[P2]ACCA P2一日一练

   The defi nition of a fi nancial instrument captures a wide variety of assets and liabilities including cash, evidence of
     an ownership interest in an entity, or a contractual right to receive, or deliver cash or another fi nancial instrument.
      Preparers, auditors and users of fi nancial statements have found the requirements for reporting fi nancial assets and
      liabilities to be very complex, problematical and sometimes subjective. The result is that there is a need to develop new
     standards of reporting for fi nancial instruments that are principle-based and signifi cantly less complex than current
      requirements. It is important that a standard in this area should allow users to understand the economic substance of
     the transaction and preparers to properly apply generally accepted accounting principles.
      Required:
      (a)   (i)  Discuss how the measurement of fi nancial instruments under International Financial Reporting Standards
                can create confusion and complexity for preparers and users of fi nancial statements.                          (9 marks)
           (ii)  Set out the reasons why using fair value to measure all fi nancial instruments may result in less complexity
                in   the   application   of   IAS   39  ‘Financial   Instruments:   recognition   and   measurement’ but   may   lead   to
                uncertainty in fi nancial statements.                                                                          (9 marks)
           Professional marks will be awarded in part (a) for clarity and expression.                                         (2 marks)
      (b)   A company borrowed $47 million on 1 December 2008 when the market and effective interest rate was 5%. On
           30 November 2009, the company borrowed an additional $45 million when the current market and effective
           interest rate was 7·4%. Both fi nancial liabilities are repayable on 30 November 2013 and are single payment
           notes, whereby interest and capital are repaid on that date.
           Required:
           Discuss the accounting for the above fi nancial liabilities under current accounting standards using amortised
           cost, and additionally using fair value as at 30 November 2009.                                                    (5 marks)
                                                                                              

感谢楼主

jaiden_czt:》》 (2013-03-12 11:06) 

jaiden_czt:》》 (2013-03-12 11:06) 

let   me see

星矢:[内容隐藏] (2011-12-20 16:07) 

ok,  let me  see

回复看答案~~~~

星矢:[内容隐藏] (2011-12-20 16:07) 

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