ACCA/CAT

Question Two

This was a familiar question of preparing financial statements from a trial balance with various adjustments required. These involved the dealing with a sales ‘cut off’error，the use of the effective interest rate for a loan， a fair valued investment，an impairment of a leasehold property （including presenting it as ‘held for sale’-International variants only），a construction contract and accounting for taxation.

As with question 1，this question was competently answered by the majority of candidates showing good knowledge of the format and presentation of the two financial statements.

To help with future preparation，the most common errors were：

·‘cut off error’：generally dealt with quite well，but there were errors in grossing up the cost （or only adjusting by the profit element）to give the correct revenue/turnover figure

·loan：the issue costs were often ignored （they should have been deducted from the proceeds and also deducted from administrative expenses）and calculating the finance charge at the nominal rate of 5% instead of the effective rate of 10%. Omission of accrued interest from current liabilities or including it at the incorrect amount

·despite the investment being described as ‘fair value through profit and loss’，many candidates credited the gain directly to equity

·leasehold property：a failure to depreciate it up to the date it became ‘held for sale'；not calculating the subsequent impairment loss and most candidates continuing to show it as a non-current （rather than a current） asset [the latter point not applicable to UK based papers]

·construction contract： often completely ignored，incorrect calculation of cost （usually omitting the plant depreciation），incorrect （or non-existent）presentation in current assets （amount due from customers） or non-current assets （carrying amount of the plant）.A lot of candidates who prepared workings for the contract then made no attempt to include the relevant figures in their financial statements.

·there were many errors in the treatment of the taxation in both the income statement and the statement of financial position，these included：debiting （should be credited）the over provision of the previous year’s tax； treating the closing provision （rather than the movement）of deferred tax as the charge in the income statement； and confusion over which amounts of tax should appear as non-current and current liabilities.

·a number of candidates are still showing equity dividends in the income statement （as an expense）rather than as part of the calculation of retained earnings.

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