PUBLISHED FINANCIAL STATEMENTS - OpenTuition
Paper F7Chapter 3Free lectures available for Paper F7 - click herePUBLISHED FINANCIAL STATEMENTS proforma financial statements following IAS1 (revised)XYZ GROUPStatement of Profit or Loss and Other Comprehensive Income for the year ended 31 December, 2009(classification of expenses by function)2009 ’000RevenueXCost of sales(X)2008 ’000X(X)Gross profitOther operating incomeXXXXDistribution costsAdministrative expensesOther operating expenses(X)(X)(X)(X)(X)(X)Profit from operationsFinance costIncome from associatesX(X)XX(X)XProfit before taxIncome tax expenseProfit after taxX(X)XX(X)X2009 ’000(X)XXXX2008 ’000X(X)XXXXYZ GROUPStatement of Profit or Loss and Other Comprehensive Income for the year ended 31 December, 2009Surplus/(deficit) on revaluation of propertiesSurplus/(deficit) on revaluation of investmentsNet gains not recognised in the Statement of IncomeNet profit for the periodTotal Comprehensive IncomeFree ACCA notes t Free ACCA lectures t Free ACCA tests t Free tutor support t StudyBuddies t ACCA forums7
8 Chapter 3Published Financial StatementsPaper F7September/December 2016XYZ GROUPStatement of Financial Position as at 31 December, 20092009 ’000ASSETSNon-current assetsGoodwillProperty, plant and equipmentOther financial assets2009 ’0002008 ’000XXXXXXXCurrent assetsInventoriesTrade and other receivablesPrepaymentsCash and cash equivalentsXXXXEQUITY AND LIABILITIESEquityIssued capitalReservesRetained earningsNon-controlling interestXXXXXXXTotal assetsXXXXXXXXXXXNon-current liabilitiesInterest bearing borrowingsDeferred taxXXXXXXCurrent liabilitiesTrade and other payablesShort term borrowingsCurrent taxCurrent portion of interest bearing borrowingsTotal equity and liabilities2008 ’000XXXXXXXXXXXFree ACCA notes t Free ACCA lectures t Free ACCA tests t Free tutor support t StudyBuddies t ACCA forumsXX
Chapter 3Published Financial StatementsPaper F7September/December 2016Statement of Changes in Equity IAS 1 (revised) requires an entity to disclose the information in the Statement of Changes in Equity as a separate component of itsfinancial statements.XYZ GROUPStatement of Changes in Equity for the year ended 31 December, 2009Balance at 31 December, 2007Changes in accounting policiesRestated balanceSurplus on revaluation of propertiesDeficit on revaluation of investmentsNet Income and Expense not recognised in theStatement of IncomeNet profit for the periodDividendsNon-controlling interestIssue of share capitalBalance at 31 December, 2008Deficit on revaluation of propertiesSurplus on revaluation of investmentsNet income and expense not recognised in theStatement of IncomeNet profit for the periodNon-controlling interestDividendsIssue of share capitalBalance at 31 December, inedearningsNon-controllingInterestTotal 000 000 000 000 000 )(X)X(X)XXFree ACCA notes t Free ACCA lectures t Free ACCA tests t Free tutor support t StudyBuddies t ACCA forums(X)XX9
10 Chapter 3Published Financial StatementsPaper F7September/December 2016E XAMPLE 1B Co Statement of Profit or Loss and Other Comprehensive Income extracts for the year ended 31 December, 2009 ’000Net profit for the year421Dividend(98)Retained profit323During the year the following important events took place:(i)Properties were revalued by 105,000 increase.(ii) 200,000 of 1 share capital was issued during the year at a 25c premium(iii) A non-current asset with a carrying value of 130,000 was written down to 95,000. The impairment occurred as a result of generalprice changes. The revaluation surplus account contains 25,000 relating to this asset.(iv) Opening equity was: Issued capital400,000Share premium50,000Revaluation surplus165,000Retained earnings310,000925,000Show how the events for the year would be shown in the Statement of Changes in Equity.Notes to the financial statements as required by international financial reporting standardsFree ACCA notes t Free ACCA lectures t Free ACCA tests t Free tutor support t StudyBuddies t ACCA forums
Chapter 3Published Financial Statements Paper F7September/December 2016the notes to the financial statements should present information about the basis of preparation of the financial statements andthe accounting policies selected. They should disclose all information required by IFRS not disclosed elsewhere in the financialstatements.in addition they should disclose any additional information not disclosed on the face of the financial statements, but which isnecessary for a true and fair view.accounting policies the financial statements are prepared in accordance with and comply with IFRS. The financial statements are preparedunder the historical cost convention as modified by the revaluation of property, plant and equipment, marketable securitiesand investment properties. depreciation is calculated on the straight line basis in order to write off the cost of each asset, or the revalued amounts, totheir residual values over their estimated useful life as follows: BuildingsX%MachineryX%Office equipmentX%Inventories have been valued at the lower of cost and net realisable value. segment information profit from operationsProfit from operations is stated after charging/ (crediting):DepreciationImpairmentProfit on disposal of tangible non-current assetsGain or loss on disposal or restatement to fair value of financial instrumentsWrite-down of inventory to net realisable valueAmortisationResearch and development expenditureOperating lease rentalsStaff costsRental income from investment propertyOperating expenses from investment property generating rental incomeOperating expenses from investment property not generating rental incomeAmounts paid to the auditorsFree ACCA notes t Free ACCA lectures t Free ACCA tests t Free tutor support t StudyBuddies t ACCA forumsXX(X)(X)XXXXX(X)XXX11
12 Chapter 3Published Financial Statements Paper F7September/December 2016staff costsWages and salariesTermination benefitsSocial security costsPension costs - defined contribution planPension costs - defined benefit planOther post retirement benefitsXXXXXXXAverage weekly number of persons employed during the year:Full timePart timeXXXNote:Average numberEither the number of employees at the end of the period or the average for the period. finance costsInterest income (if material)Interest expense- bank borrowings- finance leasesPreference dividend 8.1% paid XXXXXincome tax expenseCurrent taxUnder/(overstatement) of prior periodsDeferred tax XXX/(X)XXdividendsOrdinary- interim- final4.15c paid7.85c proposedXXXNoteShow the amount per share for each class of share distinguishing between amounts paid and proposed, (if proposed before theyear end)Free ACCA notes t Free ACCA lectures t Free ACCA tests t Free tutor support t StudyBuddies t ACCA forums
Chapter 3Published Financial Statements Paper F7September/December 2016intangible assetsDeferred DevelopmentExpenditure GoodwillTotalNet book value at 1 January, 2009AdditionsImpairment lossesAmortisationDisposalsNet book value at 31 December, 2009XX(X)(X)(X)XXX(X)(X)XXX(X)(X)(X)XAt 31 December, 2009CostAccumulated amortisation/impairment lossesNet book valueX(X)XX(X)XX(X)XAt 1 January, 2009CostAccumulated amortisation/impairment lossesNet book valueX(X)XX(X)XX(X)Xproperty, plant and equipmentLand and buildingsMachineryOffice equipmentTotalNet book value at 1 January, 2009AdditionsRevaluation surplusImpairment lossesDepreciation chargeDisposalsNet book value at 31 December, XAt 31 December, 2009Cost or valuationAccumulated depreciation/impairment lossesNet book valueX(X)XX(X)XX(X)XX(X)XAt 1 January, 2009Cost or valuationAccumulated depreciation/impairment lossesNet book valueX(X)XX(X)XX(X)XX(X)XIncluded within the net book value of plant and machinery is X in respect of assets held under finance leases (IAS 17 revised)Note The following should be disclosed separately (IAS 16 revised): any restrictions on title of property, plant and equipment pledged as security for liabilities the amount of expenditure on property, plant and equipment in the course of construction the amount of capital commitments for the acquisition of property, plant and equipmentFree ACCA notes t Free ACCA lectures t Free ACCA tests t Free tutor support t StudyBuddies t ACCA forums13
14 Chapter 3Published Financial Statements revaluations in the year (IAS 16 revised) For items of property, plant and equipment revalued disclose:- basis used to revalue the assets;the effective date of the revaluation;where an independent valuer was involved, the name and/or qualificationsthe historic cost equivalent of the above information as if the asset had not been revalued (ie if using the benchmarktreatment); andthe amount of the revaluation surplus.investment properties (IAS 40)At 1 January, 2009Additions - acquisitionAdditions - subsequent expenditureTransfersNet gain/loss from fair value adjustmentsDisposalsDepreciationImpairment lossesOther movementsAt 31 December, 2009 Paper F7September/December 2016Fair Value ModelXXXX/(X)X(X)XXCost ModelXXXX/(X)(X)(X)(X)XXAt 31 December, 2009Gross carrying amountAccumulated depreciation/ impairment lossesNet book valueX(X)XAt 1 January, 2009Gross carrying amountAccumulated depreciation/ impairment lossesNet book valueX(X)Xinventories (IAS 2 revised)MerchandiseProduction suppliesMaterialsWork in progressFinished goodsThe carrying amount of inventories carried at net realisable value should be disclosed separately XXXXXXtrade and other receivablesTrade receivablesAmounts receivable from group undertakingsAmounts receivable from associates and joint venturesAmounts receivable from related partiesOther receivablesPrepaymentsNon-current receivables should be disclosed separately broken down by the above categoriesXXXXXXXFree ACCA notes t Free ACCA lectures t Free ACCA tests t Free tutor support t StudyBuddies t ACCA forums
Chapter 3Published Financial Statements Paper F7September/December 2016cash and cash equivalents (IAS 7 revised)Cash in hand and balances with banksShort-term investmentsXXXCash includes cash in hand and current and other accounts with banks. Cash which is not immediately available for use, forexample, balances frozen in foreign banks by exchange restrictions, should be disclosed separately. issued share capitalNumber of sharesEquity sharesShare premiumTotal ’000 ’000 ’000At 1 January, 2009XXXXXXXXIssue of sharesAt 31 December, 2009XXXXThe total number of shares is Xm with a par value of 1 per share. All shares issued are fully paid (disclose any which are not). interest-bearing borrowings9% unsecured loan stock 20208.1% redeemable preference shares XXXfinance lease liabilitiessee separate chapter. trade and other payablesTrade payablesAmounts payable to group undertakingsAmounts payable to associates and joint venturesIncome taxSocial security and other taxesDividends payableOther payablesAccrued expensesNote Details of security given for all secured payables. Include only the current portion of instalment payables, The non-current portion is disclosed in the note for non-current liabilities.XXXXXXXXXFree ACCA notes t Free ACCA lectures t Free ACCA tests t Free tutor support t StudyBuddies t ACCA forums15
16 Chapter 3Published Financial Statements Paper F7September/December 2016provisionsProvision brought forward at 1 January, 2009Additional provisionsAmounts usedUnused amounts reversedProvision carried forward at 31 December, 2009XX(X)(X)XThe following should be disclosed for each class of provision: a brief description of the nature of the obligation and expected timing of outflows an indication of the uncertainties about the amount or timing of the outflows the amount of any expected reimbursementcontingent assets and contingent liabilities IAS 37(see separate chapter) events after the reporting period (IAS 10 revised)The following should be disclosed for non-adjusting events of such importance that non-disclosure would influence the ability ofthe user of the financial statements to make proper evaluations and decisions: the nature of the event an estimate of the financial effect or a statement that such an estimate cannot reasonably be made, and an explanation why.WHEN YOU FINISHED THIS CHAPTER YOU SHOULD ATTEMPT THE ONLINE F7 MCQ TESTFree ACCA notes t Free ACCA lectures t Free ACCA tests t Free tutor support t StudyBuddies t ACCA forums
Free ACCA notes t Free ACCA lectures t Free ACCA tests t Free tutor support t StudyBuddies t ACCA forums Chapter 3 Paper F7 11 Published Financial Statements September/December 2016 the notes to the !nancial statements should present information about the basis of preparation of the
Overview of the Financial Statements The Village's basic financial statements are comprised of three components: 1) entity-wide financial statements; 2) fund financial statements; and 3) notes to the basic financial statements. This report also contains supplementary information in addition to the basic financial statements themselves.
Condensed set of Interim Financial Statements An entity complying with IAS 34 has a choice of preparing a condensed set of Interim Financial Statements or a full set of IFRS financial statements. These Interim Financial Statements illustrate a condensed set of Interim Financial Statements based on the requirements of IAS 34.8. Where a full set of
interim financial statements report 04 consolidated interim financial statements 28 financial statements 31 notes to financial statements 37 certification of the condensed consolidated interim financial statements pursuant to art. 154 bis, fifht paragraph, of legislative decree 58/98 and of art. 81 - ter of consob regulation n. 11971/99
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