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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. The financial statements of JK for the year ended 31 August 20X4 were approved on 10 November 20X4.
Within these financial statements which of the following would have been treated as a non-adjusting event in accordance with IAS 10 Events After the Reporting Period?

A) Inventory which was originally valued at its cost of $45,000 being sold for $37,000 in September 20X4.
B) A fire in JK's main warehouse on 3 September 20X4 destroying 60% of the inventory that had been held at the year end.
C) The completion of a court case on 5 November 20X4 in which JK was ordered to pay damages of
$150,000.
D) Notification received on 31 August that one of JK's major customers had gone into liquidation and was unlikely to pay any outstanding invoices.

2. Which of the following does the phrase 'events after the reporting period' refer to?

A) Material events which occur after the release of the statement of financial position
B) Material events which occur between the income statement date and the statement of financial position date
C) Material events which occur before the statement of financial position date
D) Material events which occur between the statement of financial position date and the date on which the financial statements are approved

3. On 31 March 20X1 OP decided to sell a property. On that date this property was correctly classified as held for sale in accordance with IFRS 5 Non-Current Assets Held For Sale And Discontinued Operations.
In the draft financial statements of OP for the year ended 31 October 20X1 this property has been included at its fair value, which was $520,000 lower than its carrying value. This has resulted in a charge to profit or loss, the result of which is that the draft financial statements show a loss of $450,000 for the year to 31 October
20X1. When the management board of OP reviewed the draft financial statements it was unhappy about the loss and decided that the property should be reclassified as a non-current asset and reinstated to its original value, despite the fact that its plans for the property had not changed.
In accordance with the ethical principle of professional competence and due care, which THREE of the following statements explain how this property should be accounted for in the financial statements of OP for the year ended 31 October 20X1?

A) The property should not be depreciated after 31 March 20X1.
B) The property should be treated as a non-current asset held for sale from 31 March 20X1.
C) The property should be treated as a non-current asset held for sale from 1 November 20X1.
D) The property impairment should not be recorded until the sale has completed.
E) The property should be depreciated until 31 October 20X1.
F) The impairment of $520,000 should be shown as an expense in the statement of profit or loss.

4. The Code of Ethics lists five fundamental principles. One of these is.

5. Which of the following correctly identifies the order of the steps involved in the development of an International Financial Reporting Standard prior to it being issued?

A) Issue a discussion document, then issue an exposure draft and then set up an advisory committee.
B) Issue an exposure draft, then set up an advisory committee and then issue a discussion document.
C) Set up an advisory committee, then issue a discussion document and then issue an exposure draft.
D) Set up an advisory committee then issue an exposure draft and then issue a discussion document.

Solutions: