Which of the following is an example of an asset that would never qualify for capitalisation of borrowing costs under IAS 23 Borrowing Costs?
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4 .Which of the following disclosures for government grants is required under IAS 20 Accounting for Government Grants and Disclosure of Government Assistance?(1) The accounting policy adopted for government grants(2) The nature and extent of government grants recognised in the financial statements(3) Unfulfilled conditions and other contingencies attached to government assistance that have been recognised
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5 .On 1 January 20X1 Emex received a government grant of USD100,000 to assist in the purchase of new machinery costing USD1,000,000 with a useful life of five years. The grant is repayable on a sliding scale if the machine is sold within five year; that is the full amount if sold in the first year, 80% if sold in the second year and so on. The management of Emex intends to use the machine for five years.The accounting policy is to offset the grant against the cost of the asset.What will be the depreciation expense for the year ended 31 December 20X2 and what provision will be required for the repayment of the grant as at 31 December 20X2?
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A Consistency B Timeliness C Materiality D Understandability
8 .Which of the following would qualify as a borrowing cost as defined in IAS 23 Borrowing Costs?(1) Premium on redemption of preference share capital(2) Discount on the issue of convertible debt(3) Interest expense calculated using the effective interest rate(4) Finance charges related to finance leases
A 1, 2 and 3 only B 2, 3 and 4 only C 1 and 4 only D All four
9 .Borrowing costs from which category of borrowed funds may be capitalised (to theextent they are directly attributable to qualifying assets)?
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10 .QI in incurring expenditure on project 275 which meets the definition of a qualifying asset, in accordance with IAS 23 Borrowing Costs. The company has the following debt components:(1) 6% USD100,000 debt used specifically to finance project 274(2) 7% USD500,000 preference share capital(3) 10% USD80,000 short-term loan(4) 4% USD200,000 convertible debtWhat capitalisation rate would QI apply to expenditure incurred on project 275?
A 7% B 6.75% C 6.54% D 4%
