International Financial Reporting Standards (IFRS)
Exam Review
Course Introduction
This course provides a comprehensive introduction to International Financial Reporting Standards (IFRS), the globally recognized framework for preparing and presenting financial statements. Students will explore the conceptual foundations of IFRS, its role in harmonizing accounting practices worldwide, and the practical application of major standards such as revenue recognition, financial instruments, leases, and consolidation. Emphasis is placed on understanding differences between IFRS and other accounting standards, addressing reporting challenges in a multinational context, and interpreting financial statements prepared under IFRS for effective decision-making by stakeholders.
Recommended Textbook
Advanced Accounting International 11th edition by Floyd A. Beams
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Page 2
Chapter 1: Business Combinations
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Q1) In a business combination,which of the following will occur?
A)All identifiable assets and liabilities are recorded at fair value at the date of acquisition.
B)All identifiable assets and liabilities are recorded at book value at the date of acquisition.
C)Goodwill is recorded if the fair value of the net assets acquired exceeds the book value of the net assets acquired.
D)None of the above is correct.
Answer: A
Q2) According to FASB Statement No.141,liabilities assumed in an acquisition will be valued at the ________.
A)estimated fair value
B)historical book value
C)current replacement cost
D)present value using market interest rates
Answer: A
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Chapter 2: Stock Investments Investor Accounting and Reporting
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Q1) Pond Corporation uses the fair value method of accounting for its investment in Swan Company.Which one of the following events would affect the Investment in Swan Co.account?
A)Investee losses
B)Investee dividend payments
C)An increase in the investee's share price from last period
D)All of the above would affect the Investment in Swan Co.account.
Answer: C
Q2) Which one of the following items,originally recorded in the Investment in Falcon Co.account under the equity method,would not be systematically used to reduce investment income on a periodic basis?
A)Amortization expense of goodwill
B)Depreciation expense on the excess fair value attributed to machinery
C)Amortization expense on the excess fair value attributed to lease agreements
D)Interest expense on the excess fair value attributed to long-term bonds payable
Answer: A
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4
Chapter 3: An Introduction to Consolidated Financial Statements
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Q1) On June 1,2011,Puell Company acquired 100% of the stock of Sorrell Inc.On this date,Puell had Retained Earnings of $100,000 and Sorrell had Retained Earnings of $50,000.On December 31,2011,Puell had Retained Earnings of $120,000 and Sorrell had Retained Earnings of $60,000.The amount of Retained Earnings that appeared in the December 31,2011 consolidated balance sheet was
A)$120,000.
B)$130,000.
C)$170,000.
D)$180,000.
Answer: A
Q2) Pregler Inc.has 70% ownership of Sach Company,but should exclude Sach from its consolidated financial statements if
A)Sach is in a regulated industry.
B)Pregler uses the equity method for Sach.
C)Sach is in legal reorganization.
D)Sach is in a foreign country and records its books in a foreign currency.
Answer: C
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Page 5
Chapter 4: Consolidated Techniques and Procedures
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Q1) A parent company uses the equity method to account for its wholly-owned subsidiary,but has applied it incorrectly.In each of the past four full years,the company adjusted the Investment account when it received dividends from the subsidiary but did not adjust the account for any of the subsidiary's profits.The subsidiary had four years of profits and paid yearly dividends in amounts that were less than reported net incomes.Which one of the following statements is correct if the parent company discovered its mistake at the end of the fourth year,and is now preparing consolidation working papers?
A)The parent company's Retained Earnings will be increased by the cumulative total of four years of subsidiary profits.
B)The parent company's Retained Earnings will be increased by the cumulative total of the first three years of subsidiary profit,and the Subsidiary Income account will be increased by the profit for the current year.
C)The parent company's Subsidiary Income account will be increased by the cumulative total of four years of subsidiary profits.
D)A prior period adjustment must be recorded for the cumulative effect of four years of accounting errors.
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Page 6
Chapter 5: Intercompany Profit Transactions - Inventories
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Q1) Plateau Incorporated bought 60% of the common stock of Sachet Company several years ago.At the time of purchase,the fair value and book value of Sachet's net assets were equal.The cost of the 60% investment was equal to 60% of the book value of Sachet's net assets.Plateau sells merchandise to Sachet at 125% above Plateau's cost.Intercompany sales from Plateau to Sachet for 2012 were $60,000.Unrealized profits in Sachet's December 31,2011 inventory and December 31,2012 inventory were $6,000 and $4,500,respectively.Sachet reported net income of $120,000 for 2012.
Required: In General Journal format,prepare consolidation working paper entries at December 31,2012 to eliminate the effects of the intercompany inventory sales.
Q2) Shalles Corporation,a 80%-owned subsidiary of Pani Corporation,sold inventory items to its parent at a $48,000 profit in 2012.Pani resold one-third of this inventory to outside entities.Shalles reported net income of $200,000 for 2012.Noncontrolling interest share of consolidated net income that will appear in the income statement for 2012 is A)$30,400.
B)$32,000.
C)$33,600.
D)$40,000.
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Page 7
Chapter 6: Intercompany Profit Transactions - Plant Assets
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Q1) In the eliminating/adjusting entries on consolidation working papers for 2012,the Truck account was
A)debited for $3,000.
B)credited for $3,000.
C)debited for $15,000.
D)credited for $15,000.
Q2) Several years ago,Pilot International purchased 70% of the outstanding stock of Skyway Incorporated,at a time when Skyway's book values were equal to its fair values.On January 1,2009,Skyway purchased a truck for $80,000 which had no salvage value with a useful life of 8 years,depreciated on a straight-line basis.On January 1,2012,Skyway sold the truck to Pilot Corporation for $28,000.The truck was estimated to have a five-year remaining life on this date,and no salvage value.All affiliates use the straight-line depreciation method.
Required:
Prepare all relevant entries with respect to the truck.
1.Record the journal entries on Pilot's books for 2012.
2.Record the journal entries on Skyway's books for 2012.
3.Prepare the consolidation entries required for Pilot and subsidiary for 2012 as a result of this transaction.
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Page 8
Chapter 7: Intercompany Profit Transactions - Bonds
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Q1) No constructive gain or loss arises from the purchase of an affiliate's bonds if the A)affiliate is a 100%-owned subsidiary.
B)bonds are purchased at book value.
C)bonds are purchased with arm's-length bargaining from outside entities.
D)gain or loss cannot be reasonably estimated.
Q2) Controlling interest share of consolidated net income for 2011 was
A)$443,600.
B)$444,000.
C)$444,400.
D)$448,000.
Q3) If an affiliate purchases bonds in the open market,the book value of the intercompany bond liability at the time of purchase is A)always assigned to the parent company because it has control.
B)the par value of the bonds less the unamortized discount or plus the unamortized premium.
C)par value.
D)the par value of the bonds plus the unamortized discount or less the unamortized premium.
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Chapter 8: Consolidations - Changes in Ownership
Interests
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Q1) Which of the following is correct? The direct sale of additional shares of stock at book value per share to only the parent company from a subsidiary
A)decreases the parent's interest and decreases the noncontrolling shareholders' interest.
B)decreases the parent's interest and increases the noncontrolling shareholders' interest.
C)increases the parent's interest and increases the noncontrolling shareholders' interest.
D)increases the parent's interest and decreases the noncontrolling shareholders' interest.
Q2) Assume that Penguin sold the additional 3,000 shares to outside interests for $150,000 on January 2,2011.Giant's percentage ownership immediately after the sale of additional stock would be
A)66-2/3%.
B)75%.
C)80%.
D)83-1/3%.
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10
Chapter 9: Indirect and Mutual Holdings
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Q1) Raymond Company owns 90% of Rachel Company.Rachel Company owns 10% of Raymond Company.The treasury stock method is used.On the books of Rachel Company,we maintain the Investment in Raymond using the ________ method.The ending balance in Investment in Raymond is ________ stockholders' equity in the consolidated balance sheet.
A)equity;deducted from B)cost;deducted from C)treasury stock;deducted from D)conventional;added to
Q2) Paco Corporation owns 90% of Aber Corporation,Aber Corporation owns 85% of Back Corporation,and Back Corporation owns 5% of Aber Corporation.The separate net incomes (excluding investment income)of Paco,Aber,and Back are $100,000,$40,000,and $55,000,respectively.Assume the investments were acquired at a cost equal to the book value of each investment,which also equals the fair value.
Required:
1.Calculate revised net incomes for Paco,Aber,and Back by using the conventional method.
2.Determine the controlling interest share of consolidated net income and the noncontrolling interest shares.
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Chapter 10: Subsidiary Preferred Stock, consolidated
Earnings Per Share, and Consolidated Income Taxation
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Q1) Peyton Corporation owns an 80% interest in Sampe Corporation's common stock.Throughout 2011,Sampe had 10,000 shares of common stock outstanding and Peyton had 100,000 shares of common stock outstanding.Sampe's only dilutive security consists of $100,000 face amount of 8% bonds payable.Each $1,000 bond is convertible into 20 shares of Sampe stock.Peyton and Sampe's separate net incomes for the year are $200,000 and $150,000,respectively.Assume a 34% flat income tax rate. Required:
Compute the amount of basic and diluted earnings per share for Peyton (consolidated)and Sampe Corporations.
Q2) What should be the noncontrolling interest share,common in the consolidated financial statements of Parminter for the year ending December 31,2011?
A)$ 5,000
B)$20,000
C)$25,000
D)$30,000
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Page 12
Chapter
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Q1) Goodwill was reported in the December 31,2011 consolidated balance sheet at A)$170,000.
B)$180,000.
C)$200,000.
D)$210,000.
Q2) Entities other than the primary beneficiary account for their investment in a variable interest entity using the A)cost method.
B)equity method.
C)cost or equity methods.
D)consolidated method.
Q3) Under the parent company theory,what amount of goodwill was reported on the consolidated balance sheet at December 31,2011?
A)$148,000
B)$153,000
C)$154,400
D)$160,000
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Page 13
Chapter 12: Derivatives and Foreign Currency: Concepts and Common Transactions
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Q1) On September 1,2011,Bylin Company purchased merchandise from Himeji Company of Japan for 20,000,000 yen payable on October 1,2011.The spot rate for yen was $0.0079 on September 1 and the spot rate was $0.0077 on October 1.The purchase was paid on October 1,2011.
Required:
1.Did the U.S.dollar strengthen or weaken from September to October and what are the implications for Bylin's business?
2.What journal entry did Bylin record on September 1,2011?
3.What journal entry did Bylin record on October 1,2011?
Q2) With respect to exchange rates,which of the following statements is true?
A)An official exchange rate is the "market" rate resulting from the supply and demand for a currency.
B)A floating exchange rate is the "market" rate resulting from the supply and demand for a currency.
C)A government cannot set an exchange rate for their currency that is higher (weakens their currency)than the quoted interbank market rate.
D)A government cannot set an exchange rate for their currency that is lower (strengthens their currency)than the quoted interbank market rate.
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Chapter 13: Accounting for Derivatives and Hedging Activities
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Q1) What is the fair value of the forward contract at December 31,2011?
A)$400.00 liability
B)$400.00 asset
C)$396.04 liability
D)$396.04 asset
Q2) A forward contract used as a cash flow hedge will be recorded as an asset if
A)the holder is expecting to receive a payment as a result of the contract.
B)the holder is accounting for the hedged instrument as a fair value hedge.
C)the holder is hedging the net investment in a foreign entity.
D)the holder is using the alternate accounting method and deferring all gains or losses from the hedge.
Q3) When preparing their year-end financial statements,the Warner Company includes a footnote regarding their hedging activities during the year.Which of the following is not required to be disclosed?
A)How hedge effectiveness is determined and assessed
B)The specific types of risks being hedged,and how they are being hedged
C)Alternative hedging options declined
D)The net gain or loss reported for the period for fair value hedges and where in the financial statements it is reported
Page 15
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Chapter 14: Foreign Currency Financial Statements
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Q1) A U.S.parent corporation loans funds to a foreign subsidiary to be used to purchase equipment.The loan is denominated in U.S.dollars and the functional currency of the subsidiary is the euro.This intercompany transaction is a foreign currency transaction of A)neither the subsidiary nor the parent,as it is eliminated as part of the consolidation procedure.
B)the subsidiary but not the parent.
C)both the subsidiary and the parent.
D)the parent but not the subsidiary.
Q2) Which of the following assets and/or liabilities are considered monetary?
A)Intangible Assets and Plant,Property,and Equipment
B)Bonds Payable and Common Stock
C)Cash and Accounts Payable
D)Notes Receivable and Inventories carried at cost
Q3) Accounts representing an allowance for uncollectible accounts are converted into U.S.dollars at
A)historical rates when the U.S.dollar is the functional currency.
B)current rates only when the U.S.dollar is the functional currency.
C)historical rates regardless of the functional currency.
D)current rates regardless of the functional currency.
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Page 16
Chapter 15: Segment and Interim Financial Reporting
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Q1) Sandpiper Corporation paid $120,000 for annual property taxes on January 15,2011,and $20,000 for building repair costs on March 10,2011.Total repair expenses for the year were estimated to be $200,000,and are normally accrued during the year until incurred.What total amount of expense for these items was reported in Sandpiper's first quarter 2011 interim income statement?
A)$ 50,000
B)$ 80,000
C)$100,000
D)$140,000
Q2) What is the purpose of interim reporting?
A)Provide shareholders with more timely information
B)Provide shareholders with more accurate information
C)Provide shareholders with more extensive detail about specific accounts and transactions
D)Provide shareholders with more current audited information
Q3) What is the threshold for reporting a major customer?
A)5 percent of revenues
B)5 percent of profits
C)10 percent of revenues
D)10 percent of profits
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Chapter 16: Partnerships - Formation,operations,and
Changes in Ownership Interests
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Q1) What is the weighted-average capital for Bertram and Ernest in 2011?
A)$224,000 and $245,000
B)$203,333 and $221,167
C)$221,333 and $239,167
D)$256,000 and $220,000
Q2) In the Uniform Partnership Act,partners have I.mutual agency. II)unlimited liability.
A)I only
B)II only
C)I and II
D)Neither I nor II
Q3) How much cash must Oran invest to acquire a one-fifth interest?
A)$235,000
B)$141,000
C)$293,750
D)$301,250
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Chapter 17: Partnership Liquidation
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Q1) How much cash would Baker receive from the cash that is available for distribution on July 31? (Assume a safe payments schedule is used. )
A)$ 0
B)$ 800
C)$2,400
D)$4,000
Q2) How much cash would Able receive from the cash that is available for distribution on July 31? (Assume a safe payments schedule is used. )
A)$ 0
B)$ 800
C)$2,400
D)$4,000
Q3) The cash available for distribution to the partners on July 31,2011 is
A)$ 4,000.
B)$ 8,000.
C)$14,000.
D)$22,000.
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Chapter 18: Corporate Liquidations and Reorganizations
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Q1) What is an advantage of filing a Chapter 11 petition?
A)The continuation of interest accrual on liabilities
B)Restrictions imposed by the bankruptcy court on day-to-day transactions
C)It is less costly than filing Chapter 7.
D)The opportunity to cancel unfavorable contracts
Q2) Fresh-start reporting results in
A)a new reporting entity with no retained earnings/deficit balance.
B)a new reporting entity with a retained earnings/deficit balance equal to the reorganization value.
C)a continuation of the reorganized organization with no retained earnings/deficit balance.
D)a continuation of the reorganized organization with a retained earnings/deficit balance equal to the reorganization value.
Q3) An entity which qualified for fresh-start accounting is not required to disclose which of the following items in their initial financial statements?
A)Adjustments from historical cost of assets and liabilities
B)Amount of debt of the prior entity forgiven
C)Amount of ending retained earnings/deficit of the prior entity
D)Changes to the management team from the prior entity
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Page 20
Chapter 19: An Introduction to Accounting for State and Local Governmental Units
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Q1) The following are transactions for the city of Franklin.
a.Borrowed $20,000 by issuing a two-year note.
b.Purchased equipment for $6,000 cash.
c.Licenses for $700 were billed on account.
d.Accrued employee salary costs of $7,000.
e.Depreciation expense on equipment for year,$1,000.
Required:
Analyze the above transactions by using the accounting equation for a proprietary fund.
Q2) A comprehensive annual financial report has the following three major sections:
A)introductory,financial,and management's discussion and analysis.
B)introductory,financial,and statistical.
C)transmittal,financial,and statistical.
D)transmittal,financial,and management's discussion and analysis.
Q3) Internal Service Funds differ from Enterprise Funds because Internal Service Funds
A)are a proprietary fund.
B)are intended to show a profit.
C)charge for their services.
D)provide goods and services primarily to other government agencies.
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Chapter 20: Accounting for State and Local Governmental Units
- Governmental Funds
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Q1) Bounty County had the following transactions in 2011.
1.The budget for the county was approved,showing estimated revenues of $320,000 from local income taxes,and total estimated expenditures of $316,000.
2.Tax bills were mailed amounting to $326,000,which are due in 60 days.All but 2% was expected to be collectible.
3.Taxes collected prior to the due date amounted to $260,800.The balance was delinquent.
4.$4,200 of taxes due were determined to be uncollectible and written off.
5.The year-end books were closed,with the expectation that the remaining taxes due would be collected evenly over the first two months after the fiscal year end.
Required:
Prepare the journal entries for the General Fund for the transactions.
Q2) Assume you are preparing journal entries for the General Fund.What account should be debited when office supplies are ordered?
A)Appropriations
B)Encumbrances
C)Expenditures
D)Other financing use
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Chapter 21: Accounting for State and Local Governmental
Units - Proprietary and Fiduciary Funds
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Q1) The accounting equation for the enterprise fund is A)assets = liabilities.
B)current assets + current liabilities = fund balance.
C)current assets - current liabilities = net assets.
D)current assets + noncurrent assets - current liabilities - noncurrent liabilities = net assets.
Q2) Journalize the following utility transactions in the Hazzard County Enterprise Fund:
1.The utility sold $4,000,000 of 6.5% revenue bonds at 98 on July 1,2011 (an interest payment date).The bond proceeds are to be used for new plant construction and the issue will mature in 20 years.Interest is paid semi-annually on July 1 and January 1.
2.Depreciation for the year-ended December 31,2011 included $300,000 for buildings and $190,000 for equipment.
3.The utility paid $600,000 in construction costs for the new plant. The plant is still under construction.
4.Interest on the revenue bonds was accrued at year-end,December 31,2011.Straight-line amortization is used for bond discounts and premiums.
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Page 23
Chapter 22: Accounting for Not-For-Profit Organizations
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Q1) Voluntary health and welfare organizations classify fund-raising costs as A)costs of services sold.
B)program services.
C)auxiliary expenses.
D)supporting services.
Q2) A private,not-for-profit university received donations of $800,000 in 2011 that were restricted to capital improvements of the football stadium.The university spent $670,000 on capital improvements for the stadium in 2011 and recorded depreciation of $130,000. In 2011,an alumnus contributed a $1,500,000 endowment for football scholarships with all endowment income restricted for that purpose.Endowment income totaled $75,000 for the year and scholarship awards were $68,000.
Required:
Prepare the appropriate journal entries for the university for these transactions.
Q3) In a nonprofit,nongovernmental hospital,courtesy allowances are
A)charity care services.
B)revenue deductions.
C)expenses.
D)revenues earned even if the standard charge is above or below the allowance.
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Chapter 23: Estates and Trusts
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Q1) Which of the following phrases is frequently used to refer to estate or trust accounting?
A)Non-profit accounting
B)Testamentary accounting
C)Fiduciary accounting
D)All of the above phrases are used to refer to estate or trust accounting.
Q2) In reference to estates,which of the following statements is correct?
A)An estate comes into existence at the death of an individual.
B)If the deceased person had a valid will at the time of death,he or she is said to have died intestate.
C)The heir receiving the largest portion of the estate is typically appointed the executor.
D)Claims may be made for up to seven years against an estate.
Q3) In reference to accounting for trusts or estates,which of the following statements is correct?
A)Estates are subject to taxation,but trusts are not.
B)Estates are subject to probate laws that vary widely across the fifty states.
C)Estates are subject to income taxes at the federal level,but not at the state level.
D)Estates and trusts are taxed regardless of size.
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