ASSIGNMENT 1 - DIPLOMA IN IFRSs
|
|
- Claude Owen
- 6 years ago
- Views:
Transcription
1 17 March 2014 ASSIGNMENT 1 - DIPLOMA IN IFRSs This assignment consists of FOUR written test questions (100 marks). Attempt all parts of all four questions. 1. Answer the assignment questions in order. Each answer must begin on a new page and must be clearly numbered. 2. Files must be prepared in both Microsoft Word format (as a single A4 printable Word file with all pages numbered) and as a PDF file and you should submit both files via by midnight GMT on 14 April 2014 to dipifrsassessments@icaew.com. It is the responsibility of each candidate to ensure that assignments, as submitted, are complete and presented in the appropriate format and to check that a confirmation is received from ICAEW within 48 hours of submission. 3. Ensure that your submission includes the title page, ASSIGNMENT 1 - DIPLOMA IN IFRSs, and your 7 digit registration number (but not your name). 4. Confirm that your submission is your own work by completing and attaching the Declaration of Ownership and Compliance with Regulations which you must with your assignment (as a separate PDF file to your answers as it includes your name). The Regulations can be accessed at 5. Retain the question paper and an electronic copy of your submitted answer for reference purposes. 6. Answers should be based on IFRSs issued at 1 January 2013 (ie, those in the 2013 IFRS 'red book') and, where required, examinable Exposure Drafts in accordance with the examinable documents list for this sitting. Companies report under IFRSs unless a particular question states that they report under the IFRS for SMEs. 7. You should spend approximately 3½ to 5 hours preparing your answers to this assignment. Answers should be presented succinctly where possible. All workings must be shown and clearly referenced. 8. No correspondence will be entered into regarding assignment content. Copyright The Institute of Chartered Accountants in England and Wales ICAEW\DIPLOMA IN IFRSs\Mar14
2 1(a) Architex is an architectural design company reporting under IFRSs. On 1 July 2013 the company refreshed the computers used by its architects. The total amount paid for the refresh for each computer can be broken down as follows: $ Desktop computer and monitor (no software included) 1, Windows 8 licence Microsoft Office Professional Plus 2013 licences (perpetual licence) Autodesk AutoCAD Design Suite Ultimate , The desktop computer, monitor and Windows 8 software are expected to be used by the company for four years. It is expected that the company will switch to a new version of Microsoft Office and a new subscription period-based licence after two years. The company is expected to take advantage of upgrade options on the AutoCAD software allowing the software to be used for four years, with the upgrade after two years for an additional fee which is substantially lower than buying a new version of the software. All of the above figures are inclusive of sales tax at 10%. Architex is registered for sales tax and can recover input sales tax. Discuss the classification and accounting treatment of the above items, including relevant calculations, in so far as the information provided permits, in the financial statements of Architex for the year ended 31 December (6 marks) 1(b) Caperri is a company which is a subsidiary of a media company. Caperri's principal asset is the rights it owns to a classic film. Caperri had the following intangible assets as at the year end 31 December 2012: Classic Website Total film Cost 10, ,150 Accumulated amortisation (6,000) (90) (6,090) Carrying amount 4, ,060 The following information includes all relevant events that occurred during the year ended 31 December 2013: (i) The film was originally published on 1 January 1965 and the rights were acquired by Caperri on 1 January 2010 for $10 million. Copyright was set at 50 years from the date the film was originally published and the film was amortised by Caperri straight line over the remaining copyright period. However, recent legislative changes passed on 1 January 2013 have extended the copyright period by 20 years, to 70 years, subject to payment of a registration fee prior to the original expiry date. This, together with associated legal costs, amounted to $70,000 and was paid on 1 January As a result, the market value of the rights to the film was $12.1 million at 31 December 2013, according to Caperri's professional valuers, who determined the valuation on 1 January ICAEW\DIPLOMA IN IFRSs\Mar14 Page 2 of 9
3 (ii) During the year Caperri developed a new interactive website to market the film and associated merchandise given its extended copyright period. The website includes its own e-commerce system for online DVD sales, direct streaming of the film and associated material and merchandise sales. Costs incurred were as follows: Planning the new website 8 Registration of various domain names 18 Internal design costs 85 External contractor design costs 112 New content development 38 Advertising of the new website 22 The new website went live on 1 July 2013 and the old website, which was being amortised straight line over five years, was taken offline on that date and will not be used for any other purpose. Prepare the note reconciling the carrying amount of Caperri's intangible assets at the beginning and end of the year ended 31 December 2013 as required by IAS 38 Intangible Assets. Comparative information is not required. All amounts are material. (8 marks) 1(c) Critically appraise the current process for setting standards followed by the International Accounting Standards Board, specifically identifying areas where the approach could be improved or made more transparent. (6 marks) 1(d) The Applet Group consists of a parent (Applet) and one 90% owned subsidiary (Partlet). The Group owned the following properties at 31 December The fair value of each property at 31 December 2013 was as follows: $m Property owned by Applet Property being constructed by Applet for future use as investment property 5.2 Factory building let out under an operating lease to Partlet 11.0 Former warehouse, unoccupied at the year end and no longer required as a warehouse future use to be determined 2.3 Vacant land intended for the construction of a new warehouse for use by Applet in Property owned by Partlet Property let under an operating lease to unrelated third parties 3.0 The group's accounting policy is to use the fair value model of IAS 40 for investment property. ICAEW\DIPLOMA IN IFRSs\Mar14 Page 3 of 9
4 Calculate the maximum amount that Applet can recognise as 'Investment property' in its consolidated statement of financial position as at 31 December (5 marks) 1(e) Identify and explain four benefits specifically relevant to the United States of America of replacing its national generally accepted accounting practice with IFRSs for domestic listed entities. (4 marks) 1(f) The DEF Group is a multinational group that has the following group structure: DEF International plc (United Kingdom) 80% 60% 70% DEF Tobacco Inc (United States) DEF Technik GmbH (Germany) DEF Mining Limited (China) 75% Notes: Potenz GmbH (Germany) DEF International plc is quoted on the London Stock Exchange. The directors of DEF International plc would like to exclude DEF Tobacco Inc from the consolidation on the grounds that its business (tobacco products) is very dissimilar to the rest of the group. DEF Mining Limited is 70% owned by DEF International plc and 30% owned by the Chinese government. As part of the agreement to set up the mine, the Chinese government obtained a 30% stake in DEF Mining Limited and no key operating policy decisions can be made without mutual agreement between DEF International plc and the Chinese government. Shareholdings equate to voting rights for all companies other than in respect of the agreement between DEF International plc and the Chinese government. All companies have the same year end, present their financial statements in the same currency and report under IFRSs, except DEF Tobacco Inc which reports under US GAAP. All subsidiaries are material at group level. ICAEW\DIPLOMA IN IFRSs\Mar14 Page 4 of 9
5 Discuss, in so far as the information provided permits, how each of the companies in which DEF has an ownership interest should be treated in the consolidated financial statements of DEF. (5 marks) 1(g) Identify three key changes that could be made to improve the current approach to recognition of impairment losses on financial assets in IAS 39 Financial Instruments: Recognition and Measurement. Explain why you consider each of the changes to be an improvement to the current accounting treatment. (6 marks) (Total: 40 marks) ICAEW\DIPLOMA IN IFRSs\Mar14 Page 5 of 9
6 2. Morantes is undertaking an impairment test for one of its divisions which represents a separate cash-generating unit. The carrying amount of the assets of the division (which is a separate subsidiary) before the impairment test are as follows at 31 December 2013: Property, plant and equipment 6,800 Goodwill 980 Other intangible assets 1,700 Trade receivables 520 Inventories ,280 Morantes has prepared the following list of budgeted cash flows for the purpose of calculating value in use over the next five years (31 December 2014 year end onwards) using 31 December 2013 prices: Cash from sales 4,200 4,400 4,600 4,200 3,800 Cash paid to acquire inventories (1,680) (1,760) (1,840) (1,680) (1,520) Wages and salaries payments (420) (420) (420) (420) (380) Apportioned overheads payments (200) (200) (200) (200) (200) attributable to division assets Payment of restructuring costs, provided for at 31 December 2013 (300) Interest payments on loans (20) (20) (20) (30) (30) Tax payments (360) (376) (400) (424) (374) Morantes' policy for impairment testing is to assume cash flows occur on the last day of each year. Morantes assumes that the assets of the division will be disposed of on 31 December 2018 for $1.2 million, net of selling costs of $0.1 million, and these cash flows are not included in the figures above. Morantes pre-tax risk-adjusted discount rate (including the effect of price increases attributable to general inflation) is 9.18% per annum. General inflation is expected to be 3% per annum and all cash flows are assumed to rise annually at this rate. No impairment losses have previously been recognised in respect of the division. It was estimated that the division as a whole could be sold for $7.4 million at 31 December 2013, net of selling costs. If sold separately, the property, plant and equipment would realise $6.6 million and the other intangible assets would realise $1.5 million. Present your answer to the nearest $1,000. (a) Discuss the purpose of an impairment test and critically appraise the measurement basis using for impairment testing in IAS 36 Impairment of Assets. (6 marks) (b) Determine the carrying amount of the division as at 31 December 2013, showing the allocation of any impairment losses over the different assets of the unit. (15 marks) (Total: 21 marks) ICAEW\DIPLOMA IN IFRSs\Mar14 Page 6 of 9
7 3. Campana is a quoted housebuilder reporting under IFRSs. During the year ended 31 December 2013 it entered into two arrangements for the first time which need to be accounted for in the financial statements for the year ended 31 December (a) Campana purchased a substantial item of equipment on 1 January 2013 and entered into an arrangement whereby it will pay the supplier in its own ordinary shares on 31 December The list price of the equipment was $4 million, and Campana agreed that it will deliver the required number of its own ordinary shares to equal $4 million on 31 December 2014, based on the shares fair value on that date. The $4 million price will not vary if the share prices changes. Campana is undecided whether it will issue new shares or whether it will buy back existing shares in order to deliver the shares on 31 December Campana's share price for each $1 ordinary share was $18.60 on 1 January 2013 and $20.20 on 31 December An appropriate discount rate for use if necessary is 5% per annum. (5 marks) (b) Due to the economic downturn, to boost housing sales, Campana offered customers for its residential properties a new option during the ended 31 December Under the terms of the arrangement, customers pay for the full price of the house as normal, but within the contract there is an option of a refund which customers can exercise on 31 December 2015 if they choose to do so. The refund would amount to the price paid for the house less rental payments (at a pre-agreed rate). The aim of the arrangement is to encourage house buyers to purchase, knowing that they can get out of the contract should house prices fall. Campana expects house prices to rise by 31 December Even if house prices fall, Campana expects few customers to exercise the option as they will be settled in their new home. (7 marks) Explain how the above transactions should be presented and accounted for in Campana's financial statements for the year ended 31 December 2013 in so far as the information provided permits, showing relevant calculations where appropriate. Notes to the financial statements are not required. (Total: 12 marks) ICAEW\DIPLOMA IN IFRSs\Mar14 Page 7 of 9
8 4. Pointer is a listed group reporting under IFRSs. At the beginning of the current accounting period, Pointer had one subsidiary, Solita, a private company. The following show the draft statements of financial position the two companies as at 31 December 2013: Draft statements of financial position as at 31 December 2013 Pointer Solita ASSETS Non-current assets Property, plant & equipment 360,400 77,400 Investment in Solita 10,900 - Intangible assets 18,000 6, ,300 83,800 Current assets 131,400 20, , ,400 Notes: Equity Share capital ($1 ordinary shares) 100,000 20,000 Share premium 84,000 8,600 Retained earnings 132,800 37,800 Investment in equity instruments reserve (re Solita) 13,900 Revaluation surplus 64,000 9, ,700 76,000 Liabilities 126,000 28, , ,400 (1) On 31 August 2013, Pointer sold 12 million of its shares in Solita. Pointer retained significant influence over Solita after the disposal. The sale proceeds of $51 million have been recorded in current assets in Pointer's financial statements above and credited to the 'Investment in Solita' line. No other adjustments have been made in respect of the disposal. The fair value of the remaining investment on 31 August 2013 was $17 million. (2) Pointer originally purchased 16 million ordinary shares of Solita, on 1 January 2010 for $48 million. At that date, the carrying amount of the equity of Solita was as follows: Share capital 20,000 Share premium 8,600 Retained earnings 16,500 Revaluation surplus 5,400 50,500 Solita has not issued any shares since Pointer acquired its investment. ICAEW\DIPLOMA IN IFRSs\Mar14 Page 8 of 9
9 (3) The fair value of Solita's net assets at the date of acquisition was higher than their carrying amount due to the following items: Brands not recognised in Solita's own financial statements 2,700 Excess of market value over the carrying amount of inventories 1,400 Contingent liability (best estimate of fair value) (500) The brands had an average remaining useful life of six years at 1 January 2010 (and no residual value). The inventories were sold later in that year. The contingent liability related to a court case which was not considered a probable loss at the date Pointer acquired Solita and so it was not included as a provision in Solita's own financial statements. In the event, Solita lost the case in 2011 and had to pay $0.9 million in damages and court costs. (4) Pointer elected to measure the non-controlling interests in Solita on 1 January 2010 at their fair value of $11 million. In Pointer's separate financial statements, the investment in Solita was held at fair value through other comprehensive income. Gains on the investment in Solita of $13.9 million have been recognised in Pointer's other comprehensive income in its separate financial statements since Solita was acquired, up to 31 December No changes have been recorded in the current year ended 31 December (5) Solita's total comprehensive income for the year ended 31 December 2013 was made up as follows: Profit for the year 5,700 Other comprehensive income: Gain on property revaluation, net of tax 2,400 8,100 The income, expenses and revaluation gains of Solita accrued evenly over each accounting year. No dividends were paid by Solita in Prepare the consolidated statement of financial position of the Pointer Group (as a consolidation schedule) as at 31 December (Total: 27 marks) Notes: Ignore any deferred tax effect of adjustments. Work to the nearest $1,000. ICAEW\DIPLOMA IN IFRSs\Mar14 Page 9 of 9
SUGGESTED ANSWERS AND EXAMINER S COMMENTARY
SUGGESTED ANSWERS AND EXAMINER S COMMENTARY Assignment 1 Diploma in IFRSs 17 March 2014 The suggested answers set out below were used to mark this question. Markers were encouraged to use discretion and
More informationASSIGNMENT 2 - DIPLOMA IN IFRSs
19 May 2014 ASSIGNMENT 2 - DIPLOMA IN IFRSs This assignment consists of THREE written test questions (100 marks). Attempt all parts of all three questions. 1. Present your answers to the assignment questions
More informationASSIGNMENT 2 - DIPLOMA IN IFRSs
16 December 2013 ASSIGNMENT 2 - DIPLOMA IN IFRSs This assignment consists of FOUR written test questions (100 marks). Attempt all parts of all four questions. 1. Present your answers to the assignment
More informationASSIGNMENT 2 - DIPLOMA IN IFRSs
30 April 2012 ASSIGNMENT 2 - DIPLOMA IN IFRSs This assignment consists of FOUR written test questions (100 marks). Attempt all parts of all four questions. 1. Answer the assignment questions in order.
More informationOur 2017 consolidated financial statements
112 WPP Annual Report Our consolidated financial statements Accounting policies T he consolidated financial statements of WPP plc and its subsidiaries (the Group) for the year ended 31 December have been
More informationGross profit X X Other operating income X X. Distribution costs (X) (X) Administrative expenses (X) (X) Other operating expenses (X) (X)
Chapter 3 Free lectures available for - click here 7 PUBLISHED FINANCIAL STATEMENTS proforma financial statements following IAS1 (revised) YZ GROUP Statement of Profit or Loss and Other Comprehensive Income
More informationSignificant Accounting Policies
50 Low & Bonar Annual Report 2009 Significant Accounting Policies General information Low & Bonar PLC (the Company ) is a company domiciled in Scotland and incorporated in the United Kingdom under the
More informationThe consolidated financial statements of WPP plc
Our 2011 financial statements Accounting policies The consolidated financial statements of WPP plc and its subsidiaries (the Group) for the year ended 31 December 2011 have been prepared in accordance
More informationOur 2009 financial statements
Our 2009 financial statements Accounting policies The consolidated financial statements of WPP plc and its subsidiaries (the Group) for the year ended 31 December 2009 have been prepared in accordance
More informationCast. The following information has been extracted from Cast s financial statements for the year ended 31 March 2015
Cast The following information has been extracted from Cast s financial statements for the year ended 31 Accounting policies (extract only) Vendor Agreements Some of our vendors provide us with cash payments
More information(a) Opening retained earnings (1 Jan 2010) $ million $ million. Profit using existing policies - 240
SUGGESTED ANSWERS AND EXAMINER S COMMENTARY Assignment 2 Diploma in IFRSs 30 April 2012 The suggested answers set out below were those used to mark this question. Markers were encouraged to use discretion
More informationPHARMA-DEKO PLC. UNAUDITED 1 ST QUARTER ENDED MARCH 31ST, 2013 FINANCIAL REPORT. Prepared in accordance with IFRS & IAS 34
1 P a g e PHARMA-DEKO PLC UNAUDITED 1 ST QUARTER ENDED MARCH 31ST, 2013 FINANCIAL REPORT. Prepared in accordance with IFRS & IAS 34 FOR NIGERIAN STOCK EXCHANGE 1 P a g e TABLE OF CONTENT Page 2 Page 3
More informationINFORMA 2017 FINANCIAL STATEMENTS 1
INFORMA 2017 FINANCIAL STATEMENTS 1 GENERAL INFORMATION This document contains Informa s Consolidated Financial Statements for the year ending 31 December 2017. These are extracted from the Group s 2017
More informationIFRS-compliant accounting principles
IFRS-compliant accounting principles Since 1 January 2005, Uponor Corporation has prepared its consolidated financial statements in compliance with the following accounting principles: Main functions Uponor
More informationTotal current assets 1,829,773,522 1,676,918, ,618, ,874,951. Goodwill 17,934,556 17,934,
Balance sheets As at 31 December 2008 and 2007 Note 2008 2007 2008 2007 Assets Current assets Cash and cash equivalents 125,073,235 213,721,846 35,553,545 69,417,520 Current investment - restricted cash
More informationSUGGESTED ANSWERS AND EXAMINER S COMMENTARY
SUGGESTED ANSWERS AND EXAMINER S COMMENTARY The suggested answers set out below were used to mark this question. Markers were encouraged to use discretion and to award partial marks where a point was either
More informationAccounting policies STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS. inchcape.com 93
Accounting policies The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and IFRS Interpretations
More informationQuestion 1 SUGGESTED ANSWERS AND EXAMINER S COMMENTARY. Final exam Diploma in IFRSs 15 July 2013
SUGGESTED ANSWERS AND EXAMINER S COMMENTARY Final exam Diploma in IFRSs 15 July 2013 The suggested answers set out below were used to mark this question. Markers were encouraged to use discretion and to
More informationPearson plc IFRS Technical Analysis
Pearson plc IFRS Technical Analysis Contents A. Introduction B. Basis of presentation C. Accounting Policies D. Critical Accounting Assumptions and Judgements Schedules 1. Income statement Reconciliation
More information(a) Business combinations: those prior to the transition date have not been restated onto an IFRS basis.
Telecom plus PLC Adoption of International Financial Reporting Standards The purpose of this document is to provide guidance on the impact of International Financial Reporting Standards as adopted for
More informationAccounting policies Year ended 31 March The numbers
Accounting policies Year ended 31 March 2014 Basis of preparation The consolidated and Company financial statements have been prepared on a historical cost basis. They are presented in sterling and all
More informationAccounting policies for the year ended 30 June 2016
Accounting policies for the year ended 30 June 2016 The principal accounting policies adopted in preparation of these financial statements are set out below: Group accounting Subsidiaries Subsidiaries
More informationWORKINGS DO NOT DOUBLE COUNT MARKS Working 1 Revenue $ 000 Alpha + Beta 390,000 ½ Intra-group sales to Beta (25,000)
Answers Diploma in International Financial Reporting December 0 Answers and Marking Scheme Marks Consolidated statement of comprehensive income of Alpha for the year ended 30 September 0 Revenue (W) 365,000
More informationA n n u a l f i n a n c i a l r e s u l t s
A n n u a l f i n a n c i a l r e s u l t s DIRECTORS STATEMENT The directors of Air New Zealand Limited are pleased to present to shareholders the Annual Report* and financial statements for Air New
More informationTiton Holdings Plc Interim Statement
Titon Holdings Plc 2006 Interim Statement Interim Financial Statements for the six months ended 31 March 2006 Contents 02 Chairman's Statement 03 Consolidated Interim Income Statement 04 Consolidated Interim
More informationDiploma in International Financial Reporting and Marking Scheme
Answers Diploma in International Financial Reporting June 20 Answers and Marking Scheme Marks (a) Computation of goodwill on acquisition of Beta and Gamma Explanations (where needed) Beta Cost of investment:
More informationFor personal use only
PRELIMINARY FINAL REPORT RULE 4.3A APPENDIX 4E APN News & Media Limited ABN 95 008 637 643 Preliminary final report Full year ended 31 December Results for Announcement to the Market As reported Revenue
More informationIndependent Auditors Report: Page 2 Statements of Financial Position: Page 3 Income Statements: Page 4 Statements of Profit or Loss and Other
S Independent Auditors Report: Page 2 Statements of Financial Position: Page 3 Income Statements: Page 4 Statements of Profit or Loss and Other Comprehensive Income: Page 5 Statement of Changes in Equity:
More informationFinancial statements: contents
Section 6 Financial statements 93 Financial statements: contents Consolidated financial statements Independent auditors report to the members of Pearson plc 94 Consolidated income statement 96 Consolidated
More informationThe notes on pages 7 to 59 are an integral part of these consolidated financial statements
CONSOLIDATED BALANCE SHEET As at 31 December Restated Restated Notes 2013 $'000 $'000 $'000 ASSETS Non-current Assets Investment properties 6 68,000 68,000 - Property, plant and equipment 7 302,970 268,342
More informationStatement of Directors Responsibilities In Respect of the Strategic Report, the Directors Report and the Financial Statements
Financial Section Financial Section Statement of Directors Responsibilities In Respect of the Strategic Report, the Directors Report and the Financial Statements The Directors are responsible for preparing
More informationNonunderlying. Underlying items 1 m. items (note 4) m
Financial Statements Consolidated income statement For the year ended 30 June Continuing operations Revenue 3 Notes Underlying items 1 Nonunderlying items (note 4) 2 Total Underlying items 1 Nonunderlying
More informationNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
60 TUNGSTEN CORPORATION PLC // ANNUAL REPORT AND NOTES TO THE CONSOLIDATED 1. General information Tungsten Corporation plc (the Company) and its subsidiaries (together, the Group) is a global e-invoicing
More informationFinancial Statements
Financial Statements Contents Page no. Notes to the accounts page 47 Consolidated income statement 36 Consolidated balance sheet 38 Consolidated statement of cashflow 41 Parent company statements 42 Notes
More informationConsolidated income statement for for the year ended 31 January 2017
Consolidated income statement for for the year ended 31 January Revenue 3 871.3 963.2 Cost of sales 3 (422.7) (544.2) Gross profit 448.6 419.0 Administrative and selling expenses 4 (251.6) (227.3) Investment
More informationUnaudited consolidated interim financial statements and independent auditor s review report BORETS INTERNATIONAL LIMITED 30 June 2015
Unaudited consolidated interim financial statements and independent auditor s review report BORETS INTERNATIONAL LIMITED 30 June 2015 Contents Independent Auditor s Review Report Unaudited Consolidated
More informationw:
w: www.touchstone.co.uk 1 Triton Square London NW1 3DX t: +44 (0) 20 7121 4700 f: +44 (0) 20 7121 4740 Interim report 30th September 2007 Contents Chairman s Interim statement Results Chairman s statement
More informationFor the 52 weeks ended 2 May 2010
36 Greene King plc Annual Report 2010 1 Accounting policies Corporate information The consolidated financial statements of Greene King plc for the 52 weeks ended 2 May 2010 were authorised for issue by
More informationPAPER P2 CORPORATE REPORTING (INTERNATIONAL)
PAPER P2 CORPORATE REPORTING (INTERNATIONAL) SUPPLEMENT TO PRACTICE AND REVISION KIT (JANUARY 2008 EDITION) FOR DECEMBER 2008 EXAM QUESTIONS AND ANSWERS UPDATED FOR REVISED IFRS 3 Published by BPP Learning
More informationThese financial statements are presented in US dollars since that is the currency in which the majority of the group s transactions are denominated.
ACCOUNTING POLICIES 51 General information Premier Oil plc is a limited company incorporated in Scotland and listed on the London Stock Exchange. The address of the registered office is Premier Oil plc,
More informationACCOUNTING POLICIES Year ended 31 March The numbers
ACCOUNTING POLICIES Year ended 31 March 2015 Basis of preparation The consolidated and Company financial statements have been prepared on a historical cost basis. They are presented in sterling and all
More informationQUAYSIDE HOLDINGS LIMITED AND SUBSIDIARIES
QUAYSIDE HOLDINGS LIMITED AND SUBSIDIARIES ANNUAL FINANCIAL STATEMENTS For the year ended 30 JUNE 2015 CONTENTS PAGE Auditor s Report 1 Income Statement 4 Statement of Comprehensive Income 5 Statement
More informationConsolidated Financial Statements
Consolidated Financial Statements NZME Limited for the year ended 31 December Page 1 CONTENTS CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 December Directors Statement 3 Consolidated Income
More informationFor personal use only
FINANCIAL REPORT FOR THE FINANCIAL YEAR ENDED 30 JUNE 1 FINANCIAL STATEMENTS YEAR ENDED 30 JUNE CONTENTS Page Directors Responsibility Statement 3 Independent Auditor s Report 4 Consolidated Income Statement
More informationOUR GOVERNANCE. The principal subsidiary undertakings of the Company at 3 April 2015 are detailed in note 4 to the Company balance sheet on page 109.
STRATEGIC REPORT OUR GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION POLICIES GENERAL INFORMATION Halfords Group plc is a company domiciled in the United Kingdom. The consolidated financial statements
More informationNOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES 1.1 Nature of business Super Group Limited (Registration number 1943/016107/06), the holding Company (the Company) of the Group, is a Company listed
More informationLivestock Improvement Corporation Limited (LIC) ANNUAL REPORT. Year Ended 31 May 2014
Livestock Improvement Corporation Limited (LIC) ANNUAL REPORT Year Ended 31 May 2014 Income Statement For the year ended 31 May 2014 In thousands of New Zealand dollars Note 2014 2013 2014 2013 Revenue
More informationCash and cash equivalents 8, 9 1,199,381,498 2,131,096, ,435,381 1,870,320,961
Statements of financial position As at 31 December 2011 and 2010 Note 2011 2010 2011 2010 Assets Current assets Cash and cash equivalents 8, 9 1,199,381,498 2,131,096,112 883,435,381 1,870,320,961 Trade
More informationVitafoam Nigeria Plc. Unaudited Interim Consolidated and separate financial statements for the 3 months ended 31 December, 2016
Unaudited Interim Consolidated and separate financial statements for the 3 months ended 31 December, 2016 Unaudited Interim Consolidated and separate financial statements for the 3 months ended 31 December,
More informationNotes forming part of the company financial statements
REPORT AND ACCOUNTS 2009 ARTISAN (UK) plc 47 Notes forming part of the company financial statements 1 Accounting policies The following principal accounting policies have been applied: Basis of preparation
More information- CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Note 2015 2014 US$ 000s US$ 000s (Restated) Continuing operations Lease revenue 56,932 48,691 Other income 9 3,202 3,435 60,134
More informationPearson plc IFRS Technical Analysis
Pearson plc IFRS Technical Analysis Contents A. Introduction B. Basis of presentation C. UK GAAP to IFRS adjustments D. Performance measures Schedules 1. Income statement Reconciliation UK GAAP to IFRS
More informationNotes to the Group financial statements
110 Financial statements Notes to the Group financial statements Notes to the Group financial statements for the year ended 31 March 1. Corporate information Experian plc (the Company ), the ultimate parent
More informationCONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 31 March 2016
CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 31 March Notes (Restated) (Restated) 2014 ASSETS Non-current assets 5 604 3 654 3 368 Property, equipment and vehicles 5 3 199 2 985 2 817 Intangible
More informationA.G. Leventis (Nigeria) Plc
CONTENTS COMPLIANCE CERTIFICATE 3 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 4 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 5 STATEMENT OF CASHFLOWS 6 STATEMENT OF CHANGES IN EQUITY 7 NOTES TO THE
More informationTIER 2 RACING CLUB. Illustrative Financial Statements 2015/2016
TIER 2 RACING CLUB Illustrative Financial Statements 2015/2016 Illustrative Financial Statements of the Tier 2 Racing Club includes the financial performance and financial position for the year ended 31
More informationPerformance 81. Group structure 101
CONTENTS CONSOLIDATED FINANCIAL STATEMENTS Consolidated income statement 74 Consolidated balance sheet 75 Consolidated statement of shareholders equity 76 Consolidated cash flow statement 77 Notes General
More informationMAJOR CINEPLEX GROUP PUBLIC COMPANY LIMITED CONSOLIDATED AND COMPANY FINANCIAL STATEMENTS 31 DECEMBER 2010
MAJOR CINEPLEX GROUP PUBLIC COMPANY LIMITED CONSOLIDATED AND COMPANY FINANCIAL STATEMENTS 31 DECEMBER 2010 AUDITOR S REPORT To the Shareholders of I have audited the accompanying consolidated and company
More information86 MARKS AND SPENCER GROUP PLC FINANCIAL STATEMENTS CONSOLIDATED INCOME STATEMENT
86 CONSOLIDATED INCOME STATEMENT Notes Underlying 53 weeks ended 2 April 52 weeks ended 28 March Non-underlying Underlying Non-underlying Revenue 2, 3 10,555.4 10,555.4 10,311.4 10,311.4 Operating profit
More informationHomeserve plc. Transition to International Financial Reporting Standards
Homeserve plc Transition to International Financial Reporting Standards 28 November 2005 1 Transition to International Financial Reporting Standards ( IFRS ) Homeserve is today announcing its interim results
More informationAA plc Annual Report and Accounts Financial statements. for the year ended 31 January Governance Financial Statements
AA plc Annual Report and Accounts 79 Financial statements for the year ended 31 January Our Business Our Performance Governance Financial Statements 80 AA plc Annual Report and Accounts Independent Auditor
More informationPJSC PIK Group Consolidated Financial Statements for 2015 and Auditors Report
Consolidated Financial Statements for 2015 and Auditors Report Contents Consolidated Statement of Financial Position 3 Consolidated Statement of Profit or Loss and Other Comprehensive Income 4 Consolidated
More informationP7 Financial Accounting and Tax Principles
Financial Management Pillar Managerial Level Paper P7 Financial Accounting and Tax Principles 23 November 2006 Thursday Afternoon Session Instructions to candidates You are allowed three hours to answer
More informationSUGGESTED ANSWERS AND EXAMINER S COMMENTARY. Question 1. Final exam Diploma in IFRSs 2 July 2012
SUGGESTED ANSWERS AND EXAMINER S COMMENTARY Final exam Diploma in IFRSs 2 July 2012 The suggested answers set out below were used to mark this question. Markers were encouraged to use discretion and to
More informationAl Madina Investment CO. (S.A.O.G.)
Page (7) 1 Legal status and principal activities Al Madina Investment Company SAOG (previously Transgulf Investment Holding Company SAOG) ( the Company or Company ) was incorporated as an Omani joint stock
More informationCONSOLIDATED FINANCIAL STATEMENTS SIX MONTHS ENDED JUNE 30, Consolidation and Group Reporting Department
CONSOLIDATED FINANCIAL STATEMENTS SIX MONTHS ENDED JUNE 30, 2012 Consolidation and Group Reporting Department CONSOLIDATED BALANCE SHEET Notes June 30, 2012 Dec. 31, 2011 ASSETS Goodwill (3) 11,281 11,041
More informationDip IFR. Diploma in International Financial Reporting. Thursday 10 December The Association of Chartered Certified Accountants.
Diploma in International Financial Reporting Thursday 10 December 2009 Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections: Section A This ONE question
More informationIndependent auditor s report to the members of Barratt Developments PLC
103 Annual Report and Accounts Financial Statements Independent auditor s report to the members of Opinion on the financial statements of In our opinion: > > the financial statements give a true and fair
More informationSPECIMEN FINANCIAL STATEMENTS KENYA SME LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2009.
SPECIMEN FINANCIAL STATEMENTS KENYA SME LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2009 Note 1: This specimen provides an illustrative set of financial statements prepared
More informationDELTA Utility Services Ltd
DELTA Utility Services Ltd Statement of Intent for the Year Ending 30 June 2007 Table of Contents 1 Mission Statement 1 2 Nature and Scope of Activities 1 3 Corporate Governance Statement 1 4 Corporate
More informationThomson Intermedia plc
13 October 2006 Thomson Intermedia plc Transition to International Financial Reporting Standards Thomson Intermedia plc ( the Group, AIM: THN) will be reporting its financial results in accordance with
More informationNorthern Ireland Electricity (The NIE Transmission, Distribution and Landbank Businesses) 31 March Summary Regulatory Accounts
Northern Ireland Electricity (The NIE Transmission, Distribution and Landbank Businesses) Summary Regulatory Accounts Summary Regulatory Accounts CONTENTS Statement of Directors Responsibilities 2 Auditors
More informationJohnson Matthey / Annual Report and Accounts 2018
136 Johnson Matthey / Annual Report and 2018 Contents 138 Consolidated Income Statement 138 Consolidated Statement of Total Comprehensive Income 139 Consolidated and Parent Company Balance Sheets 140 Consolidated
More informationA7 Accounting policies
A7 Accounting policies Of the accounting policies outlined below, those deemed to be the most significant for the group are those that align with the critical accounting judgements and key sources of estimation
More informationArticle by Martin & Mary Kelly, Current Examiners in P1 Corporate Reporting Relevant to the following subjects;
Article by Martin & Mary Kelly, Current Examiners in P1 Corporate Reporting Relevant to the following subjects; Professional 1: Corporate Reporting Professional 2: Advanced Corporate Reporting Intangible
More informationMOSENERGO GROUP IFRS CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
IFRS CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) 2017 Moscow 2017 1 Contents Consolidated interim balance sheet...... 3 Consolidated interim statement of comprehensive income...... 4 Consolidated
More informationCombined financial statements of the Galenica Santé Group 1. Combined financial statements of the Galenica Santé Group
Combined financial statements of the Galenica Santé Group 1 Combined financial statements of the Galenica Santé Group 2014-2016 Combined financial statements of the Galenica Santé Group 2 Combined financial
More informationQatari German Company for Medical Devices Q.S.C.
Qatari German Company for Medical Devices Q.S.C. FINANCIAL STATEMENTS 31 DECEMBER 2015 STATEMENT OF COMPREHENSIVE INCOME Notes (As restated) Revenues 3 16,412,886 15,826,056 Direct costs 4 ( 14,893,962)
More informationTHE HONG KONG INSTITUTE OF CHARTERED SECRETARIES THE INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS
THE HONG KONG INSTITUTE OF CHARTERED SECRETARIES THE INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS International Qualifying Scheme Examination HONG KONG FINANCIAL ACCOUNTING JUNE 2011 Suggested
More informationDiploma in International Financial Reporting
Answers Diploma in International Financial Reporting June 200 Answers (a) Consolidated statement of financial position of Alpha at 3 March 200 (all numbers in $ 000 unless otherwise stated) ASSETS Non-current
More informationIndependent Auditor s Report To the Members of Stobart Group Limited
Financial Statements Independent Auditor s Report To the Members of Stobart Group Limited We have audited the Group financial statements of Stobart Group Limited for the year ended 28 February 2009 which
More informationCONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER Prepared under International Financial Reporting Standards ( IFRS )
37 CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2005 Prepared under International Financial Reporting Standards ( IFRS ) 38 Consolidated financial statements - 31 December 2005 Index to the consolidated
More informationFinancial statements NEW ZEALAND POST LIMITED AND SUBSIDIARIES INCOME STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009
Financial statements NEW ZEALAND POST LIMITED AND SUBSIDIARIES INCOME STATEMENTS FOR THE YEAR ENDED 30 JUNE Note Group PARENT Revenue from operations 1 1,253,846 1,290,008 765,904 784,652 Expenditure 2
More informationConsolidated Financial Statements Summary and Notes
Consolidated Financial Statements Summary and Notes Contents Consolidated Financial Statements Summary Consolidated Statement of Total Comprehensive Income 57 Consolidated Statement of Financial Position
More informationConsolidated income statement For the year ended 31 March
Consolidated income statement For the year ended 31 March Continuing Operations Revenue 3,5 5,653.3 5,218.1 Operating costs (5,369.7) (4,971.8) Operating profit 5,6 283.6 246.3 Investment income 8 1.2
More informationNorthern Ireland Electricity Networks (The NIE Networks Transmission, Distribution and Landbank Businesses) 31 March 2017
Northern Ireland Electricity Networks (The NIE Networks Transmission, Distribution and Landbank Businesses) 31 March Summary Regulatory Accounts Summary Regulatory Accounts 31 March CONTENTS Page No. Important
More informationCOMBINED FINANCIAL STATEMENTS
COMBINED FINANCIAL STATEMENTS The North of England Protecting and Indemnity Association Limited and The North of England Mutual Insurance Association (Bermuda) Limited 2017 COMBINED FINANCIAL STATEMENTS
More informationTHE GALA CORAL GROUP PRELIMINARY INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) TRANSITION STATEMENTS
THE GALA CORAL GROUP PRELIMINARY INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) TRANSITION STATEMENTS INTRODUCTION Implementation of International Financial Reporting Standards ( IFRS ) For the year
More informationFINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEET PROVISIONS CONSOLIDATED INCOME STATEMENT TRADE AND OTHER PAYABLES 84
56 AALBERTS INDUSTRIES N.V. ANNUAL REPORT 2015 1. CONSOLIDATED BALANCE SHEET 58 18. PROVISIONS 81 2. CONSOLIDATED INCOME STATEMENT 59 19. TRADE AND OTHER PAYABLES 84 3. CONSOLIDATED STATEMENT OF COMPREHENSIVE
More informationFinancial Statements Independent auditor s report to the members of Kier Group plc
Independent auditor s report to the members of Kier Group plc Report on the financial statements Our opinion In our opinion: Kier Group plc s Group financial statements and Company financial statements
More informationLONDON CAPITAL & FINANCE PLC ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2016
Draft Financial Statements at 20 September 2016 at 11:13:09 Company Registration No. 08140312 (England and Wales) ANNUAL REPORT AND FINANCIAL STATEMENTS COMPANY INFORMATION Directors Mr MA Thomson Ms KR
More informationAL-KHALIJ HOLDING COMPANY (Q.S.C.) DOHA - QATAR CONSOLIDATED FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT FOR THE YEAR ENDED DECEMBER 31,
DOHA - QATAR CONSOLIDATED FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT FOR THE YEAR ENDED DECEMBER 31, 2011 CONSOLIDATED FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT INDEX Page Independent
More informationSelecta Group B.V. and its subsidiaries, Amsterdam (The Netherlands)
Selecta Group B.V. and its subsidiaries, Amsterdam (The Netherlands) Consolidated financial statements for the year ended 30 September and report of the independent auditor Table of Contents Consolidated
More informationStatements of Changes in Equity
Statements of Changes in Equity Attributable to owners of the parent Revalua- Fair Actuarial Non- Share Share Share tion value Hedging losses Associate Retained Owners controlling application Total Note
More informationFinancial statements. Consolidated financial statements. Company financial statements
73 Consolidated financial statements 74 CONSOLIDATED INCOME STATEMENT 74 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 75 CONSOLIDATED BALANCE SHEET 76 CONSOLIDATED CASH FLOW STATEMENT 78 CONSOLIDATED
More informationUAC of Nigeria Plc Financial Statements for the year ended 31 December 2016
Financial Statements for the year ended 31 December 2016 Financial Highlights Group Company 2016 2015 % 2016 2015 % N'000 N'000 change N'000 N'000 change Revenue 84,606,570 73,771,244 15 912,307 820,655
More information112 Pearson plc Annual report and accounts Page Title
112 Pearson plc Annual report and accounts 2016 Page Title Section 5 Financial statements 113 Financial statements In this section Consolidated financial statements 114 Independent auditor s report to
More informationNotes to the Group financial statements
Notes to the Group financial statements Note 1 Accounting policies, judgements and estimates General information Tesco PLC (the Company) is a public limited company incorporated and domiciled in the United
More informationTAYSIDE HEALTH BOARD APPENDIX 1
TAYSIDE HEALTH BOARD APPENDIX 1 IFRS - ACCOUNTING POLICIES 1. Authority In accordance with the accounts direction issued by Scottish Ministers under section 19(4) of the Public Finance and Accountability
More informationfinancial statements 2017
financial statements 2017 1. Consolidated balance sheet 60 18. Provisions 84 2. Consolidated income statement 61 19. Trade and other payables 87 3. Consolidated statement of comprehensive income 62 20.
More information