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F1 Exam Dumps : Financial Reporting

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Financial Reporting Questions and Answers

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Question 1

OP holds an investment property purchased on 1 January 20X3 for $700,000 with a useful economic life of 25 years.

At 31 December 20X5 the fair value of the investment property was $750,000 with a revised useful economic life of 25 years from that date.

OP has been carrying the investment property using the cost model until 31 December 20X5.

The directors wish to change their valuation method to fair value in accordance with IAS 40 Investment Property.

Which of the following is the correct treatment of the revaluation gain and the value of the property in the statement of financial position at 31 December 20X5?

Options:

A.

A gain of $134,000 taken to the statement of profit or loss and $750,000 shown on the statement of financial position.

B.

A gain of $106,000 taken to the statement of profit or loss and $720,000 shown on the statement of financial position.

C.

A gain of $134,000 taken to other comprehensive income and $750,000 is shown on the statement of financial position.

D.

A gain of $106,000 taken to other comprehensive income and $720,000 is shown on the statement of financial position.

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Question 2

An entity's inventory days are 45 days.

An entity ceased to manufacture a product in 20X4. Raw materials used solely in the manufacture of that product are still held in inventory at 31 December 20X4.

Place the appropriate response below to show how inventory days will be affected if this raw material inventory is written off as obsolete.

Options:

Question 3

Options:

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