CPA ADVANCED LEVEL

ADVANCED FINANCIAL REPORTING AND ANALYSIS

MONDAY: 21 August 2023. Afternoon Paper. Time Allowed: 3 hours.

Answer ALL questions. Marks allocated to each question are shown at the end of the question. Show ALL your workings.
Do NOT write anything on this paper.

QUESTION ONE
H Limited, a public limited entity, had exercised significant influence over S Limited, another public limited entity, for
many years before obtaining control. H Limited acquired a 40% ordinary shareholding in S Limited on 1 April 2013 for a
cash consideration of Sh.2,500 million, when the retained earnings of S Limited stood at Sh.360 million.
The draft statements of financial position for the two companies as at 31 March 2023 are presented below:
H Limited S Limited
Assets: Sh.“million” Sh.“million”

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Non-current assets:
Property, plant and equipment 5,550 4,200
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Investment in S Limited 4,700 -
10,250 4,200
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Current assets:
Inventory 2,700 1,800
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Trade receivables 3,120 2,180

Cash and cash equivalents 1,130 770
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6,950 4,750
Total assets 17,200 8,950
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Equity and liabilities:

Equity:
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Ordinary share capital (Sh.10 par value) 10,000 5,000

Retained earnings 3,490 1,660
Total equity 13,490 6,660
Non-current liabilities:
10% loan notes 1,800 1,200
Current liabilities:
Trade payables 1,560 840
Current tax 350 250
1,910 1,090
Total equity and liabilities 17,200 8,950
Additional information:
1. H Limited acquired a further 30% interest in S Limited on 1 April 2019 for a cash amount of Sh.2,200 million. At
this date, the retained earnings of S Limited amounted to Sh.860 million and the fair value of the previously held
40% interest in S Limited was Sh.3,000 million.
2. At the time of achieving the controlling interest in S Limited, the fair values of its identifiable net assets
approximated their carrying amounts, with the exception of the following items:
• An item of plant whose fair value exceeded its carrying amount by Sh.150 million. On 1 April 2019, this
item of plant had a remaining economic useful life of six (6) years.
• On 1 April 2019, the directors of H Limited identified that S Limited had an internally generated database
of customers who had the potential of purchasing their products for an indefinite period of time. Although
there were no contractual or legal rights associated with this database, a professional expert estimated that
competitors of S Limited would be prepared to pay Sh.90 million for this database. S Limited had not yet
recognised the database as an asset in its individual financial statements.
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 3. The group policy is to measure the non-controlling interests at their proportionate share of net assets in the
subsidiary at the date of acquisition.
4. On 28 March 2023, H Limited sold goods worth Sh.100 million to S Limited. H Limited reported a gross profit
margin of 20% on this sale. S Limited had neither received nor recorded these goods in its books of account as at
31 March 2023.
5. The current accounts between H Limited and S Limited did not agree due to the goods that remained in transit as
per note 4 above. As at 31 March 2023, the trade receivables of H Limited included Sh.600 million due from
S Limited.
6. An impairment review carried out on 31 March 2023, revealed that neither goodwill arising on acquisition, nor the
intangible asset with infinite useful life had been impaired.
7. Ignore all deferred tax consequences on acquisition and fair value measurements of S Limited.
8. S Limited has not issued any ordinary shares since the date of acquisition.

Required:
(a) Determine the equity-accounted value of the investment in S Limited as at 31 March 2019. (2 marks)

(b) Calculate the value of goodwill arising on the acquisition of S Limited as at 1 April 2019. (4 marks)

(c) Consolidated statement of financial position for H Group as at 31 March 2023. (14 marks)
(Total: 20 marks)

QUESTION TWO
(a) In the context of International Accounting Standard (IAS) 24 “Related Party Disclosures”, explain THREE
reasons why it is important for an entity to disclose related party transactions. (6 marks)

(b) Citing FOUR relevant points, explain the extent to which integrated reporting (IR) addresses the limitations of

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traditional financial reporting. (4 marks)

(c)
.c
Explain SIX reasons why it was important for the International Accounting Standards Board (IASB) to develop a
conceptual framework for financial reporting. (6 marks)
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(d) In the context of International Public Sector Accounting Standard (IPSAS) 22 “Disclosure of Financial
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Information about the General Government Sector”, summarise FOUR disclosures that must be made with
respect to the general government sector. (4 marks)
(Total: 20 marks)
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QUESTION THREE
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(a) B Limited purchased a loan note for Sh.2,000,000 on 1 April 2021 and intends to hold it until maturity. The
effective interest rate is 10% per annum which was the same as the nominal rate.
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The loan note will mature on 31 March 2024 and annual payments are in arrears. On 31 March 2022, B Limited
received interest of Sh.200,000. B Limited estimated that no further interest would be received and only half of
the initial capital would be repaid on 31 March 2024. The probability of default on the loan note within the next
12 months was 0.5% and the credit risk as at 31 March 2022 was low.

The 10% present value factors are as follows:

Year 1 2 3
Present value factor 0.91 0.83 0.75

Required:
Illustrate the accounting treatment of the investment in the loan note as at 31 March 2022 in accordance with
International Financial Reporting Standard (IFRS) 9: “Financial Instruments”. (8 marks)

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 (b) The following figures appeared in the consolidated statement of profit or loss and other comprehensive income of
Jameni Group for the year ended 31 July 2023, together with comparatives for the year 2022:
2023 2022
Sh.“million” Sh.“million”

Profit before tax 800 600

Tax on profit (150) (120)
Profit after tax for the period 650 480
Other comprehensive income (revaluation gains) 60 20
Total comprehensive income for the period 710 500
Profit for the period attributable to:
Owners of the parent 560 420
Non-controlling interest 90 60
Profit for the period 650 480
Total comprehensive income for the period attributable to:
Owners of the parent 620 440
Non-controlling interest 90 60
Total comprehensive income for the period 710 500

The following figures were extracted from Jameni Group’s statement of financial position as at 31 July 2023,
together with comparatives for the year 2022:
2023 2022
Sh.“million” Sh.“million”

Equity share capital (Sh.0.5 par value) 920 400

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4% preference shares (non-redeemable, non-cumulative) 200 200
Share premium .c 430 120
Retained earnings 1,376 1,140
Other equity reserves 180 120
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Non-controlling interest 170 80

Total equity 3,276 2,060
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During the year ended 31 July 2023, the following changes took place to the issued share capital of Jameni Group:
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1. 200 million equity shares were issued in conjunction with the acquisition of another business. These
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equity shares were issued at full market price at the date of issue which was 1 November 2022.
2. 300 million ordinary shares were issued for cash to existing shareholders on 1 February 2023. The issue
price was Sh.1.50 per share, which represented a discount of 25% on the traded price immediately before
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the issue (Sh.2.00).

3. On 31 July 2023, a bonus issue of 540 million shares was completed, capitalising Sh.270 million of
retained earnings. Also on this date, the preference dividend due for the year, and an equity dividend of
Sh.46 million, were paid.

Required:
Applying the requirements of International Accounting Standard (IAS) 33 (Earnings per Share) to the information
provided above, calculate:

(i) The basic EPS for the year ended 31 July 2023. (10 marks)
(ii) The comparative figure for the year 2022 to be reported in the year 2023 financial statements, given that
the EPS figure originally reported in the year 2022 was Sh.0.525. (2 marks)
(Total: 20 marks)

QUESTION FOUR
(a) (i) With reference to International Financial Reporting Standard (IFRS) 2 “Share based Payments” and
citing examples, explain the impact of a non-market based performance condition on accounting for an
equity-settled share based payment transaction. (4 marks)

(ii) On 1 January 2020, Tabora Limited granted each of its 180 employees 1,000 share options. These
options would vest if the employees remained in the employment of the company until 31 December
2022.
On the grant date, the fair value of the share options was Sh.15 each.
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 Twenty five (25) employees left the company during the year ended 31 December 2020 and a further thirty (30)
employees were expected to leave in each of the two years ended 31 December 2021 and 31 December 2022.

During the years ended 31 December 2021 and 31 December 2022, twenty (20) employees and eighteen (18)
employees terminated their employment contracts respectively.

Required:
Show the extracts of financial statements for Tabora Limited for each of the three years ended 31 December 2020,
31 December 2021 and 31 December 2022 to record the above transactions. (6 marks)

(b) Waigwa Limited is a public limited company quoted on the securities exchange. The company’s capital structure
comprises both equity and debt financing. On 1 August 2019, the company raised additional finance by issuing
Sh.24,000,000 four-year deep discount bonds.

The interest is payable annually in arrears at the coupon interest rate of 6% per annum. The bonds were issued at a
discount of 10% and were redeemable on 1 August 2023 at a premium of Sh.1,217,000.

The effective rate of interest was 12% per annum. The issue costs amounted to Sh.1,200,000. The reporting date
for Waigwa Limited is 31 July.

Required:
Illustrate how the above financial instrument should be accounted for in the financial statements of Waigwa
Limited for the years ended 31 July 2020, 2021, 2022 and 2023 (Round your answers to the nearest thousand).
(10 marks)
(Total: 20 marks)

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QUESTION FIVE
The following financial statements relate to Ukulima Group: .c
Consolidated statement of financial position as at 30 September: 2022 2021
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Assets: Sh.“million” Sh.“million”

Non-current assets:
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Property, plant and equipment 221 263

Goodwill 75 142
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Investment in associates 204 103

Investment properties 82 60
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582 568
Current assets:
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Inventories 256 201

Trade and other receivables 219 263
Cash and cash equivalents 103 42
578 506
Total assets 1,160 1,074
Equity and liabilities:
Equity:
Share capital 122 102
Retained earnings 64 24
Other components of equity 59 30
245 156
Non-controlling interest 104 87
Total equity 349 243
Non-current liabilities:
Loans 163 152
Deferred tax 44 33
207 185
Current liabilities:
Trade and other payables 524 486
Income tax payable 23 12
Overdraft 57 148
604 646
Total equity and liabilities 1,160 1,074

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 Consolidated statement of profit or loss and other comprehensive income for the year ended 30 September 2022:
Sh.“million”
Revenue 1,423
Cost of sales (1,197)
Gross profit 226
Operating expenses (150)
Profit from operations 76
Share of profit in associate 21
Profit on disposal of shares in subsidiary 3
Finance costs (12)
Profit before tax 88
Income tax expense (19)
Profit for the period 69
Other comprehensive incomes - Items that will not be reclassified to profit or loss:
Gain on revaluation of plant and equipment 50
Income tax on items that will not be reclassified (10)
Total comprehensive income 109
Profit attributable to:
Equity holders of the parent 43
Non-controlling interest 26
Profit for the period 69
Total comprehensive income attributable to:
Equity holders of the parent 73
Non-controlling interest 36
Total comprehensive income for the period 109

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The following information is relevant to the Ukulima Group:
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1. Machinery with a carrying amount of Sh.12 million was disposed of for cash proceeds of Sh.10 million.
Depreciation of Sh.52 million had been charged to operating expenses in the statement of profit or loss. As a
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result of a revaluation of Ukulima Group’s factories during the year, a transfer was made within equity for excess
depreciation of Sh.1 million. Included in trade and other payables at the reporting date is Sh.2 million (2021:
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Sh. NIL) that related to property, plant and equipment purchased during the period.
2. Ukulima Group received a government grant of Sh.3 million in cash during the reporting period to help fund the
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acquisition of machinery needed for its production process. Ukulima Group accounts for grants as a reduction to
the cost of assets.
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3. Ukulima Group accounted for investment properties at fair value. Some new investment properties were acquired
at a cash price of Sh.14 million during the year.
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4. Ukulima Group disposed of some of its shares held in Shamba Ltd. Ukulima held 90% of the shares in Shamba
Ltd. before disposal and 40% of the shares after disposal leaving it with significant influence. The Ukulima Group
received cash proceeds from the sale. The profit on disposal of Sh.3 million was correctly calculated and credited
to the statement of profit or loss. The fair value of the interest retained in Shamba Ltd. was Sh.32 million.
Goodwill and non-controlling interest at the disposal date were Sh.40 million and Sh.4 million respectively.
A breakdown of Shamba Ltd.’s net assets as at the date of the share disposal is provided below:
Sh.“million”
Property, plant and equipment 81
Trade and other receivables 32
Cash and cash equivalents 6
Loans (30)
Trade and other payables (55)
Net assets at disposal date 34
5. During the period, Sh.65 million in cash was spent on investments in associates.
6. Finance costs included a Sh.2 million loss on the retranslation of a loan that was denominated in a foreign
currency. All other finance costs were paid in cash.

Required:
A consolidated statement of cash flows using the indirect method for the Ukulima Group for the year ended 30 September
2022 in accordance with International Accounting Standard (IAS) 7 “Statement of Cash Flows”. (Total: 20 marks)

…………………………….…………………………………………….

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 CPA ADVANCED LEVEL

ADVANCED FINANCIAL REPORTING AND ANALYSIS

MONDAY: 24 April 2023. Afternoon Paper. Time Allowed: 3 hours.

Answer ALL questions. Marks allocated to each question are shown at the end of the question. Show ALL your workings.
Do NOT write anything on this paper.

QUESTION ONE
Zura Limited, a private limited company which operates in the textile industry, has been in financial distress and has been
reporting trading losses in recent years.
The company’s latest statement of financial position as at 31 July 2022 was as shown below:
Sh.“000” Sh.“000”
Assets:
Non-current assets:

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Freehold property 48,550
Plant and equipment 14,175
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Motor vehicles 7,075
Fixtures and fittings 4,725
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Goodwill 4,375
78,900
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Current assets:
Inventories 11,825
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Accounts receivable 3,175 15,000

Total assets 93,900
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Equity and liabilities:

Equity:
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Ordinary share capital (Sh.10 par value) 50,000

Share premium 10,500
Retained earnings (losses) (29,550)
Total equity 30,950
Non-current liability:
15% loan notes 40,000
Current liabilities:
Accounts payable 17,500
Bank overdraft 3,950
Accrued loan notes interest 1,500 22,950
Total equity and liabilities 93,900

The board of directors of Zura Limited, which also comprises the main shareholders, have proposed a scheme of internal
financial reconstruction with effect from 1 August 2022, under the following terms:
1. The existing ordinary shares are to be reduced to Sh.2.5 per share.
The current shareholders are to fully subscribe for a new issue of ordinary shares of Sh.2.5 each at par value, on
the basis of four (4) new shares for every five (5) shares held.
2. The loan notes holders agreed to lower their interest rate to 12% per annum on condition that the accrued interest
would be paid immediately.
3. The outstanding accounts payable accepted 6.4 million ordinary shares of Sh.2.5 each in full settlement of the
amounts due.
4. The bank overdraft is to be repaid immediately.
5. The share premium account is to be utilised for the purpose of capital reduction.
6. The balances in the retained earnings (losses) and goodwill accounts are to be written off.
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 7. The following assets are to be adjusted to their fair values as follows:
Sh.“000”
Freehold property 49,050
Plant and equipment 9,505
Motor vehicles 5,360
Fixtures and fittings 3,780
Inventories 10,050
Accounts receivable 2,925
8. Reconstruction costs of Sh.4 million are expected to be incurred and paid.

Required:
(a) Journal entries to effect the scheme of internal reconstruction. (8 marks)

(b) Capital reduction account as at 31 July 2022. (6 marks)

(c) Statement of financial position as at 1 August 2022 (immediately after the scheme of internal reconstruction).
(6 marks)
(Total: 20 marks)

QUESTION TWO
The following are the summarised financial statements of P Limited and S Limited for the year ended 31 December 2022:

Statement of financial position as at 31 December 2022:

P Limited S Limited
Sh.“000” Sh.“000”

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Assets:
Non-current assets: .c
Property, plant and equipment 46,380 9,120
Investment in S Limited (cost) 7,464 -
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53,844 9,120
Current assets 15,240 2,640
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Total assets 69,084 11,760

Equity and liabilities:
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Share capital (Sh.1 par value) 12,240 960

Revenue reserves 47,904 9,480
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60,144 10,440
Current liabilities 8,940 1,320
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Total equity and liabilities 69,084 11,760

Statement of profit or loss and other comprehensive income for the year ended 31 December 2022:

Sh.“000” Sh.“000”
Revenue 12,240 4,800
Cost of sales and expenses (10,800) (4,320)
Profit before tax 1,440 480
Income tax expense (432) (96)
Profit for the year 1,008 384
Other comprehensive income:
Items that will not be reclassified to profit or loss:
Gain on property revaluation net of tax 288 96
Total comprehensive income 1,296 480

Additional information:
1. P Limited acquired 25% of S Limited on 1 January 2021 for Sh.2,424,000 and exercised significant influence over
the financial and operating policy decisions of S Limited.
2. The fair value of S Limited’s identifiable assets and liabilities as at 1 January 2021 was equivalent to their book
value. S Limited’s reserves stood at Sh.6,960,000.
3. A further 35% stake was acquired by P Limited in S Limited on 30 September 2022 for Sh.5,040,000. The fair
value of S Limited’s identifiable assets and liabilities as at that date was Sh.11,040,000 and S Limited’s revenue
reserves stood at Sh.9,360,000. As at 30 September 2022, S Limited’s share price was Sh.14.50.

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 4. The difference between the fair value of the identifiable assets and liabilities of S Limited and their book value
was due to brands. The brands were estimated to have an average remaining useful life of 5 years from
30 September 2022.
5. Incomes and expenses are assumed to accrue evenly over the year. Neither company paid dividends during the
year and neither issued any shares.
6. P Limited elected to measure non-controlling interests as at the date of acquisition at fair value.
7. There is no impairment loss on goodwill as at 31 December 2022 while amortisation of brands is classified in cost
of sales.

Required:
(a) Consolidated statement of profit or loss and other comprehensive income for the year ended 31 December 2022.
(10 marks)

(b) Consolidated statement of financial position as at 31 December 2022. (10 marks)

(Total: 20 marks)

QUESTION THREE
(a) International Accounting Standard (IAS) 12 “Income Taxes”, allows entities to recognise a deferred tax asset
where they have unused tax losses, only to the extent that it is probable that future taxable profits will be available
against which the unused tax losses can be utilised.

Required:
In view of the above statement, explain FOUR key considerations for recognition of deferred tax assets on unused
tax losses. (8 marks)

(b) The following statement of financial position relates to ABC Ltd., a public limited company, as at 31 March 2022:

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Sh.“000” .c
Assets:
Non-current assets:
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Property, plant and equipment 10,000

Goodwill 6,000
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Other intangible assets 5,000

Financial assets (cost) 9,000
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30,000
Current assets:
Trade receivables
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7,000
Other receivables 4,600
Cash and cash equivalents 6,700
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18,300
Total assets 48,300
Equity and liabilities:
Equity:
Share capital 9,000
Other reserves 4,500
Retained earnings 9,130
22,630
Non-current liabilities:
Long term borrowings 10,000
Deferred tax liability 3,600
Employee benefit liability 4,000
17,600
Current tax liabilities:
Current tax 3,070
Trade and other payables 5,000
8,070
Total liabilities 25,670
Total equity and liabilities 48,300

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 The following information is relevant to the above statement of financial position:
1. The financial assets are classified as fair value through other comprehensive income as shown in the
above statement of financial position at their cost on 1 April 2021, including transaction costs of Sh.0.5
million. The market value of the assets is Sh.10.5 million on 31 March 2022. Taxation is payable on the
sale of the assets.
2. The stated interest rate for the long term borrowing is 8%. The loan of Sh.10 million represents a
convertible bond which has a liability component of Sh.9.6 million and an equity component of Sh.0.4
million. The bond was issued on 31 March 2022.
3. The defined benefit plan had a rule change on 1 April 2021. ABC Ltd. estimates that of the past service
cost of Sh.1 million, 40% relates to vested benefits and 60% relates to benefits that will vest over the next
five years from that date. The past service costs have not been accounted for.
4. The tax bases of the assets and liabilities are the same as their carrying amounts in the statement of
financial position as at 31 March 2022 except for the following:
Sh.“000”
• Property, plant and equipment 2,400
Trade receivables 7,500
Other receivables 5,000
Employee benefits 5,200
• Other intangible assets are development costs which were allowed for tax purposes when the costs
were incurred in 2021.
• Trade and other payables include an accrual for compensation to be paid to employees. This amounts
to Sh.1 million and is allowed for tax purposes when paid.
5. Goodwill is not allowable for tax purposes in the jurisdiction of ABC Limited.
6. Assume taxation is payable at the rate of 30%.

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Required:
By applying the requirements of IAS 12 (Income Taxes): .c
(i) Calculate the temporary differences after the necessary adjustments. (10 marks)
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(ii) Determine the deferred tax charge for the year ended 31 March 2022. (2 marks)
(Total: 20 marks)
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QUESTION FOUR
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(a) The objective of International Accounting Standard (IAS) 29 “Financial Reporting in Hyperinflationary
Economies” is to establish specific standards for entities reporting in the currency of a hyperinflationary economy
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so that the financial information provided is meaningful.

Required:
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Discuss THREE limitations of historical cost accounting when used for assessing entity performance during
periods of inflation. (6 marks)
(b) The objective of International Financial Reporting Standard (IFRS) 13 “Fair Value Measurement” is to provide a
single source of guidance for fair value measurement where it is required by a reporting standard, rather than it
being spread throughout several reporting standards.

Required:
In light of the above statement and citing examples, briefly describe THREE hierarchical level inputs required by
IFRS 13 “Fair Value Measurement”. (6 marks)
(c) The sole mandate and responsibility for issuing International Financial Reporting Standards (IFRSs) lies with the
International Accounting Standards Board IASB (The Board) which in conjunction with other regulatory bodies
such as IFRS Foundation, the IFRS Advisory Council and IFRIC ensure the development of global accounting
standards of high quality.
Required:
In view of the above statement, briefly describe the procedure for the development of an IFRS standard. (4 marks)

(d) With reference to International Public Sector Accounting Standard (IPSAS) 7 “Investment in Associates”, briefly
explain the accounting treatment of investment in associates in the financial statements of a public sector entity,
and indicate how the requirements of IPSAS 7 compare with those of International Accounting Standard (IAS) 28
“Investment in Associates” for commercial sector entities. (4 marks)
(Total: 20 marks)

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 QUESTION FIVE
The following draft consolidated financial statements were extracted from the financial records of G Group for the year
ended 30 September 2022:
G Group
Consolidated statement of profit or loss for the year ended 30 September 2022:
Sh.“million”
Revenue 18,590
Cost of sales (11,250)
Gross profit 7,340
Distribution costs (1,330)
Administration expenses (2,460)
Profit from operations 3,550
Fair value gain on short term investments 170
Finance costs (280)
Profit before tax 3,440
Income tax expense (880)
Profit for the year 2,560

Attributable to the group owners 2,040

Attributable to the non-controlling interests 520
2,560

G Group
Consolidated statements of financial position as at 30 September:
2022 2021

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Sh.“million” Sh.“million”
Assets: .c
Non-current assets:
Property, plant and equipment 23,500 14,750
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Goodwill 4,200 4,140

27,700 18,890
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Current assets:
Inventory 8,900 7,660
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Trade receivables 7,420 7,010

Investments at fair value through profit or loss 2,570 2,400
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Cash at bank 310 240

19,200 17,310
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Total assets 46,900 36,200

Equity and liabilities:
Equity:
Ordinary share capital (Sh.10 par value) 20,000 15,000
Share premium 4,500 3,000
Retained earnings 6,010 4,340
Equity attributable to group owners 30,510 22,340
Non-controlling interests 1,840 1,080
Total equity 32,350 23,420
Non-current liabilities:
Deferred consideration 795 -
Bank loans 2,600 3,000
Deferred tax 620 450
4,015 3,450
Current liabilities:
Trade payables 9,790 8,750
Current tax 745 580
10,535 9,330
Total equity and liabilities 46,900 36,200

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 Additional information:
1. The property, plant and equipment comprised the following:
30 September 2022 30 September 2021
Sh.“million” Sh.“million”
Cost 43,000 30,000
Provision for depreciation (19,500) (15,250)
Carrying amount 23,500 14,750
During the year ended 30 September 2022, G Limited disposed of an item of equipment for cash proceeds of
Sh.260 million. The equipment had cost Sh.750 million and had an accumulated depreciation of Sh.370 million.
Any gain/loss on disposal and depreciation on property, plant and equipment is included in cost of sales.
2. On 1 January 2022, G Limited acquired 75% of the 100 million ordinary shares of Sh.10 each in S Limited. The
acquisition consideration comprised a share exchange on the basis of two (2) shares in G Limited for every three
(3) acquired shares in S Limited. G Limited was also to pay Sh.810 million to the owners of S Limited on
1 January 2023. G Limited’s cost of capital is 8% per annum.

The market values of ordinary shares at 1 January 2022 were Sh.30 and Sh.20 for G Limited and S Limited
respectively. The fair values of assets and liabilities of S Limited at the date of acquisition were as follows:
Sh.“million”
Property, plant and equipment: - Cost 5,000
- Provision for depreciation (2,900)
Inventory 820
Trade receivables 650
Current tax (refundable) 20
Deferred tax asset 110
Trade payables (1,200)
2,500

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3. The group policy is to measure the non-controlling interest in subsidiaries at fair value at acquisition dates. The
market values of the subsidiaries’ ordinary shares are considered to be representative of the fair values of shares
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held by the non-controlling interests.
4. Investments at fair value through profit or loss consist of highly marketable and risk-free securities held by
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G Limited.
5. Any impairment loss on goodwill is included in administration expenses.
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Required:
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Consolidated statement of cash flows for G Group for the year ended 30 September 2022 using the indirect method in line
with International Accounting Standard (IAS) 7 “Statements of Cash Flows”.
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(Total: 20 marks)
…………………………….…………………………………………….
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 CPA ADVANCED LEVEL

ADVANCED FINANCIAL REPORTING AND ANALYSIS

MONDAY: 5 December 2022. Afternoon Paper. Time Allowed: 3 hours.

Answer ALL questions. Marks allocated to each question are shown at the end of the question. Show ALL your workings.
Do NOT write anything on this paper.

QUESTION ONE
(a) In the context of IAS 16 (Property, Plant and Equipment):

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(i) Explain how the initial cost of property, plant and equipment should be measured and the treatment of

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subsequent expenditure. (4 marks)
a.
(ii) Describe the requirements regarding the revaluation of non-current assets, the treatment of surpluses and
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deficits on revaluation and the gains or losses on disposal. (6 marks)

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(b) Voxy Limited leased a factory to Teana Limited with effect from 1 July 2022. The lease is for four (4) years at an
annual lease rental of Sh.4,000,000 payable annually in arrears. The lease contract provides that the lessee shall be
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responsible for the insurance and maintenance of the factory during the lease term. The implicit rate of interest in
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the lease is 15% per annum.

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Required:
Demonstrate, with suitable calculations, the accounting treatment of the above lease transactions in the financial
statements of Voxy Limited (lessor) for the years ended 30 June 2023, 2024, 2025 and 2026. (10 marks)
(Total: 20 marks)

QUESTION TWO
(a) Explain TWO challenges that a business entity might face while preparing segmental reports. (2 marks)

(b) IFRS 2 “Share Based Payments”, identifies three types of share based transactions.

Required:
Explain the THREE types of share based transactions in each case indicating their accounting treatment in line
with IFRS 2 “Shared Based Payments”. (6 marks)

(c) The objective of International Public Sector Accounting Standard (IPSAS) 21 “Impairment of Non-cash
generating Assets”, is to prescribe the procedures which a public sector entity applies to determine whether a non-
cash generating asset is impaired.

Required:
With regard to International Public Sector Accounting Standard (IPSAS) 21, “Impairment of Non-cash generating
Assets”, briefly explain the accounting treatment of impairment of non-cash generating assets and how the
requirements of IPSAS 21 compare with those of the International Accounting Standard (IAS) 36 “Impairment of
Assets”, applicable to commercial sector entities. (6 marks)

(d) Discuss the nature and contents of Management Commentary in the context of enhancing the usefulness of
financial information to the users of financial statements. (6 marks)
(Total: 20 marks)

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 QUESTION THREE
H Limited, a public limited entity, operates in the information technology sector. It has made several investments in other
companies within the industry, which has earned it market leadership in the sector.

The following draft financial statements for the year ended 31 October 2022 relate to H Limited and its investment
companies:

Statement of profit or loss and other comprehensive income for the year ended 31 October 2022:
H Limited S Limited L Limited
Sh.“million” Sh.“ million” Sh.“ million”
Revenue 8,460 3,880 3,200
Cost of sales (4,040) (2,910) (1,020)
Gross profit 4,420 970 2,180
Distribution costs (725) (200) (220)
Administrative expenses (1,150) (350) (340)
Profit from operations 2,545 420 1,620
Investment income 600 - -
Finance costs (450) (175) (320)
Profit before tax 2,695 245 1,300
Income tax expense (680) (80) (440)

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Profit for the year 2,015 165 860
Other comprehensive income: a.
Gain on property revaluation 70 - -
Total comprehensive income 2,085 165 860
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Statement of financial position as at 31 October 2022:

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H Limited S Limited L Limited

Sh.“ million” Sh.“ million” Sh.“ million”
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Assets:
Non-current assets:
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Property, plant and equipment 4,600 4,940 3,820

Investments:
• S Limited 1,830 - -
• L Limited 2,500 - -
Equity investments 4,000 - -
12,930 4,940 3,820
Current assets:
Inventory 2,250 2,450 1,875
Trade receivables 1,980 1,710 2,700
Cash and cash equivalents 870 600 705
5,100 4,760 5,280
Total assets 18,030 9,700 9,100
Equity and liabilities:
Equity:
Ordinary share capital (Sh.10 par value) 3,000 1,500 2,000
Share premium 2,000 500 -
Revaluation surplus 480 - -
Retained earnings 3,420 2,070 2,090
Total equity 8,900 4,070 4,090
Non-current liabilities:
Long-term borrowings 4,400 2,500 -
Deferred tax 1,240 920 1,750
5,640 3,420 1,750
Current liabilities:
Trade payables 2,240 1,570 2,300
Current tax 1,250 640 960
3,490 2,210 3,260
Total equity and liabilities 18,030 9,700 9,100

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 Additional information:
1. H Limited acquired an 80% ordinary shareholding in S Limited on 1 November 2019 when the retained earnings
of S Limited stood at Sh.340 million. The acquisition consideration comprised cash of Sh.1,830 million. The fair
values of the identifiable net assets of S Limited at acquisition date were Sh.2,440 million. The excess of the fair
values over the carrying values was due to an unrecognised brand whose remaining economic useful life at the
date of acquisition was five (5) years.
2. M Limited is the main competitor of H Limited and on 1 May 2022, M Limited and H Limited each acquired 50%
of the 200 million ordinary shares of Sh.10 each in L Limited.
The consideration paid by H Limited consisted of cash of Sh.15 per share and also a 1 for 2 share exchange when
the market price of H Limited’s share was Sh.20 each. M Limited also paid Sh.15 per share for their interest but
did not issue any shares to the owners of L Limited. The ordinary shares of L Limited have one voting right each.

Upon the acquisition, H Limited had a contractual right to appoint 60% of the board of L Limited, with the
remaining 40% appointed by M Limited. M Limited and H Limited each appointed one member to L Limited’s
senior management team. It is the senior manager appointed by H Limited who makes the key decisions regarding
the development of L Limited’s new technologies, its principal revenue stream, the market it will operate in and
how it is financed. The fair values of L Limited’s net assets approximated their carrying values at the date of
acquisition.
3. H Limited has a policy of measuring the non-controlling interests at fair value. The non-controlling interest in S
Limited had a fair value of Sh.970 million at 1 November 2019.
4. During the year ended 31 October 2022, S Limited sold goods worth Sh.400 million to H Limited. S Limited

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reports a gross profit margin of 25% on all its sales. 20% of these goods remained in the closing inventory of

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H Limited as at 31 October 2022.
5.
a.
As at 31 October 2022, no impairment had arisen in respect of the goodwill arising on the acquisition of S Limited
and L Limited.
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6. None of the group companies paid dividends during the year ended 31 October 2022.
7. S Limited had not issued any ordinary shares since its shares were acquired by H Limited.
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Required:
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(a) Consolidated statement of profit or loss and other comprehensive income for H Group for the year ended
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31 October 2022. (8 marks)

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(b) Consolidated statement of financial position for H Group as at 31 October 2022. (12 marks)
(Total: 20 marks)

QUESTION FOUR
(a) In the context of IAS 33 (Earnings Per Share), explain the meaning of the following terms:

(i) Contingently issuable ordinary shares. (2 marks)

(ii) Potential ordinary shares. (2 marks)

(b) D Limited’s equity balances as at 1 October 2020 comprised the following:

Sh.“000”
Ordinary share capital (Sh.10 par value) 20,000
10% irredeemable preference share capital (Sh.10 par value) 8,000
Share premium 2,500
Revaluation surplus 1,500
Retained earnings 25,700
Shareholders’ funds 57,700

The trading results of the company were as follows:

Year ended 30 September 2022 Year ended 30 September 2021

Sh.“000” Sh.“000”
Profit for the year after tax 3,612 3,146

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 Additional information:
1. On 1 January 2021, the company issued 400,000 ordinary shares at full market value.
2. On 1 April 2021, the company made a 1 for 5 bonus issue of ordinary shares to the existing shareholders,
utilising its retained earnings.
3. On 1 December 2021, D Limited invited its ordinary shareholders for a rights issue in the proportion of
1 for 4 at Sh.12 per share. The shares were quoted immediately before the rights issue at Sh.15 per share.
All the rights were fully subscribed.
4. The company has had in issue a convertible loan stock of Sh.6 million which carries an effective interest
rate of 8% per annum. Each Sh.1,000 nominal value of the loan stock will be convertible at the holder’s
option into 600 ordinary shares.
On 1 June 2022, holders of Sh.1.5 million loan stock exercised their conversion option.
5. The income tax rate applicable to D Limited is 30%.
6. The company declared and paid dividends on both classes of the equity shares.

Required:
(i) Basic earnings per share (EPS) for the years ended 30 September 2021 and 30 September 2022. (8 marks)

(ii) Diluted earnings per share (EPS) for the year ended 30 September 2022. (8 marks)
(Total: 20 marks)

QUESTION FIVE

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Tahidi Limited, a private limited company, has been in financial difficulties and has reported trading losses for a number of

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years. The directors of the company invited the shareholders and creditors for a special general meeting where it was
a.
resolved that the operations of Tahidi Limited be transferred to a newly formed company, Sitawi Limited, with effect from
1 August 2022.
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The latest statement of financial position of Tahidi Limited as at 31 July 2022 was as follows:
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Sh. “000” Sh. “000”

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Assets:
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Non-current assets:
Property, plant and equipment 31,750
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Intangible assets (brand) 4,800

36,550
Current assets:
Inventories 4,310
Accounts receivable 3,840 8,150
Total assets 44,700

Equity and liabilities:

Equity:
Ordinary share capital (Sh.10 par value) 20,000
10% irredeemable preference share capital (Sh.10 par value) 10,000
Share premium 2,000
Retained earnings (losses) (5,890)
Total Equity 26,110
Non-Current liabilities:
12% bonds 12,500
Current liabilities:
Accounts payable 3,090
Accrued interest on bonds 750
Bank overdraft 2,250 6,090
Total equity and liabilities 44,700

Additional information:
1. The newly formed company’s authorised share capital comprised five (5) million ordinary shares of Sh.10 par
value each.
2. Sitawi Limited issued four (4) new ordinary shares of Sh.10 each credited at Sh.5 each for every two (2)
preference shares held in Tahidi Limited. The preference shareholders agreed to immediately pay the balance on
the shares allotted.
3. Preference dividends in Tahidi Limited were two years in arrears. Half of the preference dividend arrears were
settled by issue of fully paid ordinary shares Sh.10 each in Sitawi Limited.

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 4. The new company also issued three (3) new ordinary shares of Sh.10 each credited at Sh. 5 each for every five (5)
ordinary shares held in Tahidi Limited. The ordinary shareholders agreed to immediately pay the balance on the
shares allotted.
5. The bond holders in Tahidi Limited agreed to be transferred to the new company on condition that the bonds
would be convertible into ordinary shares after three years. The coupon interest rate for the convertible bonds was
to be 8% per annum. Similar bonds with no conversion rights attracted interest at the rate of 10% per annum.
Accrued interest on the bonds was to be paid immediately upon taking over.
6. The current liabilities of Tahidi Limited were transferred to Sitawi Limited at their book values.
7. The brand was considered valueless and therefore written off.
8. The tangible assets were taken over by Sitawi Limited at their fair values as follows:

Sh.“000”
Property, plant and equipment 29,200
Inventories 3,870
Accounts receivable 3,640
36,710
9. Liquidation expenses of Tahidi Limited amounted to Sh.6 million and were settled by Sitawi Limited.
10. Immediately upon take over, Sitawi Limited invited its ordinary shareholders for a 1 for 5 rights issue of ordinary
shares at an exercise price of Sh.15.
The average market price of the ordinary shares on cum-rights basis immediately before the rights issue was

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Sh.20.

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The issue was fully subscribed.
a.
Required:
(a) The following ledger accounts to close off the books of Tahidi Limited:
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(i) Realisation account. (4 marks)

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(ii) Preference shareholders sundry members account. (2 marks)

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(iii) Ordinary shareholders sundry members account. (2 marks)

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(b) Journal entries in the books of Sitawi Limited to record the initial recognition of the 8% convertible bonds and the
rights issue on 1 August 2022. (6 marks)

(c) Opening statement of financial position of Sitawi Limited as at 1 August 2022. (6 marks)
(Total: 20 marks)

…………………………….…………………………………………….

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 CPA ADVANCED LEVEL

ADVANCED FINANCIAL REPORTING AND ANALYSIS

MONDAY: 1 August 2022. Afternoon paper. Time Allowed: 3 hours.

Answer ALL questions. Marks allocated to each question are shown at the end of the question. Show ALL your workings.
Do NOT write anything on this paper.

QUESTION ONE
P Limited, a public limited company, has held a controlling interest in S Limited, another public limited company, for one
decade.

P Limited also has a significant influence over A Limited, a public limited company. All the companies operate in the
manufacturing sector. The draft statements of financial position of P Limited and S Limited as at 30 June 2022 were as

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shown below:
P Limited S Limited
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Sh.“million” Sh.“million”
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Assets:
Non-current assets:
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Property, plant and equipment 16,875 10,230

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Investments - S Limited 13,000

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- A Limited 3,650
Financial assets at fair value 6,190 _____
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39,715 10,230

Current assets:
Inventory 9,980 6,930
Trade receivables 9,480 6,580
Cash and cash equivalents 5,490 3,815
24,950 17,325
Total assets 64,665 27,555
Equity and liabilities:
Equity:
Ordinary share capital (Sh.10 par value) 20,000 10,000
Share premium 4,000 2,400
Retained earnings 16,670 5,950
Total equity 40,670 18,350
Non-current liabilities:
10% loan notes 10,500 3,500
Deferred tax 6,150 1,870
16,650 5,370
Current liabilities:
Trade payables 5,700 3,100
Current tax 1,645 735
7,345 3,835
Total equity and liabilities 64,665 27,555

Additional information:
1. On 1 July 2012, P Limited acquired 60% of the ordinary shares of S Limited for a cash consideration of Sh.10,000
million. At acquisition, the fair value of the non-controlling interest in S Limited was Sh.6,500 million. P Limited
wishes to use the fair value method of accounting for goodwill. On 1 July 2012, the fair value of the identifiable
net assets in S Limited was Sh.14,000 million and the retained earnings of S Limited were Sh.1,200 million. The
excess in fair value was due to non-depreciable land.
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 2. On 1 January 2022, P Limited acquired a further 20% interest in S Limited for a cash consideration of Sh.3,000
million. S Limited reported a profit for the year ended 30 June 2022 of Sh.500 million which accrued evenly
throughout the year.
3. During the year ended 30 June 2022, P Limited sold goods worth Sh.2,000 million to S Limited. P Limited reports
a gross profit margin of 25% on all its sales. Half of these goods were still in the inventory of S Limited as at 30
June 2022.
4. Goodwill was tested for impairment immediately after the additional acquisition of interest in S Limited and was
considered impaired by 10%. No impairment had been reported in the previous years.
5. On 1 July 2015, P Limited acquired 30% of 1,000 million ordinary shares of Sh.10 each in A Limited when the
retained earnings of A Limited stood at Sh.1,000 million. A Limited had no other reserves as at 1 July 2015. As at
30 June 2022, the retained earnings of A Limited were Sh.3,500 million. No impairment was deemed necessary in
respect of the investment in A Limited.
6. None of the group companies declared or paid dividend during the year.
7. None of the group companies issued additional shares.

Required:
(a) Determine the non-controlling interest in S Limited as at 30 June 2022. (6 marks)

(b) Consolidated statement of financial position as at 30 June 2022. (14 marks)

(Total: 20 marks)

QUESTION TWO
(a) B Limited operates a factory as its sole cash generating unit (CGU). During the year ended 30 April 2022, there

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was an explosion in the factory which necessitated an impairment review.
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The carrying amounts of the factory assets were as follows:
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Sh.“000”
Goodwill 2,000
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Patents 3,600
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Machinery 4,000
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Computer equipment 8,000

Premises 30,000
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47,600
Additional information:
1. An impairment review revealed a net selling price of Sh.19,200,000 and a value in use of Sh.31,200,000
for the factory.
2. Half of the machinery have been destroyed and have no resale value.
3. The patents have been superseded and are now considered worthless.
4. The company follows the cost model as permitted by International Accounting Standards (IAS) 16
“Property, Plant and Equipment”.

Required:
Discuss, with suitable calculations, how any impairment loss in the cash generating unit (CGU) would be
accounted for in accordance with the International Accounting Standard (IAS) 36 “Impairment of Assets”.
(10 marks)
(b) T Limited, a public limited entity, is a holding company in a group of companies. The following transactions
relating to deferred tax were extracted for the purpose of finalising the group financial statements for the year
ended 30 April 2022:

1. T Limited owns property, plant and equipment that cost Sh.625 million when purchased. Depreciation of
Sh.250 million has been charged up to the reporting date of 30 April 2022. The entity has claimed a total
capital allowance on property, plant and equipment of Sh.300 million. On 30 April 2022, the property,
plant and equipment was revalued to Sh.575 million.
2. On 31 October 2021, the company completed a development project and incurred a cost of Sh.200
million which it capitalised in accordance with International Accounting Standard (IAS) 38 “Intangible
Assets”. The estimated economic useful life of the intangible asset was five (5) years at 31 October 2021.
The company obtains full tax relief for research and development expenditure on cash paid basis.
3. During the year to 30 April 2022, T Limited transferred goods worth Sh.1,500 million to one of its
subsidiaries. T Limited made a gross profit margin of 20% on its sales. One third (⅓) of the goods
remained unsold by the subsidiary at the reporting date of 30 April 2022.

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 4. The trade receivables were carried in the consolidated statement of financial position at Sh.480 million.
This was after an allowance for doubtful debts of Sh.60 million and an unrealised foreign exchange gain
of Sh.80 million. The allowance for doubtful debts and foreign exchange gains/losses are only allowed
for tax purposes when realised.
5. The balance on the deferred tax liability account of T Group as at 1 May 2021 was Sh.25 million.
6. The income tax rate applicable to T Limited for the year ended 30 April 2022 was 30%.

Required:
(i) Compute the relevant temporary differences as at 30 April 2022. (6 marks)

(ii) Deferred tax account as at 30 April 2022. (4 marks)

(Total: 20 marks)

QUESTION THREE
(a) IFRS for small and medium-sized entities (the SMEs Standard) has been issued for use by entities that have no
public accountability. One of the notable differences between the SMEs Standard and the full IFRS and IAS
Standard is that there are a number of accounting policy choices allowed under full IFRS and IAS Standard, that
are not available to companies that apply the SMEs Standard.

Required:
In view of the above statement, briefly describe the accounting policy choices that are disallowed under the SMEs
Standard. (6 marks)

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(b) International Public Sector Accounting Standard (IPSAS) 35 “Consolidated Financial Statements”, is drawn
.c
primarily from International Financial Reporting Standard (IFRS) 10 “Consolidated Financial Statements”.
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IPSAS 35 states that an entity that controls one or more entities (the controlling entity) shall present consolidated
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financial statements.
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Required:
With reference to International Public Sector Accounting Standard (IPSAS) 35 “Consolidated Financial
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Statements”, briefly describe the factors that determine “control”. (4 marks)

(c) The International Accounting Standards Board (IASB), has launched a project to improve communication in
financial statements, with a particular emphasis on financial performance. Its proposals were outlined in the
Exposure Draft “General Presentation and Disclosure”.

Required:
With reference to the Exposure Draft “General Presentation and Disclosure”, evaluate the Board’s proposals
regarding disaggregating financial information in more useful ways. (6 marks)

(d) The Conceptual Framework for Financial Reporting is a set of theoretical principles and concepts that underlie the
preparation and presentation of financial statements.

If no conceptual framework existed, then accounting standards would be produced in a haphazard basis as
particular issues and circumstances arose.

Required:
In view of the above statement, discuss the purpose of the Conceptual Framework for Financial Reporting in
underpinning the development of accounting standards. (4 marks)
(Total: 20 marks)

QUESTION FOUR
Tanga Limited is a private limited liability company operating in the telecommunications industry. The company has
suffered successive trading losses for a number of years, largely due to stiff competition and a sharp decline in revenues.

The directors of the company, who are also the main shareholders, agreed to reconstruct the company by transferring it to a
new company to be named Elewa Limited.

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 The statement of financial position of Tanga Limited as at 30 June 2022 was as set out below:
Assets: Sh.“000”
Non-current assets:
Property, plant and equipment 59,500
Goodwill 9,000
68,500
Current assets:
Inventory 18,500
Trade receivables 14,500
33,000
Total assets 101,500
Equity and liabilities:
Equity:
Ordinary share capital (Sh.10 par value) 60,000
9% cumulative preference share capital (Sh.10 par value) 30,000
Share premium 3,000
Accumulated losses (27,400)
Total equity 65,600
Non-current liabilities:
Bank loan 22,500
Current liabilities:
Trade payables 5,900

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Tax payable .c 3,000
Bank overdraft 4,500
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13,400
Total equity and liabilities 101,500
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Additional information:
1. The authorised share capital of Elewa Limited was Sh.100 million comprising 10 million ordinary shares of Sh.10 each.
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2. Three new ordinary shares of Sh.10 each in Elewa Limited credited at Sh.6 each were issued for the benefit of the
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ordinary shareholders in Tanga Limited for every four (4) ordinary shares held. However, the ordinary
shareholders in Tanga Limited were required to pay the balance to make their shares in Elewa Limited fully paid.
3. Four new ordinary shares of Sh.10 each in Elewa Limited credited at Sh.8 each were issued for the benefit of the
preference shareholders in Tanga Limited for every five (5) preference shares held. However, the preference
shareholders in Tanga Limited were required to pay the balance to make their ordinary shares in Elewa Limited
fully paid.
4. The preference dividends in Tanga Limited were three years in arrears and the preference shareholders forfeited
half of the preference dividend arrears. The balance was fully settled by the new company issuing ordinary shares
of Sh.10 each.
5. Liquidation expenses of Tanga Limited amounted to Sh.8 million and were settled by Elewa Limited.
6. The tangible assets were transferred to the new company at the following fair values:
Sh.“000”
Property, plant and equipment 55,000
Inventory 20,200
Trade receivables 14,500
Goodwill was considered valueless and therefore written off.
7. The liabilities were taken over by the new company at their book values.
8. Elewa Limited issued for cash and at par value all the remaining ordinary shares not issued as part of the purchase
consideration. The proceeds from the issue were used to settle the bank loan.
9. Assume that all the above transactions were completed by the close of business on 30 June 2022.
Required:
(a) The following ledger accounts to close off the books of Tanga Limited:
(i) Realisation account. (4 marks)
(ii) Ordinary shareholders sundry members account. (4 marks)
(iii) Preference shareholders sundry members account. (2 marks)
(b) Journal entries in the books of Elewa Limited to record the acquisition of Tanga Limited. (6 marks)
(c) Opening statement of financial position of Elewa Limited as at 1 July 2022. (4 marks)
(Total: 20 marks)
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 QUESTION FIVE
(a) In the context of IFRS 9 (Financial Instruments), describe the two criteria that must be fulfilled in order for a
financial instrument to be classified in the category of “amortised cost”. (4 marks)

(b) W Group has owned a number of subsidiaries for several years. The following information relates to the financial
statements of the group:

Statement of financial position as at 31 March:

Assets: 2022 2021

Non-current assets: Sh.“million” Sh.“million”
Property, plant and equipment 2,816 3,088
Goodwill 32 152
Other intangible assets 296 216
Investment in associate 816 -
3,960 3,456
Current assets:
Inventories 944 1,320
Trade receivables 920 832
Cash and cash equivalents 160 344
2,024 2,496
Total assets 5,984 5,952
Equity and liabilities:

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Equity:
Ordinary share capital 800 800
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Revaluation reserve 192 164
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Retained profit 3,016 2,160

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4,008 3,124
Non-controlling interest 512 680
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Total equity 4,520 3,804

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Non-current liabilities:
Long-term loans 688 960
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Deferred tax 112 120

800 1,080
Current liabilities:
Trade payables 288 328
Current tax payable 376 740
664 1,068
Total equity and liabilities 5,984 5,952

Statement of profit or loss and other comprehensive income for the year ended 31 March 2022:
Continuing operations: Sh.“million”
Revenue 8,903
Cost of sales (6,544)
Gross profit 2,359
Other income 25
Distribution costs (360)
Administrative expenses (504)
Operating profit 1,520
Finance costs (184)
Share of profit of associate 128
Profit before tax 1,464
Income tax expense (320)
Profit for the year: Continuing operations 1,144
Discontinued operations:
Loss for the year from discontinued operations (200)
Profit for the year 944
Other comprehensive income:
Gain on property revaluation (net of deferred tax) 28
Total comprehensive income for the year 972

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 Profit for the year attributable to: Sh.“million”
Owners of the parent 856
Non-controlling interest 88
944
Total comprehensive income attributable to:
Owners of the parent 884
Non-controlling interest 88
972
Additional information:
1. During the year ended 31 March 2022, W Group disposed of its entire 80% shareholding in C Limited for cash.
The shares had been acquired on 1 October 2017 for a cash consideration of Sh.1,056 million when the fair value
of the net assets of C Limited was Sh.980 million. The fair value of the non-controlling interest at acquisition was
Sh.224 million.
2. Goodwill calculated under the full fair value method, was tested annually for impairment. At 31 March 2021,
goodwill relating to C Limited had been impaired by 75%. A goodwill impairment charge has been included
within administrative expenses for the current year, but does not relate to C Limited.
3. The carrying values in the individual accounts of C Limited as at the date of disposal are listed below:
Sh.“million”
Property, plant and equipment 840
Inventory 304
Trade receivables 220
Trade payables (80)
Deferred tax liability (48)

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Bank overdraft (16)
1,220
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4. The loss for the period from discontinued operations in the consolidated statement of profit or loss and other
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comprehensive income relates to C Limited and is analysed as follows:

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Sh.“million”
Profit before tax 48
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Income tax expense (16)

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Loss on disposal (232)

(200)
so

5. W Limited purchased a 40% interest in an associate for cash on 1 April 2021. The associate paid a dividend of Sh.80
million in the year ended 31 March 2022.
6. On 1 April 2021, W Limited commenced development expenditure on Product “Que”. The product is expected to be
launched in the year 2023. Sh.56 million amortisation on other intangible assets is included within cost of sales.
7. There were no disposals of property, plant and equipment during the year except on the sale of C Limited.
Depreciation for the year was Sh.160 million and is included within the cost of sales.
W Limited revalued its property during the year. The applicable corporation tax rate is 30%.
8. Part of the additions to property, plant and equipment during the year were imports made by W Limited from a
Tanzanian supplier on 31 December 2021 for Tsh.5,400 million. This amount was paid in full on 28 February 2022.

Exchange gains and losses are included in other operating incomes or expenses.

Relevant exchange rates were as follows:

Tsh. to Ksh.1
31 December 2021 Tsh.24 = Ksh.1
28 February 2022 Tsh.27 = Ksh.1

Required:
Consolidated statement of cash flows using the indirect method for the W Group for the year ended 31 March 2022 in
accordance with the requirements of International Accounting Standard (IAS) 7 “Statement of Cash Flows”. (16 marks)
(Total: 20 marks)
……………………………………………………………………….

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 CPA ADVANCED LEVEL

PILOT PAPER

ADVANCED FINANCIAL REPORTING AND ANALYSIS

December 2021. Time Allowed: 3 hours.

Answer ALL questions. Marks allocated to each question are shown at the end of the question. Show ALL your workings.

QUESTION ONE
Help Limited acquired Save Limited on 1 July 2019. Save Ltd. is in a foreign country whose currency is the Zora (Zr).

The following financial statements relate to the two companies for the year ended 30 June 2021.

Statement of Profit or Loss for the year ended 30 June 2021

Hope Ltd Save Ltd

Sh.“million” Sh.“million”
Revenue 1,125.00 5,200.00
Cost of Sales (410.00) (2,300.00)
Gross profit 715.00 2,900.00
Dividend from Save Limited 40.00 0.00
755.00 2,900.00
Distribution Costs (60.00) (360.00)
Administration Expenses (100.00) (520.00)
Interest Expense (20.00) (30.00)
Profit before tax 575.00 1,990.00
Income tax expense (180.00) (640.00)
Profir for the year 395.00 1,350.00
Dividends Paid (195.00) (405.00)
Retained Profits for the year 200.00 945.00
Retained Profit b/f 915.00 3,355.00
Retained Profits c/f 1,115.00 4,300.00

Statement of Financial Position as at 30 June 2021

Assets Hope Ltd Save Ltd
Noncurrent Sh.“million” Sh.“million”
Property, plant and equipment 1,285.00 4,400.00
Investment in Save Limited 520.00 0.00
Investment in Foreign Equity 40.00 0.00
1,845.00 4,400.00

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 Sh.“million” Sh.“million”
Current Assets
Inventory 130.00 600.00
Trade Receivables 190.00 1,000.00
Bank and Cash 90.00 400.00
410.00 2,000.00
Total Assets 2,255.00 6,400.00

Share Capital 500.00 1,000.00

Retained Profits 1,115.00 4,300.00
Total Capital 1,615.00 5,300.00
Noncurrent Liabilities
10% Loanstock 200.00 300.00

Current Liabilities
Trade Payables 340.00 600.00
Current Tax 100.00 200.00
440.00 800.00
Total Liabilities 640.00 1,100.00
Total Capital and Liabilities 2,255.00 6,400.00

Additional information:

1. Help Limited acquired 80% of Save Limited for Sh.520 million on 1 July 2019 when the retained reserves of Save
Limited were Zr 2,500 million. The property, plant and equipment had a fair value of Zr 300 million in excess of
the book value, attributable mainly to land. The noncontrolling interest had a fair value of Zr 1,000 million on 1st
July 2019.
2. In the year ended 30 June 2020, Save Limited reported Zr 1,200 million as profit after tax and paid dividends of Zr
345 million.
3. During the year ended 30 June 2021, Help Limited sold goods worth Sh.100 million to Save Limited, reporting a
gross profit margin of 30%. 50% of the goods remain unsold by the end of the year.
4. Included in the trade receivables of Help Limited is Sh.20 million due from Save Limited.
5. The investment in foreign equity represents 15% investment in Roma Limited, a listed company in the same country
as Save Limited. The investment was acquired on 1 July 2020, at a cost of Zr 352 million. The investment is being
accounted for at fair value through other comprehensive incomes, though Help Limited is yet to account for the
changes in fair value, which is valued at Zr 405 million on 30 June 2021. Roma Limited did not pay any dividend
during the year.
6. An impairment test conducted at 30 June 2021 revealed impairment losses of 25% relating to Save Limited’s
goodwill. No impairment losses had previously been recognized. It is the group’s policy to translate impairment
losses at the closing rate.
7. The following exchange rates are relevant:

Sh.1 to Zr
1 July 2019 9.4
30 June 2020 8.8
Average 19/20 9.1
30 June 2021 8.1
Average 20/21 8.4
8. The company applies where relevant deferred tax on exchange differences arising from translating the subsidiary,
the foreign equity, but not on translating goodwill in the subsidiary. The effective tax rate is 30%.
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 Required:
(a) The consolidated statement of profit or loss and comprehensive income for the year ended 30 June 2021, showing
the profit attributable to parent and non-controlling interest at the two levels. (8 marks)

(b) The consolidated statement of financial position as at 30 June 2021. (8 marks)

(c) Four disclosures that Help Limited will make for both Save Limited and Roma Limited as per the requirements of
IFRS 12’ Disclosures of interest in other entities’. (4 marks)

(NB): For the translated figures of Save Limited, round off to the nearest whole number.
(Total: 20 marks)
QUESTION TWO
(a) You are given the following list of balances for Star Bank Limited as at 31 December 2020

Sh.“million”
Cash and Balances with Central Bank 23,531
Financial Assets at Fair Value Through Profit or Loss 29,108
Financial Assets at Fair Value Through Other Comprehensive Incomes 62,720
Installment Tax Paid 2,214
Due from other banks 6,572
Loans and Advances to Customers 202,300
Expected Credit Loss Allowance as at 1 January 2020 17,360
Property and Equipment 5,762
Intangible Assets 1,078
Interest Income 29,061
Interest Expense 7,069
Fee and Commission Income 6,711
Fee and Commission Expense 1,086
Income from forex trading 4,045
Other Incomes 32
Impairment Loss on Loans 3,871
Staff Costs 11,184
Other Operating costs 4,794
Due to other banks 5,308
Deposits from Customers 259,346
Other borrowings 5,096
Other Liabilities 10,313
Net Pension Liability 1,050
Deferred Tax 2,400
Share Capital 2,716
Fair Value Reserve 429
Retained Earnings as at 1 January 2020 17,422

Additional Information:
1. Accrue interest income and expense at Sh.240 million and Sh.100 million respectively.
2. For the purpose of estimating the expected credit loss on loans and advances at the end of the year, the following
aggregated data is available:

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 Loans Exposure at Probability of Loss Given
Default (EAD) Default (PD) Default (LGD)
Sh.“million”
Category 1 22,300 5% 100%
Category 2 54,800 10% 50%
Category 3 65,700 50% 30%
Category 4 59,500 100% 10%
202,300
3. Depreciation and amortization expense for the period amounted to 1,200 million (200 million amortization).
4. The following are the estimated fair values for the financial assets as at 31 December 2020.
Sh.“million”
FA at Fair Value Through Profit or Loss 29,708.00
FA at Fair Value Through Other Comprehensive Incomes 63,230.00
5. The bank operates a defined benefit pension plan. Except for the contribution made, which is included in the staff
cost, the following details have not been accounted for in the year:

Sh.“million”
Plan Obligation as at 1 January 2020 4,250
Fair Value of Plan Assets as at 1 January 2020 3,200
Current Service Cost 460
Benefits Paid 40
Interest rate cost estimated at 8% ?
Expected return on Plan Assets at 6% ?
Contributions made 25
Plan Obligation as at 31 December 2020 5,192
Fair Value of Plan Assets at 31 December 2020 3,419
6. The net taxable temporary differences as at the end of the period are estimated at Sh.9,300 million. This excludes
any temporary differences from note 4 and 5. The tax rate is 30%. Meanwhile the current tax for the year is estimated
at Sh.2,800 million.

Required:
(a) Prepare the following financial statements:
(i) The statement of Profit or Loss for the year ended 31 December 2020. (10 marks)

(ii) The statement of Financial Position as at 31 December 2020. (7 marks)

(b) A client of the Star bank Limited in (a) above, an airline, has entered into a swap contract with the bank
to hedge adverse changes in fuel prices.

Required:
Explain whether the swap contract should be accounted for as an embedded derivative of the fuel contract
or as a separate contract under IFRS 9. (3 marks)
(Total. 20 marks)

QUESTION THREE
(a) Mtangazaji Limited operates in Kenya and in other East African countries. The company has two operating
segments; Print and TV/Radio.

The following details apply for the year ended 30 June 2021:

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 Sh.“million”
Revenue Print 109,558
TV/Radio 26,698
Cost of sales Print 16,908
TV/Radio 6,052
Depreciation Print 9,292
TV/Radio 2,702
Amortization Print 942
TV/Radio 182
Impairment of receivables Print 1,496
TV/Radio 990
Other Operating cost Print 72,598
TV/Radio 16,160
Unallocated 10,802
Finance Cost Print 774
TV/Radio 66
Finance Income Unallocated 4,064
Share of result of Associate 1,042
Current Assets Print 34,620
TV/Radio 32,580
Unallocated 71,940
Noncurrent Assets Print 43,760
TV/Radio 7,162
Unallocated 15,240
Investment in Associate 29,708
Current Liabilities Print 14,004
TV/Radio 47,502
Unallocated 6,696
Noncurrent Liabilities Print 4,404
TV/Radio 3,002
Unallocated 2,144
Capital Expenditures Print 3,532
TV/Radio 1,138

Required:
(i) As far as the information permits, prepare the segmental report showing the results of each segment and
for the combined entity. (10 marks)

(ii) Highlight areas that Mtangazaji Limited needs to improve in segmental reporting to comply with IFRS 8
‘segment report’. (5 marks)

(c) Mtangazaji Limited in (a) above is also evaluating the following data for the purpose of making relevant
disclosures in accordance with IAS 24 ‘Related Parties’:

Party Status Transaction in the year Balance due to/from

Wema Limited Subsidiary -90% Sale of goods Sh.20 million Sh. 5 million
receivables
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 Povu Limited Subsidiary -60% Purchase of goods Sh.10 Sh.3 million Payables
million
Zoal Limited Associate - 30% Sale of goods Sh.10 million Sh. 2 million
Receivables
Mr James Baraka Nonexecutive Director - 5% Directors Emoluments Sh.2 No Balance
Shareholder million
Jopo Limited Fellow Joint Venturer in No Transaction No Balance
Bitha (50%)
Bitha Limited Joint venture (50%) No Transaction No Balance
Baza Bank Limited Major Lender Loan at sh.25 million Sh. 20 million

Required:
Highlight the related parties to be disclosed, the nature of the relationship to be disclosed and the intercompany
transactions and balances. (5 marks)
(Total: 20 marks)
QUESTION FOUR
(a) In relation to IPSAS 21 and IPSAS 26, distinguish between a cash generating asset and a non cash generating
asset. (4 marks)
(b) Using suitable examples, explain four external factors that indicate an asset is impaired under both IPSAS 21 and
IPSAS 26. (8 marks)

(c) In 2019, the Nairobi County’s Department of Education constructed a new school, which enrolled students beginning
July 2019. The furniture and other equipment cost sh.15,000,000. It was estimated that the furniture and equipment
would be used for 10 years. Due to Covid-19 pandemic, enrolment declined from 2,000 to 400 students, and parents
moved their children to other spacious schools to observe social distancing protocols. The Department decided to
close the two top floors of the three-storey school building and there is no expectation that enrolments will increase
in the future such that the upper storeys would be reopened. The current replacement cost of the one-storey furniture
and equipment is estimated at Sh.9,000,000.

Required:
Calculate the impairment loss and explain the accounting treatment by the department by 30 June 2021. (6 marks)

(d) The ministry is now considering leasing the school in (c) above to a private individual to operate the school with
effect from July 2022.

Explain whether this redesignation will lead to a reversal of the impairment loss by the year ended 30 June 2022.
(2 marks)
(Total. 20 marks)
QUESTION FIVE
(a) The revised conceptual framework came into effect in 2018 and changes the definition of financial statements
elements of assets and liabilities, their recognition and derecognition.

Required:
Highlight the new definitions of assets and liabilities, their recognition and derecognition. (6 marks)

(b) The Global Reporting Initiative (GRI) is a non-profit making organization that provides guidelines on how
companies can report the impact of their activities on people and the environment (Sustainability Reporting). The
latest 2020 Sustainability reporting guidelines aim to improve three pillars of sustainability reporting; economic,
social and environmental.

Required:
Provide three disclosures required under each of the three pillars. (6 marks)
(c) The International Accounting Standards Board has issued the Practice Statement Exposure Draft ED/2021/6, which
aims to improve the current management commentary.

Required:
(i) Briefly explain what a management commentary is. (2 marks)

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 (ii) Summarise the six content areas that the exposure draft proposes for preparation of a management
commentary. (6 marks)

(Total. 20 marks)

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