OP has five main geographic segments and reports segmental information in accordance with IFRS 8 Operating Segments.

Which THREE of the following would be regarded as operating segments of OP in accordance with IFRS 8?

• A. North America
• B. Asia
• C. All other segments
• D. Europe
• E. Middle east
• F. South America

An entity has a number of subsidiary and associate investments.
Which of the following must be disclosed in the entity's separate financial statements if it is exempt from presenting consolidated financial statements?

• A. The bases on which significant investments in subsidiaries and associates have been accounted for in those separate financial statements.
• B. A list of its top ten shareholdings including number of shares held and their market value.
• C. A copy of the summarised financial statements of each of its subsidiaries.
• D. A list of all its significant investments in subsidiaries and associates which includes the date of acquisition and the price paid.

On 31 March 20X1 OP decided to sell a property. On that date this property was correctly classified as held for sale in accordance with IFRS 5 Non-Current Assets Held For Sale And Discontinued Operations.
In the draft financial statements of OP for the year ended 31 October 20X1 this property has been included at its fair value, which was $520,000 lower than its carrying value. This has resulted in a charge to profit or loss, the result of which is that the draft financial statements show a loss of $450,000 for the year to 31 October
20X1. When the management board of OP reviewed the draft financial statements it was unhappy about the loss and decided that the property should be reclassified as a non-current asset and reinstated to its original value, despite the fact that its plans for the property had not changed.
In accordance with the ethical principle of professional competence and due care, which THREE of the following statements explain how this property should be accounted for in the financial statements of OP for the year ended 31 October 20X1?

• A. The property should be treated as a non-current asset held for sale from 1 November 20X1.
• B. The property impairment should not be recorded until the sale has completed.
• C. The property should not be depreciated after 31 March 20X1.
• D. The property should be treated as a non-current asset held for sale from 31 March 20X1.
• E. The property should be depreciated until 31 October 20X1.
• F. The impairment of $520,000 should be shown as an expense in the statement of profit or loss.

Statements of financial position for YZ, BC and DE at 31 March 20X2 include the following balances:

YZ purchased 90% of BC's equity shares for $508,000 on 1 January 20X2. On 1 January 20X2 BC's retained earnings were $183,000. YZ uses the proportion of net assets method to value non-controlling interest at acquisition.
YZ purchased 30% of DE's equity shares on 1 April 20X1 for $112,000. DE's retained earnings at 1 April 20X1 were $88,000.
On 1 February 20X2 YZ sold goods to BC for $28,000 at a mark up of 25% on cost. All the goods were still in BC's inventory at 31 March 20X2.
Calculate the goodwill arising on the acquisition of BC.
Give your answer to the nearest whole $.

In accordance with The Conceptual Framework for Financial Reporting, faithful representation is a fundamental qualitative characteristic.
To be a faithful representation financial information must be as far as possible which THREE of the following?

• A. Timely
• B. Complete
• C. Neutral
• D. Free from error
• E. Comparable
• F. Understandable