Question Tag: Reporting Standards

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CR – May 2021 – L3 – Q3a – Presentation of Financial Statements (IAS 1)

Analyze Somolu Limited's financial performance and recommend whether Agege Plc should invest; discuss reporting quality improvements.

Question

The Chief Executive Officer (CEO) of Agege Plc. has forwarded the draft financial statements of Somolu Limited through an e-mail to you as the company’s financial consultants.

In the e-mail, the CEO informed you that Agege Plc. is planning to acquire Somolu Limited. Somolu Limited is a private limited company that has recently applied for additional funds which was rejected from its current bankers on the basis that the company has insufficient assets to offer as security.

The draft financial statements of Somolu Limited as at December 31, 2019, are as follows:

Somolu Limited
Statement of profit or loss and other comprehensive income for the year ended December 31, 2019

Somolu Limited
Statement of financial position as at December 31, 2019

Required:

a. Carry out a critical analysis of the financial performance and position of Somolu
Limited together with recommendations as to whether Agege Limited should
consider the investment in Somolu Limited. (14 Marks)

Answer

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Tags: Financial Analysis, IFRS, Ratios, Reporting Standards
Level: Level 3

Topic: Presentation of Financial Statements (IAS 1)

CR – May 2021 – L3 – Q2a – Segment Reporting (IFRS 8)

IFRS 8 on Operating Segments establishes principles for reporting information by operating segments. Discuss the principles in IFRS 8 for determining a company’s reportable operating segments.

Question

IFRS 8 on Operating Segments establishes principles for reporting information by operating segments. Discuss the principles in IFRS 8 for determining a company’s reportable operating segments.

Answer

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Tags: Financial Disclosure, IFRS 8, Operating segments, Reporting Standards
Level: Level 3

Topic: Segment Reporting (IFRS 8)

AAA – May 2023 – L3 – Q2 – Audit of IT Systems and Data Analytics

Discuss challenges and solutions for e-commerce assurance, ethical principles for forensic investigation, and assurance engagement reporting requirements.

Question

There is an indication of increasing application of technology in the business and commercial world. Many activities are now carried out on a real-time basis, and payment systems are gradually reducing the use of cheques.

Your new audit client is one of the companies that has recently enhanced its business settings with respect to receipts and payments. The previous auditor has little depth in information and communication technology despite the growing trend. The client’s management also thinks that its performance in the past has been inadequately reported due to the complicity of the key accounting staff and inadequacies of the previous auditor. The client is therefore considering its options in the circumstances.

Required:

(a) Discuss the challenges encountered in the provision of assurance engagements on e-commerce systems and the approach to address these challenges. (8 Marks)

(b) Evaluate the ethical principles that will be relevant in the conduct of forensic investigation of this client and the considerations the accountant needs to bear in mind in such an assignment. (7 Marks)

Answer

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Tags: Assurance engagements, E-commerce Systems, Ethical Principles, Forensic Investigation, Reporting Standards
Level: Level 3

Topic: Audit of IT Systems and Data Analytics, Forensic Auditing

AAA – Nov 2013 – L3 – A – Q9 – Regulatory Framework and Professional Standards

This question tests understanding of the required components of IFRS-compliant financial statements.

Question

Which of the following is NOT required as part of Financial Statements that are International Financial Reporting Standards (IFRS) compliant?
A. Statement of financial position
B. Statement of cash flows
C. Account receivable
D. Chairman’s statement
E. Non-current assets

Answer

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Tags: Financial Statements, IFRS Compliance, Reporting Standards
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2013

AAA – Nov 2013 – L3 – A – Q6 – Assurance Engagements

This question assesses knowledge of assurance engagements and identifies an activity that is not an assurance engagement.

Question

The following are examples of assurance engagement, EXCEPT
A. Reporting on environmental performance
B. Carrying out statutory audit
C. Reviewing of accounting and internal control system
D. Reporting on statements of accounting policies and goodwill
E. Reviewing of corporate governance within an entity

Answer

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Tags: Assurance Engagement, Audit, Reporting Standards, Review
Level: Level 3

Topic: Assurance Engagements
Series: NOV 2012

AAA – Nov 2013 – L3 – A – Q1 – Audit Reporting

This question tests understanding of considerations for report writing in investigations.

Question

Which of the following may NOT be taken into consideration when writing a report of an investigation?
A. The language of the report must take into consideration the technical knowledge of the users
B. The computation should be detailed in the body of the report
C. The subject-matter of the investigation must be clear from the heading of the report
D. Any reservation should be clearly stated in the body of the report
E. The users of the report must be clearly identifiable

Answer

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Tags: Audit, Investigation, Report Writing, Reporting Standards
Level: Level 3

Topic: Audit Reporting
Series: NOV 2013

AAA – Nov 2011 – L3 – SA – Q18 – Assurance Engagements

Identifies an engagement type that does not qualify as an assurance engagement.

Question

Which ONE of the following is NOT an example of assurance engagement?

A. Reports for lenders and other investors
B. Reports on environmental performance
C. Reports and statement of accounting policies
D. Reports on corporate social responsibility performance
E. A private audit

Answer

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Tags: Assurance Engagement, Corporate Responsibility, Financial Reporting, Reporting Standards
Level: Level 3

Topic: Assurance Engagements
Series: NOV 2011

AAA – Nov 2011 – L3 – SA – Q7 – Audit Reporting

Determines the correct date for an auditor’s report based on audit standards.

Question

The auditors’ report should be dated on the day that the:

A. Report is delivered to the client
B. Field work is completed
C. Fiscal period under which the audit ends
D. Review of the working papers is completed
E. Board meeting approves the accounts

Answer

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Tags: Audit Completion, Audit Date, Auditor's Report, Reporting Standards
Level: Level 3

Topic: Audit Reporting
Series: NOV 2011

CR – Nov 2017 – L3 – Q7 – Regulatory Environment for Corporate Reporting

Outline the components of an annual report, with advantages and limitations of mandatory and voluntary disclosures.

Question

Corporate reporting by listed companies in Nigeria is evidenced by the annual report, defined as a comprehensive report on a company’s activities throughout the preceding year.

The directors of Mugono Plc would like to understand the content of an annual report but are unsure about the difference between mandatory and voluntary disclosures within the report.

Required:
Write a report to the directors of Mugono Plc:

Highlighting the components included in an annual report.
(4 Marks)
Showing the following:
- i. THREE advantages of mandatory disclosures in the annual report (3 Marks)
- ii. FOUR advantages of voluntary disclosures in the annual report (4 Marks)
- iii. TWO limitations of information provided on a voluntary basis (2 Marks)

(For clarity in presentation)
(2 Marks)

Total: 15 Marks

Answer

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Tags: Annual Report, Corporate Governance, Mandatory Disclosures, Reporting Standards, Voluntary Disclosures
Level: Level 3

Topic: Regulatory Environment for Corporate Reporting
Series: NOV 2017

FA – May 2014 – L1 – SA – Q3 – Regulatory Environment of Accounting

Identifies the body responsible for issuing financial reporting standards in Nigeria.

Question

The responsibility for issuing reporting standards in Nigeria is that of …………………………………

Answer

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Tags: Financial Reporting Council, Regulatory Bodies, Reporting Standards
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: MAY 2014

CR – May 2021 – L3 – Q3a – Presentation of Financial Statements (IAS 1)

Analyze Somolu Limited's financial performance and recommend whether Agege Plc should invest; discuss reporting quality improvements.

Question

The Chief Executive Officer (CEO) of Agege Plc. has forwarded the draft financial statements of Somolu Limited through an e-mail to you as the company’s financial consultants.

The draft financial statements of Somolu Limited as at December 31, 2019, are as follows:

Somolu Limited
Statement of profit or loss and other comprehensive income for the year ended December 31, 2019

Somolu Limited
Statement of financial position as at December 31, 2019

Required:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Analysis, IFRS, Ratios, Reporting Standards
Level: Level 3

Topic: Presentation of Financial Statements (IAS 1)

CR – May 2021 – L3 – Q2a – Segment Reporting (IFRS 8)

IFRS 8 on Operating Segments establishes principles for reporting information by operating segments. Discuss the principles in IFRS 8 for determining a company’s reportable operating segments.

Question

Answer

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Tags: Financial Disclosure, IFRS 8, Operating segments, Reporting Standards
Level: Level 3

Topic: Segment Reporting (IFRS 8)

AAA – May 2023 – L3 – Q2 – Audit of IT Systems and Data Analytics

Discuss challenges and solutions for e-commerce assurance, ethical principles for forensic investigation, and assurance engagement reporting requirements.

Question

Required:

(a) Discuss the challenges encountered in the provision of assurance engagements on e-commerce systems and the approach to address these challenges. (8 Marks)

Answer

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Tags: Assurance engagements, E-commerce Systems, Ethical Principles, Forensic Investigation, Reporting Standards
Level: Level 3

Topic: Audit of IT Systems and Data Analytics, Forensic Auditing

AAA – Nov 2013 – L3 – A – Q9 – Regulatory Framework and Professional Standards

This question tests understanding of the required components of IFRS-compliant financial statements.

Question

Answer

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Tags: Financial Statements, IFRS Compliance, Reporting Standards
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2013

AAA – Nov 2013 – L3 – A – Q6 – Assurance Engagements

This question assesses knowledge of assurance engagements and identifies an activity that is not an assurance engagement.

Question

Answer

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Tags: Assurance Engagement, Audit, Reporting Standards, Review
Level: Level 3

Topic: Assurance Engagements
Series: NOV 2012

AAA – Nov 2013 – L3 – A – Q1 – Audit Reporting

This question tests understanding of considerations for report writing in investigations.

Question

Answer

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Tags: Audit, Investigation, Report Writing, Reporting Standards
Level: Level 3

Topic: Audit Reporting
Series: NOV 2013

AAA – Nov 2011 – L3 – SA – Q18 – Assurance Engagements

Identifies an engagement type that does not qualify as an assurance engagement.

Question

Which ONE of the following is NOT an example of assurance engagement?

A. Reports for lenders and other investors
B. Reports on environmental performance
C. Reports and statement of accounting policies
D. Reports on corporate social responsibility performance
E. A private audit

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assurance Engagement, Corporate Responsibility, Financial Reporting, Reporting Standards
Level: Level 3

Topic: Assurance Engagements
Series: NOV 2011

AAA – Nov 2011 – L3 – SA – Q7 – Audit Reporting

Determines the correct date for an auditor’s report based on audit standards.

Question

The auditors’ report should be dated on the day that the:

A. Report is delivered to the client
B. Field work is completed
C. Fiscal period under which the audit ends
D. Review of the working papers is completed
E. Board meeting approves the accounts

Answer

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Tags: Audit Completion, Audit Date, Auditor's Report, Reporting Standards
Level: Level 3

Topic: Audit Reporting
Series: NOV 2011

CR – Nov 2017 – L3 – Q7 – Regulatory Environment for Corporate Reporting

Outline the components of an annual report, with advantages and limitations of mandatory and voluntary disclosures.

Question

Corporate reporting by listed companies in Nigeria is evidenced by the annual report, defined as a comprehensive report on a company’s activities throughout the preceding year.

The directors of Mugono Plc would like to understand the content of an annual report but are unsure about the difference between mandatory and voluntary disclosures within the report.

Required:
Write a report to the directors of Mugono Plc:

Highlighting the components included in an annual report.
(4 Marks)
Showing the following:
- i. THREE advantages of mandatory disclosures in the annual report (3 Marks)
- ii. FOUR advantages of voluntary disclosures in the annual report (4 Marks)
- iii. TWO limitations of information provided on a voluntary basis (2 Marks)

(For clarity in presentation)
(2 Marks)

Total: 15 Marks

Answer

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Tags: Annual Report, Corporate Governance, Mandatory Disclosures, Reporting Standards, Voluntary Disclosures
Level: Level 3

Topic: Regulatory Environment for Corporate Reporting
Series: NOV 2017

FA – May 2014 – L1 – SA – Q3 – Regulatory Environment of Accounting

Identifies the body responsible for issuing financial reporting standards in Nigeria.

Question

The responsibility for issuing reporting standards in Nigeria is that of …………………………………

Answer

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Tags: Financial Reporting Council, Regulatory Bodies, Reporting Standards
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: MAY 2014

Question Tag: Reporting Standards

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CR – May 2021 – L3 – Q3a – Presentation of Financial Statements (IAS 1)

Analyze Somolu Limited's financial performance and recommend whether Agege Plc should invest; discuss reporting quality improvements.

You're reporting an error for "CR – May 2021 – L3 – Q3a – Presentation of Financial Statements (IAS 1)"

CR – May 2021 – L3 – Q2a – Segment Reporting (IFRS 8)

IFRS 8 on Operating Segments establishes principles for reporting information by operating segments. Discuss the principles in IFRS 8 for determining a company’s reportable operating segments.

You're reporting an error for "CR – May 2021 – L3 – Q2a – Segment Reporting (IFRS 8)"

AAA – May 2023 – L3 – Q2 – Audit of IT Systems and Data Analytics

Discuss challenges and solutions for e-commerce assurance, ethical principles for forensic investigation, and assurance engagement reporting requirements.

You're reporting an error for "AAA – May 2023 – L3 – Q2 – Audit of IT Systems and Data Analytics"

AAA – Nov 2013 – L3 – A – Q9 – Regulatory Framework and Professional Standards

This question tests understanding of the required components of IFRS-compliant financial statements.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q9 – Regulatory Framework and Professional Standards"

AAA – Nov 2013 – L3 – A – Q6 – Assurance Engagements

This question assesses knowledge of assurance engagements and identifies an activity that is not an assurance engagement.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q6 – Assurance Engagements"

AAA – Nov 2013 – L3 – A – Q1 – Audit Reporting

This question tests understanding of considerations for report writing in investigations.

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AAA – Nov 2011 – L3 – SA – Q18 – Assurance Engagements

Identifies an engagement type that does not qualify as an assurance engagement.

You're reporting an error for "AAA – Nov 2011 – L3 – SA – Q18 – Assurance Engagements"

AAA – Nov 2011 – L3 – SA – Q7 – Audit Reporting

Determines the correct date for an auditor’s report based on audit standards.

You're reporting an error for "AAA – Nov 2011 – L3 – SA – Q7 – Audit Reporting"

CR – Nov 2017 – L3 – Q7 – Regulatory Environment for Corporate Reporting

Outline the components of an annual report, with advantages and limitations of mandatory and voluntary disclosures.

You're reporting an error for "CR – Nov 2017 – L3 – Q7 – Regulatory Environment for Corporate Reporting"

FA – May 2014 – L1 – SA – Q3 – Regulatory Environment of Accounting

Identifies the body responsible for issuing financial reporting standards in Nigeria.

You're reporting an error for "FA – May 2014 – L1 – SA – Q3 – Regulatory Environment of Accounting"

CR – May 2021 – L3 – Q3a – Presentation of Financial Statements (IAS 1)

Analyze Somolu Limited's financial performance and recommend whether Agege Plc should invest; discuss reporting quality improvements.

You're reporting an error for "CR – May 2021 – L3 – Q3a – Presentation of Financial Statements (IAS 1)"

CR – May 2021 – L3 – Q2a – Segment Reporting (IFRS 8)

IFRS 8 on Operating Segments establishes principles for reporting information by operating segments. Discuss the principles in IFRS 8 for determining a company’s reportable operating segments.

You're reporting an error for "CR – May 2021 – L3 – Q2a – Segment Reporting (IFRS 8)"

AAA – May 2023 – L3 – Q2 – Audit of IT Systems and Data Analytics

Discuss challenges and solutions for e-commerce assurance, ethical principles for forensic investigation, and assurance engagement reporting requirements.

You're reporting an error for "AAA – May 2023 – L3 – Q2 – Audit of IT Systems and Data Analytics"

AAA – Nov 2013 – L3 – A – Q9 – Regulatory Framework and Professional Standards

This question tests understanding of the required components of IFRS-compliant financial statements.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q9 – Regulatory Framework and Professional Standards"

AAA – Nov 2013 – L3 – A – Q6 – Assurance Engagements

This question assesses knowledge of assurance engagements and identifies an activity that is not an assurance engagement.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q6 – Assurance Engagements"

AAA – Nov 2013 – L3 – A – Q1 – Audit Reporting

This question tests understanding of considerations for report writing in investigations.

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AAA – Nov 2011 – L3 – SA – Q18 – Assurance Engagements

Identifies an engagement type that does not qualify as an assurance engagement.

You're reporting an error for "AAA – Nov 2011 – L3 – SA – Q18 – Assurance Engagements"

AAA – Nov 2011 – L3 – SA – Q7 – Audit Reporting

Determines the correct date for an auditor’s report based on audit standards.

You're reporting an error for "AAA – Nov 2011 – L3 – SA – Q7 – Audit Reporting"

CR – Nov 2017 – L3 – Q7 – Regulatory Environment for Corporate Reporting

Outline the components of an annual report, with advantages and limitations of mandatory and voluntary disclosures.

You're reporting an error for "CR – Nov 2017 – L3 – Q7 – Regulatory Environment for Corporate Reporting"

FA – May 2014 – L1 – SA – Q3 – Regulatory Environment of Accounting

Identifies the body responsible for issuing financial reporting standards in Nigeria.

You're reporting an error for "FA – May 2014 – L1 – SA – Q3 – Regulatory Environment of Accounting"

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