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  • May 29, 2017 at 12:58 pm #388765
    mysterypaulbongiovanni
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    That’s a great help – many thanks for such a detailed response!

    December 6, 2016 at 5:44 pm #354629
    mysterypaulbongiovanni
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    I said that Minor was Dollar – I think that I went along the lines of ‘even though the facts appear to show that Minor’s functional currency is Euro, the subsidiary is not autonomous and provides monthly dividends to the parent – effective acting as a branch.’

    I found 3B and 3C tough and I only had around 15-20 minutes to write them, so I felt the time pressure and didn’t have greatest structure in my answer.

    3B – I think i mentioned how market conditions, cash flows, PV etc are incorporated into the FV of assets whereas the replacement cost does not and how that would affect the ‘gain’ that the director put down to their negotiation influence based on their liquidity position.

    3C – I really ran out of time here, but identified an IAS36 impairment issue? The director said the licence wasn’t impaired as the PV of future cash flows was > carrying value – however the future cashflows were contingent on a possible change in law/regulations.

    I don’t know if they’re the greatest of answers but I had to write something XD

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