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The requirements of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
result in the separation of the financial position and financial performance of those activities which will continue into the future from those which will not. This provides a clearer base for projections into the future than if the position and performance of both types of activity were merely amalgamated.
Which of the following qualitative characteristics has been reflected in the formulation of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations?

• A. Understandability
• B. Relevance
• C. Comparability
• D. Reliability

Which of the following items would appear in the reconciliation of profit before tax to cash generated from operations in a statement of cash flows prepared in accordance withIAS 7 Statement of Cash Flows?
(i)Increase in provision for warranty costs
(ii)Decrease in income tax payable
(iii) Depreciation charge
(iv)
Dividends paid

• A. (ii) and (iv)
• B. (i) and (iii)
• C. (ii) and (iii)
• D. (i) and (ii)

On 5 March 2013MerchantLtd issued 200,000 5% irredeemable $1 preference shares. In accordance with IAS 32 Financial Instruments: Presentation, how will these shares and their related dividend be shown inMerchantLtd's financial statements for the year ended 31 March 2013?
SharesDividend

• A. Equity Statement of changes in equity
• B. Non-current liabilities Statement of changes in equity
• C. Non-current liabilitiesIncome statement
• D. Equity Income statement

Gale plc has a number of subsidiary companies. On 1 January 2008 Gale plc acquired 30% of the 10,000 $1 ordinary shares of GCM Ltd for $14,000. The balance on GCM Ltd's retained earnings on that date was $30,000. Gale plc exerts significant influence over GCM Ltd. The statement of financial position of GCM Ltd at 31 December 2012 is as follows.
$
Total assets68,000
Ordinary share capital10,000
Retained earnings38,000
Liabilities20,000
Total equity and liabilities68,000
At 31 December 2012 Gale plc had identified an impairment loss of $800 in the value of its investment in GCM Ltd.
At what value will the investment in GCM Ltd be shown in the consolidated statement of financial position of Gale plc as at 31 December 2012?

• A. $15,600
• B. $20,400
• C. $16,400
• D. $14,400

According to the IASB's Conceptual Framework for Financial Reporting, which one of the following statements represents the underlying assumption relating to financial statements?

• A. The accounts have been prepared on an accrual basis
• B. The business is expected to continue in operation for the foreseeable future
• C. The accounting policies used have been disclosed
• D. Users are assumed to have sufficient knowledge to be able to understand the financial statements