ICAN EXAM past questions and answers for ICAN SKILL EXAM.
Includes questions from MAY/NOV DIET 2014 – 2017.
ICAN SKILL EXAM PAST QUESTIONS AND ANSWERS MAY/NOV DIET 2014-2017 is your best preparation material for guaranteed higher score in the exam.
It contains well explained answers to the ICAN SKILL past questions.
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SECTION C: YOU ARE REQUIRED TO ANSWER ANY TWO OUT OF THREE QUESTIONS
IN THIS SECTION (30 MARKS)
The difference between debt and equity in an entity‟s statement of financial
position is not easily distinguishable for preparers of financial statements. Debts
and equity financial instruments may have similar characteristics, which may lead
to inconsistency of reporting.
a. Discuss the main distinguishing features in the presentation of debt and
equity under International Financial Reporting Standards (IFRS) with clear
examples. (10 Marks)
b. Explain why it is important for entities to understand the impact of the
classification of a financial instrument as debt or equity in the financial
statement. (5 Marks)
(Total 15 Marks
a. After initial recognition in the Financial Statements, Financial Assets
are measured, either at fair value or amortised cost according to the
provisions of IAS 39-financial Instruments; Recognition &
Briefly explain how fair value and amortised costs of financial assets are
determined and give one example each of the class of financial assets that
can be measured using the methods. (6 Marks)
b. Anifowose Plc issued a debt instrument at it fair value of N100million on
January 1, 2013. The debt instrument is to mature in 2017. It has a
principal amount of N125million and carries fixed interest rate of 4.72%
that is paid annually. The effective interest rate is 10% and on December
31, 2015 had a fair value of 105 for every N10 nominal value.
The company makes up its accounts to December 31, every year.
i. Show your computation schedule for the amortised cost of the financial
liability up to December 31, 2015 on the assumption that the financial
liability is valued at amortised cost.
ii. What is the value of the financial liability as a December 31, 2015,
if the fair value option is adopted by Anifowose Plc? (9 Marks)