单选题The following scenario relates to questions 2630
Mighty IT Co provides hardware, software and IT services to small business customers
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单选题Rooney Co acquired 70% of the equity share capital of Marek Co, its only subsidiary, on 1 January 20X6. The fair value of the non-controlling interest in Marek Co at acquisition was $11m. At that date the fair values of Marek Cos net assets were equal to their carrying amounts, except for a building which had a fair value of $15m above its carrying amount and 30 years remaining useful life.
During the year to 31 December 20X6, Marek Co sold goods to Rooney Co, giving rise to an unrealised profit in inventory of $550,000 at the year end. Marek Cos profit after tax for the year ended 31 December 20X6 was $32m.
What amount will be presented as the non-controlling interest in the consolidated statement of financial position of Rooney Co as at 31 December 20X6?
单选题To which of the following items does IAS 41 Agricultureapply?
(i)A change in the fair value of a herd of farm animals relating to the unit price of the animals
(ii)Logs held in a wood yard
(iii)Farm land which is used for growing vegetables
(iv)The cost of developing a new type of crop seed which is resistant to tropical diseases
单选题Shiba Co entered into a non-cancellable four-year operating lease to hire a photocopier on 1 January 20X7
单选题On 1 January 20X6, Gardenbugs Co received a $30
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单选题The following two issues relate to Spiko Cos mining activities:
Issue 1: Spiko Co began operating a new mine in January 20X3 under a five-year government licence which required Spiko Co to landscape the area after mining ceased at an estimated cost of $100,000
单选题When a gain on a bargain purchase (negative goodwill) arises, IFRS 3 Business Combinations requires an entity to first of all review the measurement of the assets, liabilities and consideration transferred in respect of the combination
单选题Which of the following statements about IAS 20 Accounting for Government Grants and Disclosure of Government Assistance are true?
(i) A government grant related to the purchase of an asset must be deducted from the carrying amount of the assetin the statement of financial position
(ii)A government grant related to the purchase of an asset should be recognised in profit or loss over the life of the asset
(iii)Free marketing advice provided by a government department is excluded from the definition of government grants
(iv)Any required repayment of a government grant received in an earlier reporting period is treated as prior period adjustment
单选题Tibetacquiredanewofficebuildingon1October2014.Itsinitialcarryingamountconsistedof:Theestimatedlivesofthebuildingstructureandairconditioningsystemare25yearsand10yearsrespectively.Whentheairconditioningsystemisdueforreplacement,itisestimatedthattheoldsystemwillbedismantledandsoldfor$500,000.Depreciationistimeapportionedwhereappropriate.AtwhatamountwilltheofficebuildingbeshowninTibet’sstatementoffinancialpositionasat31March2015?$’000
单选题Pactacquired80%oftheequitysharesofSacton1July2014,paying$3·00foreachshareacquired.Thisrepresentedapremiumof20%overthemarketpriceofSact’ssharesatthatdate.Sact’sshareholders’funds(equity)asat31March2015were:TheonlyfairvalueadjustmentrequiredtoSact’snetassetsonconsolidationwasa$20,000increaseinthevalueofitsland.Pact’spolicyistovaluenon-controllinginterestsatfairvalueatthedateofacquisition.ForthispurposethemarketpriceofSact’ssharesatthatdatecanbedeemedtoberepresentativeofthefairvalueofthesharesheldbythenon-controllinginterest.Whatwouldbethecarryingamountofthenon-controllinginterestofSactintheconsolidatedstatementoffinancialpositionofPactasat31March2015?
单选题The IASB’s Conceptual framework for financial reporting defines recognition as the process of incorporating in the financial statements an item which meets the definition of an element and satisfies certain criteria.
Which of the following elements should be recognised in the financial statements of an entity in the mannerdescribed?
单选题Metricownsanitemofplantwhichhasacarryingamountof$248,000asat1April2014.Itisbeingdepreciatedat12?%perannumonareducingbalancebasis.Theplantisusedtomanufactureaspecificproductwhichhasbeensufferingaslowdeclineinsales.Metrichasestimatedthattheplantwillberetiredfromuseon31March2017.Theestimatednetcashflowsfromtheuseoftheplantandtheirpresentvaluesare:On1April2015,Metrichadanalternativeofferfromarivaltopurchasetheplantfor$200,000.AtwhatvalueshouldtheplantappearinMetric’sstatementoffinancialpositionasat31March2015?
单选题A company has decided to change its depreciation method to better reflect the pattern of use of its equipment
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单选题Which of the following is NOT a duty of the IFRS Interpretations Committee?
单选题Which of the following will be treated as a subsidiary of Poulgo Co as at 31 December 20X7?
(1) The acquisition of 60% of Zakron Cos equity share capital on 1 March 20X7