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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. On 31 July 20X8, CDE's directors decided to sell an asset with a carrying amount of $26,000. On that date it ceased to be used in readiness for its sale.
There is an active second-hand market for this type of asset and it has been advertised at its market value of $24,000 When a seller is found, the asset will need to be dismantled at a cost of $1,000 What is the amount to be recognised as an asset held for sale on 31 July 20X8?
Give your answer to the nearest $.

2. Which THREE of the following are conditions that must be met to allow an asset to be categorised as held for sale?

A) The asset is being actively marketed at a reasonable price
B) Management is committed to a plan to sell
C) The sale of the asset is likely to generate a significant profit
D) A buyer has already expressed interest
E) The asset is available for immediate sale

3. Which one of the following is NOT a step in the development of an International Financial Reporting Standard (IFRS)?

A) Publication of exposure drafts.
B) Publication of discussion documents.
C) Establishment of an advisory committee to advise on issues arising in the development of the IFRS.
D) Production of draft interpretations of the IFRS which are open to public comment.

4. Identify which of the following are powers that a government would typically grant it's tax authority by placing the appropriate response beside each power.

5. 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?

A) A gain of $106,000 taken to other comprehensive income and $720,000 is 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 $134,000 taken to the statement of profit or loss and $750,000 shown on the statement of financial position.

Solutions: