Internationell redovisning

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Vilhelm Johansson
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1 Internationell redovisning Omtentamen Ladokkod:22IR1D Tentamen ges för: Namn: (Ifylles av student Personnummer: (Ifylles av student) Tentamensdatum: Tid: Hjälpmedel: Lexikon och enkel miniräknare Totalt antal poäng på tentamen: 35 För att få VG krävs minst 40 poäng av totala 50 poäng (som består av grupparbete 15 poäng och tentan 35 poäng). För att få G krävs minst 17:5 poäng på tentamen samt 7:5 poäng på fallstudie. Ansvarig lärare: Hossein Pashang (tel: ) Nästkommande tentamenstillfälle: Inom en månad Rättningstiden är i normalfall tre veckor, annars är det detta datum som gäller: Viktigt! Glöm inte att skriva namn på alla blad du lämnar in. Lycka till!

tentan 35 poäng). För att få G krävs minst 17:5 poäng på tentamen samt 7:5 poäng på fallstudie.

2 Name Question 1 (5 grades) 1: Diachronic approach of classification (Roberts) 2: Net asset exposure according to the current rate method of currency translation 3: Ad hoc accounting (provide two examples) 4: Harmonization 5: Bath accounting

the current rate method of currency translation 3: Ad hoc

3 Name. Question two (7grades) Exempel: riskbedömning och finansieringsstrategi Företag M överväger olika finansieringsformer för finansieringen (förvärv) av samtliga aktier i företag D. M och D visade följande balansräkningar i sammandrag (Belopp i tkr). Företag M (1/1 år 2007) Materiella tillgångar 350 Kassa 200 Summa T 550 Ek 300 Diverse skulder 250 Summa S ock EK 550 Företag D (1/1 år 2007) Diverse T 350 Summa T 350 EK (aktier) 160 Diverse S 190 Summa S och EK 350 Företag M har tre finansieringsalternativ för att förvärva 100% av aktier i D: 1: förvärv genom kontant; 2: förvärv genom emission; 3: förvärv genom banklån. Företag M valde att förvärva D genom emission av aktie motsvarande 160 tkr. Köpeskillingen var lika med 160 tkr. Frågor: a) Genom soliditets mått visar moderbolagets risk före och efter emission. (2 grades) b) Upprätta koncernen och genom soliditets mått jämför moderbolagets risk med koncernens risk. (5 grades)

Företag M (1/1 år 2007) Materiella tillgångar 350 Kassa 200 Summa T 550 Ek 300 Diverse skulder 250 Summa S ock EK 550 Företag D (1/1 år 2007) Diverse T 350 Summa T 350 EK (aktier) 160 Diverse S 190

4 Question 3: Borrowing costs: (8 grades) U.S.-GAAP s requires capitalization of interest on the borrowed funds during construction of assets, for the internal use, sale or leasing purposes. A strict application of matching principles requires expensing or capitalization of interest as they incurred. According to IFRS such a treatment is an alternative (not benchmark) choice. Recently IAS 16 was modified and alternative treatment is eliminated by stating that interest should be added to the value of asset. Meanwhile, it is showed that, almost in all European countries (even in Sweden), the interest on the borrowed funds during the construction and preparation of assets for use are not recognized as part of the initial value of the assets; instead it is expensed. IAS 23: Borrowing costs for putting the asset in use are either expensed - or capitalized and increased the initial value of the assets. IAS 23 was modified later on. Accordingly, interest rate should be capitalized not expensed. According to US-GAAP, it should be capitalized, that is to say both IASB and US-GAAP adopted similar treatment. Problem: In the previous year an asset was bought. The useful life is 5 years. The current interest expense (before the asset was used in production) is 25 and the previous year was 75 millions. These interest expenses were not capitalized. Your task is: a) Illustrate by T-accounts correction of the borrowing costs (use T-accounts - 5 grades) b) Enter the corrected numbers into the debit and credit sides of the following balance and income sheets (3 grades). Balance Sheet (Under IFRS), December 31, 2004 Debit Credit US-GAAP Current assets: Cash and bank Accounts receivable Inventories Total current assets Current liabilities: Bank overdraft Accounts payable Accruals and provisions Total current liabilities Net current assets Property, plant and equipment Accumulated depreciation Intangible assets Accumulated amortization Long-terms loan Share-holder equity Equity capital Retained earnings Revaluation reserve

Recently IAS 16 was modified and alternative treatment is eliminated by stating that interest should be added to the value of asset.

5 Income sheet Ended December 31, 2004 IFRS Debit Credit US-GAAP Sale Less:Cost of sale Gross profit 27,000 15,000 13, Distribution costs Adm. costs Operating expenses: Depreciation Amortization Staff costs Other operating expenses Total distribution Income from operation Interest expense Interest income Net income

costs Operating expenses: Depreciation Amortization Staff costs Other operating expenses Total

6 Name. Question 4: asset valuation (5 grades) A company purchased a building to use for the expansion of its production. According to IAS 16 the purchased building should be recorded in regards with component perspective. The purchased cost of land and building amounted to kr. An appraisal indicates that similar land can be sold up to kr. The buildings sale value is Use the percentage of the total sale method and decide for the initial costs of the land and building according to the component perspective.

The purchased cost of land and building amounted to 5 000 000 kr.

7 Name. Questions 5 (multiple choices 10 grades) 5.1 What is the term used to describe the possibility that a foreign currency will decrease in US $ value over the life of an asset such as Accounts Receivable? A) foreign exchange translation B) foreign exchange risk C) hedging D) foreign currency options 5.2 Purchasing an option to buy foreign currency at a predetermined exchange rate in order to reduce exchange risk is called: A) transfer pricing. B) hedging. C) translating. D) cross-listing. 5.3 Which method of translating foreign currency financial statements must be used according to FASB ASC 830, Foreign Currency Matters? A) Temporal method for all subsidiaries B) Current rate method for all subsidiaries C) U.S. parent companies may choose between the temporal method and the current rate method. D) Temporal method for subsidiaries that are closely controlled by the parent and current rate method for subsidiaries which are not 5.4. Under FASB ASC 830, Foreign Currency Matters, when the temporal method is used, how are translation adjustments treated in the consolidated financial statements? A) as gains or losses on the current period consolidated income statement B) as prior period adjustments to retained earnings of the parent C) as part of other comprehensive income on the consolidated balance sheet D) None of the above because the temporal method is not allowed under FASB ASC Under both the temporal method and the current rate method, what exchange rate should be used to translate a foreign subsidiary's dividends into parent company currency? A) current rate B) historical rate C) average rate D) Any of the above methods may be used under both the temporal and current method. 5.6 Under the current rate method of translating foreign currency financial statements, what exchange rate should be used for cost of goods sold? A) spot rate at the end of the year B) average rate during the year C) spot rate mid-year

A) foreign exchange translation B) foreign exchange risk C) hedging D) foreign currency options 5.

8 D) There is no single rate because beginning and ending inventory must be converted at different exchange rates than purchases Which of the following is a difference between IAS 37 and U.S. GAAP with respect to restructuring provisions? A) U.S. GAAP does not allow recognition of a restructuring provision until a liability has been incurred. B) There is no difference between IAS 37 and U.S. GAAP with respect to restructuring provisions. C) IAS 37 does not allow recognition of a restructuring provision until a liability has been incurred. D) A restructuring provision and related loss is more likely to occur later under IAS 37 than under U.S. GAAP. 5.8.Under IAS 37, inflows of resources that are virtually certain to be received should be: A) disclosed as contingent assets in the notes to the financial statements. B) recognized as assets. C) undisclosed until management is absolutely certain that resources will be received. D) reported only in the cash flow statement. 5.9.Under IAS 40 (Investment Property), gains or losses from revaluation are: A) recognized in revaluation surplus. B) recognized in current income. C) not permitted. D) recognized either in current income or revaluation surplus at the option of management Under IAS 16 (Property, Plant, and Equipment), subsequent revaluation decreases are: A) never recognized. B) credited to a revaluation surplus account. C) recognized as an expense on the Income Statement. D) first recognized as a reduction in any related revaluation surplus.

B) There is no difference between IAS 37 and U.S. GAAP with respect to restructuring provisions. C) IAS 37 does not allow recognition of a restructuring provision until a liability has been incurred.

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