ACCA

Financial Reporting (FR)

Final Mock – March 2024

Examination

Time allowed 3 hours

This exam is divided into three sections

Section A ALL FIFTEEN questions are compulsory and MUST be attempted

Section B ALL FIFTEEN questions are compulsory and MUST be attempted

Section C BOTH questions are compulsory and MUST be attempted

Instructions:
Take a few moments to review the notes on the inside of this page titled, 'Get into good exam habits now!' before
attempting this exam.

DO NOT OPEN THIS EXAM UNTIL YOU ARE READY TO START UNDER
EXAMINATION CONDITIONS

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 Get into good exam habits now!
Take a moment to focus on the right approach for this exam.

Effective time management

 Watch the clock, allow 1.8 minutes per mark. Work out how long you can spend on each question and do
not exceed that time.
 Take a few moments to think what the requirements are asking for and what information you need to
answer them.

Effective planning
 This exam is in exactly the same format as the real exam. You do not need to tackle the questions in
order but ensure you have answered each question in the time available.
 Read the requirements carefully: focus on mark allocation, question verbs and, in Section C, potential
overlap between requirements.
 Identify and make sure you pick up any easy marks available.

Effective layout
 Presentation is important in Section C questions. Your numerical solutions should be presented using
the standard layouts you have seen. Show and reference your workings clearly. This is particularly
important when using the spreadsheet software in the computer-based exam.
 With written elements, try and make a number of distinct points using headings and short paragraphs.
You should aim to make a separate point for each mark. Make sure your narrative answers relate to the
scenario presented.
 Ensure that you explain the points you are making, ie why is the point a strength, criticism or opportunity?
 Give yourself plenty of space to add extra lines as necessary; it will also make it easier for the examining
team to mark.

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Section A – ALL 15 questions are compulsory and MUST
be attempted
Each question is worth 2 marks.
1 Which of the following would NOT contribute to a faithful representation in the financial
statements?
 Applying the 'true and fair' override
 Ensuring the financial statements are released to investors as soon as possible after the year end
 Ensuring the financial statements are free from material error
 Inclusion of all transactions relating to the accounting period

2 Which TWO of the following are objectives of the IFRS® Foundation?

To develop a single set of globally accepted financial reporting standards

To interpret the application of IFRS Accounting Standards and provide guidance on financial
reporting issues not specifically covered in the IFRS Accounting Standards

To promote the adoption of IFRS Accounting Standards through the convergence of national
and international standards with IFRS Accounting Standards

To enforce the consistent use of IFRS Accounting Standards in those regimes that adopt
IFRS Accounting Standards

3 Helby acquired a significant piece of machinery incurring the following amounts:

$'000
List price 400
Trade discount (10%) (40)
Delivery cost 5
Reinforced flooring to house the machine 22
Salaries of staff involved in machine installation during period of installation 6
Testing costs 12
How should the property, plant and equipment be initially measured on recognition?

4 Which TWO of the following could be classified as investment property in accordance with IAS 40
Investment Property in the financial statements of Investit?

Properties held for sale by Investit in the ordinary course of business

Investit's factory building used for the manufacture of its products

A floor let to third parties in an office building owned and occupied by Investit

A building let out under a short term lease agreement to a third party which is falling in value

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 5 Lunar took out a loan for $200,000 to finance the construction of a new item of equipment.
The interest rate on the loan was 6% throughout the year ended 31 December 20X1.
Work on the project to construct the equipment began on 1 March 20X1. Construction and testing work
was completed on 31 October 20X1, however the equipment was not brought into use until 1 December
20X1.
How much interest should be capitalised in accordance with IAS 23 Borrowing Costs?
 $12,000
 $10,000
 $9,000
 $8,000
6 Which of the following intangible assets owned by Scarlett could be measured using the
revaluation model in IAS 38 Intangible Assets?
(i) A development project recently completed
(ii) A patent asset
(iii) Scarlett's own brand
(iv) Tradable taxi licences
 (iii) and (iv) only
 (i) and (ii) only
 (iv) only
 None of the above
7 Patch acquired an item of equipment on 1 January 20X0 for $240,000. The asset is being depreciated
over its ten-year useful life and has zero residual value. On 31 December 20X4 an impairment test was
performed. The fair value less costs of disposal of the equipment was measured at $88,000 at that date
and the asset is expected to generate net cash inflows of $12,000 per year for the next five years. The
current cost of capital is 8%. A five-year annuity factor at 8% is 8.507.
How much should be charged to profit or loss as an impairment loss on 31 December 20X4?
 $0
 $17,916
 $32,000
 $137,916
8 Scottson, a farmer, acquired 600 two-year old cows on 1 January 20X1 for $800 each. 100 calves were
born in December 20X1. 150 cows were sold during the year for $840 each.
The fair value less costs to sell the calves and cows at 31 December 20X1 was:

Calves $200
Two-year old cows $850
Three-year old cows $900

How much should be recognised in profit or loss in total in respect of the calves and cows for the
year ended 31 December 20X1?

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9 MyWatch makes watches which it sells with a two year warranty, which is provided free of charge and
protects customers against manufacturing faults. MyWatch sold 20,000 watches for $100 each in the year
ended 31 December 20X1. Each watch costs $40 to make.
Past experience indicates that 5% of watches sold will demonstrate a fault during the warranty period.
Watches which develop a fault are simply replaced with a new watch rather than repaired.
400 of the watches sold in the year had been replaced under the warranty by 31 December 20X1. The
watches replaced under the warranty are not replaced a second time free of charge.
How much should MyWatch recognise as a provision as at 31 December 20X1 in accordance with
IAS 37 Provisions, Contingent Liabilities and Contingent Assets?
 $60,000
 $40,000
 $24,000
 $0
10 Sagrat acquired an investment in the equity instruments of another entity for $45,000 on 1 January 20X1.
The fair value of the investment was $50,000 at 31 December 20X1. On 31 July 20X2 the investment was
sold for $52,000 (its market value on that date). Sagrat had elected to recognise changes in fair value of
the investment in other comprehensive income.
How much should be recognised in other comprehensive income for the year ended 31 December
20X2?

11 On 31 December 20X1 Albie sold 500 dresses to a customer which has a right to return the dresses if
they do not sell as well as expected. The cost of each dress to Albie is $100 and Albie applies a mark-up
of 50% to each dress sold. At the date of sale, Albie expected 20% of the dresses to be returned.
What is the amount of revenue that Albie should record in respect of the sale of dresses?
 $50,000
 $60,000
 $75,000
 Nil
12 Harper acquired an asset for $100,000 on 1 January 20X1 and depreciated it over a five-year useful life
to a zero residual value. For tax purposes, the asset is awarded tax allowances of 30% on a reducing
balance basis. The tax rate is also 30%.
How much is the profit or loss charge for deferred tax in the year ended 31 December 20X2 (ie the
second year)?

13 Which of the following would be considered an indicator of significant influence relevant when
determining whether an investor's shareholding in an investee is to be accounted for as an
associate?
 The investor has seats on the board of directors of the investee
 An agreement between the investor and investee allows the investor to prevent the investee from
paying any dividends
 The investor is a customer of the investee
 The investor and investee operate in the same market in which there are three players each
having a similar market share

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 14 Grantham purchased a new environmentally-friendly machine on 1 July 20X2 for $50,000. The machine
was installed at a cost of $1,000 and came into operation on 1 August 20X2. The machine was eligible for
a government grant of 30% of the purchase price of the asset (excluding installation costs), which
Grantham applied for on 1 July 20X2, meeting all the relevant criteria. The machine has an estimated
useful life of five years and a zero residual value. The monies from the grant were received on 1 January
20X3 and the grant is not refundable to the government.
How much should Grantham recognise as income from the grant in its financial statements for the
year ended 31 December 20X2?

15 Raffen entered into an agreement on 1 January 20X7 to sell its head office building for its fair value of
$5,800,000 and immediately lease it back for six years, making lease payments annually in arrears.
The carrying amount of the building on 1 January 20X7 was $5,500,000.
The present value of the future lease payments at the date of sale is $4,957,326 and the transaction
constitutes a sale in accordance with IFRS 15.
How much should Raffen recognise in profit or loss in the year ended 31 December 20X7 in
respect of this transaction?

(Total = 30 marks)

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Section B – ALL 15 questions are compulsory and MUST
be attempted
The following scenario relates to questions 16–20.
Davies is a publicly listed company. Details of its financial statements for the year ended 31 December 20X8 are
given below:
STATEMENTS OF FINANCIAL POSITION (EXTRACTS) AS AT:
31 December 31 December
20X8 20X7
$'000 $'000
Property plant and equipment 2,300 1,700

Equity
Equity shares of $1 each 900 600
Share premium 270 150
Revaluation surplus 100 40
Retained earnings 1,710 1,520
2,980 2,310
Non-current liabilities
8% loan note 100 –
Lease liabilities 410 220
Deferred tax liability 30 40
540 260
Current liabilities
Trade payables 550 960
Bank overdraft 30 –
Current tax payable 100 80
Lease liabilities 70 30
750 1,070
Total equity and liabilities 4,270 3,640
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (EXTRACT) FOR THE YEAR
ENDED 31 DECEMBER 20X8
$'000
Profit before tax 330
Income tax expense (90)
Profit for the year 240
Other comprehensive income:
Gains on property revaluation 100
Total comprehensive income for the year 340
The following information is also available:
(i) During the year Davies sold one of its office buildings for its fair value of $800,000. At the date of sale the
office building had a carrying amount of $670,000 based upon a previous revaluation of $700,000 less
depreciation of $30,000. When the building was previously revalued its carrying amount had been
$660,000. Davies does not perform an annual transfer for additional depreciation but instead treats the
entire revaluation surplus as being realised on disposal of the asset. No other disposals of non-current
assets were made during the year.
(ii) Right-of-use plant acquired under leases and presented in property, plant and equipment during the year
was $400,000.
(iii) Depreciation of property, plant and equipment during the year was $310,000.
(iv) During the year a 1 for 2 rights issue was made.

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 16 What is the total of the cash purchases of property, plant and equipment during the year to
31 December 20X8?
 $1,080,000
 $1,480,000
 $1,220,000
 $1,270,000
17 Davies paid a dividend during the year. What was the total amount paid?
 $150,000
 $40,000
 $90,000
 $190,000
18 During the year Davies revalued a property and made a rights issue. What effect will these
transactions have had on asset turnover and return on capital employed (ROCE)?
Select your answer from the picklist provided.

Asset turnover 

ROCE 

Picklist
Higher
Lower

19 Where should the proceeds from the sale of the building and the proceeds of the rights issue be
shown in the statement of cash flows?
 Sale of building – investing activities / Rights issue – investing activities
 Sale of building – investing activities / Rights issue – financing activities
 Sale of building – financing activities / Rights issue – investing activities
 Sale of building – financing activities / Rights issue – financing activities
20 What was the amount of tax paid during the year to 31 December 20X8?
 $70,000
 $100,000
 $90,000
 $80,000

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The following scenario relates to questions 21–25.
Extracts from Brightwell's financial statements for the year ended 31 December 20X5 are as follows:
STATEMENT OF PROFIT OR LOSS (EXTRACTS)
$m
Revenue 1,350
Gross profit 405
Net finance costs (20)

Profit before tax 98

Income tax expense (30)
Profit for the year 68
STATEMENT OF FINANCIAL POSITION (EXTRACTS)
$m
Current assets
Inventories 52
Receivables 107

Equity
Ordinary shares $1 each 175
Revaluation surplus 40
Retained earnings 190

Non-current liabilities
5% loan notes 50
10% loan notes 100
21 Brightwell's gross profit margin has increased significantly in comparison to the previous year.
Which one of the following could have accounted for this?
 Brightwell has increased its prices, leading to a fall in revenue
 Brightwell has reduced its prices, leading to an increase in revenue
 Brightwell's administrative expenses have been lower than in the previous year
 Brightwell has obtained higher settlement discounts than in the previous year
22 During the year Brightwell paid a dividend of $12 million. How will this have affected its current
ratio and return on capital employed (ROCE)?
Select your answers from the tokens provided (each token may be used more than once).

Current ratio ROCE

Increase Decrease

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 23 Brightwell's operating cycle is 20 days. How many days does it take to pay its suppliers?

days
24 What are Brightwell's ROCE and gearing (debt / debt + equity) for the year ended 31 December
20X5?
 ROCE 21% / Gearing 37%
 ROCE 21% / Gearing 27%
 ROCE 29% / Gearing 37%
 ROCE 29% / Gearing 27%
25 Brightwell's share price at 31 December 20X5 was $2.25 and it paid a dividend of $12 million
during the year. What are the P/E ratio and dividend yield at 31 December 20X5?
 P/E ratio 5.8 / Dividend yield 3%
 P/E ratio 5.8 / Dividend yield 31%
 P/E ratio 0.88 / Dividend yield 3%
 P/E ratio 0.88 / Dividend yield 31%

The following scenario relates to questions 26–30.

The draft financial statements of Charcoal for the year to 30 June 20X1 are being prepared and the following
issues must be dealt with:
(i) On 1 July 20X0 Charcoal obtained the right to use equipment under a lease agreement. On the date of
recognition, the present value of the future lease payments was $184,337 and Charcoal is required to
make ten annual payments of $30,000 in arrears. The interest rate implicit in the lease is 10% and the
first annual payment was made on 30 June 20X1. Ownership of the equipment does not pass to Charcoal
at the end of the lease term.
(ii) In June 20X1 Charcoal sold some of its receivables to a finance company in return for a sum amounting
to 85% of their carrying amount. The finance company will collect cash from the customers but no further
amounts will be paid to Charcoal and Charcoal will not be required to pay any amounts to the finance
company.
(iii) There was an opening credit balance on Charcoal's current tax account of $75,000 and a credit balance
on deferred tax of $375,000. At 30 June 20X1 Charcoal had taxable temporary differences totalling
$950,000 and the income tax payable for the year was $230,000. Charcoal's tax rate is 30%.
26 What will be the non-current liability balance in respect of the lease agreement in (i) at 30 June
20X1?
 $172,785
 $270,000
 $12,721
 $160,064
27 Over what period should Charcoal depreciate the equipment arising from the lease transaction in
(i) above?
 Over the lease term
 Over the useful life of the underlying asset
 Over the shorter of the lease term and the useful life of the underlying asset
 Over the longer of the lease term and the useful life of the underlying asset

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28 What is the nature of the factoring arrangement in (ii) and how should the receivables in question
be accounted for?
 Factored with recourse / Continue to recognise receivables
 Factored with recourse / Derecognise receivables
 Factored without recourse / Continue to recognise receivables
 Factored without recourse / Derecognise receivables
29 What is the amount of Charcoal's tax expense for the year ended 30 June 20X1?
 $215,000
 $155,000
 $140,000
 $65,000
30 Which of the following would be expected to give rise to a taxable temporary difference?
 The carrying amount of an asset being greater than its tax base
 Accumulated depreciation in the financial statements being greater than tax depreciation
 An amount of tax underpaid in a prior period
 An impairment loss to an item of property, plant or equipment
(Total = 30 marks)

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 Section C – Both questions are compulsory and MUST be
attempted
31 The following trial balance relates to Kala, a publicly listed company, at 31 March 20X6:
$'000 $'000
Land and buildings at cost (note (i)) 270,000
Plant – at cost (note (i)) 156,000
Investment properties – valuation at 1 April 20X5 (note (i)) 90,000
Purchases 78,200
Operating expenses 15,500
Loan interest paid 1,750
Rental payment for leased plant (note (ii)) 22,000
Dividends paid 15,000
Inventories at 1 April 20X5 37,800
Trade receivables 53,200
Revenue 278,400
Income from investment properties 4,500
Equity shares of $1 each fully paid 150,000
Retained earnings at 1 April 20X5 118,500
4% loan note (note (iii)) 50,750
Accumulated depreciation at 1 April 20X5: buildings 60,000
plant 26,000
Trade payables 33,400
Deferred tax liability (note (iv)) 12,500
Bank 5,400
739,450 739,450
The following notes are relevant:
(i) The land and buildings were purchased on 1 April 20W0 (15 years before 1 April 20X5). The cost
of the land was $70 million. No land and buildings have been purchased by Kala since that date.
On 1 April 20X5 Kala had its land and buildings professionally valued at $80 million and
$175 million respectively. The directors wish to incorporate these values into the financial
statements. The estimated useful life of the buildings was originally 50 years and the remaining
useful life has not changed as a result of the valuation.
Investment properties of the type Kala owns had increased in value by 7% in the year to 31 March
20X6.
Plant, other than leased plant (see note (ii) below), is depreciated at 15% per annum using the
reducing balance method. Depreciation of buildings and plant is charged to cost of sales.
(ii) On 1 April 20X5 Kala entered into a lease for an item of plant which had an estimated life of five
years. The lease period is also five years with annual rentals of $22 million payable in advance
from 1 April 20X5. The plant is expected to have a nil residual value at the end of its life. The
present value of the future lease payments at 1 April 20X5 is $70 million. The rate of interest
implicit in the lease is 10%.
(iii) Interest on the loan note as at 31 March 20X6 has been correctly accounted for.
(iv) The current tax charge for the year to 31 March 20X6 has been estimated at $28.3 million. The
deferred tax liability at 31 March 20X6 is to be adjusted to a credit balance of $23.1 million.
$9 million of the increase relates to the revaluation of the land and buildings.
(v) The inventories at 31 March 20X6 were valued at $43.2 million.

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 Required
Prepare for Kala:
(a) A statement of profit or loss and other comprehensive income for the year ended 31 March 20X6.
(9 marks)
(b) A statement of financial position as at 31 March 20X6. (11 marks)
(Total = 20 marks)
32 You have been asked to analyse the profitability and cash flow of Karmic Co for the year ended 31
December 20X8. You have been provided with the following financial statements:
Karmic Co
Statement of cash flows for the year ended 31 December 20X8
Cash flows from operating activities $'000 $'000
Profit before taxation 320
Adjustments for:
Depreciation 600
Profit on disposal of property, plant, and equipment (3,000)
Interest expense 270
(1,810)
(Increase) decrease in inventories (838)
(Increase) decrease in trade receivables (922)
Increase (decrease) in provisions 250
Increase (decrease) in trade payables 710
Cash used in operations (2,610)
Interest paid (300)
Income taxes paid (472)
Net cash outflow from operating activities (3,382)
Cash flows from investing activities
Interest received 40
Proceeds from disposal of property, plant and equipment 9,900
Purchase of property, plant and equipment (800)
Net cash from investing activities 9,140
Cash flows from financing activities
Proceeds from long term borrowings 1,100
Proceeds from the issue of share capital 1,500
Payments under leases (2,440)
Net cash from financing activities 160
Net increase in cash and cash equivalents 5,918
Cash and cash equivalents at beginning of year (2,500)
Cash and cash equivalents at end of year 3,418
Extract from the statement of profit or loss for the years ended 31 December 20X8 and 31 December 20X7
31 December 31 December
20X8 20X7
$'000 $'000
Revenue 3,206 3,107
Cost of sales (807) (745)
Gross profit 2,399 2,362
Administration costs (379) (350)
Net other operating expenses (1,470) (920)
Operating profit 550 1,092
Finance income 40 39
Finance costs (270) (20)
Profit before taxation 320 1,111

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 Karmic Co operates a number of gym and leisure facilities in the south west of England. Additional
information relating to Karmic Co in the year ended 31 December 20X8 is as follows:
 Inventories held by the gyms are mainly consumables such as towels, drinks, and snacks which
are all available for purchase by the clients. Revenue from consumables has remained relatively
static year on year. During December 20X8, Karmic Co purchased a new range of high protein
recovery drinks, ProBizz, on 60 day credit terms. The Purchases Manager helped Karmic obtain a
'great margin' on the drinks by buying in bulk.
 Karmic Co increased its monthly subscription fee by 10% in July 20X8 but the increase was not
positively received by the members. The increase was considered necessary to cover additional
hygiene measures mandated by the government. In order to attract new members, in October
20X8, Karmic Co started a one year advertising campaign at a cost of $30,000 per month.
 Karmic Co has a licence for the exclusive right to operate 'TotemPower' fitness classes in the
south west of England. The cost of specialist instructors to run the fitness classes has increased
in the year and now exceeds the revenue generated. The licence is due for renewal in 20X9.
 During September 20X8 Karmic Co decided to rent out some of its unused fitness studio space to
freelance gym instructors. This has proved very popular and has generated income at minimal
additional cost to Karmic Co. The freelance instructors are invoiced in arrears, although the amounts
due were outstanding at year end as the credit controller had been on long term sick leave.
 In December 20X8 Karmic Co was appointed by the local council to hold a one-off fitness festival
to encourage people to exercise more. The council paid Karmic Co $325,000 to host this event,
the amount of which is currently outstanding. This debt is expected to be recovered in full.
 Other operating expenses in the 20X8 financial statements include a provision for $250,000 in
respect of a legal claim made against Karmic Co by a member who injured themselves when
using a faulty piece of equipment. The provision in the accounts recognises that the claim is likely
to succeed and is close to settlement at the year end.
 In March 20X8 Karmic Co entered into a sale and leaseback for its largest gym. The transaction
met the definition of a sale under IFRS 15 Revenue from Contracts with Customers. Karmic Co's
accountant has recognised the gain in net other operating expenses.
 A breakdown of the total revenue is as follows:
20X8 20X7
$000 $000
Fitness festival 325 -
TotemPower 280 260
Rental of studio space 300 -
Membership and sale of consumables 2,301 2,847
Total revenue 3,206 3,107

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Required
(a) Use the pre-formatted table provided to calculate the following ratios for Karmic Co:

Ratio Workings 20X8 Workings 20X7

Gross profit margin
(%)
Operating profit
margin (%)
Interest cover (times)
(6 marks)
(b) Interpret the profitability and cash flow of Karmic Co using the information provided. Highlight any
areas of concern for the management team supporting your answer with relevant evidence.
(14 marks)
(Total = 20 marks)

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 Student self-assessment
Having completed this exam take a few minutes to consider what you did well and what you found difficult. Use
this as a basis to focus your future study on effectively improving your performance.

Common problems Future emphasis if you answer Yes

Timing and planning for all Sections

Did you miss out any questions?
Did you finish too early?
Did you overrun?
Y/N Attempt all questions.
For multiple choice questions in Sections A and B, it is worth
making a guess at the correct answer.
Y/N Make sure you deal with all the information given in the
questions.
Use the extra time to go back over your answers.
Y/N Focus on allocating your time better.
Practise questions under strict timed conditions.
If you get behind leave space and move on.

Content in all Sections

Did you struggle with:
Interpreting the questions?
Understanding the subject?
Remembering the notes/Workbook?
Y/N Learn the meaning of question words (inside front cover).
Learn subject jargon (Workbook glossary).
Read questions carefully noting all the parts.
Practise as many questions as possible.
Y/N Review your notes/Workbook.
Work through easier examples first.
Contact a tutor for help.
Y/N Quiz yourself constantly as you study. You need to develop your
memory as well as your understanding of a subject.

Layout in Section C
Was your answer difficult to follow? Y/N
Did you fail to explain each point? Y/N
Did you include irrelevant information? Y/N
Were some of your workings unclear? Y/N
Use headings and subheadings.
Use numbering sequences when identifying points.
Leave space between each point.
Show why the point identified answers the question set.
Focus on developing a logical structure to your answer.
Give yourself time and space to make the marker's job easy.

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 17
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‘IFRS®’, the IFRS® logo, ‘IFRS for SMEs®’, IFRS for SMEs® logo, the ‘Hexagon Device’, ‘International Financial
Reporting Standards®’, NIIF® and ‘SIC®’

TT2023
18
BPP Tutor Toolkit copy