Question Tag: IAS 16

Search 500 + past questions and counting.

AAA – May 2024 – L3 – SB – Q2 – Overview of Advanced Audit and Assurance

Discuss audit review types, include necessary IAS 16 and IAS 36 information in the audit checklist, and advise on misclassified asset treatment.

Question

The statement below is an extract of property, plant and equipment from the “notes to the financial statements” of ABC Plc:

	Land and buildings	Plant, equipment, fixtures and fittings, and motor vehicles	Total
Costs (₦)
At January 1, 2020	75,230,481	120,454,850	195,685,331
Additions	12,540,000	16,000,500	28,540,500
Acquisitions through business combinations	24,400,000	35,750,430	60,150,430
Classified as held for sale	(10,200,450)	(15,450,600)	(25,651,050)
Disposals	(5,000,465)	(10,700,250)	(15,700,715)
At December 31, 2020	96,969,566	146,054,930	243,024,496
Accumulated depreciation and impairment losses
At January 1, 2020	46,660,254	66,675,860	113,336,114
Depreciation charge for the year	5,594,523	17,220,518	22,815,041
Classified as held for sale	(7,650,338)	(9,270,000)	(16,920,338)
Disposals	(3,762,523)	(9,034,069)	(12,796,592)
Impairment losses	5,267,533	6,022,713	11,290,246
Reversal of Impairment losses	(4,515,028)	(4,818,170)	(9,333,198)
At December 31, 2020	41,594,421	66,796,852	108,391,273

Net carrying amount
At December 31, 2020: ₦55,375,145 (Land and buildings), ₦79,258,078 (Plant, equipment, fixtures, and fittings, and motor vehicles), Total: ₦134,633,223
At December 31, 2019: ₦28,590,212 (Land and buildings), ₦53,778,390 (Plant, equipment, fixtures, and fittings, and motor vehicles), Total: ₦82,368,602

The above was the situation of the statement of financial position of the company when it was signed at the board of directors meeting. During further review to sign off the audit file, it was discovered that the classification of some of the assets as impaired was due to wrong classification and the value had actually increased due to a new road network in the location. This affected the impairment losses for the year. The new value of the buildings affected and shown in the note above as available from market survey had actually grown to ₦8.5 million within the period under review.

Required:

Evaluate the different types of audit review, the purposes, and the scope of the reviews. (10 Marks)
Discuss the necessary information to be included in the audit checklist based on the information above in relation to IAS 16 – Property, Plant, and Equipment and IAS 36 – Impairment of Assets. (7 Marks)
Advise on the treatment of the issue raised with regard to the wrongly classified assets. (3 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: and Equipment, Asset Classification, Audit Review, Financial Reporting, IAS 16, IAS 36, Impairment Reversal, Plant, Property
Level: Level 3

Topic: Overview of Advanced Audit and Assurance
Series: MAY 2024

FR – Nov 2014 – L2 – Q7b – Property, Plant and Equipment (IAS 16)

Prepare a statement of changes in Property, Plant and Equipment for Kwali Nigeria Plc.

Question

b. The following details are extracted from the non-current assets register of Kwali
Nigeria Plc at the year ended 30 September 2013:

Additional information:

(i) During the year ended 30 September 2013, the company incurred the
sum of N106,000,000 on the construction work in progress and this
resulted in the completion of a warehouse costing N325,000,000. The
warehouse was put to use on 1 June, 2013. The freehold property is
depreciated at a flat rate of 15% per annum on a straight-line basis.

(ii) The leasehold property was acquired on 1 October 2011 on 15 years
lease at a cost of N300,000,000. The company’s policy is to revalue the
property at market value at each year end. At 30 September 2013, the
property was valued at N204,600,000.

(iii) Plant acquired is depreciated at 25% per annum using the reducing
balance method while the leased plant is also depreciated at 25% using
the straight-line method.

(iv) One item of plant acquired for N48,000,000 on 1 October 2010 was
disposed on 30 September, 2013 for N36,000,000 while a new plant with
a higher capacity was acquired as a replacement for N65,000,000 on the
same date.

(v) All the additional pieces of information above are yet to be adjusted for
in the books of Kwali Nigeria Plc.

Required:

Prepare a statement of changes in Property, Plant and Equipment for inclusion in the
Financial Statements for the year ended 30 September 2013. (10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Statements, IAS 16, Kwali Nigeria Plc, Non-current Assets
Level: Level 2

Topic: Property, Plant, and Equipment (IAS 16)
Series: NOV 2014

FR – Nov 2014 – L2 – Q7a – Property, Plant and Equipment (IAS 16)

Identify the elements of cost for PPE and provide examples of directly attributable costs.

Question

a. IAS 16 covers all aspects of accounting for Property, Plant and Equipment (PPE), including its measurement and qualification for recognition as an asset. The standard also describes the elements of cost, stating that some costs are directly attributable to the costs of PPE while some other costs fail to qualify as costs of an item of PPE.

Required:

In the context of IAS 16, identify the elements of cost of an item of Property, Plant, and Equipment, giving SIX examples of directly attributable costs. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost Elements, Directly Attributable Costs, IAS 16, Plant and Equipment, Property
Level: Level 2

Topic: Property, Plant, and Equipment (IAS 16)
Series: NOV 2014

FR – May 2024 – L2 – SB – Q4 – Impairment of Assets (IAS 36)

Differentiate between impairment and depreciation, and discuss the indicators and accounting treatment of impairment as per IAS 36.

Question

a. Differentiate between impairment and depreciation. (5 Marks)

b. Discuss the following as contained in IAS 36 – Impairment of Assets: i. Indicators of impairment.
ii. How to identify and account for impairment of assets. (6 Marks)

c. A non-current asset in the statement of financial position of Zamfara Ltd, an SME, at the beginning of the financial year had a carrying amount of ₦800,000. The asset had previously been revalued, and there was a revaluation surplus of ₦50,000 relating to it in the revaluation reserve. At the end of the financial year, Zamfara Ltd suspected that the asset had been impaired. It, therefore, estimated the recoverable amount of the asset and found this to be ₦600,000. The depreciation charge on the asset for the year would be ₦80,000.

Required:
As the finance manager of Zamfara Ltd, explain with relevant computation the accounting treatments required in line with the provisions of IAS 36. (9 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Depreciation, Financial Reporting, IAS 16, IAS 36, Impairment
Level: Level 3

Topic: Impairment of Assets (IAS 36)
Series: MAY 2024

FA – May 2012 – L1 – SA – Q5 – Accounting for Property, Plant, and Equipment (IAS 16)

Identifying features of non-current assets under IAS 16.

Question

According to IAS 16 – “Accounting for Property, Plant and Equipment” all of the following are features of non-current assets EXCEPT where they are:

A. Held by an enterprise for use in the production or supply of goods and services
B. Expected to be used on a continuing basis
C. Intended for sale in the ordinary course of business
D. Financed by leasehold rights
E. Held for rental to others, or for administration purpose.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Asset Valuation, IAS 16, Non-current Assets
Level: Level 1

Topic: Accounting for Property, Plant, and Equipment (PPE) IAS 16
Series: MAY 2012

FR – Nov 2020 – L2 – Q6 – Property, Plant, and Equipment (IAS 16)

Discuss depreciation concepts and characteristics under IAS 16 and calculate machine cost, revenue expenditures, and carrying amounts over the years.

Question

Noodles Nigeria Limited (NNL) manufactures various types of noodles in Oluyole for sale across Nigeria. Recently, to sustain the company’s market leadership, NNL bought a brand new machine under the following conditions:

On September 1, 2016, NNL decided to upgrade the machine by adding new major components at a cost of N300,000,000. As a result of the upgrade, the remaining useful life was increased to 8,000,000 units and the residual value was revised to N114,000,000.

Required:
a. Describe what is meant by depreciable amount within the context of IAS 16 on property, plant, and equipment (PPE). (1 Mark)
b. Highlight THREE characteristics of depreciable assets under IAS 16. (3 Marks)
c. Describe the TWO models of accounting for cost of PPE under IAS 16. (3 Marks)
d. Calculate the following:
i. Machine cost. (3 Marks)
ii. Revenue expenditure over the years in the statement of profit or loss. (5 Marks)
iii. Carrying amounts of the machine over the years. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Models, Depreciable Amount, Depreciable assets, IAS 16
Level: Level 2

Topic: Property, Plant, and Equipment (IAS 16)
Series: NOV 2020

FR – Nov 2021 – L2 – Q7b – Property, Plant, and Equipment (IAS 16)

Explain the two methods of valuation for property, plant, and equipment as per IAS 16.

Question

AS 16 prescribes the principles and models of the valuation in recognizing items of property, plant, and equipment in the financial statements of an entity.

Required:
Briefly explain the TWO methods of valuation recognized in IAS 16 – property, plant, and equipment.

Answer

Find Related Questions by Tags, levels, etc.

Tags: and Equipment, IAS 16, Plant, Property, Valuation Methods
Level: Level 2

Topic: Property, Plant, and Equipment (IAS 16)
Series: NOV 2021

FA – Nov 2013 – L1 – SA – Q36 – Accounting for Property, Plant, and Equipment (IAS 16)

Understanding the term for when the carrying amount of an asset exceeds its recoverable amount under IAS 16.

Question

In accordance with IAS 16 (Property, Plant and Equipment), the amount by which the carrying amount of an asset exceeds its recoverable amount is called ____________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Asset Valuation, IAS 16, Impairment Loss
Level: Level 1

Topic: Accounting for Property, Plant, and Equipment (PPE) IAS 16
Series: NOV 2013

FA – Nov 2013 – L1 – SA – Q25 – Accounting for Property, Plant, and Equipment (IAS 16)

Understanding the term for a new value resulting from revaluation under IAS 16.

Question

According to IAS 16 (Property, Plant, and Equipment), the new value as a result of a revaluation exercise carried out on property, plant, and equipment, within the context of the historical cost system is called ____________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: and Equipment, IAS 16, Plant, Property, Revaluation
Level: Level 1

Topic: Accounting for Property, Plant, and Equipment (PPE) IAS 16
Series: NOV 2013

FR – May 2019 – L2 – Q4c – Property, Plant, and Equipment (IAS 16)

Preparation of extracts of the statement of profit or loss and statement of financial position for Chidinma Ventures Plc, accounting for leasehold property revaluation.

Question

Chidinma Ventures Plc. acquired a 12-year lease on a property on 1 October, 2016 at a cost of N132 million. The company’s policy is to revalue its properties to their market value at the end of each year.

Accumulated amortization is eliminated, and the property is restated to the revalued amount. Annual amortization is calculated on the carrying values at the beginning of the year. The market values of the property on 30 September 2017 and 2018 were N127.05 million and N96.25 million, respectively. The existing balance on the revaluation surplus at 1 October, 2016 was N27.5 million. This is related to some non-depreciable land whose value had not changed significantly since 1 October 2016.

Required:
Prepare extracts of the statement of profit or loss and statement of financial position for the year ended 30 September 2017 and 2018 in respect of the leasehold property.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Amortization, IAS 16, Leasehold Property, Revaluation, Revaluation Loss, Revaluation Surplus
Level: Level 2

Topic: Property, Plant, and Equipment (IAS 16)
Series: MAY 2019

FR – Nov 2019 – L2 – Q5c – Financial Reporting Standards and Their Applications

Calculate amounts recognized in Profit or Loss and Other Comprehensive Income for foreign property purchased and revalued.

Question

On 1 August 2018, Charlie Ltd, whose functional currency is the cedi, bought a property in Morocco for DH40 million. The property had a 20-year useful economic life with no residual value estimated. On 31 July 2019, the property was revalued to DH45 million.

Exchange rates were:

1 January 2018: GH¢1 = DH 1.32
1 August 2018: GH¢1 = DH 1.25
31 July 2019: GH¢1 = DH 1.125
Required:
In accordance with IAS 21: The Effects of Changes in Foreign Exchange Rates and IAS 16: Property, Plant & Equipment, how much should be recognized in the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 July 2019?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Reporting, Foreign Exchange, IAS 16, IAS 21, Property Revaluation

Topic: Financial Reporting Standards and Their Applications
Series: NOV 2019

FA – May 2024 – L1 – SB – Q4a – Accounting for Property, Plant, and Equipment (IAS 16)

Describes how subsequent costs related to Property, Plant, and Equipment (PPE) are treated in accordance with IAS 16.

Question

Describes how subsequent costs related to Property, Plant, and Equipment (PPE) are treated in accordance with IAS 16.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Asset Recognition, IAS 16, PPE, Subsequent Costs
Level: Level 1

Topic: Accounting for Property, Plant, and Equipment (PPE) IAS 16
Series: MAY 2024

FR – May 2017 – L2 – Q2b – Financial Reporting Standards and Their Applications

Calculate the capitalised costs for the construction of an office building.

Question

The following costs were incurred in 2016 in the design and construction of a new office building over a nine-month period during 2016:

Required:
In accordance with IAS 16 Property, Plant and Equipment, calculate the amount that should be capitalised as property in the financial statements for the year ending 31 December 2016.
(4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Capitalisation of Costs, IAS 16, Office Building, Property Plant and Equipment
Level: Level 2

Topic: Financial Reporting Standards and Their Applications
Series: MAY 2017

FR – March 2024 – L2 – Q5a – Professional and Ethical Issues in Financial Reporting

Advise Esther on the appropriate actions to take in response to unethical pressure in financial reporting.

Question

Esther is a Chartered Accountant who works in a team that reports to Ameka, the Finance Director of Novak Ltd. Ameka is also a Chartered Accountant and has a domineering personality. Novak Ltd revalues commercial properties in line with IAS 16: Property, Plant and Equipment. Valuation information received last year showed that the fair value of the property portfolio was 2% less than the carrying amount of the properties (with no single property being more than 4% difference). A downward revaluation was not recognised on the grounds that the carrying amount was not materially different from the fair value.

This year’s valuation shows a continued decline in the fair value of the property portfolio. It is now 5% less than the carrying amount of the properties with some properties now being 15% below the carrying amount. Esther submitted workings to Ameka in which she had recognised the downward revaluations in accordance with IAS 16. Ameka has sent Esther an email in response in which he wrote: “Stop bothering me with this rubbish. There is no need to write the properties down. The fair value of the portfolio is only 5% different from its carrying amount. Restate the numbers immediately.”

Required:
Advise Esther on the appropriate actions to take.
(5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ethical dilemma, Financial Reporting, IAS 16, Professional Ethics, Revaluation
Level: Level 2

Topic: Professional and Ethical Issues in Financial Reporting
Series: MAR 2024

FR – May 2018 – L2 – Q5c – Financial Reporting Standards and Their Applications

Identify two differences between the cost model and revaluation model for Property, Plant, and Equipment.

Question

Once an entity has recognized an item of Property, Plant, and Equipment as an asset in its books, the entity can choose between two models (or methods) to account for the asset in subsequent measurement periods, that is, the period(s) after the asset has been acquired and before its disposition. The two models are the cost model and the revaluation model. The entity shall apply the same model to the entire class of property, plant, and equipment to which that asset is of similar nature and use in the entity’s operations.

Required:
Identify TWO differences between the cost and revaluation model for the measurement of Property, Plant, and Equipment. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: and Equipment, Cost Model, IAS 16, Plant, Property, Revaluation Model
Level: Level 2

Topic: Financial Reporting Standards and Their Applications
Series: MAY 2018

FR – May 2019 – L2 – Q3 – Preparation of Financial Statements

Preparation of Statement of Profit or Loss and Statement of Financial Position for Frafraha Ltd as at 31 March 2018.

Question

The following trial balance was extracted from the books of Frafraha Ltd (Frafraha) on 31 March 2018:

The following notes may be relevant:

Frafraha applies the revaluation model of IAS 16 Property, Plant & Equipment to its land and buildings. A revaluation took place on 31 March 2017 and resulted in the fair value of GH¢62 million shown above. This figure included GH¢22 million in respect of land. The buildings were deemed to have a 40-year useful economic life remaining at that date. No depreciation has yet been charged for the accounting period ended on 31 March 2018. All depreciation is charged to cost of sales. On 31 March 2018, a further revaluation took place, which revealed a fair value of GH¢24 million for the land and GH¢41 million for the buildings. This is to be recorded in the books in accordance with the accounting policy of Frafraha.
Plant & equipment is being depreciated at 25% per annum straight line from the date of purchase to the date of sale. On 1 October 2017, a piece of plant was purchased at a cost of GH¢12 million. This replaced another piece of plant which had cost GH¢8 million some years ago and was fully depreciated prior to 31 March 2017. A trade-in allowance of GH¢1 million was received for the old plant. The only entries made to record this transaction were to credit cash and debit suspense with the net payment of GH¢11 million. No other item of plant was more than three years old at 1 April 2017.
The inventories figure in the trial balance is the opening inventories balance measured on the first-in, first-out (FIFO) basis. Due to a change in Frafraha’s business, the company decided to change its accounting policy with respect to inventories to a weighted average basis, as follows:

Date	FIFO (GH¢’000)	Weighted Average (GH¢’000)
31 March 2016	33,200	30,300
31 March 2017	37,300	34,100

Closing inventories at 31 March 2018, measured under the weighted average basis, amounted to GH¢41.2 million.

Intangible assets consist of capitalised development costs of GH¢30 million. These relate to products in development at 1 April 2017. No revenue has yet been earned from any of these products. They are all expected to be successful once ready for market, with the exception of one project. The amount previously capitalised in respect of this project was GH¢6 million. However, adverse developments have led to the decision to abandon the project as it was unlikely to be successful in the marketplace. During the year, further expenditure was incurred on other qualifying projects and was charged to administration expenses. The amounts are as follows:
- Prototype development costs GH¢3 million.
- Marketing research to determine the optimal selling strategy GH¢1 million.
- Basic research which may lead to future projects GH¢4 million.
Frafraha commenced construction of a new warehouse on 1 May 2017. The building was completed and available for use on 30 November 2017. The cost of construction amounted to GH¢9 million, funded out of general borrowings, which comprise two bank loans as follows:
- GH¢4 million of bank loan finance at 6% interest.
- GH¢6 million of bank loan finance at 4.5% interest.
All interest costs have been expensed in the year to 31 March 2018, but no other entries have been passed in respect of this. Ignore any depreciation in relation to the new warehouse.
Corporate tax for the year is estimated at GH¢0.25 million.

Required:

Prepare, in a form suitable for publication to the shareholders of Frafraha Ltd, the Statement of Profit or Loss for the year ended 31 March 2018 and Statement of Financial Position as at 31 March 2018.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Depreciation, Financial Position, Financial Statements, IAS 16, Intangible Assets, Inventory Valuation, Profit or Loss, Revaluation
Level: Level 2

Topic: Preparation of Financial Statements
Series: MAY 2019

FR – May 2019 – L2 – Q2b – Financial Reporting Standards and Their Applications

Preparation of extracts from consolidated financial statements related to investment properties of Kumbungu Group

Question

Kumbungu Group owns a number of freehold properties throughout Northern Region. Three of these properties are rented out under annual contracts, the details of which are as follows:

Property	Life	Cost (GH¢’000)	Value at 31/12/2017 (GH¢’000)	Value at 31/12/2018 (GH¢’000)
1	50 years	200	275	225
2	40 years	180	240	210
3	15 years	150	175	180

All three properties were acquired on 1 January 2017, and their valuation is based on their age at the date of the valuation. Property 1 is let to a subsidiary (60% ownership) of Kumbungu on normal commercial terms, while Property 2 and Property 3 are let on normal commercial terms to companies that are not related to Kumbungu.

Kumbungu adopts the fair value model of accounting for investment properties in accordance with IAS 40: Investment Properties and the benchmark treatment for owner-occupied properties in accordance with IAS 16: Property, Plant and Equipment. Annual depreciation, where appropriate, is based on the carrying value of assets at the beginning of the relevant accounting period.

Required:

Prepare extracts for the consolidated income statement of Kumbungu for the year ended 31 December 2018 and the consolidated statement of financial position as at that date in respect of the above properties.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Fair Value Model, IAS 16, IAS 40, Investment Property, Property Valuations
Level: Level 2

Topic: Financial Reporting Standards and Their Applications
Series: MAY 2019

FA – Dec 2023 – L1 – Q2 – Non-current assets and depreciation | Preparation of Partnership accounts

Calculates the cost of an asset under IAS 16 and prepares the Profit and Loss account, current accounts, and Statement of Financial Position for a partnership.

Question

a) Emma Ltd purchased an item of Property, Plant, and Equipment to be used in its new factory site. The following costs were incurred:

Item	GH¢’000
Machine cost	12,800
Delivery cost	1,280
Installation cost	1,600
Trade discount granted	640
Cost of site preparation	2,560
Architect’s fees	192
Administration expenses	1,920
Test run cost	960

Additional information:

i) The test run was to ensure that the asset was installed and working correctly without causing any air pollution. Items of inventories valued at GH¢128,000 were produced during the test run.
ii) The appropriate government agency has granted the company a license to operate the asset on the condition that the company will remove the asset at the end of the project and return the site to its former condition. This will cost the company GH¢3,200,000.

Required:
Calculate the cost of the asset in accordance with the provisions of IAS 16: Property, Plant, and Equipment. (5 marks)

b) Kojo and Owusu have been in partnership for some years as estate agents. The partnership agreement states that they share profits and losses in the ratio 3:2. Interest on capital is payable at the rate of 4% per annum; whilst interest on drawings is charged at the rate of 5% per annum. A salary of GHȼ15,000 is paid to Kojo and a salary of GHȼ10,000 is paid to Owusu.

The following Trial Balance has been extracted from the books at 31 July 2021:

Account	Dr (GH¢)	Cr (GH¢)
Sales commission received		139,100
Electricity	7,000
Wages and salaries	16,500
Repairs	9,800
General expenses	20,000
Capital accounts: Kojo		60,000
Capital accounts: Owusu		50,000
Current accounts: Kojo	2,500
Current accounts: Owusu		5,000
Office Premises	60,000
Provision for depreciation of premises		15,200
Office equipment	44,000
Provision for depreciation of office equipment		13,500
Receivables	45,000
Payables		32,000
Bank	65,000
Drawings: Kojo	20,000
Drawings: Owusu	25,000

(Dr Total: 314,800 GH¢ / Cr Total: 314,800 GH¢)

Additional information:

Electricity owing at 31 July 2021 amounted to GHȼ1,200.
Included in the general expenses is an item of office equipment purchased during the year for GHȼ5,000. This item has not yet been included in the office equipment account.
Repairs include an amount of GHȼ9,000 which relates to the extension of office premises.
Wages and salaries of GHȼ16,500 include an error of GHȼ2,000 salary paid to Kojo and GHȼ1,000 salary paid to Owusu.
Depreciation is to be provided as follows:
- Office equipment: 10% per annum on cost using the straight line method. A full year’s depreciation is provided on all office equipment held on 31 July 2021, regardless of the date of purchase.
- Office Premises: 2% per annum by the straight line method. The rate applies to the cost value at the year end, regardless of the date of any additions during the year.

Required:

i) Prepare the Statement of Profit and Loss (Profit and Loss and Appropriation Account) for the year ended 31 July 2021. (6 marks)
ii) Prepare the Current Accounts for the year ended 31 July 2021. (4 marks)
iii) Prepare the Statement of Financial Position as at 31 July 2021. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: IAS 16, Partnership, Plant and Equipment, Profit and Loss Account, Property, Statement of Financial Position
Level: Level 1

Topic: Non-current assets and depreciation, Preparation of Partnership accounts
Series: DEC 2023

Question Tag: IAS 16

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

AAA – May 2024 – L3 – SB – Q2 – Overview of Advanced Audit and Assurance

Discuss audit review types, include necessary IAS 16 and IAS 36 information in the audit checklist, and advise on misclassified asset treatment.

You're reporting an error for "AAA – May 2024 – L3 – SB – Q2 – Overview of Advanced Audit and Assurance"

FR – Nov 2014 – L2 – Q7b – Property, Plant and Equipment (IAS 16)

Prepare a statement of changes in Property, Plant and Equipment for Kwali Nigeria Plc.

You're reporting an error for "FR – Nov 2014 – L2 – Q7b – Property, Plant and Equipment (IAS 16)"

FR – Nov 2014 – L2 – Q7a – Property, Plant and Equipment (IAS 16)

Identify the elements of cost for PPE and provide examples of directly attributable costs.

You're reporting an error for "FR – Nov 2014 – L2 – Q7a – Property, Plant and Equipment (IAS 16)"

FR – May 2024 – L2 – SB – Q4 – Impairment of Assets (IAS 36)

Differentiate between impairment and depreciation, and discuss the indicators and accounting treatment of impairment as per IAS 36.

You're reporting an error for "FR – May 2024 – L2 – SB – Q4 – Impairment of Assets (IAS 36)"

FA – May 2012 – L1 – SA – Q5 – Accounting for Property, Plant, and Equipment (IAS 16)

Identifying features of non-current assets under IAS 16.

You're reporting an error for "FA – May 2012 – L1 – SA – Q5 – Accounting for Property, Plant, and Equipment (IAS 16)"

FR – Nov 2020 – L2 – Q6 – Property, Plant, and Equipment (IAS 16)

Discuss depreciation concepts and characteristics under IAS 16 and calculate machine cost, revenue expenditures, and carrying amounts over the years.

You're reporting an error for "FR – Nov 2020 – L2 – Q6 – Property, Plant, and Equipment (IAS 16)"

FR – Nov 2021 – L2 – Q7b – Property, Plant, and Equipment (IAS 16)

Explain the two methods of valuation for property, plant, and equipment as per IAS 16.

You're reporting an error for "FR – Nov 2021 – L2 – Q7b – Property, Plant, and Equipment (IAS 16)"

FA – Nov 2013 – L1 – SA – Q36 – Accounting for Property, Plant, and Equipment (IAS 16)

Understanding the term for when the carrying amount of an asset exceeds its recoverable amount under IAS 16.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q36 – Accounting for Property, Plant, and Equipment (IAS 16)"

FA – Nov 2013 – L1 – SA – Q25 – Accounting for Property, Plant, and Equipment (IAS 16)

Understanding the term for a new value resulting from revaluation under IAS 16.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q25 – Accounting for Property, Plant, and Equipment (IAS 16)"

FR – May 2019 – L2 – Q4c – Property, Plant, and Equipment (IAS 16)

Preparation of extracts of the statement of profit or loss and statement of financial position for Chidinma Ventures Plc, accounting for leasehold property revaluation.

You're reporting an error for "FR – May 2019 – L2 – Q4c – Property, Plant, and Equipment (IAS 16)"

FR – Nov 2019 – L2 – Q5c – Financial Reporting Standards and Their Applications

Calculate amounts recognized in Profit or Loss and Other Comprehensive Income for foreign property purchased and revalued.

You're reporting an error for "FR – Nov 2019 – L2 – Q5c – Financial Reporting Standards and Their Applications"

FA – May 2024 – L1 – SB – Q4a – Accounting for Property, Plant, and Equipment (IAS 16)

Describes how subsequent costs related to Property, Plant, and Equipment (PPE) are treated in accordance with IAS 16.

You're reporting an error for "FA – May 2024 – L1 – SB – Q4a – Accounting for Property, Plant, and Equipment (IAS 16)"

FR – May 2017 – L2 – Q2b – Financial Reporting Standards and Their Applications

Calculate the capitalised costs for the construction of an office building.

You're reporting an error for "FR – May 2017 – L2 – Q2b – Financial Reporting Standards and Their Applications"

FR – March 2024 – L2 – Q5a – Professional and Ethical Issues in Financial Reporting

Advise Esther on the appropriate actions to take in response to unethical pressure in financial reporting.

You're reporting an error for "FR – March 2024 – L2 – Q5a – Professional and Ethical Issues in Financial Reporting"

FR – May 2018 – L2 – Q5c – Financial Reporting Standards and Their Applications

Identify two differences between the cost model and revaluation model for Property, Plant, and Equipment.

You're reporting an error for "FR – May 2018 – L2 – Q5c – Financial Reporting Standards and Their Applications"

FR – May 2019 – L2 – Q3 – Preparation of Financial Statements

Preparation of Statement of Profit or Loss and Statement of Financial Position for Frafraha Ltd as at 31 March 2018.

You're reporting an error for "FR – May 2019 – L2 – Q3 – Preparation of Financial Statements"

FR – May 2019 – L2 – Q2b – Financial Reporting Standards and Their Applications

Preparation of extracts from consolidated financial statements related to investment properties of Kumbungu Group

You're reporting an error for "FR – May 2019 – L2 – Q2b – Financial Reporting Standards and Their Applications"

FA – Dec 2023 – L1 – Q2 – Non-current assets and depreciation | Preparation of Partnership accounts

Calculates the cost of an asset under IAS 16 and prepares the Profit and Loss account, current accounts, and Statement of Financial Position for a partnership.

You're reporting an error for "FA – Dec 2023 – L1 – Q2 – Non-current assets and depreciation | Preparation of Partnership accounts"

Our offerings

Contact Info

Customer

Get In Touch

admin