was a revaluation surplus of ₦50,000 relating to it in the revaluation reserve. At the end of the financial year, Zamfara Ltd suspected that the asset had been impaired. It, therefore, estimated the recoverable amount of the asset and found this to be ₦600,000. The depreciation charge on the asset for the year would be ₦80,000.

Required:
As the finance manager of Zamfara Ltd, explain with relevant computation the accounting treatments required in line with the provisions of IAS 36. (9 Marks)

Answer

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Tags: Depreciation, Financial Reporting, IAS 16, IAS 36, Impairment
Level: Level 3

Topic: Impairment of Assets (IAS 36)
Series: MAY 2024

FR – May 2024 – L2 – SB – Q3 – Regulatory Framework for Financial Reporting

Calculation of financial ratios and analysis of Lamido Ltd’s financial performance and position for the year ended December 31, 2022.

Question

Lamido Limited is a courier service company that operates in Nigeria and West Africa.

Initially, Lamido Limited experienced strong growth, but in recent periods the company has been criticised for under-investing in its non-current assets.

Lamido Limited statement of financial position as at December 31:

The following information is also relevant:

Lamido Limited had exactly the same delivery volumes in 2022 as in 2021, with the customer base being the same in both years.
In October 2022, Lamido Limited had to renegotiate its operating licenses in three of its countries of operation. This led to an increase in the fees Lamido Limited had to pay to operate in these countries. The operating licenses in five other countries are due to expire in December 2022, and Lamido Limited is currently negotiating with the concerned authorities of these countries.

You are required to:
a. Calculate the following ratios for the years ended December 31, 2021, and 2022:
i. Operating profit margin
ii. Return on capital employed
iii. Net asset turnover
iv. Current ratio
v. Interest cover
vi. Gearing (Debt/equity)
(6 Marks)

b. Comment on the performance and position of Lamido Limited for the year ended December 31, 2022, and highlight any issues Lamido Limited should consider in the near future. (14 Marks)

Answer

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Tags: Financial Ratios, Liquidity, Performance Analysis, Profitability
Level: Level 2

Topic: Regulatory Framework for Financial Reporting
Series: MAY 2024

AA – Nov 2015 – L2 – Q1b – Internal Control Systems

Identifying internal control weaknesses in a company and recommending audit tests to ensure effectiveness.

Question

Success Nigeria Limited is a company engaged in haulage business. The services provided by the company, which has over 100 trucks in its fleet, include lifting of petroleum products from the depots to the filling stations of its clients spread over many locations.

The Central Store for spare parts for repairs of the trucks is located at the Head Office. The inventory operation is handled by the Personal Assistant to the Managing Director in addition to his normal schedule of duties in the Managing Director’s office. Spare parts supplied are received by the Personal Assistant who keeps them in the Central Store without raising any Goods Received Notes for the items. The invoices and delivery notes brought by vendors are submitted to the accounts department directly for payment. Because of the pressure of work in the Managing Director’s office, the Personal Assistant to the Managing Director does not maintain any inventory records. Whenever there is a need for spare parts required for truck repairs, a pre-printed requisition form is completed by the mechanic in charge of the repair. The form is submitted to the Personal Assistant who supplies the spare parts from the Central Store. The mechanic collects the parts without any acknowledgment of receipt. The requisition forms collected for all the spare parts supplied are kept in one of the cabinets in the Personal Assistant’s office, and they are collated by the Accountant on a monthly basis whenever he is to prepare the management accounts.

At the end of the financial year, December 31, 2014, the Accountant conducted an inventory count of the items in the Central Store for the purpose of using the value for the preparation of the financial statements for the year ended December 31, 2014. The Managing Director observed later while reviewing the financial statements that the repairs and maintenance account did not reflect the true position of the repair works carried out on the trucks during the year.

Required:
i. Describe FIVE Internal Control weaknesses from the above scenario. (5 Marks)
ii. Recommend controls required to address the identified weaknesses in (i). (5 Marks)
iii. Describe the audit tests to be carried out to assess if each of the controls is operating effectively. (5 Marks)

Answer

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Tags: Audit Procedures, Control weaknesses, Internal Control, Risk Management
Level: Level 2

Topic: Internal Control Systems
Series: NOV 2015

Subject: FINANCIAL REPORTING

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FR – Nov 2023 – L2 – Q7b – Presentation of Financial Statements (IAS 1)

Lists minimum line items for the statement of financial position and changes in equity as per IAS 1

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FR – Nov 2023 – L2 – Q7a – Regulatory Framework for Financial Reporting

Discusses main sources of financial reporting regulations and reasons for regulatory practices.

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FR – Nov 2023 – L2 – Q6c – Conceptual Framework for Financial Reporting

Discusses areas of financial reporting enhanced by technology, such as data collection, recording, and report distribution.

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FR – Nov 2023 – L2 – Q6b – Ethical Issues in Financial Reporting

List three types of non-financial information useful to stakeholders for decision-making.

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FR – Nov 2023 – L2 – Q6a – Ethical Issues in Financial Reporting

Identify and discuss techniques for manipulating financial statements under ethical compliance.

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FR – Nov 2023 – L2 – Q5b – Accounting for Income Taxes (IAS 12)

Calculate Shakara Limited's income tax liability, deferred tax balance, and movement of deferred tax.

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FR – Nov 2023 – L2 – Q5a – Accounting for Income Taxes (IAS 12)

Define deferred tax, permanent differences, and temporary differences per IAS 12.

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FR – Nov 2023 – L2 – Q4a & b – Earnings Per Share (IAS 33)

Discuss diluted EPS and calculate EPS measures for Ebonyi Limited.

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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 – Nov 2014 – L2 – Q3 – Conceptual Framework for Financial Reporting

Calculate basis periods and assess tax-related obligations within the Financial Reporting framework.

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FR – Nov 2014 – L2 – Q2b – Consolidated Financial Statements (IFRS 10)

Compute performance and investment ratios to evaluate financial performance.

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FR – Nov 2014 – L2 – Q2a – Regulatory Framework for Financial Reporting

Explain limitations of accounting ratios in financial statement interpretation for a non-accounting executive.

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FR – Nov 2014 – L2 – Q1 – Presentation of Financial Statements (IAS 1)

Analyze a trial balance to prepare financial statements, compute impairment, and adjust inventories for a corporate entity.

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FR – May 2024 – L2 – SB – Q7 – Impairment of Assets (IAS 36)

Discuss the measurement models for intangible assets and calculate the carrying amount and revaluation surplus for Olumo-Taxi Limited.

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FR – May 2024 – L2 – SB – Q6 – Financial Instruments (IAS 32)

Discuss how to treat transactions of debt and equity instruments in Akwa Nig. Limited under IAS 32.

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FR – May 2024 – L2 – SB – Q5 – Segment Reporting

Explanation of prior period errors, examples, and correction methods as per IAS 8, along with practical application to inventory errors in Lagos Company Nig. Limited.

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FR – May 2024 – L2 – SB – Q4 – Impairment of Assets (IAS 36)

Differentiate between impairment and depreciation, and discuss the indicators and accounting treatment of impairment as per IAS 36.

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FR – May 2024 – L2 – SB – Q3 – Regulatory Framework for Financial Reporting

Calculation of financial ratios and analysis of Lamido Ltd’s financial performance and position for the year ended December 31, 2022.

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AA – Nov 2015 – L2 – Q1b – Internal Control Systems

Identifying internal control weaknesses in a company and recommending audit tests to ensure effectiveness.

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