Kostenlos und ohne Konto. Zu jeder Frage gibt es den vollständigen Lösungsweg, einschließlich der Begründung, warum jede falsche Option falsch ist. Die Fragen sind eigene Aufgaben von Preparaio auf Englisch, keine offiziellen Fragen des CFA Institute.
1. An analyst compares Solvberg Assurance, an IFRS 9 reporter, with Prairie Hollow Insurance, a US GAAP reporter. Each insurer holds a 3% stake in a listed company that is not held for trading, and Solvberg has not elected to measure its stake at fair value through other comprehensive income. Prairie Hollow classifies its corporate bond portfolio as held-to-maturity. Which statement about where the insurers report these items' gains and losses is least likely correct?
A. Prairie Hollow reports unrealized gains on its held-to-maturity bonds in OCI. B. Solvberg reports fair value changes on its listed stake in profit or loss. C. Prairie Hollow reports fair value changes on its listed stake in net income.
Lösung und Erklärung Richtige Antwort: A Prairie Hollow reports unrealized gains on its held-to-maturity bonds in OCI.
Under US GAAP, held-to-maturity bonds are carried at amortized cost, so their unrealized fair value gains are not recognized at all, neither in net income nor in OCI. Only available-for-sale debt securities send unrealized gains and losses to OCI.
Warum die anderen Optionen falsch sind
B: This statement is correct: without an FVOCI election, an equity investment falls into the residual fair value through profit or loss category under IFRS 9. C: This statement is correct: under US GAAP, equity securities with readily determinable fair values are measured at fair value with changes reported in net income. Kernregel: IFRS 9 measures equity investments at fair value through profit or loss unless irrevocably designated at FVOCI; US GAAP measures equity securities at fair value through net income and held-to-maturity debt at amortized cost.
Merksatz: Held-to-maturity debt is at amortized cost: no unrealized gains in net income or OCI.
2. Glowacki Residential Developments, an IFRS reporter that presents a classified balance sheet, builds apartment blocks for sale. Its normal operating cycle, from buying land to selling completed apartments, is about 30 months. At year-end it holds apartments under construction that it expects to sell in about two years. In its balance sheet, these apartments are most likely presented as:
A. current assets, because they will be sold in the normal operating cycle B. non-current assets, because they will not be sold within 12 months C. non-current assets until the year of their expected sale, then current
Lösung und Erklärung Richtige Antwort: A current assets, because they will be sold in the normal operating cycle
The apartments are inventory held for sale in Glowacki's ordinary business, and their expected sale falls within its 30-month operating cycle. Under IFRS they are therefore current assets even though the sale is about two years away; the company discloses the amount it expects to recover after more than 12 months.
Warum die anderen Optionen falsch sind
B: The 12-month test is only one route to current classification; assets realized within a longer normal operating cycle are also current. C: Classification does not switch partway through the cycle; inventory realized within the normal operating cycle is current from the outset. Kernregel: An asset is current if it is expected to be realized within 12 months or within the entity's normal operating cycle, even when that cycle is longer than 12 months.
Merksatz: Inventory held for sale in the normal operating cycle is current, even when that cycle exceeds 12 months.
3. Quaresma Lighting Supplies sells stage-lighting equipment to concert promoters, sometimes from its own inventory and sometimes by arranging sales from other equipment suppliers. Under IFRS 15 and the converged US GAAP standard (ASC 606), Quaresma reports revenue on a gross basis, as a principal, when it:
A. collects the full sales price from the promoter before paying the supplier B. controls the lighting equipment before it is transferred to the promoter C. earns a fixed percentage of the sales price charged by the supplying firm
Lösung und Erklärung Richtige Antwort: B controls the lighting equipment before it is transferred to the promoter
Control before transfer, typically shown by primary responsibility for providing the equipment, inventory risk and discretion over the price, makes Quaresma a principal for that sale. It then reports the full amount charged to the promoter as revenue and the cost of the equipment as an expense.
Warum die anderen Optionen falsch sind
A: Handling the cash does not establish control; an agent can collect the full price and pass on the supplier's share while still reporting only its net fee. C: A fixed percentage of a price charged by another firm is a typical sign of an agent, which reports the commission as revenue on a net basis. Kernregel: An entity is a principal, and reports revenue gross, when it controls the specified good or service before it is transferred to the customer; otherwise it is an agent and reports only its fee or commission.
Merksatz: Principal versus agent turns on control of the good or service before transfer, not on who handles the cash.
4. Ballantyne-Osei Instruments, an IFRS reporter, presents profit or loss and other comprehensive income in a single statement of comprehensive income. An analyst wants to find this year's foreign currency translation gain arising from consolidating the company's overseas subsidiaries. Where in the annual report will she find this amount?
A. In the statement of comprehensive income, within other comprehensive income B. In the statement of cash flows, as a non-cash adjustment to operating cash flow C. In the statement of comprehensive income, within profit for the year
Lösung und Erklärung Richtige Antwort: A In the statement of comprehensive income, within other comprehensive income
The statement of comprehensive income presents profit or loss and then other comprehensive income. Under IFRS, translation gains on foreign subsidiaries' net assets are unrealized and bypass profit or loss, so this year's gain appears in OCI and accumulates in a translation reserve within equity.
Warum die anderen Optionen falsch sind
B: A translation gain is not a cash flow and never enters profit, so it does not appear as an adjustment in reconciling profit to operating cash flow. C: Translation gains on consolidated foreign subsidiaries are excluded from profit for the year; they are recognized in OCI and reclassified only when the foreign operation is disposed of. Kernregel: Foreign currency translation adjustments from consolidating foreign operations are reported in other comprehensive income, not in profit or loss.
Merksatz: OCI captures specified unrealized gains and losses, such as translation adjustments, that bypass profit or loss.
5. All of the sales recorded by Iturbide Office Furniture are genuine, but its management decides not to recognize a write-down of obsolete inventory that IFRS clearly requires, so that the company can report a profit for the year. On the spectrum of financial reporting quality, Iturbide's report is most likely classified as:
A. compliant with IFRS but reflecting biased choices B. a departure from IFRS C. based on fictitious transactions
Lösung und Erklärung Richtige Antwort: B a departure from IFRS
Because IFRS clearly requires the write-down, omitting it is not a choice within the range the standards permit: it is a departure from IFRS that overstates inventory and profit. The transactions themselves are real, so the report sits above the fictitious-transactions level, but below reports whose problem is only aggressive choices within the rules.
Warum die anderen Optionen falsch sind
A: Biased choices involve picking aggressive or conservative estimates that the standards still allow; ignoring a write-down that IFRS clearly requires falls outside that range. C: Fictitious reporting records transactions that never happened; Iturbide's sales are genuine, and the problem is the omission of a required write-down. Kernregel: The reporting quality spectrum runs from compliant, decision-useful reports, through compliant reports with biased choices, to departures from the standards and, at the bottom, fictitious transactions.
Merksatz: Biased choices stay within the standards; ignoring a clear requirement is a departure from them.
6. At its reporting date, Oyarzun Medical Supplies, an IFRS reporter, has three items on its balance sheet: (1) a provision of EUR 1.6 million for employee long-service leave, which is deductible for tax only when the leave is paid; (2) trade receivables of EUR 9.0 million, stated net of an allowance for doubtful debts of EUR 0.7 million, where bad debts are deductible for tax only when specific receivables are written off; and (3) a bank loan of EUR 12.0 million whose repayment has no tax consequences. Which conclusion about these items is least likely correct?
A. The long-service leave provision has a tax base of zero and so creates a deferred tax asset. B. The bank loan has a tax base equal to its carrying amount and so creates no deferred tax. C. The receivables have a tax base above their carrying amount and create a deferred tax liability.
Lösung und Erklärung Richtige Antwort: C The receivables have a tax base above their carrying amount and create a deferred tax liability.
The receivables' tax base is their gross amount of EUR 9.7 million, because the EUR 0.7 million allowance has not yet been deducted for tax. Their carrying amount of EUR 9.0 million is below that tax base, so Oyarzun will receive a tax deduction in a future period when the debts are written off. A future deduction is a deferred tax asset, so the conclusion that the receivables create a deferred tax liability is incorrect.
Warum die anderen Optionen falsch sind
A: This conclusion is correct: a liability's tax base is its carrying amount (EUR 1.6 million) minus the amount deductible in future periods (EUR 1.6 million), which is zero, and the future deduction creates a deferred tax asset. B: This conclusion is correct: repaying the loan is neither taxable nor deductible, so its tax base equals its carrying amount and no temporary difference arises. Kernregel: An asset whose carrying amount is below its tax base, or a liability whose carrying amount exceeds its tax base, creates a deferred tax asset; the opposite cases create a deferred tax liability.
Merksatz: Ask whether a difference will produce a future tax deduction (deferred tax asset) or future taxable amounts (deferred tax liability).
7. At the start of Year 1, Okonedo Bottling buys a bottle-filling line for EUR 742,000. It expects the line to have a useful life of 8 years and a residual value of EUR 58,000, and it depreciates the line using the double-declining-balance method. What is the depreciation expense for Year 2?
A. EUR 124,625.00 B. EUR 139,125.00 C. EUR 185,500.00
Lösung und Erklärung Richtige Antwort: B EUR 139,125.00
The DDB rate is 2/8 = 25%. Year 1 depreciation is 25% × EUR 742,000 = EUR 185,500, leaving a book value of EUR 556,500 at the start of Year 2. Year 2 depreciation is 25% × EUR 556,500 = EUR 139,125. The book value after Year 2 (EUR 417,375) is still well above the EUR 58,000 residual value, so no floor adjustment is needed.
Rechenweg
DDB rate = 2 / 8 = 25% Year 1 depreciation = 0.25 × 742,000 = 185,500 Book value at the start of Year 2 = 742,000 − 185,500 = 556,500 Year 2 depreciation = 0.25 × 556,500 = 139,125 Check: book value after Year 2 = 417,375, above the residual value of 58,000 BA-II-Plus-Tastenfolge
742000 × 0.25 = STO 1; 742000 − RCL 1 = ; × 0.25 = [139,125.00]
Warum die anderen Optionen falsch sind
A: Subtracts the EUR 58,000 residual value from the book value before applying the rate (25% × EUR 498,500); DDB applies the rate to the full beginning book value. C: Applies the 25% rate to the original cost again; DDB applies the rate to the declining book value, so only Year 1 depreciation equals EUR 185,500. Intermediate displayed workings may be rounded; retain full precision until the final answer.
Kernregel: Double-declining-balance depreciation applies the rate 2/useful life to the beginning-of-year book value, ignoring residual value except as a floor.
Merksatz: In DDB, residual value is never deducted from the base; it only stops depreciation once book value reaches it.
8. On 1 January, Ngubane Urban Couriers, an IFRS 16 lessee, leases a parcel-sorting conveyor system for its depot for five years. It pays EUR 48,600 at the end of each year, and the interest rate implicit in the lease is 5.75%. The right-of-use asset equals the initial lease liability and is depreciated straight-line over the lease term. What is the total lease-related expense in Ngubane's income statement for the first year?
A. EUR 41,224.15 B. EUR 48,600.00 C. EUR 53,076.09
Lösung und Erklärung Richtige Antwort: C EUR 53,076.09
The initial lease liability is the present value of five annual payments of EUR 48,600 at 5.75%, or EUR 206,120.74, and the right-of-use asset is recognized at the same amount. First-year depreciation is 206,120.74 / 5 = EUR 41,224.15, and first-year interest is 5.75% × 206,120.74 = EUR 11,851.94. Total first-year expense = EUR 53,076.09.
Rechenweg
Lease liability = PV of 5 payments of 48,600 at 5.75% = 206,120.74 Right-of-use asset = 206,120.74 Year 1 depreciation = 206,120.74 / 5 = 41,224.15 Year 1 interest = 0.0575 × 206,120.74 = 11,851.94 Total Year 1 expense = 41,224.15 + 11,851.94 = 53,076.09 BA-II-Plus-Tastenfolge
Calculator setup first: 2ND [P/Y] 1 ENTER (C/Y = 1), 2ND [BGN] showing END, then 2ND [QUIT] to exit the settings. 2ND [CLR TVM] clears the TVM values but does not reset P/Y, C/Y or END/BGN. Periodic inputs below are entered manually.
2ND CLR TVM; 5 N; 5.75 I/Y; 48600 +|- PMT; 0 FV; CPT PV; STO 1; ÷ 5 = ; STO 2; RCL 1 × 0.0575 = ; + RCL 2 = [53,076.09]
Warum die anderen Optionen falsch sind
A: Reports only the depreciation of the right-of-use asset and omits the interest expense on the lease liability. B: Reports the cash payment as a single straight-line lease cost, which is the US GAAP operating-lease pattern, not the IFRS 16 lessee model. Intermediate displayed workings may be rounded; retain full precision until the final answer.
Kernregel: An IFRS 16 lessee recognizes depreciation of the right-of-use asset plus interest on the lease liability, which together exceed the cash payment in the early years of a lease.
Merksatz: Under IFRS 16, first-year lease expense (depreciation plus interest) is higher than the cash payment because interest is front-loaded.
9. Hafsteinsson Fish Meal, an IFRS reporter, has taxable income of EUR 6,840,000 for the year and faces a tax rate of 23%. During the year, its deferred tax liability rose from EUR 1,215,000 to EUR 1,310,000, and its deferred tax asset rose from EUR 396,000 to EUR 606,000. What is its income tax expense for the year?
A. EUR 1,458,200.00 B. EUR 1,573,200.00 C. EUR 1,878,200.00
Lösung und Erklärung Richtige Antwort: A EUR 1,458,200.00
Taxes payable are 23% × EUR 6,840,000 = EUR 1,573,200. The deferred tax liability rose by EUR 95,000, which adds to the expense, and the deferred tax asset rose by EUR 210,000, which reduces it. Income tax expense = 1,573,200 + 95,000 − 210,000 = EUR 1,458,200.
Rechenweg
Taxes payable = 6,840,000 × 0.23 = 1,573,200 Change in DTL = 1,310,000 − 1,215,000 = +95,000 Change in DTA = 606,000 − 396,000 = +210,000 Income tax expense = 1,573,200 + 95,000 − 210,000 = 1,458,200 BA-II-Plus-Tastenfolge
1310000 − 1215000 = STO 1; 606000 − 396000 = STO 2; 6840000 × 0.23 = ; + RCL 1 − RCL 2 = [1,458,200.00]
Warum die anderen Optionen falsch sind
B: This is only current taxes payable; it ignores the deferred component of income tax expense. C: Adds the EUR 210,000 increase in the deferred tax asset instead of subtracting it; a larger deferred tax asset represents future tax savings and lowers this year's expense. Intermediate displayed workings may be rounded; retain full precision until the final answer.
Kernregel: Income tax expense = taxes payable + increase in deferred tax liability − increase in deferred tax asset.
Merksatz: An increase in a deferred tax asset reduces income tax expense; an increase in a deferred tax liability raises it.
10. An analyst reviews the last four annual reports of Szymanowska Home Fitness, an IFRS reporter whose revenue has grown steadily. Which of the following observations is least likely a warning sign of low-quality financial reporting?
A. Its operating cash flow has exceeded its net income in every year. B. It has changed its external auditor twice during the period. C. It has excluded 'one-time' restructuring charges from adjusted profit each year.
Lösung und Erklärung Richtige Antwort: A Its operating cash flow has exceeded its net income in every year.
Operating cash flow above net income means reported earnings are backed by cash rather than by growing accruals, which is generally consistent with higher earnings quality. The warning sign is the opposite pattern: operating cash flow that persistently falls short of net income.
Warum die anderen Optionen falsch sind
B: Frequent auditor changes can signal disagreements over accounting treatments or a search for a more accommodating auditor, so this is a warning sign. C: Charges labeled one-time that recur every year are part of the ongoing cost of the business; repeatedly excluding them flatters adjusted profit and is a warning sign. Kernregel: Warning signs of low-quality reporting include frequent auditor changes, recurring 'non-recurring' charges and operating cash flow persistently below net income.
Merksatz: Worry when operating cash flow persistently trails net income, not when it exceeds it.
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