Chuẩn mực kế toán quốc tế P6

The Junior Company leased out a freehold building for 20 years with effect from 1 January 20X1. The economic life of the building is 40 years. As part of the negotiations for the lease, Junior granted the tenant a rent-free period. Annual rentals of £1.6 million are payable in advance on 1 January, commencing in 20X2. What income should Junior recognise in profit or loss in the year ended 31 December 20X1, according to IFRS 16 Leases?

• 1.52 million

• 0

• 1.44 million

• 1.60 million

Which one of the following terms best describes assets recorded at the amount that represents the immediate purchase cost of an equivalent asset?

• Realisable value

• Present value

• Current cost

• Historical cost

Tynan's year end is 30 September 20X4 and the following potential liabilities have been identified. Which TWO of the above should Tynan recognise as liabilities as at 30 September 20X4?

• The signing of a non-cancellable contract in September 20X4 to supply goods in the following year on which, due to a pricing error, a loss will be made

• The cost of a reorganisation which was approved by the board in August 20X4 but has not yet been implemented, communicated to interested parties or announced publicly

• An amount of deferred tax relating to the gain on the revaluation of a property during the current year. Tynan has no intention of selling the property in the foreseeable future.

• The balance on the warranty provision which related to products for which there are no outstanding claims and whose warranties had expired by 30 September 20X4

Mighty IT Co provides hardware, software and IT services to small business customers. Mighty IT Co has developed an accounting software package. The company offers a supply and installation service for $1,000 and a separate two - year technical support service for $500. Alternatively, it also offers a combined goods and services contract which includes both of these elements for $1,200. Payment for the combined contract is due one month after the date of installation. In December 20X5, Mighty IT Co revalued its corporate headquarters. Prior to the revaluation, the carrying amount of the building was $2m and it was revalued to $2.5m. Mighty IT Co also revalued a sales office on the same date. The office had been purchased for $500,000 earlier in the year, but subsequent discovery of defects reduced its value to $400,000. No depreciation had been charged on the sales office and any impairment loss is allowable for tax purposes. Mighty It Co's income tax rate is 30 %. In accordance with IFRS 15 Revenue from Contracts with Customers, when should Mighty IT Co recognize revenue from the combined goods and services contract?

• Supply and install: on installation and Technical support: over two years

• Supply and install: when payment is made and Technical support: over two years

• Supply and install: on installation and Technical support: on installation

• Supply and install: when payment is made and Technical support : when payment is made

IFRS 15 Revenue from Contracts with Customers states that, where performance obligations are satisfied over time, entities should apply an appropriate method of measuring progress. Which TWO of the following are appropriate OUTPUT methods of measuring progress?

• Total costs to date of the contract as a percentage of total contract revenue

• Physical milestones reached as a percentage of physical completion

• Surveys of performance completed to date as a percentage of total contract revenue

• Labour hours expended as a percentage of total expected labour hours

Company X started a three - year contract to build a new university campus on 1 April 20x7. The contract had a fixed price of $100 million. X will satisfy the performance obligation over time. CN incurred costs to 31 March 20X8 of $66 million and estimated that a further $44 million would need to be spent to complete the contract. X measures the progress of contracts using work completed compared to contract price. At 31 March 20X8, a surveyor valued the work completed to date at $60 million. What are the correct amounts to be shown in revenue and cost of sales in the statement of profit or loss for the year ended 31 March 20X8? Revenue Cost of sales

• $60 million $54 million

• $60 million $50 million

• $57 million $54 million

• $57 million $50 million

Which of the following statements are correct in accordance with IAS 37 Provisions, contingent liabilities and contingent assets?

1. Provisions should be made for both constructive and legal obligations

2. Discounting may be used when estimating the amount of a provision.

3. A restructuring provision must include the estimated costs of retraining or relocating continuing staff 4. A restructuring provision may only be made when a company has a detailed plan for the restructuring and has communicated to interested parties a firm intention to carry it out.

• All four statements are correct

• (i), (ii) and (iv) only

• (i), (iii) and (iv) only

• (ii) and (iii) only

Which two of the following are examples of deferred tax assets? Deferred tax assets are the amount of income taxes recoverable in future periods in respect of

• permanent differences

• taxable temporary differences

• the carryforward of unused tax losses

• deductible temporary differences

According to IAS 12 Income taxes, are the following statements in relation to deferred tax liabilities true or false?

1. Deferred tax liabilities are the amounts of income taxes payable in future periods in respect of taxable temporary differences.

2. Deferred tax assets are the amounts of income taxes recoverable in future periods in respect of deductible temporary differences

• 1.False 2. False

• 1.False 2. True

• 1.True 2. False

• 1.True 2. True

Which two of the following are included in a complete set of financial statements, according to IAS 1 Presentation of financial statements?

• Summarised statements of financial position for the last five years

• A statement of changes in equity

• A statement of cash flows

• A statement by the board of directors of compliance with local legislation