LSB_F7_Rev Kit:297mm x 210mm 28/10/09 13:36 Page F7 Financial Reporting (INT) ACCA LSB_F7_Rev Kit:297mm x 210mm 28/10/09 13:36 Page FINANCIAL REPORTING (INTERNATIONAL) British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library Published by InterActive World Wide Limited Westgate House, 8-9 Holborn London EC1N 2LL www.iaww.com www.studyinteractive.org ISBN 978-1-907217-21-0 First Edition 2009 Printed in Romania © 2009 InterActive World Wide Limited London School of Business & Finance and the LSBF logo are trademarks or registered trademarks of London School of Business & Finance (UK) Limited in the UK and in other countries and are used under license All used brand names or typeface names are trademarks or registered trademarks of their respective holders We are grateful to the Association of Chartered Certified Accountants (ACCA), the Chartered Institute of Management Accountants (CIMA) and the Institute of Chartered Accountants of England and Wales (ICAEW) for their permission to reproduce past examination questions All the solutions to these questions have been prepared by InterActive World Wide Limited All our rights reserved No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of InterActive World Wide LSB_F7_Rev Kit:297mm x 210mm 28/10/09 13:36 Page FOREWORD Foreword Thank you for choosing to study with the London School of Business and Finance (LSBF) A dynamic, quality-oriented and innovative educational institution, the London School of Business and Finance offers specialised programmes, designed with students and employers in mind We are always at the frontline driving the latest professional developments and trends LSBF attracts the highest quality candidates from over 140 countries worldwide We work in partnership with leading accountancy firms, banks and best-practice organisations – enabling thousands of students to realise their full potential in accountancy, finance and the business world With an international perspective, LSBF has developed a rich portfolio of professional qualifications and executive education programmes To complement our face-to-face and cutting-edge online learning products, LSBF is now pleased to offer tailored study materials to support students in their preparation for exams The exam focused content in this manual will provide you with a comprehensive and up-to-date understanding of the ACCA syllabus We have an award-winning team of tutors, who are highly experienced in helping students through their professional exams and have received consistently excellent feedback I hope that you will find this manual helpful and wish you the best of luck in your studies Aaron Etingen ACCA, BA, Founder and CEO LSB_F7_Rev Kit:297mm x 210mm 28/10/09 13:36 Page FINANCIAL REPORTING (INTERNATIONAL) LSB_F7_Rev Kit:297mm x 210mm 28/10/09 13:36 Page CONTENTS Contents Foreword Contents How to use this LSBF Revision Kit About ACCA Paper F6 - Taxation (UK) 13 Questions 17 Answers 71 Feedback and Review Form 161 LSB_F7_Rev Kit:297mm x 210mm 28/10/09 13:36 Page FINANCIAL REPORTING (INTERNATIONAL) LSB_F7_Rev Kit:297mm x 210mm 28/10/09 13:36 Page CONTENTS Number Name of Question Highveldt 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Hepburn Pilot Paper 200x Hydan June 2006 Hedra December 2005 Holdrite Hosterling Horsefield June 2005 December 2004 December 2006 June 2002 Winger Pilot Paper 200x Allgone June 2003 Petra Tadeon Kala Telenorth Tourmalet Wellmay December 2005 December 2006 Pilot Paper 200x December 2001 December 2003 June 2007 Peterlee June 2006 Broadoak December 2001 Derringdo June 2003 Wilderness December 2005 Linnet June 2004 Elite Leisure December 2005 Torrent June 2006 Triangle June 2005 Bowtock Atkins CB QRS Harper FW LMN EFG Breadline Comparator Bigwood Tabba Nedberg December 2003 December 2002 May 2005 Pilot Paper 200x December 2002 May 2005 xxxx Pilot Paper 200x June 2002 December 2003 December 2004 December 2005 December 2002 Minster December 2006 Update June 2003 Rytetrend Appraisal June 2003 F7 Pilot Paper LSB_F7_Rev Kit:297mm x 210mm 28/10/09 13:36 Page FINANCIAL REPORTING (INTERNATIONAL) LSB_F7_Rev Kit:297mm x 210mm 28/10/09 13:36 Page F7 How to use this LSBF Revision Kit LSB_F7_Rev Kit:297mm x 210mm 28/10/09 13:36 Page 10 FINANCIAL REPORTING (INTERNATIONAL) 10 LSB_F7_Rev Kit:297mm x 210mm 28/10/09 13:37 Page 154 FINANCIAL REPORTING (INTERNATIONAL) c/f Bonus issue Share issue ( b/f (b) ) Share capital Share premium $m $m 750 350 (50) (200) (250) 222 222 500 100 Total $m 450 Commentary on financial position of Nedberg Nedberg has an overall cash inflow of $330m.The main sources of the cash inflows are: • • • $685m cash generated from operations $450m proceeds of a share issue $200m proceeds of a loan issue Of these inflows, the cash generated by operations is sustainable and will continue in future years, assuming that Nedberg continues to trade as present The financing inflows are ‘one-off’ cash flows, and Nedberg can not raise finance in this was on an ongoing basis Whilst the operating cash flows amply cover the ongoing cash outflows of interest, tax and a dividend, the ‘one-off ‘ cash inflows have been used to finance ‘one-off’ expenditure, namely the purchase of new plant and development expenditure Both of these items of expenditure are expected to result in future benefits to Nedberg, in the form of revenues, profits and in turn cash inflows.They are therefore an efficient way to spend the proceeds of the financing activities IN terms of cash from operations, an operational profit of $900m ($870m + $30m finance costs) equates to a cash flow of $685m Where operational cash flow is less than operating profit, explanation should be sought, In this case the lower amount is largely due to the management of working capital and in particular the increases in receivables and inventory.Although these have a negative impact on cash flow, the increases may have valid business reasons, for example due to increased activity or providing extended credit to new customers or stocking up ahead of a big order If these reasons are not in existence, the increases may be evidence of poor working capital management, which should be addressed Finally the issue of the dividend payment should be considered.A dividend of $320m is paid in the same year that the company has raised $650m in finance More efficient management of cash flows would have seen the dividend withheld for a year and less external financing sought 154 per valid explained point to a maximum of LSB_F7_Rev Kit:297mm x 210mm 28/10/09 13:37 Page 155 ANSWERS 37 Minster (a) Marks Statement of cash flows for Minster for the year ended 30 September 2009 Net cash from operating activities $000 142 (20) 40 255 45 30 110 (25) (205) 222 372 (28) (54) 222 290 Net cash used in investing activities (410) (180) (10) 222 (595) Net cash used in financing activities 265 120 (100) 222 285 Profit before tax Investment income Finance costs Depreciation Amortisation (180 – 135) Decrease in inventory Decrease in receivables Increase in amounts on construction contracts Decrease in payables Cash generated from operations Interest paid (40 – (8% x 150) unwinding) Income taxes paid (W1) Cash flows from investing activities Purchase of PPE (W2) Purchase of software Purchase of investments (W3) Investment income (20 – 15 gain on investments) Cash flows from financing activities Issue of share capital Proceeds from long-term borrowings Dividends paid 5c x 2m (W4) Net increase in cash and cash equivalents Cash and cash equivalents at beginning of period (35-40) Cash and cash equivalents at end of period (20) (5) (25) 1/2 1/2 1/2 1/2 1/2 1/2 1/2 1/2 1/2 1 1/2 1/2 1 1/2 1 1/2 155 LSB_F7_Rev Kit:297mm x 210mm 28/10/09 13:37 Page 156 FINANCIAL REPORTING (INTERNATIONAL) Workings (W1) Income taxes $000 75 57 (54) 222 78 b/f (50 + 25) Income statements Cash paid ( ) c/f (60 + 18) (W2) PPE B/f Depreciation Revaluation Provision Cash additions ( c/f $000 940 (255) 35 150 410 222 1,280 ) (W3) Investments b/f Gain Additions ( c/f ) (W4) Share issue b/f Bonus issue for Cash issue ( ) c/f (b) $000 125 15 10 222 150 Share capital $000 300 75 125 222 500 Share premium $000 85 (75) 140 222 150 Total $000 265 No shares at July 500/4 = 2m Commentary on financial performance and position of Minster Performance In the absence of a comparative statement of comprehensive income for the year ended 30 September 2008 or industry comparatives, commentary on Minster’s performance is difficult At a very basic level, however, the company is profitable making 21% gross profits and 6% net profits It also has a more than adequate interest cover of (162/40) It should, however, be noted that the dividend of $100,000 exceeds the profit for the year of $85,000, meaning that Minster is using its reserves to pay a dividend Position The statement of financial position reveals an increase in net assets from 2008 to 2009 of 21%.This overall increase can be explained by the following factors: • 156 PPE has increased $340,000 to $1,280.This is in part due to the $35,000 revaluation in the year, but more importantly due to the acquisition of a coal mine and related plant costing $410,000 This acquisition strengthens Minster’s position by increasing revenue-making capacity mark per valid point to a maximum of 10 LSB_F7_Rev Kit:297mm x 210mm 28/10/09 13:37 Page 157 ANSWERS • • • • • • The acquisition of software costing $180,000 Again this purchase provides access to future revenues which will become evident in the income statement of future years The acquisition of new investments held at fair value through profit or loss, and unrealised gain on existing investments.The unrealised gain indicates a good investment strategy on Minster’s part Fair value through profit or loss investments are those investments held for trading; at any time, Minster could crystallise the gain by selling the investments to realise cash A reduction in both inventories and trade receivables In the absence of historical income statement information, it is unclear whether this reduction is the result of a decrease in trading activities.Alternative explanations are more efficient working management or changes in stockholding policy / credit terms offered A deterioration in the net bank position with a net overdraft of $5,000 in 08 becoming a net overdraft of $25,000 in 09.The cash position is further explained by the statement of cash flows (see below) The creation of an environmental provision related to the new mine has limited impact on the net assets of Minster due to its inclusion as both a provision and as part of the cost of the asset A decrease in trade payables of $205,000 indicating prompter payment of suppliers If payment is earlier than credit terms this may indicate poor use of what is in effect a free credit facility The overall increase in net assets is financed by: • • A share issue raising $265,000, the success of which indicates market confidence in Minster The issue of $120,000 9% loan notes which increases gearing from nil to 7%.Although this level of gearing is low and therefore acceptable, it does mean an increase in mandatory interest payments and so introduces risk to the business Cash position Minster reports a net cash outflow in 09 of $20,000 $385,000 has been raised through the share and loan issue, and $372,000 cash has been generated from operations.The net overall outflow is due to the very high expenditure on the new mine and related plant and the software.As mentioned above this use of cash will lead to future economic benefits and strengthens Minster’s future prospects Cash generated by operations is healthy and well above the related profit figure If Minster continues to generate at least similar amounts of cash in the year ahead, it will be in a position to pay off the loan and restore its bank balance to a positive position 157 LSB_F7_Rev Kit:297mm x 210mm 28/10/09 13:37 Page 158 FINANCIAL REPORTING (INTERNATIONAL) 38 Rytetrend (a) Statement of cash flows for Rytetrend for the year ended 31 March 2009 Net cash from operating activities $000 3,400 300 460 7,350 700 620 850 870 350 222 14,900 (460) (910) 222 13,530 Net cash used in investing activities (15,550) 222 (15,550) Net cash used in financing activities 3,000 2,000 (4,000) (430) 222 570 222 Profit before tax Equipment installation (part of PPE cost) Finance costs Depreciation (W2) Loss on disposal (W2) Decrease in inventory (3,270 – 2,650) Decrease in receivables (1,950 – 1,100) Increase in payables (2,850 – 1,980) Increase in warranty provision (500 – 150) Cash generated from operations Interest paid Income taxes paid (630 + 1,000 – 720) Cash flows from investing activities Purchase of PPE (W1) Cash flows from financing activities Issue of share capital ((11,500 + 1,500) – 10,000) Proceeds from long-term borrowings Redemption of long-term borrowings Dividends paid Net increase in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period 158 1,450 400 (1,050) Marks 1/2 1/2 1/2 1 1/2 1/2 1/2 1/2 1 See W1 1/2 1/2 1/2 1/2 1/2 1/2 LSB_F7_Rev Kit:297mm x 210mm 28/10/09 13:37 Page 159 ANSWERS Workings (W1) PPE Cost b/f Disposal New equipment Additions other than equipment ( Cost c/f ) Therefore total cash additions: New equipment net of trade in all’ce (8,000 – 500) Installation costs of new equipment (not capitalised) Other additions (W2) Depreciation B/f Charge for the year ( ) Disposal (6,000 x 20% x years) c/f Therefore loss on disposal: Proceeds (trade in allowance) CV at disposal (6,000 – 4,800) (b) REPORT By: Subject: Loss $000 27,500 (6,000) 8,000 7,750 222 37,250 7500 300 7,750 222 15,550 1/2 1/2 1/2 $000 10,200 7,350 (4,800) 222 12,750 500 1,200 222 (700) AN Accountant Performance and position of Rytetrend This report analyses the performance and position of Rytetrend for the years ended 2008 and 2009 It is based on the income statements and statements of financial position for these two years and a statement of cash flows for 2009 for intro Profitability Rytetrend’s profit for 2009 is $2.4million, an increase of $800,000, or 50% on the previous year Further analysis of the income statement reveals that this increase is largely due to a 35% jump in sales revenue to $31.8 million.The investment in non-current assets, and particularly the mid-year purchase of new display equipment is likely to have contributed to this increase The increased level of operations has, however, resulted in a corresponding increase in costs Cost of sales has increased by 40% to $22.5 million This is proportionately greater than the increase in revenue, as evidenced by a fall in gross margin from 32% to 29% This disproportionate increase suggests that Rytetrend may have reduced its prices in order to achieve the volume growth in sales The increase in costs will also be due to: • • mark per point to a max of for performance the non-current asset investment which results in higher depreciation (it should be noted that a further $60,000 depreciation relating to the capitalised installation costs will increase cost of sales to $22.56m) increased warranty costs associated with increased levels of sales 159 LSB_F7_Rev Kit:297mm x 210mm 28/10/09 13:37 Page 160 FINANCIAL REPORTING (INTERNATIONAL) Operating expenses have increased by 18% to $5.44million, however it should be noted that $300,000 of staff costs included within this amount should have been capitalised as part of the cost of the new equipment.A revised figure for operating expenses is $5.14 million, meaning an increase of just 12% since 2008.This increase seems reasonable given the increased volume of activitiy Interest costs for 2009 are in line with 2008, despite the restructuring of Rytetrend’s loan financing The beneficial effect of the reduction of debt by half, and replacement of a 10% loan with a 6% loan is negated by interest costs relating to the $1.05million overdraft of $200,000 The company’s financing arrangements are discussed in more detail below Cash flows It appears that the 50% increase in net profits is masking Rytetrend’s cash flow and liquidity issues Overall the company has seen a net cash outflow in 2009 of $1.45 million, causing the $1.05million overdraft This cash deficit can be explained by the heavy investment in non-current assets of more than $15.5million The issue of shares and new debt are largely used to redeem old debt, meaning that just $1million of the proceeds of these issues contribute towards this investment mark per point to a max of for cash flows The remainder of the funding is provided by cash generated from operations and the overdraft Whilst cash generated by operations is healthy, contributing $13.5 million cash to the business (after the payment of tax and interest), the company appears to have miscalculated the availability of funds for investment in non-current assets Certainly, an overdraft is a very expensive way of financing a business, and Rytetrend should seek to formalise the overdraft into a cheaper loan agreement, secured on its non-current assets Position As discussed above, there has been heavy investment in non-current assets, which is beneficial for Rytetrend in terms of improving and growing the business It may be that the full effect of these additions has not been felt yet, and future revenues will continue to grow as a result of the investment mark per point to a max of for position Inventory and receivables have both decreased since 2008 (despite the increase in sales volume), whilst payables has increased.The fall in inventory and receivables are further indicators that Rytetrend has a liquidity problem: it is calling in debts sooner and avoiding tying up funds in inventory This approach to working capital is likely to be unsustainable, with goodwill with customers being lost and the possibility of stock outs Conclusion Rytetrend is a profitable company with a relatively healthy statement of financial position, particularly in respect of non-current assets It must, however, address its financing structure through negotiation of a new loan in order to ease its apparent liquidity problems If this can be achieved in the short term, the company has a good long-term prospect 39 Update (a) Problems of the historical cost convention Application of the historical cost convention means that items in the financial statements are carried at their cost when purchased.The impact of this can be very notable in the statement of financial position, less so in the income statement In the statement of financial position, all assets, both current and non-current are measured at their historical cost.Whilst this is generally a relatively up-to-date measurement as regards current assets, it can be very outdated as regards non-current assets 160 Marks per valid point to a max of LSB_F7_Rev Kit:297mm x 210mm 28/10/09 13:37 Page 161 ANSWERS For example, the historic cost of land purchased a number of years prior to the reporting date would bear no resemblance to the cost of a more recently purchased piece of similar land Both however provide access to similar economic benefits It is therefore misleading to users of the financial statements to report the pieces of land at different historic costs, and users may be lead to believe that the more recently purchased land, measured at the higher value will provide greater benefit, due to being a larger size or in a better position, when this is not the case The position becomes more complicated when the asset is depreciated, as not only are non-current asset measurements in the SFP understated compared to current values, but depreciation is lower than it would be under current cost accounting, so inflating profits in the income statement Other figures in the income statement are arguably less distorted, as they generally reflect transactions within the previous year, and over this period, prices are unlikely to change dramatically In any case, the distortion of both SFP and income statement figures impacts key ratios, particularly those which compare SFP and IS figures, such as ROCE and asset turnover Here, income statement values are relatively current, whereas asset values may be understated, so resulting in better ratios (b) Where comparison of two companies is undertaken, the problem is more apparent when one company’s assets were purchased more recently than another’s: the company will older assets will report better ratios than that with newer assets.Again, this is misleading as there may be no difference between the underlying performance of the companies Different measurement bases Historical cost basis Depreciation charge (250,000 x 20%) Cost Depreciation (50,000 x years) Carrying value at 31 March 2009 Current purchasing power basis Current purchasing power value of asset 216/180 x $250,000 Depreciation charge : CV based on yrs depreciation ($300,000 x 80% x 80% x 80%) CV based on years depreciation ($300,000 x 80% x 80%) Therefore, depreciation charge CV of asset at 31 March 2009 Current cost basis Current cost value of asset adjusted for productivity $320,000 x 420/480 Depreciation charge : CV based on yrs depreciation ($280,000 x 80% x 80% x 80%) CV based on years depreciation ($280,000 x 80% x 80%) Therefore, depreciation charge CV of asset at 31 March 2009 $ 50,000 250,000 (150,000) 222 100,000 $ 300,000 153,600 192,000 222 38,400 153,600 1/2 1/2 1/2 1 280,000 1/2 143,360 179,200 222 35,840 143,360 161 LSB_F7_Rev Kit:297mm x 210mm 28/10/09 13:37 Page 162 FINANCIAL REPORTING (INTERNATIONAL) 40 Appraisal (a) (b) Ratios for Reactive ROCE 2008 28.1% Net asset turnover times Gross profit margin 17% Net profit before tax margin 6.3% Current ratio 1.6:1 Closing inventory holding period 46 days Trade receivables collection period 45 days Trade payables payment period 55 days Dividend yield 3.75% Dividend cover times Analysis of position and performance of Reactive 200 + 20 2222 1,160 - 480 4,000 2222 1,160 – 480 2009 32.4% 550 2222 4,000 13.8% 5% 610 2222 480 1.3:1 26 days 44 days 45 days 6% 1.67 times 200 2222 4,000 250 x 365 2222 3,450 360 x 365 2222 4,000 x 75% 430 x 365 2222 3,450 90m/400m 2222 3.75 150 2222 90 Performance During the year, Reactive disposed of significant levels of non-current assets as part of a strategy to purchase rather than manufacture goods.This disposal has reduced the company’s asset base by approximately $80million As a result, ROCE has increased from 28.1% to 32.3% and net asset turnover has increased from times to 5.9 times A recalculation of these ratios with adjustment for the disposed of plant gives ROCE of 23.7% (220 – 40 / (680 + 80)) and asset turnover of 5.3 times (4,000/(680 + 80)) The recalculated ROCE reveals that there is an underlying poor performance in 2009, although the recalculated asset turnover does suggest an increase in turnover compared to 2008 The increased turnover may be the direct result of the advertising campaign and rebate policy, whilst the The fall in the recalculated ROCE is further evidenced by the gross profit and net profit margin, which have both decreased, the latter in spite of the $40million exceptional gain on disposal of the plant.This reduction may be the result of : 162 The costs of the rebates offered 5.9 times It should be noted that without full financial statements for the year ended 31 march 2008, analysis is limited and based primarily on ratios • Marks per point to max 10 LSB_F7_Rev Kit:297mm x 210mm 28/10/09 13:37 Page 163 ANSWERS • • The advertising campaign costs The changed cost base as a result of buying in goods rather than producing them in house Liquidity and working capital The current ratio has fallen slighty, and may now be considered to be too low The possible liquidity issue is further highlighted by the existence of a $10million overdraft at 31 March 2009, despite the cash inflow in the year of $120m from the sale of the plant IN terms of working capital, receivables’ days remains relatively constant, however there is a fall in both inventory and payables days.The inventory holding period has fallen from 46 days in 2008 to 26 days in 2009, and the payables period from 55 days in 2008 to 45 days in 2009 Both may be the result of a changed working capital policy, related to the new strategy of buying in goods Dividends Dividend cover has fallen (based on the same level of dividend as 2008), giving a clear indication of lower absolute profits than 2008 Furthermore the increase in dividend yield can only be explained by a fall in the share price of the company, indicating a lack of market confidence in Reactive Conclusion (c) In conclusion, the sale of the plant and new strategy to buy in goods appear to have skewed the ratios to, in many cases, appear to have improved The underlying performance of the company, however, appears to have weakened, as does its position, particularly in respect of cash and liquidity Analysis of a not-for-profit organisation Not-for profit organisations include schools, hospitals and charities As the name suggests, their main objective is not the creation of wealth for shareholders, but instead to fulfil their reason for existence Therefore many of the ratios applicable to commercial organisations, such as ROCE or profit margins are not applicable to these not-for-profit entities mark per point to a max of It should be noted, however, that some ratios, particularly those relating to efficiency of operations such as receivables’ days are still relevant, as are liquidity ratios As an alternative to assessing these entities based on profitability, a generally accepted method is to assess them based on the Es: economy, efficiency and effectiveness This type of assessment concentrates not only on financial key performance indicators, but also on no-financial factors, for example: • • • Exam pass rates for schools Number of patients treated for hospitals Number of activities funded for charities 163 LSB_F7_Rev Kit:297mm x 210mm 28/10/09 13:37 Page 164 FINANCIAL REPORTING (INTERNATIONAL) 164 LSB_F7_Rev Kit:297mm x 210mm 28/10/09 13:37 Page 165 F7 Feedback and Review Form LSB_F7_Rev Kit:297mm x 210mm 28/10/09 13:37 Page 166 FINANCIAL REPORTING (INTERNATIONAL) 166 LSB_F7_Rev Kit:297mm x 210mm 28/10/09 13:37 Page 167 FEEDBACK AND REVIEW FORM F7 Please take the time to complete this feedback and review form about the study materials that you have used for your ACCA exams We really appreciate your comments YOUR DETAILS Name Address : : How did you use this material? □ Home study (only using books) □ Classroom course □ Home study (books and InterActive videos) What 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F7 Pilot Paper LSB _F7_ Rev Kit: 297mm x 210mm 28/10/09 13:36 Page FINANCIAL REPORTING (INTERNATIONAL) LSB _F7_ Rev Kit: 297mm x 210mm 28/10/09 13:36 Page F7 How to use this LSBF Revision Kit LSB _F7_ Rev... numbers again! 12 LSB _F7_ Rev Kit: 297mm x 210mm 28/10/09 13:36 Page 13 F7 About ACCA Paper F7 Financial Reporting (INT) LSB _F7_ Rev Kit: 297mm x 210mm 28/10/09 13:36 Page 14 FINANCIAL REPORTING (INTERNATIONAL)... LSB _F7_ Rev Kit: 297mm x 210mm 28/10/09 13:36 Page 10 FINANCIAL REPORTING (INTERNATIONAL) 10 LSB _F7_ Rev Kit: 297mm x 210mm 28/10/09 13:36 Page 11 HOW TO USE THIS LSBF REVISION KIT How to use this LSBF Revision