ACCA/CAT

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Section B–TWO questions ONLY to be attempted

2 Margie,a public limited company,has entered into several share related transactions during the period and wishes to obtain advice on how to account for the transactions.

(a)Margie has entered into a contract with a producer to purchase 350 tonnes of wheat.The purchase price will be settled in cash at an amount equal to the value of 2,500 of Margie's shares.Margie may settle the contract at any time by paying the producer an amount equal to the current market value of 2,500 of Margie shares,less the market value of 350 tonnes of wheat.Margie has entered into the contract as part of its hedging strategy and has no intention of taking physical delivery of the wheat.Margie wishes to treat this transaction as a share based payment transaction under IFRS 2 'Share-based Payment'.(7 marks)

(b)Margie has acquired 100% of the share capital of Antalya in a business combination on 1 December 2009.Antalya had previously granted a share-based payment to its employees with a four-year vesting period.Its employees have rendered the required service for the award at the acquisition date but have not yet exercised their options.The fair value of the award at 1 December 2009 is $20 million and Margie is obliged to replace the share-based payment awards of Antalya with awards of its own.Margie issues a replacement award that does not require post-combination services.The fair value of the replacement award at the acquisition date is $22 million.Margie does not know how to account for the award on the acquisition of Antalya.(6 marks)

(c)Margie issued shares during the financial year.Some of those shares were subscribed for by employees who were existing shareholders,and some were issued to an entity,Grief,which owned 5% of Margie's share capital.Before the shares were issued,Margie offered to buy a building from Grief and agreed that the purchase price would be settled by the issue of shares.Margie wondered whether these transactions should be accounted for under IFRS 2.(4 marks)

(d)Margie granted 100 options to each of its 4,000 employees at a fair value of $10 each on 1 December 2007.The options vest upon the company's share price reaching $15,provided the employee has remained in the company’s service until that time.The terms and conditions of the options are that the market condition can be met in either year 3,4 or 5 of the employee's service.At the grant date,Margie estimated that the expected vesting period would be four years which is consistent with the assumptions used in estimating the fair value of the options granted.The company's share price reached $15 on 30 November 2010.(6 marks)

Required:

Discuss,with suitable computations where applicable,how the above transactions would be dealt with in the financial statements of Margie for the year ending 30 November 2010.Professional marks will be awarded in question 2 for the clarity and quality of discussion.(2 marks)

(25 marks)

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