"Financial Report":Financial Reporting

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Questions 1:

For a company reporting under IFRS, which of the following events most likely represents low financial reporting quality? The company:

A 、included gains from foreign exchange rate changes in its cost of goods sold.

B 、entered a long-term lease for a customized piece of equipment and classified it as a finance lease.

C 、reported an increase in EPS as a result of the sale of a subsidiary.

Questions 2:

Which of the following is most likely a sign of inventory manipulation to improve reported financial results?

A 、Inventory markdowns for obsolescence.

B、 Declining inventory turnover ratio.

C、 Selective sales of older layers of inventory.

View answer resolution

【Answer to question 1】A

【analysis】

A is correct. High financial reporting quality provides useful information to decision makers. Since foreign exchange gains and losses may not recur, they should be disclosed separately and not included in cost of goods sold.

B is incorrect. Long-term leases for customized pieces of equipment should be reported as finance leases and conforms to IFRS, therefore this is not low quality reporting.

C is incorrect. If properly disclosed, an increase in EPS from the sale of a subsidiary does not represent low quality financial reporting, but it may be low quality earnings.

【Answer to question 2】C

【analysis】

C is correct. A company can intentionally sell older, lower-cost layers of inventory to generate earnings without supporting cash flow in order to produce specific earnings benefits.

A is incorrect because a company simply may have obsolete inventory on hand that should be marked down to its net realizable value; such markdowns alone do not represent attempts to manipulate inventory in order to improve reported financial results.

B is incorrect because declining inventory turnover may be a result of obsolescence problems that should be recognized, not because of deliberate attempts to manipulate inventory in order to improve reported financial results.

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