The objective of IFRS 16 Leases is to prescribe the appropriate accounting treatment and required disclosures in relation to leases.Which TWO of the following are among the criteria set out in IFRS 16 for an arrangement to be classified as a lease?
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1 .A company acquired an item of plant under a lease on 1 April 20X7. The present value of the lease payments was USD15.6 million and the rentals are USD6 million per annum paid in arrears for three years on 31 March each year.The interest rate implicit in the lease is 8% per annum.What amount will appear under current liabilities in respect of this lease in the statement of financial position at 31 March 20X8? [Answers to nearest USD'000]
A USD5,132,000 B USD5,716,000 C USD6,000,000 D USD4,752,000
2 .At what amount does IFRS 16 Leases require a lessee to measure a right-of-use asset acquired under a lease?
A Lease liability + other direct costs + incentives received B Lease liability – other direct costs – prepayments C Lease liability + other direct costs + prepayments – incentives received D Lease liability – other direct costs – prepayments + incentives received
3 .On 1 October 20X3, Fresco acquired an item of plant under a five-year lease agreement. The initial measurement of the liability was USD25 million. The agreement had an implicit finance cost of 10% per annum and required an immediate deposit of USD2 million and annual rentals of USD6 million paid on 30 September each year for five years.What will be the interest charged in respect of this lease in Fresco's statement of profit or loss as at 30 September 20X5?
A USD2,500,000 B USD2,300,000 C USD2,150,000 D USD1,930,000
4 .A sale and leaseback transaction involves the sale of an asset and the leasing back of the same asset. If the arrangement meets the IFRS 15 criteria to be recognised as a sale, how should any 'profit' on the sale be treated?
A Recognise whole amount of profit immediately in profit or loss B Defer profit and amortise over the lease term C Recognise proportion relating to right of use retained D Recognise proportion relating to right of use transferred
5 .On 1 January 20X6 Platinum entered into a lease agreement. The initial lease liability was USD360,000 and the terms of the lease were a deposit of USD120,000 payable on 1 January 20X6 and three further instalments of USD100,000 payable on 31 December 20X6, 31 December 20X7 and 31 December 20X8. The rate of interest implicit in the lease is 12%.What will be the amount of the finance charge arising from this lease which will be charged to profit or loss for the year ended 31 December 20X7?
A USD22,256 B USD20,256 C USD20,056 D USD20,556
7 .Which of the following accounting policies for grants related to assets is allowed under IAS 20 Accounting for Government Grants and Disclosure of Government Assistance?(1) Deduct from the cost of related asset in the statement of financial position(2) Include in liabilities in the statement of financial position(3) Credit profit and loss immediately with cash received
A All three B 1 and 2 only C 1 and 3 only D 2 and 3 only
8 .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
A 1 only B 1 and 2 only C 1 and 3 only D 1, 2 and 3
9 .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?
A Depreciation charge (USD000): 180 / Provision (USD000): 60 B Depreciation charge (USD000): 180 / Provision:(USD000) : Nil C Depreciation charge (USD000): 200 / Provision (USD000) : 60 D Depreciation charge (USD000): 200 / Provision (USD000) : Nil
10 .Which of the following is an example of an asset that would never qualify for capitalisation of borrowing costs under IAS 23 Borrowing Costs?
A Intangible assets B Financial assets C Manufacturing plants D Power generation facilities
