ADVANCED LEVEL EXAMINATION

Crocus
(3.5 HOURS)

CORPORATE REPORTING
This exam consists of THREE questions (100 marks).
Marks breakdown
Question 1 30 marks
Question 2 40 marks
Question 3 30 marks
The questions in this paper have been prepared on the assumption that candidates
do not have a detailed knowledge of the types of organisations to which they relate.
No additional credit will be given to candidates displaying such knowledge.
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1 Finney plc
Finney plc is a listed UK-based company that produces engineering equipment for
the mining industry. Finney has a number of investments both in the UK and
overseas, as well as an active treasury function that trades in commodities.
You are Marina Bujnowicz, and you recently joined Finney as an ICAEW
Chartered Accountant to help finalise the financial statements for the year ended
30 September 20X2.
You receive the following email from a director of Finney, Simone Hammond.

From: Simone Hammond

To: Marina Bujnowicz
Re: Financial Statements for year ended 30 September 20X2
Date: 3 November 20X2
Dear Marina,
Finney's treasury department has gathered together information relating to
outstanding issues for inclusion in the financial statements (Exhibit 1). The
Financial Controller, who is on holiday at the moment, has left a note about a new
contract with a customer and a property related matter (Exhibit 2). Draft financial
statements are shown in Exhibit 3.
I need you to help finalise the financial statements in the light of these outstanding
issues. Don't worry about any issues related to tax or deferred tax for now as I
have asked someone else to look at these.
I understand that you have been taking an active interest in climate-related issues.
I would like you to advise the Finney board on the disclosures of climate-related
risks and opportunities in accordance with IFRS Sustainability Disclosure Standard
IFRS S2 Climate-related Disclosures. This should just be high-level for now so the
board can start to consider its next steps.
Regards
Simone

Requirement
(a) Prepare a briefing note in which you:
Explain and recommend the appropriate financial reporting treatment of the
issues contained in Exhibits 1 and 2. Include relevant calculations in your
explanation plus journals for any adjustments to the draft figures.
(b) Redraft the statement of financial position extract in Exhibit 3 to include your
recommended adjustments and recalculate both the profit and other
comprehensive income figures for the year ended 30 September 20X2.
(c) Advise the Finney board on the disclosures of climate-related risks and
opportunities in accordance with IFRS Sustainability Disclosure Standard
IFRS S2 Climate-related Disclosures.
Total: 30 marks

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Exhibit 1: Outstanding issues from the treasury department
(a) Investment in loan stock
On 1 October 20X1 Finney acquired an investment in £3,000,000 8% loan
stock at par. The investment meets the business model and contractual cash
flows test and is therefore measured at amortised cost. The loan stock has an
effective annual rate of interest of 10%. No repayments were made in the year
ended 30 September 20X2.
Finney made the following estimates:
(1) At 1 October 20X1 there was a 5% probability that the borrower would
default on the loan during the year resulting in a 100% loss.
(2) At 30 September 20X2 there is a 2% probability that the borrower will
default on the loan before 30 September 20X3 resulting in a 100% loss.
The Treasury Department have provided a note that an impairment allowance
of £150,000 had been recognised under IFRS 9, Financial Instruments when
the bond was first acquired, but has not explained how this was calculated, or
made any further entries for the accounting treatment of the asset during the
year. It would be helpful if you could provide both.
(b) Financial liability
Finney provides loans to customers and funds the loans by selling bonds
in the market. The liability is designated as at fair value through profit or
loss. The bonds have a fair value decrease of £10 million in the year to
30 September 20X2 of which £2 million relates to the reduction in Finney's
creditworthiness. Simone Hammond would like advice on how to account for
this movement.
(c) Investment in Coppery
On 1 October 20X0 Finney bought two million shares at £1.60 each,
representing a 0.9% shareholding, in Coppery plc. The shares were held
for trading. Finney had recognised a gain of £300,000 for the year ended
30 September 20X1 in profit or loss.
On 1 April 20X2 Coppery was acquired by Zoomla plc, a large mining
corporation. The terms of the deal were that shareholders in Coppery would
receive, for each share they owned:
(1) on 1 April 20X2, two shares in Zoomla, worth £1.10 each; and
(2) on 1 April 20X3, cash of £0.15.
Finney has a weighted average cost of capital of 10%.
At 30 September 20X2, the market price of a Zoomla share was £1.20.

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Exhibit 2: Contract with Mansfield Mining Group (MMG)
During the second half of the year Finney plc won a competitive bid for a contract
to supply advanced technology mining equipment to Mansfield Mining Group for a
total contract price of £6 million. Costs incurred in obtaining the contract totalled
£175,000 made up as follows:
£
Legal fees associated with due diligence 75,000
Administrative costs of preparing the bid 45,000
Bonus paid to consultants for successful outcome 55,000
175,000

Work on the contract commenced on 1 August 20X2. Contract costs incurred to

date are as follows:
£
Initial design costs 120,000
Materials and direct manufacturing costs 900,000
General overheads 30,000
1,050,000
Total costs incurred of £1,225,000 are currently recognised in a work-in-progress
(WIP) account within current assets in the statement of financial position of Finney
plc. The general overheads are salary and related costs of three specific
employees who have primary responsibility for administrative matters relating to
the contract with MMG.
MMG paid a deposit of £2 million when the contract was signed. The deposit is
only refundable by Finney if they fail to complete the project. The remaining £4
million of the contract price is payable when the equipment is delivered to MMG,
scheduled for 31 May 20X3. If MMG defaults on the contract prior to completion,
Finney has the right to retain the £2 million deposit.
The deposit received has been recognised as revenue in profit or loss for the year
ended 30 September 20X2. The project is currently progressing in line with budget
and forecast timings for completion.
Property related matter
On 1 July 20X2 the offices that were previously occupied by the Finney Treasury
Department were vacated and leased to an unconnected third party under a 15
year operating lease. We stopped depreciating the offices at that date, but have
made no other adjustments regarding this property.
The carrying amount of the property at 1 July 20X2 was £5 million and the fair
value was estimated to be £6.35 million on that date. The fair value is believed to
have increased to £6.5 million at the end of the year. This valuation is based on
rental income, although we have also been advised that the value based on recent
transactions for properties in the same area as these offices is approximately £6.1
million.
Rental income for the quarter to 30 September 20X2 totalling £450,000 has been
received and is included in other income in the statement of profit or loss.

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The directors want to know how the property should be accounted for in the year
ended 30 September 20X2. They are keen wherever possible to reflect the current
value of the property in the financial statements.

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Exhibit 3: Extracts from draft financial statements as at 30 September 20X2
Draft statement of profit or loss and other comprehensive income of Finney
plc for year ended 30 September 20X2 (extract)
£m
Profit for the year 31

Other comprehensive income 7

Total comprehensive income for
the year 38
Draft statement of financial position as at 30 September 20X2
£m
Non-current assets
Property, plant and equipment 84
Investment in equity instruments 36
Other financial assets 10
Current assets 122
Total assets 252

Share capital: £1 shares 75

Retained earnings 97
Other components of equity 24
Non-current liabilities 27
Current liabilities 29
Total equity and liabilities 252

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2 Elephant Ltd

To access the data analytics software please click here

Assume that the date is 26 February 2019
You are part of the DAB audit team that has just commenced the final audit visit
for Elephant.
Bilal Sayed the DAB engagement manager for the Elephant audit gives you the
following briefing:
"You will have reviewed the interim audit information prepared by Jane Markham
after the audit planning visit. You will also have familiarised yourself with the data
for Elephant for the 11 months ended 30 November 2018.
"Data for December 2018 has now been imported into the data analytics software
from Elephant's nominal ledger, so the full year nominal ledger data for the year
ended 31 December 2018 is now available. Materiality has been set at £30,000.
"Frank Wright is unavailable due to illness, but I have had a meeting with his
assistant, Andrea Bloggs, who is standing in until Frank returns to work. There are
two specific matters arising from this meeting that I would like you to focus on
(Exhibit 1).
"Also, the Elephant board is concerned about the effect of possible increases in
UK interest rates on the interest payable under the NEL loan. The board has
provided an illustrative example of an interest rate cap. The example was
prepared by Frank Wright before he went on sick leave (Exhibit 2).
"I have set out my instructions for you in a separate document (Exhibit 3)."
Requirement
Respond to the instructions from Bilal Sayed.
Use your firm's data analytics software to identify transactions and balances to
support your answers where appropriate. You should identify and explain patterns
shown in the data analytics software and identify any specific unusual
transactions.
Ignore any adjustments for current and deferred taxation.
Total: 40 marks

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Exhibit 1: Two specific audit matters arising from meeting with Andrea
Bloggs – prepared by Bilal Sayed.
Matter 1 − Accrued income and expense accruals
Accrued income in Account code 23040 Prepayments Control
In conversation with Andrea Bloggs, I identified that she posted accrued income of
£300,000 in relation to Account code 23040 Prepayments Control. She provided
me with the following breakdown for this amount:
£
Completed contracts, not invoiced at 31 December 2018 180,000
Value of work in progress on contract A10D37 with Ayer AG not
invoiced as at 31 December 2018 120,000
Total accrued income 300,000
I asked Andrea for more details on contract A10D37 and she stated that the
contract, which commenced on 3 October 2018, is broken down into two
deliverables:
 The customer survey and collation of the results – scheduled to be completed
by January 2019
 The design and delivery of the marketing campaign – scheduled to be
completed by June 2019
Andrea confirmed that the contract price agreed for the eight-month contract was
£185,000. However, Ayer could reduce the length of the contract to six months
once the results of the customer survey are made available to Ayer. If Ayer decide
to reduce the length of the contract, the overall contract price will fall to £125,000.
Expense accruals
Andrea also admitted that because of the additional work due to Frank's absence,
she had omitted to post the year end 2018 expense accruals to the nominal
ledger. She provided the following nominal journal that she intends to post in
respect of accruals for 2018.
Account
Account Description code Amount Journal description
£
Consultancy 77035 128,989 2018 Accrual – consultancy
Rent charge 72000 115,000 2018 Accrual – rents
Studio Salaries 62100 21,000 2018 Accrual – studio
Compensation 71025 14,000 2018 Accrual – comp
Audit Fees 77030 8,500 2018 Accrual – DAB Audit fee
Training, Staff 71070 7,000 2018 Accrual – pension
Products 61010 5,000 2018 Accrual – product purchases
Admin Salaries 71000 4,330 2018 Accrual – admin costs
Accountancy fees 77020 3,000 2018 Accrual – accountancy services
Studio NI 62105 3,105 2018 Accrual – studio costs
Accruals Control A/C 34030 –309,924 2018 Accruals

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Matter 2 − Loans
Andrea confirmed that the loans identified by Jane on the planning visit from the
Pension scheme (Account code 35043) and the NEL Bank Ltd (Account code
35042) remained outstanding at the year-end and has asked for some financial
reporting advice.
Pension scheme loan – Account code 35043
Andrea told me that Frank left a note to say that the financial reporting treatment of
this loan, including the transfer of the previous pension loan balance from Account
no 35041, needs amending, but she is uncertain on how she should account for
this and asked for financial reporting advice.
NEL Bank Loan – Account code 35042
Andrea explained that a correcting journal of £16,107 to record the correct interest
charge for this loan had been posted by Frank Wright in December 2018 just
before he went on sick leave. Andrea needs further advice on how this loan should
be recognised in the financial statements.

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Exhibit 2: Illustrative example interest rate cap prepared by Frank Wright
On 1 May 2017, Elephant raised a 3-year loan of £350,000 with NEL Bank. NEL
charges a variable interest rate linked to 3-month UK benchmark interest rates.
Elephant's management is concerned about the effect of possible increases in UK
interest rates on the interest payable under the NEL loan. I have set out below an
illustrative example of using interest rate options, known as an interest rate cap,
which Elephant could purchase through NEL bank.
Assume that on 1 March 2019, Elephant purchases options to create an interest
rate cap through NEL bank for £2,950. Under the terms of the interest rate cap,
Elephant will receive payments if 3-month UK benchmark interest rates exceed
1.75%. This has the effect of removing Elephant's exposure to the effect of
increases in the benchmark rate above this level on the variable component of the
interest payments on the NEL loan.
Assume that at 1 March 2019, 3-month benchmark interest rates can be assumed
to be 1.25% and stay below 1.75% for the remainder of 2019. The fair value of the
options making up the cap at 31 December 2019 can be assumed to be £1,600
and this amount is wholly composed of time value.
Elephant intends to elect to apply hedge accounting to the purchased cap and
designate the intrinsic value of the cap as the hedging instrument and the
exposure of interest payments on the NEL loan (excluding credit margin) to
3-month UK interest rates as the hedged item.

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Exhibit 3: Bilal Sayed, the audit engagement manager instructions – audit of
Elephant for the year ended 31 December 2018
(1) In respect of Matter 1 − Accrued income and expense accruals
 Identify and explain why accrued income and expense accruals are areas
of significant audit risk for the audit of Elephant for the year ended
31 December 2018. Use the data analytics software to identify specific key
transactions which require further investigation. Include any additional
information that you require from Elephant's management.
 Set out and explain the key audit procedures you would carry out in
respect of accrued income and expense accruals.
(2) In respect of Matter 2 – Loans
Set out and explain the appropriate financial reporting treatment for both the
pension scheme loan and the loan from NEL Bank. Include any additional
information and explanations that you require from Elephant's management.
Journals are not required.
(3) Set out and explain the appropriate financial reporting treatment for the year
ending 31 December 2019 for the illustrative example interest rate cap
prepared by Frank Wright (Exhibit 2). Include journals.

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3 Maxvol
You are Bobby Barnes, an audit senior working for Lorray & Knight LLP (L&K),
a firm of ICAEW Chartered Accountants. You are currently planning the audit
of the Maxvol group for the year ending 31 December 20X4. Maxvol plc is a
long-standing audit client and manufactures and distributes audio visual systems.
You receive a note from Liz Marchant, the manager responsible for the Maxvol audit:
"On 1 October 20X4, Maxvol acquired 75% of the issued share capital of Remixit
Ltd. The Maxvol finance director, Gil Jones, has provided details of this
acquisition, together with financial information for Remixit (Exhibit 1).
Remixit has historically been audited by SB Associates (SBA), a local firm of
ICAEW Chartered Accountants, which also acted as Remixit's tax advisers. SBA
completed the Remixit audit for the year ended 31 December 20X3 and then
resigned as auditor in July 20X4.
Gil has asked L&K to take on the Remixit audit and I have arranged a meeting
with him tomorrow to discuss this further. The first audit of Remixit for which we
would be responsible would be for the year ending 31 December 20X4. This would
need to be completed by 15 February 20X5 to meet Maxvol's reporting deadlines.
Other services previously provided to Remixit by SBA would now be provided by
Maxvol's internal financial reporting and taxation teams, so it is just the role of
auditor that we are being asked to take on.
We have written to SBA requesting disclosure of information which might be
relevant to our decision to accept or decline the Remixit audit appointment. SBA's
reply is provided (Exhibit 2).
Last week an L&K audit senior visited Remixit for an initial meeting with Kieran
Mannering, Remixit's financial controller, to gain more background information and
to discuss the financial information provided by Gil. The notes of that meeting are
also attached (Exhibit 3). In preparation for my meeting tomorrow with Gil, please
review the documents I have left you and prepare a briefing note which addresses
the following:
 Set out the ethical and professional issues that arise for L&K. Explain the
implications for L&K, noting any actions that it should take. Identify any
additional information that L&K should request.
 Use analytical procedures (financial statement analysis) to identify and explain
the audit risks for the audit of Remixit for the year ending 31 December 20X4,
assuming that we accept the Remixit audit engagement. For each risk, set out
the key audit procedures you believe we should perform.
 Explain for the Maxvol group for the year ending 31 December 20X4:
– the financial reporting issues which arise as a consequence of the Remixit
acquisition; and
– the group audit issues arising from the acquisition. Exclude any issues
already raised for the Remixit audit, unless there are different implications
for the group. Audit procedures are not required at the moment."
Requirement
Respond to Liz Marchant's instructions. Total: 30 marks

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Exhibit 1: Details of Remixit acquisition provided by Maxvol finance director,
Gil Jones
Remixit was incorporated eight years ago by Barry Gibbons, who is also its chief
executive and who was its 100% shareholder until 1 October 20X4. Remixit
develops and distributes audio mixing software and equipment. It has an excellent
reputation for high-quality, specialist products.
On 1 October 20X4, Maxvol acquired 75% of the issued share capital of Remixit
from Barry for an initial cash consideration of £16 million. A further cash
consideration of £4 million is payable on 1 October 20X5 if Remixit's audited
financial statements for the year ending 31 December 20X4 show a profit before
taxation of at least £3 million. Barry is continuing as Remixit's chief executive,
although the other directors on the Remixit board are now appointed by Maxvol.
Goodwill of £12.925 million (calculated as the consideration of £16 million less
75% of Remixit's net assets) was recognised in the Maxvol consolidated financial
statements at the date of acquisition. Summary financial information for Remixit for
the nine months ended 30 September 20X4 is shown below:
9 months Year
ended ended
30 September 31 December
20X4 20X3
Notes Unaudited Audited
£'000 £'000
Statement of profit or loss
Revenue 8,700 10,700
Cost of sales (5,100) (6,570)
Gross profit 3,600 4,130
Administrative expenses (1,500) (1,530)
Profit before interest and
taxation 2,100 2,600
Interest expense (75) (100)
Income tax expense 1 – (600)
Profit for the period 2,025 1,900

Statement of financial position

Non-current assets:
Property, plant and equipment 2 4,800 3,000
Current assets 3 3,700 2,700
Total assets 8,500 5,700

Equity 4 4,100 1,500

Non-current liabilities 5 1,450 1,500
Current liabilities 6 2,950 2,700
Total equity and liabilities 8,500 5,700

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Notes
1 The taxation charge for the year ending 31 December 20X4 will be determined
at the year end.
2 Remixit's property, plant and equipment comprises:
£'000
Freehold land and buildings 3,000
Equipment 1,800
4,800
Freehold land and buildings were revalued at 30 September 20X4 to
£3 million. The valuation was prepared by an external valuer on the basis of
the existing use of the freehold land and buildings. This resulted in a
revaluation gain of £1.5 million. The site includes land which the valuer has
suggested could be developed for residential purposes without impacting
Remixit's business. If the site was valued on this basis, its total value would
rise to £3.5 million. Equipment is carried at depreciated cost, based on an
estimated useful life of five years.
3 Remixit's current assets comprise:
20X4 20X3
£'000 £'000
Trade receivables 1,000 900
Inventory 2,500 1,300
Cash in bank 200 500
3,700 2,700
4 An interim dividend of £1 million was paid on 15 June 20X4.
5 Non-current liabilities relate to a long-term bank loan. The portion of the loan
that is repayable within 12 months of the year end is classified as current
liabilities.
6 Remixit's current liabilities comprise:
20X4 20X3
£'000 £'000
Trade payables 2,000 2,200
Loans and borrowings 550 500
Restructuring provision 400 –
2,950 2,700

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Exhibit 2: Response from SBA to letter requesting disclosure of any
information relevant to L&K's decision to accept or decline the Remixit
audit appointment
Dear Sirs,
Remixit Ltd
Thank you for your letter dated 24 October 20X4.
We have acted as auditor to Remixit for a number of years and resigned on
14 July 20X4, immediately after signing our auditor's report on the financial
statements for the year ended 31 December 20X3.
We disclose below certain matters which we believe you should consider in
deciding whether or not to accept the appointment as auditor of Remixit.
We are in a dispute with Remixit regarding £5,000 of audit fees in respect of the
20X3 audit. The fees relate to additional time which the audit team has had to
spend carrying out additional audit procedures in respect of payroll. Remixit
management has refused to pay this amount, and we are seeking arbitration on
this matter.
We have been working with Remixit's chief executive, Barry Gibbons, on his
personal tax matters and have obtained information which gives us some concern
that, in the past, Remixit's management may not have been wholly open with us
concerning the company's tax affairs.
We note from your letter that you anticipate requesting access to our audit working
papers and regret that we will be unable to grant this or provide any further
information on the matters identified above due to an ongoing fee dispute with
Remixit and the restrictions on communication which the Remixit board has
imposed.
Yours faithfully,
SB Associates

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Exhibit 3: L&K audit senior's notes from meeting at Remixit
The notes below summarise the key points arising from a discussion with Kieran
Mannering, Remixit's financial controller:
 Remixit has a very small finance team, comprising Kieran and two part-time
assistants. Kieran reports directly to Barry Gibbons, who has always shown a
close interest in the results and is involved in all key accounting judgements.
Historically Kieran has relied on the SBA audit manager to provide assistance
with any complex financial reporting questions and to draft the financial
statements.
 To Kieran's knowledge, no material audit issues have arisen in recent years,
although there was some discussion as to whether a five-year useful life
remains appropriate for equipment given that the factory equipment is used for
much longer than this and assets which are 15 to 20 years old are still in use.
 The relationship with the previous auditor, SBA, was good until delays in
completing the 20X3 accounts caused a disagreement between the audit
partner and Barry (who serve together on a local golf club committee) and
SBA was asked to resign.
 Current liabilities at 30 September 20X4 include a £400,000 provision for
restructuring following the acquisition by Maxvol.
 No provision has been made in respect of a claim of £475,000 for damages
and loss of sales caused by a faulty audio mixing system supplied by the
company. This claim was received from one of Remixit's major customers in
August 20X4. Remixit's lawyer has advised that it is possible, but not likely,
that the claim will succeed given the terms on which the sale was made and
the fact that the warranty period had expired.
 As part of restructuring of Remixit's financing strategy, bank loans of £2 million
are due to be renegotiated in the next accounting period. Kieran mentioned
that Remixit's management will enter discussions with the bank to redeem the
existing loan and take out a new loan with a longer repayment term. Initial
conversations with the bank suggest that the bank is keen to review Remixit's
ability to service its debts in the future before agreeing to any refinancing plan.

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