ACCA/CAT

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(c)Greenie has issued 1 million shares of $1 nominal value for the acquisition of franchise rights at a local airport.Similar franchise rights are sold in cash transactions on a regular basis and Greenie has been offered a similar franchise right at another airport for $2·3 million.This price is consistent with other prices given the market conditions.The share price of Greenie was $2·50 at the date of the transaction.Greenie wishes to record the transaction at the nominal value of the shares issued.

Greenie also showed irredeemable preference shares as equity instruments in its statement of financial position.The terms of issue of the instruments give the holders a contractual right to an annual fixed cash dividend and the entitlement to a participating dividend based on any dividends paid on ordinary shares.Greenie felt that the presentation of the preference shares with a liability component in compliance with IAS 32 'Financial instruments: Presentation'would be so misleading in the circumstances that it would conflict with the objective of financial statements set out in the IASB's'Framework for the Preparation and Presentation of Financial Statements'.The reason given by Greenie for this presentation was that the shares participated in future profits and thus had the characteristics of permanent capital because of the profit participation element of the shares.(7 marks)

Required:

Discuss how the above financial transactions should be dealt with in the financial statements of Greenie for the year ended 30 November 2010.

Professional marks will be awarded in question 3 for the clarity and quality of discussion.(2 marks)

(25 marks)

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