Examiner s general comments

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1 Examiner s general comments The following provides guidance to candidates preparing for future examinations and has been prepared with that in mind. The guidance mentions the main errors that were commonly made by candidates, but by no means did all candidates make such errors, and there were many excellent scripts presented. There was evidence of a number of well prepared candidates with a wide range of knowledge, able to tackle most of the sub-questions in questions 1 and 2 and prepare a good answer to questions 3 and 4. However some candidates had not prepared for some of the topics on the paper. Question 4 (b) on preparation of group accounts and 2(d) on the concepts of capital and capital maintenance had a number of particularly poor answers. Question spotting is not advised in this paper as most learning outcomes are covered in each examination. Question 1 was not as well answered this time as in previous diets. Some candidates missed out some MCQs altogether. Many candidates struggled to score more than half marks. Most candidates seemed unprepared for the questions in this section, questions 1.6; 1.9 and 1.10 seemed to cause the most problems. Some candidates were obviously ill prepared for 2(c) tax bases; question 2(d) concepts of capital and capital maintenance and question 2(e) materiality. None of these topics should individually pose any problem for a well prepared candidate. Question 3 produced some very good answers with some candidates scoring full marks. However a considerable number of candidates were unable to prepare correct calculations for the construction contracts. Some candidates also seemed unaware that the figures calculated had to be included in the financial statements. Question 4 - This group question should have been expected, as groups have only been asked once before (as a 25 mark question) on the new syllabus. The question was very badly answered by candidates in some centres, even though it was a straight-forward question. However there were some very good answers from candidates who were prepared for it but it also produced some very poor answers with candidates scoring just a few marks. Candidates either knew how to prepare a consolidated statement of financial position and scored fairly high marks or didn t really know what they were doing, suggesting that some had been question spotting and had not prepared for a consolidated statement of financial position. The Chartered Institute of Management Accountants 2011 Page 1

2 SECTION A 20 MARKS ANSWER ALL TEN SUB-QUESTIONS IN THIS SECTION Question One Question 1.1 Which ONE of the following would NOT normally be considered a principle of a modern tax system? A Efficiency B Equity C Economic impact D Raise revenues The correct answer is D Question 1.2 Which ONE of the following is an example of formal incidence, but not effective incidence? A An entity being assessed for corporate income tax by the tax authority. B An individual purchasing goods in a shop, the price including VAT. C An employee having tax deducted from salary through the PAYE system. D An entity charging VAT on its sales and paying its net VAT to the tax authority. (2 marks The correct answer is D Question 1.3 Which ONE of the following does NOT give rise to a deferred tax adjustment? A Entertaining expenses paid B Revaluation of a property C Depreciation of an asset that qualifies for tax writing down allowances D Tax losses that are carried forward for relief in future periods The correct answer is A The Chartered Institute of Management Accountants 2011 Page 2

3 Question 1.4 BCF purchased an asset for $600,000 on 1 September BCF incurred additional purchase costs of $5,000. Indexation of the cost of BCF s asset is allowed in Country X. The relevant index increased by 60% in the period from 1 September 2004 to 31 August BCF sold the asset on 1 September 2011 for $1,200,000. BCF incurred selling costs of $9,000. Assume all purchase and selling costs are tax allowable. How much tax was due from BCF on disposal of its asset? A $55,750 B $56,500 C $64,250 D $146,500 The correct answer is A Question 1.5 Which ONE of the following defines the meaning of tax gap? A The difference between the tax an entity expects to pay and the amount notified by the tax authority. B The difference between the total amount of tax due to be paid and the amount actually collected by the tax authority. C The difference between the due date for tax payment and the date it is actually paid. D The difference between the amount of tax provided in the financial statements and the amount actually paid. The correct answer is B Question 1.6 Which ONE of the following would NOT be regarded as a related party of RST? A RST s chief executive officer B RST s largest single shareholder holding 35% of RST s equity shares C RST s biggest customer, providing 55% of RST s revenue D The wife of the chief executive officer of RST The correct answer is C The Chartered Institute of Management Accountants 2011 Page 3

4 Question 1.7 Which ONE of the following CANNOT be recognised as an intangible non-current asset in GHK s statement of financial position at 30 September 2011? A. GHK spent $12,000 researching a new type of product. The research is expected to lead to a new product line in 3 years time. B. GHK purchased another entity, BN on 1 October Goodwill arising on the acquisition was $15,000. C. GHK purchased a brand name from a competitor on 1 November 2010, for $65,000. D. GHK spent $21,000 during the year on the development of a new product. The product is being launched on the market on 1 December 2011 and is expected to be profitable. The correct answer is A Question 1.8 Which ONE of the following would be classified by WDC as a non-adjusting event according to IAS 10 Events After The Reporting Period? WDC s year end is 30 September A. WDC was notified on 5 that one of its customers was insolvent and was unlikely to repay any of its debts. The balance outstanding at 30 September 2011 was $42,000. B. On 30 September WDC had an outstanding court action against it. WDC had made a provision in its financial statements for the year ended 30 September 2011 for damages awarded against it of $22,000. On 29 October 2011 the court awarded damages of $18,000. C. On 5 October 2011 a serious fire occurred in WDC s main production centre and severely damaged the production facility. D. The year end inventory balance included $50,000 of goods from a discontinued product line. On 1 these goods were sold for a net total of $20,000. The correct answer is C The Chartered Institute of Management Accountants 2011 Page 4

5 Question 1.9 IFRS 8 Operating Segments requires information about operating segments to be disclosed in the financial statements. According to IFRS 8 Operating Segments which ONE of the following defines an operating segment. An operating segment is a component of an entity: A. that is considered to be one of the entity s main products or services. B. whose operating results are regularly reviewed by the entity s chief operating decision maker. C. whose results contribute more than 10% of the entity s total sales revenue. D. whose assets are more than 10% of the entity s total assets. The correct answer is B Question 1.10 On 28 September 2011, GY received an order from a new customer, ZZ, for products with a sales value of $750,000. ZZ enclosed a deposit with the order of $75,000. On 30 September 2011, GY had not completed the credit referencing of ZZ and had not despatched any goods. Which ONE of the following will correctly record this transaction in GY s financial statements for the year ended 30 September 2011 according to IAS 18 Revenue: A Debit Cash $75,000; Credit Revenue $75,000 B Debit Cash $75,000, Debit Trade Receivables $675,000; Credit Revenue $750,000 C Debit Cash $75,000; Credit Deferred Revenue $75,000 D Debit Trade Receivables $750,000; Credit Revenue $750,000 The correct answer is C The Chartered Institute of Management Accountants 2011 Page 5

6 SECTION B 30 MARKS ANSWER ALL SIX SUB-QUESTIONS IN THIS SECTION Question Two (a) (i) Calculate the estimated amount of corporate income tax that KM is due to pay for the year ended 31 March (ii) Calculate the income tax expense charged to the statement of comprehensive income for the year ended 31 March (5 marks) To test the candidates understanding of corporate income tax computations and the treatment of tax in the financial statements. Tests learning outcome A3a. Calculate the depreciation and tax allowances for PP&E and vehicle. Calculate tax due for the year ended 31 March Calculate the change in deferred tax for the year ended 31 March Calculate total income tax expense charged to the income statement Calculate corporate income tax due for year to 31/3/ Calculate deferred tax 1 Calculate total income tax expense charged to the income statement 1 Maximum marks awarded 5 Most candidates made a reasonable attempt at part (i), however very few candidates made any attempt at part (ii). Deducting the depreciation and entertainment expenses from profit instead of adding them back. Not adjusting for the depreciation of the new vehicle. Not applying the relevant tax rules to the new vehicle to calculate the tax depreciation allowance. Not deducting tax depreciation from taxable profits. Not attempting part (ii). Calculating the deferred tax movement in the year as the difference arising from the new vehicle rather than the total difference between accounting and tax depreciation figures. Not stating the answer to part (ii) after calculating the movement on deferred tax. The Chartered Institute of Management Accountants 2011 Page 6

7 Question Two (b) (i) (ii) Calculate the net VAT due to be paid by LM on the perfume consignment. Calculate LM s net profit on the perfume consignment. (5 marks) To test the candidates understanding of VAT. Tests learning outcome A1e. Calculate the VAT paid and VAT collected. Calculate Net VAT due Calculate profit excluding VAT 2.5 Calculate VAT due Calculate profit 2.5 Maximum marks awarded 5 It was surprising how many candidates calculated the profit on the consignment using the VAT inclusive amounts for all or some of the figures. Not adding any excise duty to the cost. Calculating excise duty on the cost plus VAT. Calculating VAT on cost using VAT inclusive formula. Calculating VAT in the repackaging cost as 15% instead of 15/115. Calculating VAT in revenue as 15% instead of 15/115. Even when VAT was calculated correctly, when profit was calculated it was often calculated using the VAT inclusive figures instead of the net of VAT figures. The Chartered Institute of Management Accountants 2011 Page 7

8 Question Two (c) Explain the meaning of tax base and give THREE examples of the different tax bases regularly used by governments. (5 marks) To test the candidates understanding of tax bases. Test learning outcome A1a. Explain the meaning of tax base. Outline the different tax bases used. Explanation of meaning of tax base 1 Explanation of tax bases used 4 Maximum marks awarded 5 A large proportion of candidates were unprepared for this question and did not attempt an answer. Many of the definitions were too brief or not specific enough. Examples given were also too brief, often only one or two words. The Chartered Institute of Management Accountants 2011 Page 8

9 Question Two (d) Explain the concepts of capital and capital maintenance as defined in the International Accounting Standards Board s (IASB) Framework for the Preparation and Presentation of Financial Statements (Framework). (5 marks) To test the candidates understanding of the IASB Framework. Tests learning outcome B1d. Explain the concepts of capital referred to in the Framework. Explain how profit is determined using each concept of capital Explain capital maintenance Explain the concepts of capital referred to in the Framework. 2 Explain how profit is determined using each concept of capital 1 Explain capital maintenance 2 Maximum marks awarded 5 A large proportion of candidates were unprepared for this question and did not attempt an answer, of those who did attempt and answer many took the wrong approach. Not identifying the two concepts of capital given in the IASB s Framework for the Preparation and Presentation of Financial Statements. Giving details of equity capital instead of the concepts of capital. Defining capital as assets or net assets and capital maintenance as depreciation or replacing old assets. The Chartered Institute of Management Accountants 2011 Page 9

10 Question Two (e) (i) Explain what is meant by materiality and whether the matter highlighted above is material. (3 marks) (ii) Identify the type of audit report that would be appropriate to the above statements, assuming that LMN s management continue to refuse to change the financial statements. (5 marks) To test the candidates knowledge of materiality and external audit reports. Tests learning outcome B1g. Explain materiality Identify whether the matter given is material. Explain the type of audit report required. Explain materiality and identify whether the matter given is material. 3 Explain the type of audit report required. 2 Maximum marks awarded 5 It was surprising how many candidates concluded that the matter given in the question was not material. Not giving enough detail in the definition of materiality. Concentrating only on the size of a matter rather than including its nature. Some candidates gave far too much explanation for the 3 marks, wasting their time. Only referring to the percentage of turnover and then concluding that the matter given was not material. Not giving enough detail for the type of report to be issued. Not explaining why other forms of audit report were not appropriate. The Chartered Institute of Management Accountants 2011 Page 10

11 Question Two (f) Explain the requirements of the CIMA Code of Ethics for Professional Accountants in relation to the preparation and reporting of information AND the ethical problems that RS faces. (5 marks) To test the candidates knowledge and application of the CIMA Code of ethics. Test learning outcome B2c. Identify the requirements of the CIMA Code of Ethics section 220 and apply section 220 requirements to the scenario. Explain the fundamental principles of integrity and objectivity. Explain the ethical problems that RS faces. Identify the requirements of the CIMA Code of Ethics section Explain the ethical problems that RS faces 2 Maximum marks awarded 5 A very large proportion of answers followed the format of the answers to recent past papers on this topic. Unfortunately the question this time took a different approach and a different emphasis was required in the answer. As a result many candidates scored low marks on this question. Not answering the question asked. The question was primarily asking for the requirements of the CIMA code in relation to the preparation and reporting of information. Most candidates gave the five fundamental principles in the CIMA code and did not refer to the preparation and reporting of information at all. The Chartered Institute of Management Accountants 2011 Page 11

12 SECTION C 50 MARKS ANSWER TWO QUESTIONS FROM THIS SECTION Question Three Prepare ABC s statement of comprehensive income and statement of changes in equity for the year to 30 September 2011 AND a statement of financial position at that date in accordance with the requirements of International Financial Reporting Standards. Notes to the financial statements are not required, but all workings must be clearly shown. Do not prepare a statement of accounting policies. Total 25 marks To test the candidates ability to prepare a set of financial statements for a single entity. Tests learning outcome C1a. Prepare workings for the two construction contracts. Prepare the non-current asset depreciation calculations. Prepare workings for Cost of sales, administration and distribution. Prepare all other required workings. Prepare the statement of comprehensive income. Prepare the statement of financial position. Prepare the statement of changes in equity. Prepare the statement of comprehensive income Revenue & Cost of sales Prepare the statement of comprehensive income expenses, finance cost & tax Prepare the statement of financial position assets Prepare the statement of financial position equity & liabilities Prepare the statement of changes in equity 1.0 Presentation and format 2.5 Maximum marks for Question Some very good answers were produced for this question, with some candidates scoring full marks. However a considerable number of candidates were unable to prepare correct calculations for the construction contracts. Some candidates also seemed unaware that the figures calculated for the construction contracts had to be included in the financial statements. The Chartered Institute of Management Accountants 2011 Page 12

13 Most candidates could calculate the profit on contract 1 but many were unable to correctly calculate the loss on contract 2. A larger proportion of candidates were unable to calculate the correct figures for the amounts owing to/from the client. Even when candidates made a reasonable attempt to calculate the gain/loss on the construction contracts they failed to include their results in the financial statements. The disposal of plant and equipment during the year caused some candidates problems when calculating depreciation for the year. Some candidates were unable to follow the instruction that all depreciation was considered part of cost of sales and charged depreciation to administration or elsewhere in the statement of comprehensive income (SoCI). The long term borrowing s interest, paid six monthly, caused some candidates to charge 6 months and others to charge 18 months interest to the SoCI. The Chartered Institute of Management Accountants 2011 Page 13

14 Question Four (a) Define what is meant by control and explain how this is determined according to IAS 27 Consolidated and Separate Financial Statements. (5 marks) (b) Prepare the consolidated statement of financial position for the PH group of entities as at 30 September 2011, in accordance with the requirements of International Financial Reporting Standards. Notes to the financial statements are not required but all workings must be shown. (20 marks) Total 25 marks To test the candidates knowledge of the treatment of subsidiary and associated entities. To test the candidates ability to prepare a set of financial statements for a simple group. Tests learning outcomes C1b, c and d Define the meaning of control. Explain how control is determined according to IAS 27 Consolidated and Separate Financial Statements. Calculate goodwill arising on acquisition of SU. Calculate investment in associated entity AJ. Prepare workings for intra-group activities. Calculate consolidated retained earnings. Prepare consolidated statement of financial position. Define the meaning of control. Explain how control is determined according to IAS 27; Consolidated and separate financial statement. 5.0 Calculate goodwill arising on acquisition of SU. 3.0 Calculate investment in associated entity AJ. 2.0 Calculate consolidated retained earnings. 4.0 Prepare consolidated statement of financial position Assets. Prepare consolidated statement of financial position Equity & liabilities Maximum marks awarded 25 This question was very badly answered by candidates in some centres, even though it was a straightforward question. There were some very good answers from candidates who were prepared for it but it also produced some very poor answers with candidates scoring just a few marks. The Chartered Institute of Management Accountants 2011 Page 14

15 Part (a) very few answers earned more than 2 marks as they gave insufficient detail on the situations that can give control. Part (b) - Calculating goodwill using the year end figures for retained earnings rather than the balance at acquisition. Not including the fair value adjustment in the goodwill calculation. Including the excess depreciation arising on the fair value adjustment in the goodwill calculation. Trying to calculate goodwill in the associated entity and calling the result investment in associate. Using the cost of the associate as the investment in associate. Calculating the unrealised profit in the inventory as 25/125 instead of 25%. Adjusting inventory by the selling price less unrealised profit instead of just the unrealised profit. Including the current accounts in the consolidated statement of financial position (CSoFP) instead of cancelling them. Including the cheque in transit in receivables instead of in current account. Including the associated entity in the CSoFP using acquisition accounting instead of equity accounting. The Chartered Institute of Management Accountants 2011 Page 15

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