Roll No.

_______________________
Membership No ________________

11th December 2011

Evaluation Test Booklet
(Code IEC)
Total No. of Questions : 46
Total no. of printed pages : 18
Maximum Marks : 100
Time allowed : 3 Hours
All the questions are compulsory, Question no. 1 to 40 carry 1.5 marks each, Question no. 41 to 45 carry 5
marks each and Question No. 46 Carry 15 marks.
Instructions
Please read the instructions carefully before solving the question paper.
1.

Roll No. and Membership No. be written with blue/black ball pen correctly in the space provided on the cover
page and nowhere else.

2.

Check that Booklet contains 46 questions. In case of any discrepancy, inform the invigilator immediately.

3.

This paper has three parts. Part A contains 40 questions carrying 1.5 marks each. Part B contains 5 questions
carrying 5 marks each. Part C contains a case study carrying 15 marks. All question are compulsory and there is
no negative marking.

4.

Candidates should not use pencil to write the answers.

5.

Unless otherwise stated, your answer should be based on IAS/IFRS issued by IASB as applicable on 1-1-2011.

6.

Your answers should be clear and to the point. No marks shall be awarded for vague answers.

7.

There will be options specified under each objective type question you are required to choose answer which you
deems to be the most appropriate and /or correct and write legibly in capital letter in the box provided in front of
options.

8.

No over writing or erasing is allowed, if any correction or change in the answer is to be made, put X on the
answer given and write the answer outside the relevant box.

9.

If a candidate writes his roll no. or makes any identification mark inside the answer book, it will tantamount to
unfair means.

10. The candidate should not open the booklet until instructed by the invigilator.
11. Questions from 41 to 46 are subjective types and should be
answer within the space provided for the same.
12. Use of mobile phone is not allowed during the exam.
13. While handing over question booklet, please ensure that you
have obtained the signature of the invigilator in the Admit
Card as a Proof of having submitted / returned the same.

14. The candidates should not leave the examination hall without
returning the booklet to the invigilator

Marks awarded
(In
figures)__________________________
Marks awarded
(in words)__________________________
Signature of
the Examiner________________________

PART A
Choose the most appropriate option and write your answer in the space provided in the box with each question.
1.

A grocery retailer operates a customer loyalty programme. It grants programme members loyalty points when they
spend a specified amount on groceries. Programme members can redeem the points for further groceries. The
points have no expiry date. In one period, the entity grants 100 points. Management expects 80 of these points to
be redeemed. Management estimates the fair value of each loyalty point to be Rs. 1 and defers revenue of Rs.100.
At the end of the first year, 40 of the points have been redeemed in exchange for groceries. How much revenue
should be recognised by the grocery retailer in year 1:
(a)
(b)
(c)
(d)

2.

Rs. 50
Rs. 40
Rs. 100
None of the above

Under IFRS 1, cost or fair value option is available for property, plant and equipment on:
(e)
(f)
(g)
(h)

Item by item basis

Class of asset basis
Property, plant and equipment as a whole
There is no such option and fair value is mandatory

For Q 3 & Q 4
An entity issues 2,000 convertible bonds at the start of year 1. The bonds have a three-year term, and are issued at
par with a face value of Rs.1,000 per bond. Interest is payable annually in arrears at a nominal annual interest rate
of 6 per cent. Each bond is convertible at any time up to maturity into 250 ordinary shares. When the bonds are
issued, the prevailing market interest rate for similar debt without conversion options is 9 per cent.
3.

The amount of liability component in the above transaction is:

(a)
(b)
(c)
(d)

4.

The amount of equity component in the above transaction is:

(a)
(b)
(c)
(d)

5.

Rs. 20,00,000
Rs.10,00,000
Rs.18,48,122
None of the above

Rs. 18,48,122
Rs. 1,51,878
Rs. 10,00,000
None of the above

A Ltd. acquired 30% stake in B Ltd. and has a significant influence. The cost of the investment was
Rs.2,50,000.The net assets of B Ltd. are Rs.5,00,000 at the date of acquisition of stake by A Ltd. The fair value of
the assets is Rs. 6,00,000. The difference is attributed to the fact that fair value of Property, Plant & Equipment
(PPE) is higher than the book value by Rs. 1,00,000. The remaining useful life of PPE is 10 years.
The post acquisition PAT of B Ltd. is Rs.1,00,000. It has also paid a dividend of Rs. 9,000. B Ltd. has also
recognized exchange losses of Rs. 20,000 in Other Comprehensive Income.
Compute the value of A Ltd. interest in B Ltd. at the end of the year.

(a)
(b)
(c)
(d)
6.

A owns a generating facility with a book value of Rs.55 million. B owns 60% voting rights in a power distribution
company C. On 1-4-2010, A sold its generating facility to B and received in exchange Bs interest in C. The fair
value of the generating facility on the date of exchange is Rs.150 million and the net assets of C on that date is
Rs.200 million. Assuming this transaction amounts to business combination under IFRS 3, compute the goodwill
or bargain purchase in the books of A and settlement gain or loss, if any. A has decided to measure non controlling interest at fair value.
(a)
(b)
(c)
(d)

7.

Rs. 2,50,000
Rs. 2,68,300
Rs. 2,71,300
None of the above

goodwill Rs. 30 million and settlement gain Rs. 95 million

bargain purchase Rs. 30 million and settlement gain Rs. 95 million
bargain purchase Rs. 95 million and no settlement gain or loss
none of the above

An entity shall not apply IFRS 4 to:

(a) product warranties issued directly by a manufacturer, dealer or retailer
(b) employers assets and liabilities under employee benefit plans
(c) direct insurance contracts that the entity holds (ie direct insurance contracts in which the entity is the
policyholder)
(d) all of the above
For Q 8 & 9
The terms of a service arrangement require an operator to construct a roadcompleting construction within two
yearsand maintain and operate the road to a specified standard for eight years (ie years 310). The terms of the
arrangement also require the operator to resurface the road when the original surface has deteriorated below a
specified condition. The operator estimates that it will have to undertake the resurfacing at the end of the year 8.
At the end of year 10, the service arrangement will end. The operator estimates that the costs it will incur to fulfil
its obligations will be as under:
Contract costs
Year

Rs.

500

500

Operation services (per year)

310

10

Road resurfacing

100

Construction services

The terms of the arrangement allow the operator to collect tolls from drivers using the road. The operator forecasts
that vehicle numbers will remain constant over the duration of the contract and that it will receive tolls of Rs.200.
Assume that all cash flows take place at the end of the year.
The operator provides construction services to the grantor in exchange for an intangible asset, ie a right to collect
tolls from road users in years 310. In accordance with IAS 38 Intangible Assets, the operator recognises the
intangible asset at cost, ie the fair value of consideration transferred to acquire the asset, which is the fair value of
the consideration received or receivable for the construction services delivered.
During the construction phase of the arrangement the operators asset (representing its accumulating right to be

paid for providing construction services) is classified as an intangible asset (licence to charge users of the
infrastructure). The operator estimates the fair value of its consideration received to be equal to the forecast
construction costs plus 5 per cent margin. It is also assumed that, in accordance with IAS 23 Borrowing Costs, the
operator capitalises the borrowing costs, estimated at 6.7 per cent, during the construction phase of the
arrangement:
8. The amount of intangible assets at the end of year 2 will be:
(a)
(b)
(c)
(d)

Rs. 525
Rs. 1,000
Rs.1,050
Rs.1,084

9. The amount of construction profits to be recognised in year 2 is :

(a)
(b)
(c)
(d)

Rs. 525
Rs. 500
Rs. 25
None of the above

10. X Ltd. has approached you for advice on whether it can offset its valuation allowance for obsolescence on
inventories against the inventory account, or whether it must present and disclose it separately. Can X Ltd. offset
the provision against inventory?
(a) Yes, because IAS 1 specifically states that this situation is not offsetting
(b) No, because IAS 1 does not permit offsetting of assets and liabilities unless offsetting is allowed by
another IFRS
(c) No, because it would mislead the users of the financial statements
(d) Yes, because assets and liabilities can be offset at any stage even if the amounts are material
11. Which of the following cost is included in the cost of inventories?
(a)
(b)
(c)
(d)

abnormal amounts of wasted materials, labour or other production costs;

storage costs that are necessary in the production process before a further production stage
administrative overheads that do not contribute to bringing inventories to their present location and condition
all of the above

12. Which of the following can be shown on a net basis in a cash flow statements:
(a)
(b)
(c)
(d)

the acceptance and repayment of demand deposits of a bank;

funds held for customers by an investment entity; and
rents collected on behalf of, and paid over to, the owners of properties
all of the above

13. In which of the following cases, an entity has retained substantially all the risks and rewards of ownership :
(a) a sale and repurchase transaction where the repurchase price is a fixed price or the sale price plus a lenders
return;
(b) a sale of a financial asset together with a total return swap that transfers the market risk exposure back to the
entity;
(c) a sale of short-term receivables in which the entity guarantees to compensate the transferee for credit losses

that are likely to occur

(d) all of the above

14. Which of these considerations would not be relevant in determining the entitys functional currency?
(a)
(b)
(c)
(d)

The currency that influences sales prices for goods and services
The currency that mainly influences labor, material and other costs of providing goods and services
The most financially stable currency that is frequently used in business transactions
The currency in which funds from financing activities are generated

15. On 1 January 2010, an entity acquired goods for sale in the ordinary course of business for Rs.100,000, including
Rs.5,000 refundable purchase taxes. The supplier usually sells goods on Cash. However, as a special promotion,
the purchase agreement for these goods provided for payment to be made in full on 31 December 2010. In
acquiring the goods transport charges of Rs.2,000 were incurred: these were due on 1 January 2010.
An appropriate discount rate is 10 per cent per year.
The entity shall measure the cost of inventories at:
(a)
(b)
(c)
(d)

Rs.102,000
Rs.97,000
Rs.88,764
None of the above

16. Which of the following may be a qualifying asset for the purpose of IAS 23:
(a)
(b)
(c)
(d)

inventories
intangible assets
investment property
all of the above

17. An entity buys a plot of land for the construction of commercial real estate. It designs an office block to build on
the land and submits the designs to planning authorities in order to obtain building permission. The entity markets
the office block to potential buyers and signs with one of them a conditional agreement for the sale of land and the
construction of the office block. The buyer cannot put the land or the incomplete office block back to the entity.
The entity receives the building permission and all agreements become unconditional. The entity is given access
to the land in order to undertake the construction and then constructs the office block. The entity separates the
agreement into two components:

A component for sale of land

A component for construction of the office block

Having regard to IFRIC 15, how should the entity recognize revenue for the two components
(a)
(b)
(c)
(d)

Based on IAS 11 for both the components

Based on IAS 18 for both the components
Apply IAS 18 to sale of land and IAS 11 to construction of office block
Apply IAS 11 to sale of land and IAS 18 to construction of office block

18. Which of the following IAS/IFRIC has not been converged with in Ind-AS notified by MCA:
(a)
(b)
(c)
(d)

IAS 26
IAS 41
IFRIC 15
All of the above

19. In which of the following cases, the tax base will be 100:
(a) Current liabilities include accrued expenses with a carrying amount of 100. The related expense will be
deducted for tax purposes on a cash basis.
(b) Current liabilities include interest revenue received in advance, with a carrying amount of 100. The related
interest revenue was taxed on a cash basis.
(c) Current liabilities include accrued expenses with a carrying amount of 100. The related expense has already
been deducted for tax purposes.
(d) All of the above
20. An asset which cost 150 has a carrying amount of 100. Cumulative depreciation for tax purposes is 90 and the tax
rate is 35%.The deferred tax asset/deferred tax liability will be:
(a)
(b)
(c)
(d)

Deferred tax asset of Rs. 14

Deferred tax liability of Rs. 14
Deferred tax liability of Rs. 3.5
None of the above

21. Which of the following costs can be capitalised as part of property,plant and equipment as per IAS 16:
(a)
(b)
(c)
(d)

costs of opening a new facility;

costs of introducing a new product or service ;
costs of conducting business in a new location or with a new class of customer
None of the above

22. Which of the following related party transactions does not require a disclosure as per IAS 24:
(a)
(b)
(c)
(d)

leases;
transfers of research and development;
commitments to do something if a particular event occurs or does not occur in the future
All of the above needs to be disclosed

23. At the commencement of the lease term, lessees shall recognise finance leases as assets and liabilities in their
statements of financial position at amounts equal to:
(a)
(b)
(c)
(d)

the fair value of the leased property

the present value of the minimum lease payments
lower of (a) and (b)
higher of (a) and (b)

24. Which of the following may be included in borrowing costs:

(a) interest expense calculated using the effective interest method as described in IAS 39
(b) finance charges in respect of finance leases recognised in accordance with IAS 17 Leases;
(c) exchange differences arising from foreign currency borrowings to the extent that they are regarded as an
adjustment to interest costs.
(d) all of the above
25. As per IAS 26, for defined benefit plans, which of the following format need to be adopted for disclosure and
presentation of actuarial information:
(a) a statement is included in the financial statements that shows the net assets available for benefits, the actuarial
present value of promised retirement benefits, and the resulting excess or deficit. The financial statements of
the plan also contain statements of changes in net assets available for benefits and changes in the actuarial
present value of promised retirement benefits. The financial statements are accompanied by a separate
actuarys report supporting the actuarial present value of promised retirement benefits;
(b) financial statements that include a statement of net assets available for benefits and a statement of changes in
net assets available for benefits. The actuarial present value of promised retirement benefits is disclosed in a
note to the statements. The financial statements are also accompanied by a report from an actuary supporting
the actuarial present value of promised retirement benefits;
(c) financial statements that include a statement of net assets available for benefits and a statement of changes in
net assets available for benefits with the actuarial present value of promised retirement benefits contained in a
separate actuarial report.
(d) An entity can choose any of the above

26. Profit attributable to ordinary equity holders of the parent entity are as under:
Year 2009: Rs.1,100
Year 2010: Rs.1,500
Year 2011:Rs.1,800
Shares outstanding before rights issue: 500 shares
Rights issue: One new share for each five outstanding shares (100 new shares total)
Exercise price: Rs 5
Date of rights issue: 1 January 2010
Last date to exercise rights: 1 March 2010
Market price of one ordinary share immediately before exercise on 1 March 2010: Rs.11
End of the reporting period: 31 December
The Basic EPS for 2010 after considering the rights issue is:
(a)
(b)
(c)
(d)

Rs. 2.50
Rs. 2.57
Rs.2.54
None of the above

27. A company operates a mine in a country where legislation requires that the owner must restore the site on
completion of its mining operations. The cost of restoration includes the replacement of the overburden, which
must be removed before mining operations commence. A provision for the costs to replace the overburden was
recognised as soon as the overburden was removed. The amount provided was recognised as part of the cost of the
mine and is being depreciated over the mines useful life. The carrying amount of the provision for restoration
costs is Rs.500, which is equal to the present value of the restoration costs.
The entity is testing the mine for impairment. The cash-generating unit for the mine is the mine as a whole. The
entity has received various offers to buy the mine at a price of around Rs.800. This price reflects the fact that the
buyer will assume the obligation to restore the overburden. Disposal costs for the mine are negligible. The value in
use of the mine is approximately Rs.1,200, excluding restoration costs. The carrying amount of the mine is
Rs.1,000.
The cash-generating units value in use will be:
(a) Rs. 700
(b) Rs. 800
(c) Rs. 500
(d) None of the above

28. Which of the following is not an example of research as defined in IAS 38:
(a)
(b)
(c)
(d)

activities aimed at obtaining new knowledge

the design, construction and testing of pre-production or pre-use prototypes and models
the search for, evaluation and final selection of, applications of research findings or other knowledge;
the search for alternatives for materials, devices, products, processes, systems or services

29. An entity shall recognise a biological asset or agricultural produce when:

(a)
(b)
(c)
(d)

the entity controls the asset as a result of past events;

it is probable that future economic benefits associated with the asset will flow to the entity;
the fair value or cost of the asset can be measured reliably.
all of the above conditions are satisfied

30. An entity granted shares with a total fair value of Rs. 5 crores to parties other than employees as a means of
enhancing its image as a good corporate citizen. The economic benefits derived from enhancing its corporate
image could take a variety of forms, such as increasing its customer base, attracting or retaining employees, or
improving or maintaining its ability to tender successfully for business contracts. The entity cannot identify the
specific consideration received. Having regard to IFRS 2, the entity should measure the goods or services received
at:
(a)
(b)
(c)
(d)

Nil
Rs. 5 crores
Rs. 2.5 crores
IFRS 2 does not apply to this situation

31. Having regard to IFRS 4, which of the following will not be regarded as an insurance contract:
(a) investment contracts that have the legal form of an insurance contract but do not expose the insurer to
significant insurance risk, for example life insurance contracts in which the insurer bears no significant mortality

risk
(b) contracts that have the legal form of insurance, but pass all significant insurance risk back to the policyholder
through non-cancellable and enforceable mechanisms that adjust future payments by the policyholder as a direct
result of insured losses
(c) self-insurance
(d) all of the above
32. To qualify for classification as held for sale, the sale of a non-current asset (or disposal group) must be highly
probable and transfer of the asset (or disposal group) must be expected to qualify for recognition as a completed
sale within one year. In which of the following cases this criterion would not be met:
(a) an entity that is a commercial leasing and finance company is holding for sale or lease equipment that has
recently ceased to be leased and the ultimate form of a future transaction (sale or lease) has not yet been
determined.
(b) an entity is committed to a plan to sell a property that is in use, and the transfer of the property will be
accounted for as a sale and finance leaseback.
(c) in both(a) and (b) the criterion will not be met
(d) the criterion will be met in both the cases
33. Exploration & evaluation assets are:
(a)
(b)
(c)
(d)

tangible assets
intangible assets
can be both tangible as well as intangible assets
these can not be capitalised and, hence, are in the nature of revenue expenditure

34. An entity shall report separately information about an operating segment when:
(a) Its reported revenue, including both sales to external customers and intersegment sales or transfers, is 10 per
cent or more of the combined revenue, internal and external, of all operating segments.
(b) The absolute amount of its reported profit or loss is 10 per cent or more of the greater, in absolute amount, of
(i) the combined reported profit of all operating segments that did not report a loss and (ii) the combined reported
loss of all operating segments that reported a loss.
(c) Its assets are 10 per cent or more of the combined assets of all operating segments.
(d) any of the above criteria is met
35. IFRIC 17 applies to
(a) distributions of non-cash assets (eg items of property, plant and equipment, businesses as defined in IFRS 3,
ownership interests in another entity or disposal groups as defined in IFRS 5);
(b) distributions that give owners a choice of receiving either non-cash assets or a cash alternative.
(c) both (a) and (b)
(d) neither (a) nor (b)
36. A bonus expense is anticipated and provided for interim reporting purposes if:
(a) the bonus is a legal obligation or past practice would make the bonus a constructive obligation for which the
entity has no realistic alternative but to make the payments,
(b) a reliable estimate of the obligation can be made

(c) both (a) and (b) are satisfied

(d) no provision is required for bonus in interim financial reporting unless bonus has been paid in that interim
period
37. Which of the following is not an investment property:
(a) land held for a currently undetermined future use
(b) a building owned by the entity (or held by the entity under a finance lease) and leased out under one or more
operating leases
(c) property intended for sale in the ordinary course of business
(d) all of the above
38. As per IFRIC 4, an arrangement conveys the right to use the asset if the arrangement conveys to the lessee the
right to control the use of the underlying asset. The right to control the use of the underlying asset is conveyed
when:
(a) The purchaser has the ability or right to operate the asset or direct others to operate the asset in a manner it
determines while obtaining or controlling more than an insignificant amount of the output or other utility of the
asset
(b) The purchaser has the ability or right to control physical access to the underlying asset while obtaining or
controlling more than an insignificant amount of the output or other utility of the asset
(c) when both the conditions stated in (a) and (b) are met
(d) when conditions stated in either (a) or (b) are met

39. Entities A, B and C own 40 per cent, 30 per cent and 30 per cent respectively of the ordinary shares that carry
voting rights at a general meeting of shareholders of Entity D. Entity A also owns call options that are exercisable
at any time at the fair value of the underlying shares and if exercised would give it an additional 20 per cent of the
voting rights in Entity D and reduce Entity Bs and Entity Cs interests to 20 per cent each. Who controls entity
D:
(a)
(b)
(c)
(d)

A
B
C
A,B & C have a significant influence and not control over D

40. Which of the following information is not required to be disclosed in respect of each class of property, plant and
equipment.
(a)
(b)
(c)
(d)

the measurement bases used for determining the gross carrying amount;
the depreciation methods used;
the useful lives or the depreciation rates used
all of the above needs to be disclosed

10

PART B
The answer to each question should not exceed 5 to 8 sentences.
Q41.

Based on IAS 2, how will you measure the cost of inventories of a service provider?

5 marks

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Q42. Explain the equity method of accounting for investment in associates.

5 Marks

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Q43. Entity A makes a five-year fixed rate loan to Entity B, while B at the same time makes a five-year variable
rate loan for the same amount to A. There are no transfers of principal at inception of the two loans, since A
and B have a netting agreement. Is this a derivative under IAS 39? Give arguments in support of your
answer.
5 marks

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Q44.

Under what situations an entity is required to offset deferred tax assets and deferred tax liabilities as per
IAS 12? Are these situations the same in Ind-AS 12, if not, please list the key differences thereof? 3+2
marks
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Q45.

What is the option available to a first time adopter of IFRS in respect of decommissioning liabilities
included in the cost of property, plant and equipments?
5 Marks
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13

PART C
Case Study
Q 46.

The profit and loss account of X Ltd. for the year ending 31-3-2009 is given below:
Rs.
5,00,000
4,00,000
30,000
70,000
21,000

Sales
Cost of sales & expenses
Tax
Profits after tax
Dividends

The Company has approached you to give proper effect to the following information:
1. X Ltd. has acquired a business during the year for Rs. 1,00,000. The fair value of separable net
assets acquired was Rs. 80,000. Goodwill to the extent of Rs. 5,000 has been impaired during the
period. The impairment effect, if any, has not been recorded in the profit and loss account given
above.
2. In April 2008, X Ltd. has revalued certain items of property, plant and equipments which have
originally cost Rs. 50,000.The revalued amount was Rs.70,000. The accumulated depreciation at the
of revaluation was Rs. 10,000.At the date of revaluation, the remaining useful life of these assets was
five years and depreciation has been charged on the revalued amount. X Ltd. would like to transfer
the additional depreciation to profit or loss account or to the retained earnings as may be permitted by
IFRS.
3. X Ltd. has come to know of an error that took place in April 2005.The error has resulted in
understatement of expenses of the relevant year by Rs. 10,000.
4. X Ltd. has recognized a decommissioning liability in the year ending March 31,2005. On March
31,2008, the balance on this account was Rs. 70,000.The present value of the decommissioning
liability on March 31,2009 is Rs. 75,000.
5. Amount of sales include the gross value of Rs. 1,00,000 in respect of an item on which X Ltd.
gave a credit of 6 months to one of its customer. The normal credit period is, however, only 3
months. The applicable discounting rate to the transaction is 10% p.a.
6. On April 1 ,2008, capital and reserves comprised:
Rs.
Equity Share Capital
7,00,000
Revaluation surplus (for land)
50,000
Retained earnings
2,50,000
(a) You are required to advise X Ltd. The appropriate treatment of the above items and prepared for the
year ended March 31,2009, in so far as the information permits:
(i) A Statement of Profit or Loss (including a statement of other comprehensive
income)
(ii) A Statement of Changes in Equity.
Ignore the tax impact of above adjustments.
Give suitable working notes.
10 marks
(b) Whether your answer will be different in each of the points from 1 to 5 above if the company needs
to converge to Ind-AS notified by Ministry of Corporate Affairs.
5 marks

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18

ROUGH SPACE

19

20