P2 Paper
Professional Level – Essentials Module
Corporate Reporting (International)
Tuesday 11 December 2012
Time allowed Reading and planning: Writing:
15 minutes 3 hours
This paper is divided into two sections: Section A – This ONE question is compulsory and MUST be attempted Section B – TWO questions ONLY to be attempted Do NOT open this paper until instructed by the supervisor. During reading and planning time only the question paper may be annotated. You must NOT write in your answer booklet until instructed by the supervisor. This question paper must not be removed from the examination hall.
The Association of Chartered Certified Accountants
Paper P2 (INT)
Section A – THIS ONE question is compulsory and MUST be attempted 1 Minny is a company which operates in the service sector. Minny has business relationships with Bower and Heeny. All three entities are public limited companies. The draft statements of financial position of these entities are as follows at 30 November 2012: Minny $m Assets: Non-current assets Property, plant and equipment Investments in subsidiaries Bower Heeny Investment in Puttin Intangible assets Bower $m Heeny $m
920 730
300
310
320 48 198 –––––– 1,896 –––––– 895 –––––– 2,791 –––––– 920 73 895 –––––– 1,888 –––––– 495 –––––– 408 –––––– 903 –––––– 2,791 –––––– 30 –––––– 650 –––––– 480 –––––– 1,130 –––––– 400 37 442 –––––– 879 –––––– 123 –––––– 128 –––––– 251 –––––– 1,130 –––––– 35 –––– 345 –––– 250 –––– 595 –––– 200 25 139 –––– 364 –––– 93 –––– 138 –––– 231 –––– 595 ––––
Current assets Total assets Equity and liabilities: Share capital Other components of equity Retained earnings Total equity Non-current liabilities Current liabilities Total liabilities Total equity and liabilities
The following information is relevant to the preparation of the group financial statements: 1. On 1 December 2010, Minny acquired 70% of the equity interests of Bower. The purchase consideration comprised cash of $730 million. At
Corporate Reporting (International)
Tuesday 11 December 2012
Time allowed Reading and planning: Writing:
15 minutes 3 hours
This paper is divided into two sections: Section A – This ONE question is compulsory and MUST be attempted Section B – TWO questions ONLY to be attempted Do NOT open this paper until instructed by the supervisor. During reading and planning time only the question paper may be annotated. You must NOT write in your answer booklet until instructed by the supervisor. This question paper must not be removed from the examination hall.
The Association of Chartered Certified Accountants
Paper P2 (INT)
Section A – THIS ONE question is compulsory and MUST be attempted 1 Minny is a company which operates in the service sector. Minny has business relationships with Bower and Heeny. All three entities are public limited companies. The draft statements of financial position of these entities are as follows at 30 November 2012: Minny $m Assets: Non-current assets Property, plant and equipment Investments in subsidiaries Bower Heeny Investment in Puttin Intangible assets Bower $m Heeny $m
920 730
300
310
320 48 198 –––––– 1,896 –––––– 895 –––––– 2,791 –––––– 920 73 895 –––––– 1,888 –––––– 495 –––––– 408 –––––– 903 –––––– 2,791 –––––– 30 –––––– 650 –––––– 480 –––––– 1,130 –––––– 400 37 442 –––––– 879 –––––– 123 –––––– 128 –––––– 251 –––––– 1,130 –––––– 35 –––– 345 –––– 250 –––– 595 –––– 200 25 139 –––– 364 –––– 93 –––– 138 –––– 231 –––– 595 ––––
Current assets Total assets Equity and liabilities: Share capital Other components of equity Retained earnings Total equity Non-current liabilities Current liabilities Total liabilities Total equity and liabilities
The following information is relevant to the preparation of the group financial statements: 1. On 1 December 2010, Minny acquired 70% of the equity interests of Bower. The purchase consideration comprised cash of $730 million. At