Topic: Regulatory Framework for Financial Reporting
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+ past questions and counting.
- 2 Marks
FR – Nov 2022 – L2 – Q4b – Enhancing Characteristics of Financial Information
Explain any two enhancing characteristics of financial information as per IFRS.
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- 7 Marks
FR – Nov 2022 – L2 – Q4a – IFRS Issuance Process
Summary: Describe six steps in the issuance process of International Financial Reporting Standards (IFRS).
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- Tags: Financial Reporting Standards, IASB, IFRS, Regulatory Framework
- Level: Level 2
- Topic: Regulatory Framework for Financial Reporting
- Series: NOV 2022
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- 5 Marks
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)
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- Tags: Analysis Limitations, Financial Ratios, Interpretation, Non-Accountant
- Level: Level 2
- Topic: Regulatory Framework for Financial Reporting
- Series: NOV 2014
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- 20 Marks
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)
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- Tags: Financial Ratios, Liquidity, Performance Analysis, Profitability
- Level: Level 2
- Topic: Regulatory Framework for Financial Reporting
- Series: MAY 2024
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- 3 Marks
FR – Nov 2020 – L2 – Q5b – Regulatory Framework for Financial Reporting
Highlight the three basic steps necessary for developing a new accounting standard.
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- Tags: IFRS, Principle-Based, Rule-Based
- Level: Level 2
- Topic: Regulatory Framework for Financial Reporting
- Series: NOV 2020
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- 3 Marks
FR – Nov 2020 – L2 – Q2c – Regulatory Framework for Financial Reporting
Highlights of the objectives of the International Accounting Standards Board (IASB).
Question
Non-accounting professionals usually wonder why an entity’s general-purpose financial reporting should be regulated without allowing users to be free to choose their presentations.
Required:
Highlight THREE objectives of the International Accounting Standards Board (IASB).
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- Tags: Accounting Standards, IASB, Objectives
- Level: Level 2
- Topic: Regulatory Framework for Financial Reporting
- Series: NOV 2020
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- 4 Marks
FR – Nov 2020 – L2 – Q2b – Regulatory Framework for Financial Reporting
Explanation of two sources of accounting regulations in Nigeria.
Question
Non-accounting professionals usually wonder why an entity‟s general purpose
financial reporting should be regulated without allowing users to be free from
choice of presentations.
In order to give clarity on this subject to the non-accounting professionals in your
workplace,
Identify and explain TWO sources of accounting regulations in Nigeria. (3 Marks)
Find Related Questions by Tags, levels, etc.
- Tags: Accounting Standards, Nigeria, Regulatory Framework
- Level: Level 2
- Topic: Regulatory Framework for Financial Reporting
- Series: NOV 2020
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- 4 Marks
FR – Nov 2020 – L2 – Q2a – Regulatory Framework for Financial Reporting
Explanation of reasons why financial reporting should be regulated in Nigeria.
Question
Non-accounting professionals usually wonder why an entity’s general-purpose financial reporting should be regulated without allowing users to be free to choose their presentations.
Required:
Explain FOUR reasons why financial reporting should be regulated in Nigeria. (4 Marks)
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- Tags: Accounting Standards, Financial Reporting, Nigeria, Regulation
- Level: Level 2
- Topic: Regulatory Framework for Financial Reporting
- Series: NOV 2020
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- 10 Marks
FR – Mar/July 2020 – L2 – Q6a – Economic Decisions and Conceptual Framework Advantages
Outline economic decisions for financial statements and objectives of FRCON with ethical issues they may sanction.
Question
a. The conceptual framework specifies the fundamental reasons why financial statements are produced worldwide which, is to satisfy the requirement of external users.
Required:
Outline FIVE types of economic decisions for which financial statements are likely to be used for and identify TWO advantages of conceptual framework.
(10 Marks)
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- 2 Marks
FR – Nov 2022 – L2 – Q4b – Enhancing Characteristics of Financial Information
Explain any two enhancing characteristics of financial information as per IFRS.
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Report an error
- 7 Marks
FR – Nov 2022 – L2 – Q4a – IFRS Issuance Process
Summary: Describe six steps in the issuance process of International Financial Reporting Standards (IFRS).
Find Related Questions by Tags, levels, etc.
- Tags: Financial Reporting Standards, IASB, IFRS, Regulatory Framework
- Level: Level 2
- Topic: Regulatory Framework for Financial Reporting
- Series: NOV 2022
Report an error
- 5 Marks
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)
Find Related Questions by Tags, levels, etc.
- Tags: Analysis Limitations, Financial Ratios, Interpretation, Non-Accountant
- Level: Level 2
- Topic: Regulatory Framework for Financial Reporting
- Series: NOV 2014
Report an error
- 20 Marks
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)
Find Related Questions by Tags, levels, etc.
- Tags: Financial Ratios, Liquidity, Performance Analysis, Profitability
- Level: Level 2
- Topic: Regulatory Framework for Financial Reporting
- Series: MAY 2024
Report an error
- 3 Marks
FR – Nov 2020 – L2 – Q5b – Regulatory Framework for Financial Reporting
Highlight the three basic steps necessary for developing a new accounting standard.
Find Related Questions by Tags, levels, etc.
- Tags: IFRS, Principle-Based, Rule-Based
- Level: Level 2
- Topic: Regulatory Framework for Financial Reporting
- Series: NOV 2020
Report an error
- 3 Marks
FR – Nov 2020 – L2 – Q2c – Regulatory Framework for Financial Reporting
Highlights of the objectives of the International Accounting Standards Board (IASB).
Question
Non-accounting professionals usually wonder why an entity’s general-purpose financial reporting should be regulated without allowing users to be free to choose their presentations.
Required:
Highlight THREE objectives of the International Accounting Standards Board (IASB).
Find Related Questions by Tags, levels, etc.
- Tags: Accounting Standards, IASB, Objectives
- Level: Level 2
- Topic: Regulatory Framework for Financial Reporting
- Series: NOV 2020
Report an error
- 4 Marks
FR – Nov 2020 – L2 – Q2b – Regulatory Framework for Financial Reporting
Explanation of two sources of accounting regulations in Nigeria.
Question
Non-accounting professionals usually wonder why an entity‟s general purpose
financial reporting should be regulated without allowing users to be free from
choice of presentations.
In order to give clarity on this subject to the non-accounting professionals in your
workplace,
Identify and explain TWO sources of accounting regulations in Nigeria. (3 Marks)
Find Related Questions by Tags, levels, etc.
- Tags: Accounting Standards, Nigeria, Regulatory Framework
- Level: Level 2
- Topic: Regulatory Framework for Financial Reporting
- Series: NOV 2020
Report an error
- 4 Marks
FR – Nov 2020 – L2 – Q2a – Regulatory Framework for Financial Reporting
Explanation of reasons why financial reporting should be regulated in Nigeria.
Question
Non-accounting professionals usually wonder why an entity’s general-purpose financial reporting should be regulated without allowing users to be free to choose their presentations.
Required:
Explain FOUR reasons why financial reporting should be regulated in Nigeria. (4 Marks)
Find Related Questions by Tags, levels, etc.
- Tags: Accounting Standards, Financial Reporting, Nigeria, Regulation
- Level: Level 2
- Topic: Regulatory Framework for Financial Reporting
- Series: NOV 2020
Report an error
- 10 Marks
FR – Mar/July 2020 – L2 – Q6a – Economic Decisions and Conceptual Framework Advantages
Outline economic decisions for financial statements and objectives of FRCON with ethical issues they may sanction.
Question
a. The conceptual framework specifies the fundamental reasons why financial statements are produced worldwide which, is to satisfy the requirement of external users.
Required:
Outline FIVE types of economic decisions for which financial statements are likely to be used for and identify TWO advantages of conceptual framework.
(10 Marks)
Find Related Questions by Tags, levels, etc.
Report an error