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CIMA F2 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Financial Reporting Standards | 25% | - Financial instruments (IFRS 9) - IFRS framework and application - Revenue recognition (IFRS 15) - Leases (IFRS 16) |
| Topic 2: Group Accounts | 35% | - Foreign currency consolidation - Associates and joint ventures - Goodwill and non-controlling interest - Consolidated financial statements |
| Topic 3: Analysing Financial Statements | 15% | - Limitations of financial analysis - Impact of accounting policies - Ratio analysis and interpretation |
| Topic 4: Financing Capital Projects | 15% | - Capital structure theories - Sources of long-term finance - Cost of capital calculations |
| Topic 5: Integrated Reporting | 10% | - Integrated reporting framework - Sustainability and non-financial disclosures |
CIMA Advanced Financial Reporting Sample Questions:
The consolidated statement of profit or loss for VW for the year ended 30 September 20X7 includes the following:
What is VW's interest cover for the year ended 30 September 20X7?
- A. 4.5
- B. 3.3
- C. 5.1
- D. 4.1
Correct Answer: A 🗳️
AB and EF are located in the same country and prepare their financial statements to 31 October in accordance with International Accounting Standards. EF supplies AB with a component that is vital to AB's product range. AB is considering acquiring a controlling interest in EF by 31 December 20X4 in order to guarantee future supply. The Board of EF has indicated that such an approach would be postively considered. AB would use its control to make AB the sole customer of EF.
The Finance Director of AB has been granted access to EF's management accounts and has conducted some initial analysis from the financial press. The results togther with comparisons for AB for the year to
31 October 20X4 are presented below:
AB and EF are forecasting revenues of S1,500,000 and $700,000 respectively for the year ended 31 October 20X5.
AB's Finance Director met with one of the directors of EF to discuss the potential impact of the acquisition.
Which of the director's statements below is correct?
- A. The P/E ratio of EF will increase to 12 after acquisition in line with that of AB.
- B. Dividend yield for both entities will be identical after the acquisition.
- C. Redundancy costs arising from reorganisation following acquisition will be provided for by charging EF's profit for the year ended 31 October 20X4.
- D. The gross profit margin of EF will increase if AB's bargaining power is used to negotiate lower material costs for the whole group.
Correct Answer: D 🗳️
MS Group's total profit for period on their consolidated income statement is £31,000. This includes adjusting for their share of joint venture JV2. Calculate the share of joint venture MS Group received based on the following information.
MS operating profit £41,000
Dividend from JV2 £5,000
Finance cost £3,000
Tax £11,000
- A. £7,000
- B. £5,000
- C. £9,000
- D. £6,000
- E. £1,000
- F. £4,000
Correct Answer: F 🗳️
The tax benefit on a company's asset is £180,000 and the useful life on that asset is five years. The company creates a deferred tax provision to spread this benefit over the asset's useful life.
What entry is needed to reduce this deferred tax provision in the company's year two accounts?
- A. CR Deferred tax liability (SOFP) £36,000
- B. CR Deferred tax liability (SOFP) £144,000
- C. CR Corporation tax (income statement) £36,000
- D. CR Corporation tax (income statement) £144,000
- E. DR Deferred tax liability (SOFP) £144,000
- F. DR Deferred tax liability (SOFP) £36,000
- G. DR Corporation tax (income statement) £36,000
- H. DR Corporation tax (income statement) £144,000
Correct Answer: F 🗳️
Which THREE of the following actions should improve the cash position of an entity?
- A. Revising the depreciation policy of non-current assets.
- B. Implementing an efficient inventory ordering system.
- C. Revaluing all non-current assets.
- D. Selling non current assets and leasing them back under operating leases.
- E. Substituting a bonus issue for the final dividend.
- F. Offering extended credit terms to existing customers.
Correct Answer: B,D,E 🗳️
