Series: JULY 2023

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SCS – July 2023 – L3 – Q6b – Conflicts of Interest and Ethical Conflict Resolution

Explain the ICSA guidance on decisions that the board should reserve for itself and not delegate to individual or executive managers.

Question

The Director of Human Resources and Organisational Development is concerned that her recent presentation about matrix management structure and performance management should be sent to the board for approval. Prof. Ernest Kofi Mensah vehemently disagrees. He referred her to the Institute of Chartered Secretaries and Administrators (ICSA) guidance.

Required:
Identify and explain FOUR (4) of the Institute of Chartered Secretaries and Administrators (ICSA) guidance on decision-making responsibilities that the board should reserve to itself and should not be delegated to individual or executive managers to confirm and comment on the view that the Director of Human Resources and Organisational Development’s matrix structure presented is not one of the issues which require board approval before implementation.

Answer

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Tags: Board Responsibilities, Corporate Governance, Decision Making, ICSA Guidance
Level: Level 3

Topic: Conflicts of Interest and Ethical Conflict Resolution
Series: JULY 2023

SCS – July 2023 – L3 – Q6a – Professional Practice and Codes of Ethics

Explain five reasons why the Director of Finance and Operations might project finance over other functions.

Question

Some of the SavvyTech plc management team is concerned that the Director of Finance and Operations is domineering during the acquisition engagement processes at meetings. The Director of Finance and Operations mentioned in anger that ‘arguably, accountancy has an influence on business and government and that is both:
i) continuous and
ii) more extensive than any other profession’.

Required:
As a newly qualified Chartered Accountant responsible for code of ethics in SavvyTech plc, identify and explain FIVE (5) reasons in support of why the Director of Finance and Operations seems to be projecting finance over other functions.

Answer

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Tags: Decision Making, Ethics, Finance Leadership, Influence
Level: Level 3

Topic: Professional practice and codes of ethics
Series: JULY 2023

SCS – July 2023 – L3 – Q5b – Sources of Finance

Explain two benefits of increasing long-term capital using retained profits.

Question

When companies retain profits in the business, the increase in the retained profits adds to equity reserves. This view was suggested by SavvyTech plc management team to the board. The Board is not convinced and seek further explanation.

Required:
Explain TWO (2) benefits to the board of directors on what it means to increase long-term capital using retained profits in SavvyTech plc.

Answer

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Tags: Equity, Financial strategy, Long-term Capital, Retained Profits
Level: Level 3

Topic: Sources of Finance
Series: JULY 2023

SCS – July 2023 – L3 – Q5a – International financial management

Calculate the group profits from the sale of HVSC based on the transfer price set at market price and 25% of Utopia's unit cost.

Question

As the Head of Finance of SavvyTech plc, the Director of Finance and Operations has assigned you to use the forecast data (Table 8) and the “additional information” provided to calculate the following to support engagement by the management team with the Board.

Required:
Calculate the group profits to be realised from the sale of HVSC, if the transfer price for the component is set at its market price, which is GH¢26 per unit (total Ghana cost) plus 25% of Utopia’s unit cost.

Answer

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Tags: Financial Calculations, Group Profit, Taxation, Transfer Pricing
Level: Level 3

Topic: International financial management
Series: JULY 2023

SCS – July 2023 – L3 – Q4 – Controlling Risk

Prepare an internal memo on how SavvyTech's board can show commitment to risk management and create a risk-aware culture.

Question

Essential aspects of risk management and control are the culture within the organisation. The culture within the organisation is set by the board of directors and senior management (the tone at the top), but it should be shared by every manager and employee.

Required:
You are the ‘Risk and Assurance Manager’ of SavvyTech plc with the responsibility of creating a culture of risk awareness in the organisation. Prepare an internal memo for the management team to be discussed with the board of directors on what they must do to show their own commitment to risk management in the things that they say and do.

Answer

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Tags: Organizational Culture, Risk Management, Tone at the Top
Level: Level 3

Topic: Controlling Risk
Series: JULY 2023

SCS – July 2023 – L3 – Q3b – Strategy Implementation

Identify and explain four reasons why SavvyTech needs to research, innovate, and develop existing and new products.

Question

Business entities must innovate to survive and grow. The Director of Marketing and Sales, in a meeting, presented a product market annual performance analysis report and highlighted that the sales trend of the ‘Wrist Organiser 3b’, introduced in 2018, reduced by 75% in 2022 and by 50% in 2021.

Required:
As a member of SavvyTech plc management team, identify and explain FOUR (4) reasons why it is necessary to research, innovate and develop existing and new products as an organisation.

Answer

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Tags: Business Growth, Product Innovation, Research and Development
Level: Level 3

Topic: Strategy implementation
Series: JULY 2023

SCS – July 2023 – L3 – Q3a – Strategy Implementation

Identify and explain five internal triggers of change at SavvyTech plc with examples from the case study.

Question

Change happens continually within organisations, and the markets within which SavvyTech plc operate are not an exception. Strategic development inevitably results in some changes, which need careful management. Some of SavvyTech plc’s internal triggers of change are motivated or caused by developments within the organisation.

Required:
Review SavvyTech plc case study, identify, and explain FIVE (5) internal triggers of change with specific examples from the case.

Answer

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Tags: Internal Factors, Organizational Change, Triggers of Change
Level: Level 3

Topic: Strategy implementation
Series: JULY 2023

SCS – July 2023 – L3 – Q2b – Strategy Implementation

Explain three broad corporate parenting styles described by Goold and Campbell that SavvyTech might adopt.

Question

SavvyTech plc’s management team is debating the corporate parenting strategy that should be adopted. Corporate parenting refers to the relationship between the Head Office and the strategic business unit staff in Utopia.

Required:
As a lead consultant, explain to SavvyTech plc management team THREE (3) broad parenting styles that might be adopted as described by Goold and Campbell (1991).

Answer

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Tags: Business Units, Corporate Strategy, Parenting Styles, Strategic Control
Level: Level 3

Topic: Strategy implementation
Series: JULY 2023

SCS – July 2023 – L3 – Q2a – Strategy, Stakeholders, and Mission

Explain the stakeholder position/importance matrix and provide guidance to SavvyTech on managing key stakeholders.

Question

The management team of SavvyTech plc is concerned about how the staff union group with 60% shareholding might react if the 2022 dividend payout is withheld to finance the subsidiary acquisition in Utopia, particularly the production staff with 80% shareholding of the total staff union’s interest of 60%. There are a number of stakeholder mappings. Two most popular are the ‘stakeholders position/importance matrix’ and ‘stakeholders power/interest matrix’.

Required:
You have been contracted as an independent consultant by SavvyTech plc to review the stakeholder mapping using the ‘stakeholders position/importance matrix’. Draw the diagram, illustrate, and explain using a brief internal memo to guide the management team’s engagement with the stakeholders as presented in the case study.

Answer

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Tags: Influence, Mapping, Matrix, Stakeholders, Strategic Engagement
Level: Level 3

Topic: Strategy, stakeholders, and mission
Series: JULY 2023

SCS – July 2023 – L3 – Q1b – Controlling Risk

Explain why FCA might be difficult to use for the HVSC discussion at SavvyTech.

Question

After the presentation of the SAM four-step approach to the management team, the Director of Finance and Operations made the following statement: ‘The data required for FCA is usually only available in organisations that are at the forefront in responding to the environmental agenda’ (Bebbington, Gray, Hibbitt, and Kirt, 2001).

Required:
Explain to the management team why it might be difficult to use FCA to support the ongoing discussion about the new product HVSC.

Answer

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Tags: Environmental Data, Full-Cost Accounting, Product lifecycle, Risk Management
Level: Level 3

Topic: Controlling Risk
Series: JULY 2023

SCS – July 2023 – L3 – Q1a – Controlling Risk

Explain the SAM four-step approach to measuring product sustainability over its entire life cycle.

Question

Sustainability assessment and test for Full-Cost Accounting (FCA) of HVSC is to measure the impact over the full product life cycle. The Management team is concerned about the great deal of judgment that would be exercised. Conceptually, FCA appears straightforward, but it is also not an easy technique to develop and use in practice if adopted by SavvyTech plc.

The Sustainability Assessment Model (SAM) measures the impacts on sustainability of a product such as HVSC over its full life cycle from raw material extraction through the production process to final usage and disposal.

Required:
Explain the SAM four-step approach to measuring product HVSC over its entire life cycle.

Answer

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Tags: Full-Cost Accounting, Product lifecycle, Risk Management, Sustainability
Level: Level 3

Topic: Controlling Risk
Series: JULY 2023

FR – July 2023 – L2 – Q5b – Professional and Ethical Issues in Financial Reporting

Discussion on the responsibilities of accountants in business and challenges they face under pressure from management.

Question

i) Identify two responsibilities of accountants in business. (2 marks)

ii) Discuss two difficult circumstances accountants in business may face. (3 marks)

Answer

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Tags: Business Environment, Challenges for Accountants, Ethical Responsibilities, Ethics
Level: Level 2

Topic: Professional and Ethical Issues in Financial Reporting
Series: JULY 2023

FR – July 2023 – L2 – Q5a – Conceptual Framework for Financial Reporting

Discuss the importance of recording transactions based on substance over form in financial reporting.

Question

An important aspect of the International Accounting Standards Board’s Framework for the preparation and presentation of financial statements is that transactions should be recorded based on their substance over their form.

Required:
Explain why it is critical for financial statements to reflect substance over their form.
(5 marks)

Answer

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Tags: Conceptual Framework, Financial Reporting, Substance Over Form
Level: Level 2

Topic: Conceptual Framework for Financial Reporting
Series: JULY 2023

FR – July 2023 – L2 – Q4 – Performance Analysis

Assess the financial performance of Besease Ltd using financial ratios and prepare a report for the board of directors.

Question

Besease Ltd won two prestigious awards in 2020 despite the negative impact of the COVID-19 pandemic. The Board of Directors seeks to assess the company’s performance for the year ended 31 December 2021 in comparison to 2020.

Below are the financial statements for the year ended 31 December 2021:

Statement of comprehensive income for the year ended 31 December

	2021 (GH¢)	2020 (GH¢)
Revenue	7,315,927	6,184,754
Cost of sales	(4,322,986)	(3,441,339)
Gross profit	2,992,941	2,743,415
Other income	330,812	280,832
Administrative expenses	(2,511,179)	(2,648,987)
Operating profit	812,574	375,260
Finance cost	(496,913)	(174,872)
Profit before tax	315,661	200,388
Taxation	(188,621)	(30,700)
Profit for the year	127,040	169,688

Statement of financial position as at 31 December

	2021 (GH¢)	2020 (GH¢)
Non-current assets
Property, Plant & Equipment	9,224,988	5,102,799
Intangible assets	35,824	33,350
Investments	36,629	36,629
Total non-current assets	9,297,441	5,172,778
Current assets
Inventories	2,878,337	1,329,279
Trade receivables	1,875,594	2,246,747
Cash and bank balances	527,412	372,081
Total current assets	5,281,343	3,948,107
Total assets	14,578,784	9,120,885
Equity & Liabilities
Equity
Share capital	217,467	217,467
Retained earnings	1,289,140	1,162,100
Credit reserve	826,528	1,102,037
Total equity	2,333,135	2,481,604
Non-current liabilities
Interest-bearing loans	6,708,598	2,800,223
Deferred taxation	187,624	186,304
Total non-current liabilities	6,896,222	2,986,527
Current liabilities
Trade payables	1,257,693	1,550,466
Taxation	118,337	101,391
Other payables	2,993,667	1,021,167
Accrued expenses	979,730	979,730
Total current liabilities	5,349,427	3,652,754
Total equity & liabilities	14,578,784	9,120,885

The Finance Manager has selected the following performance ratios:
i) Return on capital employed (capital employed = interest-bearing debt + shareholders’ equity) (%)
ii) Return on equity (%)
iii) Acid test ratio (times)
iv) Debt-to-equity ratio
v) Interest cover ratio (times)

Required:
Write a report to the Board of Directors assessing the comparative performance of Besease Ltd for the year ended 31 December 2021 using the given ratios.

Answer

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Tags: Efficiency, Financial Ratios, Gearing, Liquidity, Performance Analysis, Profitability
Level: Level 2

Topic: Performance analysis
Series: JULY 2023

FR – July 2023 – L2 – Q3 – Preparation of Financial Statements for Beposo Ltd

Preparation of financial statements (profit or loss, changes in equity, and financial position) for Beposo Ltd for the year ended 31 December 2021.

Question

Beposo Ltd is an agro-processing company, whose head office is in the Greater Accra region of Ghana. The trial balance of the company for the year ended 31 December 2021 is as follows:

Additional Information:

i) Included in the revenue figure is sales made on special arrangement, payable by customers in two years’ time at an amount of GH¢16.8 million. The cash price of the sales at the date of the sales (i.e. 1 January 2021) is estimated at GH¢15 million, and the effective interest rate of the arrangement has been computed as 5.83% per annum.

ii) Non-current assets consist of the following classes of assets:

The company revalues its buildings periodically to ensure that the carrying value reflects their fair market value. On 31 December 2020, the buildings were revalued at GH¢198 million, of which GH¢80 million was attributed to land. The revaluation surplus shown in the trial balance represents the increase in value recorded during this revaluation. All buildings were completed and ready for use on 1 January 2011. The company’s buildings serve as administrative offices and production centers, and they have an estimated useful life of 50 years.

In 2021, the company relocated from one of its administrative offices and sold the building on 1 April 2021 for GH¢27.6 million. The revalued amount and revaluation surplus for this building as of 31 December 2020 were GH¢25 million (with GH¢5 million for the land) and GH¢8 million, respectively. On 31 December 2021, the remaining land and buildings were revalued at GH¢169.35 million, with GH¢85 million attributed to the land. The company’s policy is to recognize revaluation surplus only upon derecognition of the non-current asset.

The sale of the building and the 2021 revaluation of the remaining buildings have not yet been recorded in the company’s books. The payment for the sale of the building was received in the first week of January 2022. There were no other changes to the value of property, plant, and equipment during the year ended 31 December 2021.

Depreciation for 2021 has not been accounted for in the trial balance. The company charges depreciation to cost of sales. Motor vehicles, machinery, and equipment are depreciated over five years.

In lieu of a cash dividend, the company issued bonus shares on 1 January 2021 at a ratio of one new share for every ten existing shares, priced at GH¢1 per share. The issuance was subject to an 8% withholding tax, which has already been paid by the company and is included in administrative expenses. The bonus shares, which are in respect of the year ended 31 December 2020, have not yet been recorded.

After 31 December 2021, the Board of Directors proposed a dividend of GH¢0.80 per share in respect of the year ended 31 December 2021. The dividend has not yet been approved by shareholders.

The provision for tax in the trial balance reflects the under or over provision of tax for the year ended 31 December 2020, based on the difference between the tax estimated for the year and the actual liability determined after a tax audit. The current tax liability for 2021 is estimated at GH¢16.7 million. Taxable temporary differences as at 31 December 2021, arising from discrepancies between the carrying amounts of assets and liabilities and their tax bases, amount to GH¢60 million. The applicable corporation tax rate is 25%.

Required:

Prepare the following financial statements for Beposo Ltd for the year ended 31 December 2021:
i) Statement of profit or loss and other comprehensive income
ii) Statement of changes in equity
iii) Statement of financial position as at that date.
(Total: 20 marks)

Answer

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Tags: Bonus Shares, Depreciation, Financial Statements, Revaluation, Statement of Changes in Equity, Statement of Financial Position, Statement of Profit or Loss, Taxation
Level: Level 2

Topic: Preparation of Financial Statements
Series: JULY 2023

FR – July 2023 – L2 – Q2d – Contingent Liabilities and Assets (IAS 37)

Explanation of contingent liabilities and contingent assets according to IAS 37.

Question

The objective of IAS 37: Provisions, Contingent Liabilities, and Contingent Assets is to ensure that appropriate recognition criteria and measurement bases are applied to provisions, contingent liabilities, and contingent assets, and that sufficient information is disclosed in the notes to the financial statements to enable users to understand their nature, timing, and amount.

Required:
Explain Contingent Liability and Contingent Asset as used in the statement above.
(Total: 3 marks)

Answer

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Tags: Contingent Asset, Contingent Liability, Disclosure, Financial Reporting, IAS 37
Level: Level 2

Topic: contingent liabilities and contingent assets
Series: JULY 2023

FR – July 2023 – L2 – Q2c – Government Grants (IAS 20)

Accounting treatment of a government grant in Pampaso Ltd after partial repayment due to non-compliance.

Question

Pampaso Ltd is a fruit processing company listed on the Ghana Stock Exchange with a financial year-end of 31 December. The trial balance for the year ended 31 December 2021 showed a credit balance for government grant of GH¢1,800.

As part of the Local government’s initiative to stimulate employment of fresh graduates from Tertiary institutions in the locality, Pampaso Ltd received a grant of GH¢3 million towards the purchase of additional production machinery on 1 January 2019. The company, accordingly, acquired additional production machinery costing GH¢3 million on that date. The condition attached to the grant was for Pampaso Ltd to employ at least three fresh graduates every year over the estimated five-year useful life of the production machinery. Since January 2019, the company has only recruited one fresh graduate annually.

The non-compliance of the company with the conditions attached to the grant has come to the attention of the Local government, and as a result, the company was instructed on 1 January 2021 to repay 50% of the grant received within eighteen months. Pampaso Ltd uses the deferred income method in accounting for government grants.

Required:
Advise Management of Pampaso Ltd on the accounting treatment of the grant in accordance with IAS 20: Accounting for Government Grants and Disclosure of Government Assistance for the year ended 31 December 2021.
(Total: 7 marks)

Answer

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Tags: Deferred Income, Government Grants, IAS 20, Repayment
Level: Level 2

Topic: IAS 20: Government Grants
Series: JULY 2023

FR – July 2023 – L2 – Q2b – Leases (IFRS 16)

Namba Ltd’s treatment of leasehold alteration and restoration costs according to IFRS 16 for the year ended 30 June 2022.

Question

Namba Ltd is a multinational with financial reporting year end 30 June. On 1 July 2021, Namba Ltd acquired a manufacturing unit under an eight-year lease. The lease rentals have been recorded correctly in the financial statements of Namba Ltd. However, Namba Ltd could not operate effectively from the unit until alterations to its structure costing GH¢13.2 million were completed. The manufacturing unit was ready for use on 30 June 2022. The alteration costs of GH¢13.2 million were charged to administration expenses. The lease requires Namba Ltd to restore the unit to its original condition at the end of the lease term. Namba Ltd estimates that this will cost a further GH¢10 million. Market interest rates are currently 6%.

The following discount factors may be relevant:

Periods	6% Discount Factor
7	0.665
8	0.627

Required:
Recommend to the directors of Namba Ltd how to account for the above transactions as at 30 June 2022 in accordance with International Financial Reporting Standards.
(Total: 5 marks)

Answer

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Tags: Alterations, Capitalization, IFRS 16, Leases, Provisions, Restoration Costs
Level: Level 2

Topic: IFRS 16: Leases
Series: JULY 2023

July 2023 – L2 – Q2a – Impairment of Assets (IAS 36)

Treatment of brand name in Bondito Ltd’s financials following impairment of its subsidiary Manyabe Ltd.

Question

Bondito Ltd acquired 100% of a subsidiary, Manyabe Ltd, on 1 January 2021. The carrying amount of the assets of Manyabe Ltd in the consolidated financial statements of the Bondito group at 31 December 2021, immediately before an impairment review, were as follows:

Assets	GH¢ million
Goodwill	1.4
Brand name	2
Property, plant, and equipment	6
Current assets (at recoverable amount)	2.4
Total	11.8

The recoverable amount of Manyabe Ltd was estimated at GH¢9.6 million at 31 December 2021, and the impairment of the investment in Manyabe Ltd was deemed to be GH¢2.2 million. Bondito Ltd applies IAS 16: Property, Plant, and Equipment, and IAS 36: Impairment of Assets in preparing its financial statements.

Required:
Assuming Manyabe Ltd represents a cash-generating unit, show the financial reporting treatment of the brand name at 31 December 2021 in the books of Bondito Ltd following the impairment review.
(Total: 5 marks)

Answer

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Tags: Assets, Brand Name, Goodwill, IAS 36, Impairment, Property
Level: Level 2

Topic: IAS 36: Impairment of assets
Series: JULY 2023

FR – July 2023 – L2 – Q1 – Group Financial Statements and Consolidation

Prepare the Consolidated Statement of Financial Position for a parent company Tarkwa Ltd and its subsidiary Awaso Ltd, incorporating the acquisition of 80% shares and related adjustments.

Question

Tarkwa Ltd (Tarkwa) has been operating in the clothing and textiles industry in the past decade. On 1 July 2021, it acquired Awaso Ltd (Awaso) which operates in the same industry. The statements of Financial Position of the two companies as at 31 December 2021 are as follows:

	Tarkwa GH¢000	Awaso GH¢000
Assets
Non-current assets	185,400	93,000
Current Assets
Inventory	76,200	31,800
Other current assets	58,200	24,000
Total current assets	134,400	55,800
Total assets	319,800	148,800
Equity and Liabilities
Equity
Share capital (issued at GH¢1 each)	120,000	50,000
Retained earnings:
Balance at January 1, 2021	73,200	51,600
Profit/(loss) for the year ended December 31, 2021	30,000	(18,000)
Total equity	223,200	83,600
Non-current liabilities
Deferred tax	30,000	4,000
Current liabilities
Trade payables and accruals	66,600	61,200
Total Equity and Liabilities	319,800	148,800

Additional information:

i) Tarkwa acquired 80% of Awaso’s equity shares by means of immediate cash payment of GH¢1.80 per each acquired share. However, the former shareholders agreed to return some of the consideration by 30 June 2022 if Awaso’s sales growth falls below a defined threshold over the next year. The value of this contingent consideration at the date of acquisition was estimated to be GH¢4 million. At 31 December 2021, in the light of Awaso’s falling sales, the value was revised to GH¢4.5 million. Tarkwa has only recorded the immediate cash payment.

ii) Tarkwa conducted a fair value exercise on Awaso’s net assets, which were equal to their carrying values including Awaso’s investment property with the exception of an item of owner-occupied property which had a fair value of GH¢5 million below its carrying amount. The property had a remaining useful life of 20 years as at 1 July 2021. Awaso has already incorporated the fair value change (together with the depreciation adjustment) in its own financial statements.

iii) At 31 December 2021, Awaso held goods in inventory, which had been supplied by Tarkwa at a mark-up on cost of 35%. The goods had cost Awaso GH¢6.75 million. 50% of the inventory remained unsold.

iv) The investment properties of Tarkwa and Awaso are carried at their fair values at January 1, 2021. However, at 31 December 2021, an item of properties had fair values of GH¢36.6 million and GH¢10.8 million respectively, with the change in Awaso’s investment properties all occurring since acquisition. These properties had carrying amounts at GH¢33,000 and GH¢12,000 respectively at the same date.

v) It is Tarkwa’s group policy to value the non-controlling interest using the fair value method at the acquisition date. For this purpose, a share price for Awaso of GH¢1.50 each is representative of the fair value of the shares held by the non-controlling interest.

Required:
Prepare the Consolidated Statement of Financial Position for Tarkwa as at December 31, 2021.

(Total: 20 marks)

Answer

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Tags: Consolidation, Contingent Consideration, Goodwill, Group Financial Statements, Non-Controlling Interest
Level: Level 2

Topic: Group Financial Statements and Consolidation
Series: JULY 2023

Series: JULY 2023

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SCS – July 2023 – L3 – Q6b – Conflicts of Interest and Ethical Conflict Resolution

Explain the ICSA guidance on decisions that the board should reserve for itself and not delegate to individual or executive managers.

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SCS – July 2023 – L3 – Q6a – Professional Practice and Codes of Ethics

Explain five reasons why the Director of Finance and Operations might project finance over other functions.

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SCS – July 2023 – L3 – Q5b – Sources of Finance

Explain two benefits of increasing long-term capital using retained profits.

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SCS – July 2023 – L3 – Q5a – International financial management

Calculate the group profits from the sale of HVSC based on the transfer price set at market price and 25% of Utopia's unit cost.

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SCS – July 2023 – L3 – Q4 – Controlling Risk

Prepare an internal memo on how SavvyTech's board can show commitment to risk management and create a risk-aware culture.

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SCS – July 2023 – L3 – Q3b – Strategy Implementation

Identify and explain four reasons why SavvyTech needs to research, innovate, and develop existing and new products.

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SCS – July 2023 – L3 – Q3a – Strategy Implementation

Identify and explain five internal triggers of change at SavvyTech plc with examples from the case study.

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SCS – July 2023 – L3 – Q2b – Strategy Implementation

Explain three broad corporate parenting styles described by Goold and Campbell that SavvyTech might adopt.

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SCS – July 2023 – L3 – Q2a – Strategy, Stakeholders, and Mission

Explain the stakeholder position/importance matrix and provide guidance to SavvyTech on managing key stakeholders.

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SCS – July 2023 – L3 – Q1b – Controlling Risk

Explain why FCA might be difficult to use for the HVSC discussion at SavvyTech.

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SCS – July 2023 – L3 – Q1a – Controlling Risk

Explain the SAM four-step approach to measuring product sustainability over its entire life cycle.

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FR – July 2023 – L2 – Q5b – Professional and Ethical Issues in Financial Reporting

Discussion on the responsibilities of accountants in business and challenges they face under pressure from management.

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FR – July 2023 – L2 – Q5a – Conceptual Framework for Financial Reporting

Discuss the importance of recording transactions based on substance over form in financial reporting.

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FR – July 2023 – L2 – Q4 – Performance Analysis

Assess the financial performance of Besease Ltd using financial ratios and prepare a report for the board of directors.

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FR – July 2023 – L2 – Q3 – Preparation of Financial Statements for Beposo Ltd

Preparation of financial statements (profit or loss, changes in equity, and financial position) for Beposo Ltd for the year ended 31 December 2021.

Required:

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FR – July 2023 – L2 – Q2d – Contingent Liabilities and Assets (IAS 37)

Explanation of contingent liabilities and contingent assets according to IAS 37.

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FR – July 2023 – L2 – Q2c – Government Grants (IAS 20)

Accounting treatment of a government grant in Pampaso Ltd after partial repayment due to non-compliance.

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FR – July 2023 – L2 – Q2b – Leases (IFRS 16)

Namba Ltd’s treatment of leasehold alteration and restoration costs according to IFRS 16 for the year ended 30 June 2022.

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July 2023 – L2 – Q2a – Impairment of Assets (IAS 36)

Treatment of brand name in Bondito Ltd’s financials following impairment of its subsidiary Manyabe Ltd.

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FR – July 2023 – L2 – Q1 – Group Financial Statements and Consolidation

Prepare the Consolidated Statement of Financial Position for a parent company Tarkwa Ltd and its subsidiary Awaso Ltd, incorporating the acquisition of 80% shares and related adjustments.

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