Series: MAR/JULY 2020

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FR – March 2020 – L2 – Q4b – Financial Statement Presentation of Government Grants

Prepare financial statement extracts using two methods of presenting government grants under IAS 20

Question

b. During the year ended June 30, 2019, Gbogbonise Enterprises having qualified for the 25% local equity participation, received the following grants from Central Bank of Nigeria (CBN).

(i) On September 1, 2018, a grant of N1 million was received from CBN. The grant was in respect of training casual workers. The training cost incurred by Gbogbonise Enterprises in this respect, was N1.75 million.

(ii) On November 1, 2018, Gbogbonise Enterprises acquired plant and equipment costing N8.75 million and received a grant of N2.5 million from Central Bank of Nigeria (CBN) in respect of the purchase. The plant and equipment which has a residual value of N1.25 million is depreciated on straight-line basis over its useful life of 5 years.

(iii) On June 1, 2019, a grant of N2.5 million was made by CBN. The grant was in respect of relocation costs that Gbogbonise Enterprises had incurred for movement of its business to a free trade zone allocated to Medium, Small and Micro Enterprises (MSME). The grant is repayable in full unless Gbogbonise Enterprises recruits at least one hundred (100) employees from the free trade zone local area by the end of the month of June 2019. Gbogbonise is finding it difficult to recruit this number of employees in the local area.

Required:
Prepare extracts of the statement of financial position and statement of profit or loss of Gbogbonise Enterprises for the year ended June 30, 2019 using the two methods of presenting grants in the financial statement of business entities. (12 Marks)

Answer

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Level: Level 2

Topic: Accounting for Government Grants
Series: MAR/JULY 2020

FR – March 2020 – L2 – Q6b – Financial Reporting

Discuss objectives of FRCON and ethical issues in reporting.

Question

b. The regulatory body responsible for issuing accounting standards in accordance with local and international regulations in Nigeria is the Financial Reporting Council of Nigeria (FRCON).
Required:
Explain briefly THREE main objectives of setting up the Financial Reporting Council of Nigeria (FRCON) and identify TWO ethical issues in financial reporting which companies may be sanctioned for by this body.
(10 Marks)

Answer

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Tags: Conceptual Framework, Economic Decisions, Financial Reporting
Level: Level 2

Topic: Conceptual Framework for Financial Reporting
Series: MAR/JULY 2020

CSME – Mar/Jul 2020 – L2 – Q4b – Board Diversity Categories and Benefits

Explain six categories of board diversity and evaluate its benefits.

Question

b. i. What is Board Diversity and explain SIX categories of Board Diversity? (5 Marks)
ii. Evaluate the benefits of Board Diversity. (5 Marks)

Answer

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Tags: Board Diversity, Corporate Governance, Decision Making, Ethical Business Practices
Level: Level 2

Topic: Board Diversity, Corporate Governance
Series: MAR/JULY 2020

CSME – Mar/July 2020 – L2 – Q2b – Ethical Absolutism vs Relativism in Accounting

Distinguish between ethical absolutism and ethical relativism and identify types of ethical relativism.

Question

b. An adequate understanding of basic concepts and theories of ethics is a prerequisite for the evolution of the skills needed to address ethical issues that could arise while carrying out your duty as a professional accountant. Distinguish between ethical absolutism and ethical relativism. Also, identify THREE types of ethical relativism. (10 Marks)

Answer

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Tags: Business Ethics, Ethical Absolutism, Ethical Relativism, Professional Ethics
Level: Level 2

Topic: Ethics in Business, Professional Ethics
Series: MAR/JULY 2020

AA – Mar/July 2020 – L2 – Q5 – Assurance Services and Due Diligence for Hallmark Ltd

List control objectives and activities for cash sales and bank lodgments.

Question

List TWO control objectives and THREE control activities that should be put in place for each of the following:
i. Cash sales. (5 Marks)
ii. Lodgments into bank. (5 Marks)

Answer

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Tags: Bank Lodgments, Cash Sales, Control Activities, Control Objectives, Internal Control
Level: Level 2

Topic: Internal Control Systems
Series: MAR/JULY 2020

PSAF – Mar/July 2020 – L2 – Q4 – Responsibilities of EFCC and Debt Burden Transfer

This question requires the preparation of financial statements for Amotekun State University of Education, Ode, for 2018.

Question

b. Amotekun State University of Education, Ode, was the second university established by the Amotekun State of Nigeria. The government, as a mark of its commitment towards the survival of this young institution, has continued to support the University Senate in all its efforts. At the last meeting of the stakeholders, held at the state hotel, Igbo, on June 30, 2019, the Bursar presented the following financial statements for discussion and approval:
Amotekun State University of Education
Statement of Financial Position as at December 31, 2018

The following notes form an integral part of these accounts.
Amotekun State University of Education
Statement of financial performance for the year ended December 31, 2018

The following notes which form an integral part of the accounts, were also provided

2.
The Oke-Mosan Microfinance Bank balance in 2018 represents the „short term
loan

The Chairman of the Governing Council, who incidentally is a chartered accountant, observed that the financial statements appeared incomplete because no statement of cash flows was prepared.
Required:
Prepare, a statement of cash flows for Amotekun State University of Education for the year ended December 31, 2018, using the direct method in accordance with IPSAS 2

Answer

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Tags: Financial Statements, Government Accounting, Public sector financial reporting
Level: Level 2

Topic: Public Sector Financial Statements
Series: MAR/JULY 2020

PSAF – Mar/July 2020 – L2 – Q2 – IPSAS 3 Changes and Expenditure Assignment Challenges

Explanation of changes in accounting policies and challenges in expenditure assignment according to IPSAS 3.

Question

IPSAS 3 – Accounting policies, changes in accounting estimates and errors, outlines criteria for selecting and changing accounting policies among other purposes.

a. Explain what constitutes changes in accounting policies under the standard.
(4 Marks)

b. Outline THREE disclosure requirements in the standard:

(i) When initial application of IPSAS 3 is made and has effects on current, prior, or future period.
(ii) When voluntary changes in accounting policy are made and have effects on current, prior, or future period.
(6 Marks)

c. Expenditure assignment refers to division or sharing of expenditure, regulatory, and tax functions or responsibilities among multi-levels of governments in a federation. Identify and explain FIVE challenges prevalent on expenditure assignment.
(10 Marks)

Answer

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Tags: Accounting Changes, Accounting Policies, Expenditure assignment, IPSAS 3
Level: Level 2

Topic: International public sector accounting standards
Series: MAR/JULY 2020

PSAF – Mar/July 2020 – L2 – Q3 – National Chart of Accounts Characteristics and Structures

Characteristics of National Chart of Accounts, its structures for budgeting, and problems with debt conversion programmes.

Question

National Chart of Accounts (NCOA) shows the complete list of budget and Accounting items for General Purpose Financial Reporting System (GPFS) and budgeting.
Required:
a. Identify FOUR characteristics of National Chart of Accounts. (4 Marks)

b. Discuss the SIX structures of the National Chart of Accounts for budgeting. (6 Marks)

c. Discuss FIVE problems associated with debt conversion programmes in a country. (10 Marks)

Answer

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Tags: Budgeting, Debt Conversion, National Chart of Accounts, Public Finance
Level: Level 2

Topic: Debt Management, National Chart of Accounts
Series: MAR/JULY 2020

PSAF – Mar/July 2020 – L2 – Q5 – Matanmi Local Government Council 2019 Budget Preparation

This question focuses on budgeting for overheads and road repairs by local governments and the characteristics of public goods.

Question

Major towns and cities in Ibadan State, which is one of the states in the South West of the country, are maintained by local government councils, which are funded through allocations from the federation account, state accounts, and internally generated revenue. The local government councils submit budgets each year, which forms the basis of the funds received.

Matanmi Local Government Council, one of the local government councils in Ibadan State, provides you with the following information as part of the 2019 budget preparation:

Overheads:
Overhead costs are budgeted on an incremental basis, taking the previous year’s actual expenditure and adding a set percentage to allow for inflation. Adjustments are also made for known changes. The details are:

Note 1: One new staff member will be added to the payroll, costing N300,000 in 2020.
Note 2: A move toward a paperless office is expected to reduce stationery costs by 20% in 2020.
Road Repairs:
In 2020, it is expected that 200 kilometers of road will require maintenance, but a contingency of an extra 10% has been agreed.
In 2019, the average cost of a road repair was N1,500,000 per kilometer, but this did not include any cost effects of extreme weather conditions. The following probability estimates have been made in respect of 2020:

Inflation on road maintenance costs is expected to be 10% between 2019 and 2020.

New roads are budgeted on a zero-based basis and will have to compete for funds along with other capital projects such as hospitals and schools.
Required:
a. Calculate the overheads and road repairs budgets for the year 2020.
(10 Marks)

b. The goods and services produced in every society can be classified into public and private goods.
Identify and explain TWO sub-divisions and THREE characteristics of public goods.
(10 Marks)

Answer

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Tags: Local Government Budget, Overheads, Public Goods, Road Repairs
Level: Level 2

Topic: Local Government Accounting, Public Goods
Series: MAR/JULY 2020

PSAF – Mar/Jul 2020 – L2 – Q1a – Accounting for Government Assets and Liabilities

Prepare a non-current assets schedule for a university and identify features of a finance lease in compliance with IPSAS.

Question

In the year 2000, Amotekun State of Nigeria established two State Universities University of Education (ASUE), to cater for the indigenes of the state. The following information relates to each of the universities:
a. The Bursar of Amotekun State University, Oke-Mosan, delegated the preparation of Non-current assets schedule to be included in the final accounts of the University for the year ended December 31, 2018, to one of the Deputy Bursars in the Bursary Department.
In the discharge of the assignment, the Deputy Bursar reviewed the following documents:

International Public Sector Accounting Standards (IPSAS).
Previous year’s financial report.

He was able to obtain the following information:

(i)

Non-current assets register.
Valuation reports, etc.

(i) It is the policy of the University to charge a full year’s depreciation on assets irrespective of the month of purchase or revaluation during the year, while no depreciation is charged on assets disposed of during the year.

(ii) Equipment on lease is depreciated equally over the period of the lease.

(iii) Land and buildings were professionally revalued during the year by Parisco & Associates, a firm of Chartered Surveyors and Valuers, and approved by the State Ministry of Works and Housing. The valuation, which was based on the open market value, produced a revaluation surplus of N150,000,000 over the carrying amount as at January 1, 2018.

(iv) The University purchased plant and machinery which was imported from the United Kingdom at a cost of N430,500,000. Installation and transportation costs to the University amounted to N20,500,000.

(v) The Deputy Bursar that prepared the non-current assets schedule last year classified some of the computer equipment purchased on May 15, 2017, costing N26,000,000 as office equipment. A reclassification is required in the current year.

(vi) Office furniture and fittings costing N12,250,000 were disposed of during the year for N11,500,000, which resulted in a profit of N750,000.

(vii) The University entered into an equipment lease agreement with Ode Finance Limited; the terms and conditions of the finance lease are as follows:
Principal sum: N45,000,000
Lease period: 5 years
Lease rentals: N10,000,000 p.a.
(viii) During the year, the University acquired a fleet of vehicles at the cost of N50,000,000. The State Government financed this acquisition.

Required: i. In accordance with IPSAS 13, identify FIVE features of a finance lease. (5 Marks) ii. Prepare the non-current assets schedule of Amotekun State University suitable for publication. (15 Marks)

Answer

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Tags: Asset Register Question, Depreciation, Finance leases, IPSAS, Non-current assets schedule, Revaluation
Level: Level 2

FR – Mar/July 2020 – L2 – Q6a – Economic Decisions and Conceptual Framework Advantages

Outline economic decisions for financial statements and objectives of FRCON with ethical issues they may sanction.

Question

a. The conceptual framework specifies the fundamental reasons why financial statements are produced worldwide which, is to satisfy the requirement of external users.
Required:
Outline FIVE types of economic decisions for which financial statements are likely to be used for and identify TWO advantages of conceptual framework.
(10 Marks)

Answer

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Tags: Conceptual Framework, Economic Decisions, Ethical Issues, Financial Reporting Council of Nigeria
Level: Level 2

Topic: Conceptual Framework for Financial Reporting, Regulatory Framework for Financial Reporting
Series: MAR/JULY 2020

FR – Mar/Jul 2020 – L2 – Q5b – Gbebody Nigeria Limited Adjusted Retained Earnings and Statement of Financial Position

Preparation of adjusted retained earnings and statement of financial position considering property revaluation and deferred tax impact.

Question

b. The assistant accountant of Gbebody Nigeria Limited after preparing the company‟s draft statement of profit or loss for the year ended September 30, 2019 and adding the current year‟s profit to retained earnings extracted a summarised trial balance of the company as at that date are as follows:

The chief accountant of Gbebody Nigeria Limited on reviewing the draft trial balance discovered that the following information were not taken into consideration by the assistant accountant of the company.

The price of property has increased significantly in recent years and on October 1, 2018, the directors decided to revalue the land and building.

The directors accepted the report of an independent valuer who valued the land at N12m and the building at N58.5million on that date. The remaining life of the building at October 1, 2018 was 15 years. Gbebody Nigeria Limited does not make an annual transfer to retained earnings to reflect the realisation of the revaluation gain, however, the revaluation will give rise to a deferred tax liability. The company income tax rate is 30%.

Plant and equipment is depreciated at 12½% per annum using reducing balance method. No depreciation has been charged on any non-current assets for the year ended September 30, 2019.

Provision of N3.6million is required for current income tax on the profit for the year to September 30, 2019. The balance on current tax in the trial balance is the under/over provision of tax for the previous year. In addition to the temporary difference relating to the information in the note above. Gbebody Nigeria Limited has further taxable temporary difference of N15m as at September 30, 2019.

You are required to prepare:
(i) Adjusted retained earnings after taking into consideration the additional information in the notes above.
(5 Marks)
(ii) The statement of financial position of Gbebody Nigeria Limited as at
September 30, 2019.

Answer

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Tags: Deferred Tax, Depreciation, Financial Statement Preparation, Property Revaluation
Level: Level 2

Series: MAR/JULY 2020

FR – Mar/Jul 2020 – L2 – Q5a – Financial Instruments (IAS 32, IFRS 9)

Explains how IFRS requires gains or losses on re-measurement to be dealt with in the financial statements for financial assets held at fair value under IFRS 9 and property, plant, and equipment under the revaluation model of IAS 16.

Question

a. IFRS requires several methods for recognising gains and losses on re-measurement of various types of assets recognised by different International Accounting Standards.
Required:
Explain how IFRS requires gains or losses on re-measurement to be dealt within the financial statements for each of the following type of assets:
i. Financial assets held at fair value under – IFRS 9. (3 Marks)
ii. Property, plant and equipment held under revaluation model of IAS 16
(2 Marks)

Answer

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Tags: Fair Value, Financial Assets, IAS 16, IFRS 9, Revaluation
Level: Level 2

Topic: and Equipment (IAS 16), IFRS 9)
Series: MAR/JULY 2020

FR – Mar/Jul 2020 – L2 – Q4a – Accounting for Government Grants (IAS 20)

Explain types and methods of government grants under IAS 20 and prepare extracts of financial statements for Gbogbonise Enterprises.

Question

a. The Federal Government of Nigeria is committed to improving Medium, Small and Micro Enterprises (MSME) programme. In view of this, the government issued directives to the Central Bank of Nigeria (CBN) to give grants to MSME that has at least 25% local equity participation.

Required:
(i) Explain the TWO types of grant/government assistance that are recognised by IAS 20 on accounting for government grants and disclosure of government assistance.
(ii) Outline the TWO methods of presenting grant/government assistance that are recognised by IAS 20 – Accounting for Government Grants and Disclosure of Government Assistance. (8 Marks)

Answer

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Tags: Accounting Policies, Financial Statements, Government Grants, IAS 20, MSME
Level: Level 2

Topic: Accounting for Government Grants
Series: MAR/JULY 2020

FR – Mar/Jul 2020 – L2 – Q3b – Consolidated Statement of Financial Position for Papa Limited Group

Preparation of consolidated statement of financial position for Papa Limited group as at December 31, 2018.

Question

The following information relates to financial statements included in the annual report of Papa Limited and Mama Limited as at December 31, 2018. Papa Limited acquired 80% of the ordinary shares of Mama Limited for N1,200m on January 1, 2014:

Additional Information:
1. At the date of acquisition, Mama Limited retained earnings were N600m. Non-controlling interest fair value in Mama Limited on the date of acquisition was N320m.
2. Papa Limited sold goods worth N200m to Mama Limited during the year making 25% gross profit margin. 40% of the goods are still included in the inventories of Mama Limited as at December 31, 2018.
3. The fair values of the net assets of Mama Limited at the date of acquisition are the same as their carrying amounts, with the exception of land and buildings. The cost of these land and buildings is N600m, and it was estimated to have a fair value of N720m.
Required:
Prepare the consolidated statement of financial position for the Papa Limited group as at December 31, 2018. (13 Marks)

Answer

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Tags: Consolidation, Financial Statements, Goodwill, Group Accounting, IFRS 10
Level: Level 2

Topic: Consolidated Financial Statements
Series: MAR/JULY 2020

FR – Mar/Jul 2020 – L2 – Q2a – Non-current Assets Held for Sale under IFRS 5

Explanation of the criteria required for assets to be classified as held for sale under IFRS 5.

Question

IFRS 5 sets out requirements that specify the accounting treatment for Non-current Assets Held for Sale and the presentation and Discontinued Operations.
Required:
Explain the criteria to be met before assets can be classified as held for sale in accordance with IFRS 5.
(5 Marks)

Answer

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Tags: Asset Classification, Discontinued Operations, Financial Reporting, IFRS 5, Non-current Assets
Level: Level 2

Topic: Non-current Assets Held for Sale (IFRS 5)
Series: MAR/JULY 2020

FR – Mar/Jul 2020 – L2 – Q2b – Recognition of Provisions under IAS 37

Explain the recognition criteria for provisions in accordance with IAS 37, including situations when provisions should be recognized.

Question

Explain the recognition criteria on provisions in accordance with International Accounting Standards (IAS 37) on provisions, contingent liabilities, and contingent assets. (5 Marks)

Answer

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Tags: Contingent Liabilities, Financial Reporting, IAS 37, Provisions, Recognition Criteria
Level: Level 2

FR – Mar/Jul 2020 – L2 – Q2c – Disclosure Requirements of IAS 37

Outline the disclosure requirements for provisions as per IAS 37.

Question

What are the disclosure requirements of International Accounting Standards (IAS 37) on provisions? (5 Marks)

Answer

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Tags: Contingent Liabilities, Disclosure Requirements, Financial Reporting, IAS 37, Provisions
Level: Level 2

Topic: Provisions and Contingent Liabilities
Series: MAR/JULY 2020

FR – Mar/Jul 2020 – L2 – Q2d – Fundamental Principles of ICAN Code of Ethics

Explanation of five fundamental principles set out in the ICAN code of ethics.

Question

Explain FIVE fundamental principles set out in the ICAN code of ethics.
(5 Marks)

Answer

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Tags: Confidentiality, Ethical Principles, ICAN Code of Ethics, Integrity, Professional Ethics
Level: Level 2

Topic: Ethical Issues in Financial Reporting
Series: MAR/JULY 2020

FR – Mar/Jul 2020 – L2 – Q1 – Financial Statement Analysis of Dangoyaro Plc

Preparation and analysis of financial statements, cash flow, and equity statements of Dangoyaro Plc for the year ended September 30, 2019, using IAS standards.

Question

Dangoyaro Plc is a manufacturing company, and the summarized financial statements for the year ended September 30, 2019, and the comparative figures for 2018 are as follows:

Statement of Financial Position as at September 30

Equity and liabilities
Equity

The following information was obtained from the chairman’s statement in the annual report presented at the Annual General Meeting (AGM) held on December 22, 2019, and in the notes to the financial statements.

(i) Market condition during the year ended September 30, 2019, proved very challenging due largely to difficulties in the global economy as a result of the recession, which led to a decline in the share price and property values.

(ii) Dangoyaro Plc has not been immune from these effects and our properties have suffered impairment losses of ₦125 million in the year. The excess of these losses over previous surpluses has led to a charge to cost of sales of ₦37.5 million in addition to the normal depreciation charge.

(iii) There is no addition to or disposal of non-current assets during the year.

(iv) In response to the downturn, the company has made a number of employees redundant, incurring severance costs of ₦32.5 million (included in cost of sales), undertaken cost savings in advertising and other administrative expenses.

(v) The difficulty in the credit market has meant that the finance cost of our fixed interest bank loan has increased from ₦12.5 million to ₦15 million. In order to improve cash flows, the company made a rights issue during the year and reduced the dividend per share by 50%.

(vi) Despite the above events and the associated costs, the board of directors of Dangoyaro Plc believes the company’s performance has been quite resilient in these difficult times.

You are required to prepare:

a. An adjusted statement of profit or loss for the year ended September 30, 2019 (without taking into consideration information in the chairman’s statement and notes to the financial statements). (5 Marks)

b. Statement of changes in equity for the year ended September 30, 2019. (8 Marks)

c. Statement of cash flows for the year ended September 30, 2019, using the indirect method in accordance with provisions of IAS 7. (12 Marks)

d. Analyse and discuss the financial performance and position of Dangoyaro Plc as shown by the above financial statements as at September 30, 2019, using the following financial ratios:

i. Gross profit margin
ii. Net profit margin
iii. Return on capital employed (CE = ordinary shares plus reserves)
iv. Asset turnover
v. Current ratio
vi. Quick ratio
vii. Gearing ratio
viii. Receivables period
ix. Inventory period
x. Payables period

(15 Marks)
(Total 40 Marks)

Answer

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Tags: Analysis, Cash Flow, Financial Statements, Ratios, Statement of Changes in Equity
Level: Level 2

Topic: Financial Analysis, Presentation of Financial Statements (IAS 1), Statement of Cash Flows (IAS 7)
Series: MAR/JULY 2020

Series: MAR/JULY 2020

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FR – March 2020 – L2 – Q4b – Financial Statement Presentation of Government Grants

Prepare financial statement extracts using two methods of presenting government grants under IAS 20

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FR – March 2020 – L2 – Q6b – Financial Reporting

Discuss objectives of FRCON and ethical issues in reporting.

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CSME – Mar/Jul 2020 – L2 – Q4b – Board Diversity Categories and Benefits

Explain six categories of board diversity and evaluate its benefits.

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CSME – Mar/July 2020 – L2 – Q2b – Ethical Absolutism vs Relativism in Accounting

Distinguish between ethical absolutism and ethical relativism and identify types of ethical relativism.

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AA – Mar/July 2020 – L2 – Q5 – Assurance Services and Due Diligence for Hallmark Ltd

List control objectives and activities for cash sales and bank lodgments.

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PSAF – Mar/July 2020 – L2 – Q4 – Responsibilities of EFCC and Debt Burden Transfer

This question requires the preparation of financial statements for Amotekun State University of Education, Ode, for 2018.

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PSAF – Mar/July 2020 – L2 – Q2 – IPSAS 3 Changes and Expenditure Assignment Challenges

Explanation of changes in accounting policies and challenges in expenditure assignment according to IPSAS 3.

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PSAF – Mar/July 2020 – L2 – Q3 – National Chart of Accounts Characteristics and Structures

Characteristics of National Chart of Accounts, its structures for budgeting, and problems with debt conversion programmes.

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PSAF – Mar/July 2020 – L2 – Q5 – Matanmi Local Government Council 2019 Budget Preparation

This question focuses on budgeting for overheads and road repairs by local governments and the characteristics of public goods.

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PSAF – Mar/Jul 2020 – L2 – Q1a – Accounting for Government Assets and Liabilities

Prepare a non-current assets schedule for a university and identify features of a finance lease in compliance with IPSAS.

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FR – Mar/July 2020 – L2 – Q6a – Economic Decisions and Conceptual Framework Advantages

Outline economic decisions for financial statements and objectives of FRCON with ethical issues they may sanction.

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FR – Mar/Jul 2020 – L2 – Q5b – Gbebody Nigeria Limited Adjusted Retained Earnings and Statement of Financial Position

Preparation of adjusted retained earnings and statement of financial position considering property revaluation and deferred tax impact.

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FR – Mar/Jul 2020 – L2 – Q5a – Financial Instruments (IAS 32, IFRS 9)

Explains how IFRS requires gains or losses on re-measurement to be dealt with in the financial statements for financial assets held at fair value under IFRS 9 and property, plant, and equipment under the revaluation model of IAS 16.

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FR – Mar/Jul 2020 – L2 – Q4a – Accounting for Government Grants (IAS 20)

Explain types and methods of government grants under IAS 20 and prepare extracts of financial statements for Gbogbonise Enterprises.

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FR – Mar/Jul 2020 – L2 – Q3b – Consolidated Statement of Financial Position for Papa Limited Group

Preparation of consolidated statement of financial position for Papa Limited group as at December 31, 2018.

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FR – Mar/Jul 2020 – L2 – Q2a – Non-current Assets Held for Sale under IFRS 5

Explanation of the criteria required for assets to be classified as held for sale under IFRS 5.

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FR – Mar/Jul 2020 – L2 – Q2b – Recognition of Provisions under IAS 37

Explain the recognition criteria for provisions in accordance with IAS 37, including situations when provisions should be recognized.

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FR – Mar/Jul 2020 – L2 – Q2c – Disclosure Requirements of IAS 37

Outline the disclosure requirements for provisions as per IAS 37.

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FR – Mar/Jul 2020 – L2 – Q2d – Fundamental Principles of ICAN Code of Ethics

Explanation of five fundamental principles set out in the ICAN code of ethics.

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FR – Mar/Jul 2020 – L2 – Q1 – Financial Statement Analysis of Dangoyaro Plc

Preparation and analysis of financial statements, cash flow, and equity statements of Dangoyaro Plc for the year ended September 30, 2019, using IAS standards.

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