Paper P2: Corporte Reporting - Revision kit

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ACCA APPROVED CONTENT PROVIDER ACCA Approved Practice & Revision Kit Paper P2 Corporate Reporting (International and United Kingdom) Practice & Revision Kit for exams from September 2015 to 31 August 2016 Free access to our Exam Success site Look inside ACCA APPROVED CONTENT PROVIDER As the irst accredited publisher of ACCA materials, BPP Learning Media has set the benchmark for producing exceptional study materials for students and tutors alike Our Study Texts, Practice & Revision Kits and i-Passes (for ACCA F1/FIA FAB, ACCA F2/FIA FMA, ACCA F3/ FIA FFA and ACCA F4) are reviewed by the ACCA examining team and are written by our in-house authors with industry and teaching experience who understand what is required for exam success EXAM SUCCESS SITE To help maximise your chances of succeeding in your exams, we’ve put together a suite of exclusive ACCA resources Our Exam Success site provides you with access to a free digital version of this publication, as well as extra resources designed to focus your efforts on exams and study methods To access the Exam Success site, please email learningmedia@bpp.com with the subject line “Access to Exam Success site - eBook”, including your order reference number and the name of the book you’ve bought (ie ACCA F7 Study Text) for your access code Once you have received your code, please follow the instructions below: To access the BPP ACCA Exam Success site for this material please go to: www.bpp.com/ExamSuccessSite n Create a user account if you don’t already have one Make sure you reply to the conirmation email n Log in using your registered username and password Select the paper you wish to access n Enter the code you received when prompted You will only have to this once for each paper you are studying P R A C T I C E PAPER P2 CORPORATE REPORTING (INTERNATIONAL AND UNITED KINGDOM) BPP Learning Media is an ACCA Approved Content Provider for the ACCA qualification This means we work closely with ACCA to ensure our products fully prepare you for your ACCA exams In this Practice and Revision Kit, which has been reviewed by the ACCA examination team, we:  Discuss the  Ensure you are well  Provide you with  Provide you with  Provide for revising and taking your ACCA exams for your exam on tackling questions & R E V I S I O N mock exams as well as our own for selected questions Our Passcards support this paper FOR EXAMS FROM SEPTEMBER 2015 TO 31 AUGUST 2016 K I T First edition 2007 Ninth edition April 2015 ISBN 9781 4727 2693 (previous ISBN 9781 4727 1108 3) e-ISBN 9781 4727 2745 British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library Published by BPP Learning Media Ltd BPP House, Aldine Place London W12 8AA www.bpp.com/learningmedia 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 BPP Learning Media Ltd We are grateful to the Association of Chartered Certified Accountants for permission to reproduce past examination questions The suggested solutions in the practice answer bank have been prepared by BPP Learning Media Ltd, except where otherwise stated Printed in the United Kingdom by RICOH UK Limited Unit Wells Place Merstham RH1 3LG Your learning materials, published by BPP Learning Media Ltd, are printed on paper obtained from traceable, sustainable sources ii © BPP Learning Media Ltd 2015 Contents Page Finding questions Question index v Topic index viii Helping you with your revision ix Revising P2 Revising P2 x Passing the P2 exam xi Exam information xiii Analysis of past papers xiii Exam update xxii Useful websites .xxiv Questions and answers Questions Answers 101 Exam practice Mock exam  Questions 351  Plan of attack .359  Answers .360 Mock exam  Questions 379  Plan of attack .389  Answers .392 Mock exam (December 2014)  Questions 413  Plan of attack .421  Answers .423 ACCA's exam answers  June 2014 443  December 2014 455 Mathematical tables 471 Review form iii A note about copyright Dear Customer What does the little © mean and why does it matter? Your market-leading BPP books, course materials and e-learning materials not write and update themselves People write them: on their own behalf or as employees of an organisation that invests in this activity Copyright law protects their livelihoods It does so by creating rights over the use of the content Breach of copyright is a form of theft – as well as being a criminal offence in some jurisdictions, it is potentially a serious breach of professional ethics With current technology, things might seem a bit hazy but, basically, without the express permission of BPP Learning Media:  Photocopying our materials is a breach of copyright  Scanning, ripcasting or conversion of our digital materials into different file formats, uploading them to Facebook or emailing them to your friends is a breach of copyright You can, of course, sell your books, in the form in which you have bought them – once you have finished with them (Is this fair to your fellow students? We update for a reason.) Please note the e-products are sold on a single user licence basis: we not supply 'unlock' codes to people who have bought them second-hand And what about outside the UK? BPP Learning Media strives to make our materials available at prices students can afford by local printing arrangements, pricing policies and partnerships which are clearly listed on our website A tiny minority ignore this and indulge in criminal activity by illegally photocopying our material or supporting organisations that If they act illegally and unethically in one area, can you really trust them? iv Finding questions Question index The headings in this checklist/index indicate the main topics of questions, but questions often cover several different topics Questions set under the previous syllabus Advanced Corporate Reporting paper are included because their style and content are similar to those which appear in the P2 exam The questions have been amended to reflect the current exam format Time Page number Marks allocation Mins Question Answer Part A: Regulatory and ethical framework Financial reporting framework Conceptual framework (12/07, amended) 25 45 101 Accounting standards and disclosure (12/08) 25 45 103 Lizzer (6/13) 25 45 106 Venue (12/11, amended) 25 45 109 – – 113 Part B: Accounting standards Preparation question: Sundry standards Non-current assets Key (12/09) 25 45 116 Prochain (ACR, 6/06) 25 45 119 Johan (12/08) 25 45 121 Scramble (12/11) 25 45 10 125 Employee benefits 10 Preparation question: Defined benefit plan – – 11 127 11 Macaljoy (12/07, amended) 25 45 12 129 12 Smith (6/09, amended) 25 45 13 132 Events after reporting period, provisions and contingencies 13 Ryder (ACR, 12/05) 25 45 14 134 14 Royan (6/12, amended) 15 27 15 137 15 Electron (Pilot paper) 25 45 15 138 Income taxes 16 Cohort (ACR, 6/02, amended) 22 40 16 141 17 Panel (ACR, 12/05) 25 45 17 142 18 Kesare (Pilot paper) 25 45 18 145 – – 19 147 20 148 Financial instruments 19 Preparation question: Financial instruments 20 Bental (12/13, amended) 25 45 21 Avco (6/14, amended) 25 45 21 151 22 Complexity (12/09) 25 45 22 154 23 Ambush (ACR, 12/05, amended) 25 45 22 156 24 Aron (6/09, amended) 25 45 23 158 Finding questions v Leases 25 Preparation question: Leases – – 24 163 26 Havanna (12/13) 25 45 25 164 27 Holcombe (6/10, amended) 25 45 26 167 28 William (6/12) 25 45 27 170 Share-based payment 29 Leigh (ACR, 6/07) 25 45 28 173 30 Margie (12/10) 25 45 29 176 31 Greenie (12/10) 25 45 30 178 Zack (12/13) 25 45 31 181 33 Minco (6/14, amended) 25 45 32 185 34 Alexandra (6/11) 25 45 33 189 35 Cate (6/10) 25 45 34 192 36 Calcula 25 45 35 195 25 45 36 199 Performance reporting 32 Related parties 37 Egin Group (ACR, 6/06) Part C: Group financial statements Revision of basic groups 38 Marrgrett (12/08) 25 45 38 202 39 Preparation question: Associate – – 39 205 Complex groups 40 Preparation question: 'D'-shaped group – – 40 207 41 Preparation question: Sub-subsidiary – – 41 209 42 Glove (ACR, 6/07, amended) 25 45 43 211 43 Case study question: Minny (12/12) 50 90 44 216 44 Case study question: Trailer (6/13) 50 90 46 221 Changes in group structures 45 Preparation question: Part disposal – – 48 229 46 Preparation question: Purchase of further interest – – 50 231 47 Case study question: Marchant (6/14) 50 90 50 233 48 Ejoy (ACR, 6/06, amended) 30 54 52 240 49 Case study question: Traveler (12/11) 50 90 54 244 50 Case study question: Robby (6/12) 50 90 56 250 51 Case study question: Bravado (6/09) 50 90 58 256 52 Case study question: Grange (12/09) 50 90 60 261 53 Case study question: Ashanti (6/10, amended) 50 90 62 269 Foreign transactions and entities vi 54 Preparation question: Foreign operation – – 64 276 55 Aspire (6/14) 25 45 66 278 56 Memo (ACR, 6/04, amended) 32 58 67 281 57 Case study question: Rose (6/11) 50 90 69 285 Finding questions Time Page number Marks allocation Mins Question Answer Group statements of cash flows 58 Preparation question: Consolidated statement of cash flows – – 71 290 59 Case study question: Angel (12/13) 50 90 74 292 60 Case study question: Jocatt (12/10) 50 90 78 297 61 Case study question: Warrburt (12/08, amended) 50 90 82 303 25 45 86 308 Part D: Developments in reporting Environmental and social reporting 62 Glowball (ACR, Pilot paper) Current developments 63 Preparation question: Current issues – – 87 310 64 Fair values and IFRS 13 25 45 88 313 65 Jones and Cousin (ACR 12/06) 25 45 88 315 Specialised entities and specialised transactions 66 Lockfine (6/11) 25 45 89 318 67 Seltec (6/10) 25 45 90 321 68 Ethan (6/12) 25 45 91 324 69 Norman (6/08) 25 45 92 327 70 Preparation question: Reconstruction scheme – – 93 330 71 Plans 15 27 94 333 72 Decany (12/11) 25 45 94 335 73 Lucky Dairy (ACR, 6/02, amended) 25 45 95 339 IFRS for small and medium-sized entities 74 IFRSs and SMEs (ACR, 6/06, amended) 25 45 97 341 75 Whitebirk (12/10, amended) 22 40 97 344 Mock exam 76 77 78 79 Case study question: Ribby (6/08) Coate (12/12) Blackcutt (12/12) Jayach (12/12) Mock exam 80 81 82 83 Case study question: Beth (12/07, amended) Verge (6/13) Janne (6/13) Implementing IFRS (6/08) Mock exam (December 2014) 84 85 86 87 Case study question: Joey (12/14) Coatmin (12/14) Kayte (12/14) Estoil(12/14) Finding questions vii Topic index Listed below are the key Paper P2 syllabus topics and the numbers of the questions in this Kit covering those topics If you need to concentrate your practice and revision on certain topics or if you want to attempt all available questions that refer to a particular subject, you will find this index useful viii Syllabus topic Question numbers Associates Complex groups Consolidated statement of financial position Consolidated statement of profit or loss and other comprehensive income Consolidated statement of cash flows Corporate citizenship Disposals Employee benefits Environmental issues Ethics Financial instruments Foreign currency IAS (revised) Impairment International issues IFRS IFRS IFRS IFRS 10 to 12 IFRS 13 Joint ventures Measurement of performance Non-current assets Provisions Related party transactions Reporting performance Revenue recognition Share-based payment Small and medium-sized entities Taxation 39 40 – 44 50 Finding questions 43 58 – 61 65 45 – 53 10 – 12 62 43,44, 49 – 53, 57, 60, 61 19 – 24 54 – 57 Throughout 9, 87 68 29 – 31 38 – 61 19 – 24 38 – 61 64, throughout 67 32 – 36 6–9 13 – 15 37, 85 34 4, 29 – 31 74, 75 16 – 18 When a specific rate for an asset or CGU is not directly available from the market, which is usually the case, the entity’s weighted average cost of capital (WACC) can be used as a starting point While not prescribed, WACC is by far the most commonly used base for the discount rate However, the appropriate way to calculate the WACC is a complex subject, but the objective must be to obtain a rate, which is sensible and justifiable In any event the rate can be subjective (d) The impact of taxation on the impairment test, given the requirement in IAS 36 to measure VIU using pre-tax cash flows and discount rates VIU, as defined by IAS 36, is primarily an accounting concept and not necessarily a business valuation of the asset or CGU For calculating VIU, IAS 36 requires pre-tax cash flows and a pre-tax discount rate WACC is a post-tax rate, as are most observable equity rates used by valuers Because of the issues in calculating an appropriate pre-tax discount rate and because it aligns more closely with their normal business valuation approach, some entities attempt to perform a VIU calculation based on a post-tax rate and post-tax cash flows (e) Ensuring that the recoverable amount and carrying amount which are being compared are consistently determined For example, pensions are mentioned by IAS 36 as items which might be included in the recoverable amount of a CGU In practice, this could be fraught with difficulty, and entities will have to reflect the costs of providing pensions to employees and may need to make a pragmatic allocation to estimate a pension cost as part of the employee cost cash flow (f) The incorporation of corporate assets into the impairment test If possible, the corporate assets are to be allocated to individual CGUs on a ‘reasonable and consistent basis’ This is not expanded upon in IAS 36 and affords some flexibility, but can lead to inconsistency The same criteria must be applied at all times Impairment disclosures Disclosure is a key communication to investors by management Disclosures which describe the factors which could result in impairment become even more important when value has been eroded Goodwill impairment disclosures are a requirement, but can be a problem The key question is whether sufficient disclosure has been made about the uncertainty of the impairment calculation Sensitivity disclosures about adverse situations, such as those triggered by volatile prices, provide useful information and whether a possible change in a key assumption, such as the discount rate, could lead to recoverable amount being equal to carrying amount, or result in impairment losses (b) (i) The discount rate used by Estoil has not been calculated in accordance with the requirements of IAS 36 Impairment of Assets According to IAS 36, the future cash flows are estimated in the currency in which they will be generated and then discounted using a discount rate appropriate for that currency IAS 36 requires the present value to be translated using the spot exchange rate at the date of the value in use calculation Furthermore, the currency in which the estimated cash flows are denominated affects many of the inputs to the WACC calculation, including the risk free interest rate Estoil has used the 10-year government bond rate for its jurisdiction as the risk free rate in the calculation of the discount rate As government bond rates differ between countries due to different expectations about future inflation, value in use could be calculated incorrectly due to the disparity between the expected inflation reflected in the estimated cash flows and the risk free rate According to IAS 36, the discount rate should reflect the risks specific to the asset Accordingly, one discount rate for all the CGUs does not represent the risk profile of each CGU The discount rate generally should be determined using the WACC of the CGU or of the company of which the CGU is currently part Using a company’s WACC for all CGUs is appropriate only if the specific risks associated with the specific CGUs not diverge materially from the remainder of the group In the case of Estoil, this is not apparent (ii) 466 It appears that the cash flow forecasts were not prepared based on the requirements of IAS 36 IAS 36 states that cash flow projections used in measuring value in use shall be based on Examiner's answers: December 2014 reasonable and supportable assumptions which represent management’s best estimate of the range of economic conditions which will exist over the remaining useful life of the asset IAS 36 also states that management must assess the reasonableness of the assumptions by examining the causes of differences between past cash flow projections and actual cash Management should ensure that the assumptions on which its current cash flow projections are based are consistent with past actual outcomes Despite the fact that the realised cash flows for 2014 were negative and far below projected cash flows, the directors had significantly raised budgeted cash flows for 2015 without justification There are serious doubts about Fariole’s ability to establish realistic budgets According to IAS 36, estimates of future cash flows should include: (i) projections of cash inflows from the continuing use of the asset; (ii) projections of cash outflows which are necessarily incurred to generate the cash inflows from continuing use of the asset; and (iii) net cash flows to be received (or paid) for the disposal of the asset at the end of its useful life IAS 36 states that projected cash outflows should include those required for the day-to-day servicing of the asset which includes future cash outflows to maintain the level of economic benefits expected to arise from the asset in its current condition It is highly unlikely that no investments in working capital or operating assets would need to be made to maintain the assets of the CGUs in their current condition Therefore, the cash flow projections used by Fariole are not in compliance with IAS 36 Examiner's answers: December 2014 467 Professional Level – Essentials Module, Paper P2 (INT) Corporate Reporting (International) December 2014 Answers Marking scheme Marks 468 (a) Property, plant and equipment Goodwill Assets held for sale Current assets/total non-current liabilities Retained earnings Other components of equity Non-controlling interest Current liabilities Joint venture (b) Subjective assessment of discussion Up to marks per element (c) Subjective assessment – mark per point (a) IAS 24.5 (b) IFRS explanation Guarantee calculations (c) Hedging discussion Effectiveness discussion (d) Credit risk entries Professional marks 25 (a) IFRS 3/IFRS 10 – mark per point up to 12 (b) IAS 16 and application – mark per point up to Professional marks 11 25 (a) Subjective issues – mark per point 13 (b) Subjective Professional marks 10 25 Examiner's answers: December 2014 6 3 35 50 Mathematical tables 469 470 Present value table Present value of = (1+r)-n where r = discount rate, n = number of periods until payment This table shows the present value of £1 per annum, receivable or payable at the end of n years Periods (n) 10 11 12 13 14 15 16 17 18 19 20 1% 0.990 0.980 0.971 0.961 0.951 0.942 0.933 0.923 0.914 0.905 0.896 0.887 0.879 0.870 0.861 0.853 0.844 0.836 0.828 0.820 2% 0.980 0.961 0.942 0.924 0.906 0.888 0.871 0.853 0.837 0.820 0.804 0.788 0.773 0.758 0.743 0.728 0.714 0.700 0.686 0.673 3% 0.971 0.943 0.915 0.888 0.863 0.837 0.813 0.789 0.766 0.744 0.722 0.701 0.681 0.661 0.642 0.623 0.605 0.587 0.570 0.554 4% 0.962 0.925 0.889 0.855 0.822 0.790 0.760 0.731 0.703 0.676 0.650 0.625 0.601 0.577 0.555 0.534 0.513 0.494 0.475 0.456 Discount rates (r) 5% 6% 0.952 0.943 0.907 0.890 0.864 0.840 0.823 0.792 0.784 0.747 0.746 0.705 0.711 0.665 0.677 0.627 0.645 0.592 0.614 0.558 0.585 0.527 0.557 0.497 0.530 0.469 0.505 0.442 0.481 0.417 0.458 0.394 0.436 0.371 0.416 0.350 0.396 0.331 0.377 0.312 7% 0.935 0.873 0.816 0.763 0.713 0.666 0.623 0.582 0.544 0.508 0.475 0.444 0.415 0.388 0.362 0.339 0.317 0.296 0.277 0.258 8% 0.926 0.857 0.794 0.735 0.681 0.630 0.583 0.540 0.500 0.463 0.429 0.397 0.368 0.340 0.315 0.292 0.270 0.250 0.232 0.215 9% 0.917 0.842 0.772 0.708 0.650 0.596 0.547 0.502 0.460 0.422 0.388 0.356 0.326 0.299 0.275 0.252 0.231 0.212 0.194 0.178 10% 0.909 0.826 0.751 0.683 0.621 0.564 0.513 0.467 0.424 0.386 0.350 0.319 0.290 0.263 0.239 0.218 0.198 0.180 0.164 0.149 Periods (n) 10 11 12 13 14 15 16 17 18 19 20 11% 0.901 0.812 0.731 0.659 0.593 0.535 0.482 0.434 0.391 0.352 0.317 0.286 0.258 0.232 0.209 0.188 0.170 0.153 0.138 0.124 12% 0.893 0.797 0.712 0.636 0.567 0.507 0.452 0.404 0.361 0.322 0.287 0.257 0.229 0.205 0.183 0.163 0.146 0.130 0.116 0.104 13% 0.885 0.783 0.693 0.613 0.543 0.480 0.425 0.376 0.333 0.295 0.261 0.231 0.204 0.181 0.160 0.141 0.125 0.111 0.098 0.087 14% 0.877 0.769 0.675 0.592 0.519 0.456 0.400 0.351 0.308 0.270 0.237 0.208 0.182 0.160 0.140 0.123 0.108 0.095 0.083 0.073 Discount rates (r) 15% 16% 0.870 0.862 0.756 0.743 0.658 0.641 0.572 0.552 0.497 0.476 0.432 0.410 0.376 0.354 0.327 0.305 0.284 0.263 0.247 0.227 0.215 0.195 0.187 0.168 0.163 0.145 0.141 0.125 0.123 0.108 0.107 0.093 0.093 0.080 0.081 0.069 0.070 0.060 0.061 0.051 17% 0.855 0.731 0.624 0.534 0.456 0.390 0.333 0.285 0.243 0.208 0.178 0.152 0.130 0.111 0.095 0.081 0.069 0.059 0.051 0.043 18% 0.847 0.718 0.609 0.516 0.437 0.370 0.314 0.266 0.225 0.191 0.162 0.137 0.116 0.099 0.084 0.071 0.060 0.051 0.043 0.037 19% 0.840 0.706 0.593 0.499 0.419 0.352 0.296 0.249 0.209 0.176 0.148 0.124 0.104 0.088 0.074 0.062 0.052 0.044 0.037 0.031 20% 0.833 0.694 0.579 0.482 0.402 0.335 0.279 0.233 0.194 0.162 0.135 0.112 0.093 0.078 0.065 0.054 0.045 0.038 0.031 0.026 Mathematical tables 471 Cumulative present value table This table shows the present value of £1 per annum, receivable or payable at the end of each year for n years Periods (n) 10 11 12 13 14 15 16 17 18 19 20 Periods (n) 10 11 12 13 14 15 16 17 18 19 20 472 1% 0.990 1.970 2.941 3.902 4.853 5.795 6.728 7.652 8.566 9.471 10.37 11.26 12.13 13.00 13.87 14.718 15.562 16.398 17.226 18.046 11% 0.901 1.713 2.444 3.102 3.696 4.231 4.712 5.146 5.537 5.889 6.207 6.492 6.750 6.982 7.191 7.379 7.549 7.702 7.839 7.963 Mathematical tables 2% 0.980 1.942 2.884 3.808 4.713 5.601 6.472 7.325 8.162 8.983 9.787 10.58 11.35 12.11 12.85 13.578 14.292 14.992 15.678 16.351 12% 0.893 1.690 2.402 3.037 3.605 4.111 4.564 4.968 5.328 5.650 5.938 6.194 6.424 6.628 6.811 6.974 7.120 7.250 7.366 7.469 3% 0.971 1.913 2.829 3.717 4.580 5.417 6.230 7.020 7.786 8.530 9.253 9.954 10.63 11.30 11.94 12.561 13.166 13.754 14.324 14.877 13% 0.885 1.668 2.361 2.974 3.517 3.998 4.423 4.799 5.132 5.426 5.687 5.918 6.122 6.302 6.462 6.604 6.729 6.840 6.938 7.025 4% 0.962 1.886 2.775 3.630 4.452 5.242 6.002 6.733 7.435 8.111 8.760 9.385 9.986 10.56 11.12 11.652 12.166 12.659 13.134 13.590 Discount rates (r) 5% 6% 0.952 0.943 1.859 1.833 2.723 2.673 3.546 3.465 4.329 4.212 5.076 4.917 5.786 5.582 6.463 6.210 7.108 6.802 7.722 7.360 8.306 7.887 8.863 8.384 9.394 8.853 9.899 9.295 10.38 9.712 10.838 10.106 11.274 10.477 11.690 10.828 12.085 11.158 12.462 11.470 7% 0.935 1.808 2.624 3.387 4.100 4.767 5.389 5.971 6.515 7.024 7.499 7.943 8.358 8.745 9.108 9.447 9.763 10.059 10.336 10.594 8% 0.926 1.783 2.577 3.312 3.993 4.623 5.206 5.747 6.247 6.710 7.139 7.536 7.904 8.244 8.559 8.851 9.122 9.372 9.604 9.818 9% 0.917 1.759 2.531 3.240 3.890 4.486 5.033 5.535 5.995 6.418 6.805 7.161 7.487 7.786 8.061 8.313 8.544 8.756 8.950 9.129 10% 0.909 1.736 2.487 3.170 3.791 4.355 4.868 5.335 5.759 6.145 6.495 6.814 7.103 7.367 7.606 7.824 8.022 8.201 8.365 8.514 14% 0.877 1.647 2.322 2.914 3.433 3.889 4.288 4.639 4.946 5.216 5.453 5.660 5.842 6.002 6.142 6.265 6.373 6.467 6.550 6.623 Discount rates (r) 15% 16% 0.870 0.862 1.626 1.605 2.283 2.246 2.855 2.798 3.352 3.274 3.784 3.685 4.160 4.039 4.487 4.344 4.772 4.607 5.019 4.833 5.234 5.029 5.421 5.197 5.583 5.342 5.724 5.468 5.847 5.575 5.954 5.668 6.047 5.749 6.128 5.818 6.198 5.877 6.259 5.929 17% 0.855 1.585 2.210 2.743 3.199 3.589 3.922 4.207 4.451 4.659 4.836 4.988 5.118 5.229 5.324 5.405 5.475 5.534 5.584 5.628 18% 0.847 1.566 2.174 2.690 3.127 3.498 3.812 4.078 4.303 4.494 4.656 4.793 4.910 5.008 5.092 5.162 5.222 5.273 5.316 5.353 19% 0.840 1.547 2.140 2.639 3.058 3.410 3.706 3.954 4.163 4.339 4.486 4.611 4.715 4.802 4.876 4.938 4.990 5.033 5.070 5.101 20% 0.833 1.528 2.106 2.589 2.991 3.326 3.605 3.837 4.031 4.192 4.327 4.439 4.533 4.611 4.675 4.730 4.775 4.812 4.843 4.870 Notes Notes Notes Notes Notes Notes Review Form – Paper P2 Corporate Reporting 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