ACCA Paper F7 Financial Reporting

Mock Exam Question Paper

Time allowed 3 hours 15 minutes

This paper is divided into three sections

Section A ALL FIFTEEN questions are compulsory and MUST be attempted

Section B ALL FIFTEEN questions are compulsory and MUST be attempted

Section C BOTH questions are compulsory and MUST be attempted

Instructions: Take a few moments to review the notes on the inside of this page titled, ‘Get into good exam habits now!’ before attempting this exam.

DO NOT OPEN THIS PAPER UNTIL YOU ARE READY TO START UNDER EXAMINATION CONDITIONS

2

Get into good exam habits now! Take a moment to focus on the right approach for this exam.

Effective time management Watch the clock, allow 1.95 minutes per mark. Work out how long you can spend on each question

and do not exceed that time.

Take a few moments to think what the requirements are asking for and how you are going to answer them.

Effective planning This paper is in exactly the same format as the real exam. You should read through the paper and

plan the order in which you will tackle the questions. Always start with the one you feel most confident about and take time to choose the questions you will answer in sections with a choice.

Read the requirements carefully: focus on mark allocation, question words and potential overlap between requirements.

Identify and make sure you pick up the easy marks available in each question.

Effective layout Present your numerical solutions using the standard layouts you have seen. Show and reference

your workings clearly.

With written elements try and make a number of distinct points using headings and short paragraphs. You should aim to make a separate point for each mark.

Ensure that you explain the points you are making ie why is the point a strength, criticism or opportunity?

Give yourself plenty of space to add extra lines as necessary, it will also make it easier for the examiner to mark.

3

Section A – ALL 15 questions are compulsory and MUST be attempted

Each question is worth 2 marks.

1 Which of the following would NOT contribute to a faithful representation in the financial statements?

A Applying the 'true and fair' override B Ensuring the financial statements are released to investors as soon as possible after the year end C Ensuring the financial statements are free from material error D Inclusion of all transactions relating to the accounting period

2 Which of the following are objectives of the International Accounting Standards Board (IASB) as set out in the IASC Foundation's Constitution?

(i) A single set of global financial reporting standards (ii) Publication of interpretations of IFRSs where necessary to clarify particular points (iii) Convergence of national and international standards (iv) Enforcement of the consistent use of IFRSs in those regimes that adopt IFRSs

A (i) and (iii) only B (i), (ii) and (iv) C All four D (ii), (iii) and (iv)

3 Helby acquired a significant item of plant incurring the following amounts: $'000 List price 400 Trade discount (10%) (40) Delivery cost 5 Reinforced flooring to house the machine 22 Salaries of staff involved in machine installation during period of installation 6 Testing costs 12

How much should be recognised as property, plant and equipment on initial recognition?

A $445,000 B $399,000 C $365,000 D $405,000

4 Which of the following could be classified as investment property in accordance with IAS 40 Investment property in the financial statements of Investit?

(i) Properties held for sale by Investit in the ordinary course of business (ii) Investit's factory building (iii) A floor let to third parties in an office building owned and occupied by Investit (iv) A building let out to third parties which is falling in value

A (i) and (iii) only B (i), (iii) and (iv) C All four D (iii) and (iv) only

4

5 An entity took out a loan for $200,000 to part finance the construction of a new item of equipment.

The interest rate on the loan was 6% throughout the year ended 31 December 20X1.

Construction began on 1 March 20X1. Construction and testing work was completed on 31 October 20X1, however the equipment was not brought into use until 1 December 20X1.

How much finance costs should be included in the initial recognition of the equipment in accordance with IAS 23 Borrowing costs?

A $12,000 B $10,000 C $9,000 D $8,000

6 Which of the following intangible assets owned by Scarlett could be measured using the revaluation model in IAS 38 Intangible Assets?

(i) A development project recently completed (ii) A patent asset (iii) Scarlett's own brand (iv) Tradable taxi licences

A (iii) and (iv) only B (i) and (ii) only C (iv) only D None of them

7 Patch acquired an item of equipment on 1 January 20X0 for $240,000. The asset is being depreciated over a ten year useful life to a zero residual value. On 31 December 20X4 an impairment test was performed. The fair value less costs of disposal of the equipment was measured at $88,000 at that date and the asset is expected to generate net cash inflows of $12,000 per year for the next five years. The current cost of capital is 8%. A five year annuity factor at 8% is 8.507.

How much should be charged to profit or loss as an impairment loss on 31 December 20X4?

A $0 B $17,916 C $32,000 D $137,916

8 Scottson, a farmer, acquired 600 two year old cows on 1 January 20X1 for $800 each. 100 calves were born in December 20X1. 150 animals were sold during the year for $840 each.

The fair value less costs to sell of cows at 31 December 20X1 was:

Calves $200Two year old cows $850Three year old cows $900

How much should be recognised in profit or loss in total in respect of the cows for the year ended 31 December 20X1?

A $71,000 B $26,000 C $91,000 D $75,000

5

9 MyWatch makes watches which come with a two year guarantee against failure of the watch during the guarantee period due to manufacturing defects. MyWatch sold 20,000 watches for $100 each in the year ended 31 December 20X1. Each watch costs $40 to make.

Past experience indicates that 5% of watches sold will demonstrate a fault during the guarantee period. Watches which develop a fault are simply replaced with a new watch rather than repaired.

400 of the watches sold in the year had been replaced under the guarantee by 31 December 20X1. The watches replaced under the guarantee are not replaced a second time free of charge.

How much should MyWatch recognise as a provision as at 31 December 20X1 in accordance with IAS 37 Provisions, contingent liabilities and contingent assets?

A $60,000 B $40,000 C $24,000 D $0

10 Sagrat acquired an investment in the equity instruments of another entity for $45,000 on 1 January 20X1. The fair value of the investment was $50,000 at 31 December 20X1. On 31 July 20X2 the investment was sold for $52,000 (its market value on that date). Sagrat had made the election to recognise changes in fair value of the investment in other comprehensive income.

How much should be recognised in other comprehensive income for the year ended 31 December 20X2?

A $2,000 B $7,000 C $0 D $52,000

11 On 31 December 20X1 AB entered into a transaction where it sold legal title to inventories which would take time to mature. The cost of the inventories at that date was $450,000. The inventories were sold to a financial institution for $420,000 with an option which allows AB to repurchase them on 31 December 20X3 for $463,050. At that date their selling price would be approximately $540,000 and it was expected that AB would exercise the option.

How should the above transaction be accounted for in AB’s financial statements for the year ended 31 December 20X1?

A The inventory cost of $450,000 should be recognised in cost of sales and sales revenue should be recognised of $420,000.

B The inventories should be recorded in the statement of financial position at $420,000 and the $420,000 received should be reported as a liability. An inventory write-down of $30,000 should be reported in profit or loss.

C The inventories should be recorded in the statement of financial position at $450,000 and the $420,000 received should be reported as a liability. There is no profit or loss effect.

D The inventories should be recorded in the statement of financial position at $450,000 and the $420,000 received should be reported as a liability. Interest expense of $43,050 using the effective interest method should be reported in profit or loss.

12 An entity acquired an asset for $100,000 on 1 January 20X1 and depreciated it over a five year useful life to a zero residual value. For tax purposes, the asset is awarded tax allowances of 30% on a diminishing balance basis. The tax rate is also 30%.

How much is the profit or loss charge for deferred tax in the year ended 31 December 20X2 (ie the second year)?

A $6,000 B $300 C $3,300 D $3,000

6

13 Which of the following would be considered an indicator of significant influence relevant when determining whether an investor's shareholding in an investee is to be accounted for as an associate?

(i) The investor has seats on the board of directors of the investee

(ii) An agreement between the investor and investee allows the investor to prevent the investee from paying any dividends

(iii) The investor is a major customer of the investee

(iv) The investor and investee operate in the same market in which there are three players each having a similar market share

A All four B (i), (iii) and (iv) C (i) only D (i) and (iii) only

14 Grantham purchased a new environmentally-friendly machine on 1 July 20X2 for $50,000. The machine was installed at a cost of $1,000 and came into operation on 1 August 20X2. The machine was eligible for a government grant of 30% of the purchase price of the asset (excluding installation costs), which Grantham applied for on 1 July 20X2, meeting all the relevant criteria. The machine has an estimated useful life of five years and a zero residual value. The monies from the grant were received on 1 January 20X3 and the grant is not refundable to the government.

How much should Grantham recognise as revenue from the grant in its financial statements for the year ended 31 December 20X2?

A $0 B $15,000 C $1,250 D $3,000

15 Raffen entered into an agreement on 1 January 20X7 to sell its head office building for $5,500,000 and lease it back for six years under an operating lease.

The carrying amount of the building on 1 January 20X7 was $5,800,000, equal to its market value.

Lease rentals are $100,000 per annum, which is $50,000 less than the normal market rates for such a building.

How much should Raffen recognise in profit or loss in the year ended 31 December 20X7 in respect of this transaction?

A $200,000 B $150,000 C $450,000 D $300,000

(Total = 30 marks)

7

Section B – ALL 15 questions are compulsory and MUST be attempted The following scenario relates to questions 16-20

Davies is a publicly listed company. Details of its financial statements for the year ended 31 December 20X8 are given below:

STATEMENTS OF FINANCIAL POSITION (EXTRACTS) AS AT: 31 December

20X8 31 December

20X7 $'000 $'000 Property plant and equipment 2,300 1,700 Equity Equity shares of $1 each 900 600 Share premium 270 150 Revaluation surplus 100 40 Retained earnings 1,710 1,520 2,980 2,310 Non-current liabilities 8% loan note 100 – Finance lease liabilities 410 220 Deferred tax liability 30 40 540 260 Current liabilities Trade payables 550 960 Bank overdraft 30 Current tax payable 100 80 Finance lease liabilities 70 30 750 1,070 Total equity and liabilities 4,270 3,640

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (EXTRACT) FOR THE YEAR ENDED 31 DECEMBER 20X8

$'000 Profit before tax 330 Income tax expense (90) Profit for the year 240 Other comprehensive income: Gains on property revaluation 100 Total comprehensive income for the year 340

The following information is also available:

(i) During the year Davies sold one of its office buildings for its fair value of $800,000 and agreed to rent it back under an operating lease for a period of ten years at $30,000 per year. At the date of sale the office building had a carrying value of $670,000 based upon a previous revaluation of $700,000 less depreciation of $30,000. When the building had originally been revalued its carrying value had been $660,000. No other disposals of non-current assets were made during the year.

(ii) Plant acquired under finance leases during the year was $400,000. Finance costs include $40,000 of finance charges relating to these finance leases.

(iii) Depreciation of property, plant and equipment during the year was $310,000.

(iv) During the year a 1 for 2 rights issue was made.

8

16 What amount was spent on purchases of property, plant and equipment during the year to 31 December 20X8?

A $1,080,000 B $1,480,000 C $1,220,000 D $1,270,000

17 Davies paid a dividend during the year. What was the total amount paid?

A $150,000 B $40,000 C $90,000 D $190,000

18 During the year Davies revalued a property and made a rights issue. What effect will these transactions have had on asset turnover and ROCE?

A Asset turnover – higher / ROCE – higher B Asset turnover – higher / ROCE – lower C Asset turnover – lower / ROCE – higher D Asset turnover – lower / ROCE – lower

19 Where should the proceeds from the sale and leaseback and the proceeds of the rights issue be shown in the statement of cash flows?

A Sale and leaseback – investing activities / Rights issue investing activities B Sale and leaseback – investing activities / Rights issue financing activities C Sale and leaseback – financing activities / Rights issue investing activities D Sale and leaseback – financing activities / Rights issue financing activities

20 What was the amount of tax paid during the year to 31 December 20X8?

A $70,000 B $100,000 C $90,000 D $80,000

9

The following scenario relates to questions 21-25 Extracts from Brightwell’s financial statements for the year ended 31 December 20X5 are as follows:

STATEMENT OF PROFIT OR LOSS (EXTRACTS) $m Revenue 1,350

Gross profit 405

Finance costs (20) Profit before tax 98 Income tax expense (30) Profit for the year 68

STATEMENT OF FINANCIAL POSITION (EXTRACTS)

$m Current assets Inventory 52 Receivables 107 Equity Ordinary shares $1 each 175 Revaluation surplus 40 Retained earnings 190 Non-current liabilities 5% loan notes 50 10% loan notes 100

21 Brightwell’s gross profit margin has increased significantly in comparison to the previous year. Which one of the following could have accounted for this?

A Brightwell has increased its prices, leading to a fall in revenue. B Brightwell has reduced its prices, leading to an increase in revenue. C Brightwell’s administrative expenses have been lower than in the previous year. D Brightwell has obtained higher settlement discounts than in the previous year.

22 During the year Brightwell paid a dividend of $12 million. How will this have affected its current ratio and ROCE?

A Current ratio increase / ROCE increase B Current ratio increase / ROCE decrease C Current ratio decrease / ROCE increase D Current ratio decrease / ROCE decrease

23 Brightwell’s operating cycle is 20 days. How many days does it take to pay its suppliers?

A 56 days B 23 days C 29 days D 20 days

10

24 What are Brightwell’s ROCE and gearing (debt / debt + equity) for the year ended 31 December 20X5?

A ROCE 21% / Gearing 37% B ROCE 21% / Gearing 27% C ROCE 29% / Gearing 37% D ROCE 29% / Gearing 27%

25 Brightwell’s share price at 31 December 20X5 was $2.25 and it paid a dividend of $12 million during the year. What are the P/E ratio and dividend yield at 31 December 20X5?

A P/E ratio 5.8 / Dividend yield 3% B P/E ratio 5.8 / Dividend yield 31% C P/E ratio 0.88 / Dividend yield 3% D P/E ratio 0.88 / Dividend yield 31%

The following scenario relates to questions 26-30

The draft financial statements of Charcoal for the year to 30 June 20X1 are being prepared and the following issues must be dealt with:

(i) On 1 July 20X0 Charcoal obtained an asset under a finance lease. The fair value of the minimum lease payments was $250,000 and Charcoal is required to make 10 annual payments of $30,000 in arrears. The interest rate implicit in the lease is 10% and the first annual payment was made on 30 June 20X1.

(ii) In June 20X1 Charcoal sold some of its receivables to a finance company in return for a sum amounting to 85% of their carrying amount. The finance company will collect cash from the customers but no further amounts will be paid to Charcoal and Charcoal will not be required to pay any amounts to the finance company.

(iii) There was an opening credit balance on Charcoal’s current tax account of $75,000 and a credit balance on deferred tax of $375,000. At 30 June 20X1 Charcoal had taxable temporary differences totalling $950,000 and the income tax provision required for the year was $230,000. Charcoal’s tax rate is 30%.

26 What will be the non-current liability balance in respect of the asset in (i) at 30 June 20X1?

A $255,000 B $245,000 C $239,500 D $250,500

27 Which of the following would be possible results if Charcoal’s finance lease had been accounted for as an operating lease?

A ROCE overstated / Gearing overstated B ROCE overstated / Gearing understated C ROCE understated / Gearing overstated D ROCE understated / Gearing understated

28 What is the nature of the factoring arrangement in (ii) and how should the receivables in question be accounted for?

A Factored with recourse / Continue to recognise receivables B Factored with recourse / Derecognise receivables C Factored without recourse / Continue to recognise receivables D Factored without recourse / Derecognise receivables

11

29 What amount should be recognised as Charcoal’s profit or loss tax charge for the year ended 30 June 20X1?

A $215,000 B $155,000 C $140,000 D $65,000

30 Which of the following would be expected to give rise to a taxable temporary difference?

A The carrying amount of an asset being greater than its tax base B Accumulated depreciation in the financial statements being greater than tax depreciation C An amount of tax underpaid in a prior period D An impairment loss to an item of property, plant or equipment

12

Section C – Both questions are compulsory and MUST be attempted

31 The following trial balance relates to Kala, a publicly listed company, at 31 March 20X6:

$'000 $'000 Land and buildings at cost (note (i)) 270,000 Plant – at cost (note (i)) 156,000 Investment properties – valuation at 1 April 20X5 (note (i)) 90,000 Purchases 78,200 Operating expenses 15,500 Loan interest paid 1,750 Rental of leased plant (note (ii)) 22,000 Dividends paid 15,000 Inventories at 1 April 20X5 37,800 Trade receivables 53,200 Revenue 278,400 Income from investment property 4,500 Equity shares of $1 each fully paid 150,000 Retained earnings at 1 April 20X5 118,500 4% loan note (note (iii)) 50,750 Accumulated depreciation at 1 April 20X5: buildings 60,000 plant 26,000 Trade payables 33,400 Deferred tax liability 12,500 Bank 5,400 739,450 739,450

The following notes are relevant:

(i) The land and buildings were purchased on 1 April 20W0 (15 years before 1 April 20X5). The cost of the land was $70 million. No land and buildings have been purchased by Kala since that date. On 1 April 20X5 Kala had its land and buildings professionally valued at $80 million and $175 million respectively. The directors wish to incorporate these values into the financial statements. The estimated life of the buildings was originally 50 years and the remaining life has not changed as a result of the valuation.

Later, the valuers informed Kala that investment properties of the type Kala owns had increased in value by 7% in the year to 31 March 20X6.

Plant, other than leased plant (see below), is depreciated at 15% per annum using the reducing balance method. Depreciation of buildings and plant is charged to cost of sales.

(ii) On 1 April 20X5 Kala entered into a lease for an item of plant which had an estimated life of five years. The lease period is also five years with annual rentals of $22 million payable in advance from 1 April 20X5. The plant is expected to have a nil residual value at the end of its life. If purchased this plant would have a cost of $92 million and be depreciated on a straight-line basis. The lessor includes a finance cost of 10% per annum when calculating annual rentals. (Note: you are not required to calculate the present value of the minimum lease payments.)

(iii) Interest on the loan note as at 31 March 20X6 has been correctly accounted for.

(iv) The current tax charge for the year to 31 March 20X6 has been estimated at $28.3 million. The deferred tax liability at 31 March 20X6 is to be adjusted to a credit balance of $23.1 million. $9 million of the increase relates to the revaluation of the land and buildings.

(v) The inventories at 31 March 20X6 were valued at $43.2 million.

13

Required

Prepare for Kala:

(a) A statement of profit or loss and other comprehensive income for the year ended 31 March 20X6. (9 marks)

(b) A statement of financial position as at 31 March 20X6. (11 marks)

(Total = 20 marks)

32 On 1 May 20X2, Patten acquired 80% of the equity share capital of Salter.

The consideration was as follows:

An initial cash payment of $1.00 per share acquired

A share for share exchange on the basis of 1 share in Patten for every 2 shares in Salter acquired. The share for share exchange has not yet been recorded by Patten, but the cash payment was recorded.

At the date of acquisition the market price of shares in Patten was $9.60 per share and the market price of the shares in Salter was $5.80 per share. Salter's retained earnings and revaluation surplus stood at $32m and $5.3m respectively.

On 1 July 20X2, Patten acquired 2 million shares in Ardle for a cash payment of $21.6m. Below are the summarised draft financial statements of the three companies.

STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 20X2 Patten Salter Ardle $'000 $'000 $'000 Non-current assets Property, plant and equipment 122,000 54,000 43,000 Investments in equity instruments 29,600 151,600 54,000 43,000 Current assets 44,000 18,000 16,000 Total assets 195,600 72,000 59,000 Equity Equity shares of $1 each 15,000 10,000 5,000 Retained earnings 116,600 40,400 39,000 Revaluation surplus 12,000 6,500 3,000 143,600 56,900 47,000 Non-current liabilities 5% loan notes 16,000 – – Current liabilities 36,000 15,100 12,000 Total equity and liabilities 195,600 72,000 59,000

STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME YEAR ENDED 31 DECEMBER 20X2 (extracts) Patten Salter Ardle $'000 $'000 $'000 Profit for the year 28,500 12,600 10,500

Other comprehensive income:

Gains on property revaluation 5,000 1,800 1,200 Total comprehensive income for the year 33,500 14,400 11,700

14

The following information is relevant:

(i) At the date of acquisition, the fair values of Salter’s assets were equal to their carrying amounts with the exception of the following:

$'000 Plant and equipment (remaining useful life over five years) 2,400 above carrying amount Inventories 800 above carrying amount

The inventories were sold shortly after the acquisition. In addition, Salter was the defendant in a court case. It was estimated that the fair value of the potential liability at 1 May 20X2 was $500,000. The case was eventually settled out of court for $800,000 in December 20X2.

(ii) Salter sold raw materials to Patten throughout the year ended 31 December 20X2 for $1m per month. Salter made a profit margin of 20% on the sales. $2m (at transfer price) of the raw materials supplied in the post-acquisition period by Salter remained in Patten's inventories as at 31 December 20X2.

(iii) Patten sold inventories to Ardle during the final quarter of the year for $1,200,000. These were sold at a mark-up on cost of 20%. Half of these goods were still in Ardle's inventories at the year end.

(iv) At 31 December 20X2, Patten's trade payables included a balance of $1,000,000 owing to Salter. This agreed with the corresponding trade receivable in Salter’s books. The raw materials supplied by Ardle were fully paid for as at 31 December 20X2.

(v) Patten elected to measure the non-controlling interests in Salter at fair value at the date of acquisition. Salter’s share price at the date of acquisition can be deemed to be representative of the fair value of the shares held by the non-controlling interest shareholders in Salter.

(vi) All items in the above extracts from statements of profit or loss and other comprehensive income are deemed to accrue evenly over the year unless otherwise stated. There has been no impairment of consolidated goodwill.

Required

Prepare the consolidated statement of financial position for Patten as at 31 December 20X2. (20 marks)

15

16

Student self-assessment Having completed this paper take a few minutes to consider what you did well and what you found difficult. Use this as a basis to focus your future study on effectively improving your performance.

Common problems Future emphasis if you answer Yes

Timing and planning for all Sections Did you miss out any questions? Y/N Attempt all questions.

For multiple choice questions in Sections A and B, it is worth making a guess at the correct answer.

Did you finish too early? Y/N Make sure you deal with all the information given in the questions. Use the extra time to go back over your answers.

Did you overrun? Y/N Focus on allocating your time better. Practise questions under strict timed conditions. If you get behind leave space and move on.

Content in all Sections Did you struggle with:

Interpreting the questions? Y/N Learn the meaning of question words (inside front cover). Learn subject jargon (study text glossary). Read questions carefully noting all the parts. Practise as many questions as possible.

Understanding the subject? Y/N Review your notes/text. Work through easier examples first. Contact a tutor for help.

Remembering the notes/text? Y/N Quiz yourself constantly as you study. You need to develop your memory as well as your understanding of a subject.

Layout in Section C Was your answer difficult to follow? Y/N Use headings and subheadings.

Use numbering sequences when identifying points. Leave space between each point.

Did you fail to explain each point? Y/N Show why the point identified answers the question set.

Did you include irrelevant information? Y/N Focus on developing a logical structure to your answer.

Were some of your workings unclear? Y/N Give yourself time and space to make the marker's job easy.

17

18

19

20

BPP House, Aldine Place, London W12 8AA

Tel: 0845 0751 100 (for orders within the UK) Tel: +44 (0)20 8740 2211 Fax: +44 (0)20 8740 1184

www.bpp.com/learningmedia

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of BPP Learning Media Ltd.

The contents of this book are intended as a guide and not professional advice. Although every effort has been made to ensure that the contents of this book are correct at the time of going to press, BPP Learning Media makes no warranty that the information in this book is accurate or complete and accept no liability for any loss or damage suffered by any person acting or refraining from acting as a result of the material in this book. BPP Learning Media is grateful to the IASB for permission to reproduce extracts from the International Financial Reporting Standards including all International Accounting Standards, SIC and IFRIC Interpretations (the Standards). The Standards together with their accompanying documents are issued by: The International Accounting Standards Board (IASB) 30 Cannon Street, London, EC4M 6XH, United Kingdom. Email: info@ifrs.org Web: www.ifrs.org Disclaimer: The IASB, the International Financial Reporting Standards (IFRS) Foundation, the authors and the publishers do not accept responsibility for any loss caused by acting or refraining from acting in reliance on the material in this publication, whether such loss is caused by negligence or otherwise to the maximum extent permitted by law. Copyright © IFRS Foundation All rights reserved. Reproduction and use rights are strictly limited. No part of this publication may be translated, reprinted or reproduced or utilised in any form either in whole or in part or by any electronic, mechanical or other means, now known or hereafter invented, including photocopying and recording, or in any information storage and retrieval system, without prior permission in writing from the IFRS Foundation. Contact the IFRS Foundation for further details. The IFRS Foundation logo, the IASB logo, the IFRS for SMEs logo, the “Hexagon Device”, “IFRS Foundation”, “eIFRS”, “IAS”, “IASB”, “IFRS for SMEs”, “IASs”, “IFRS”, “IFRSs”, “International Accounting Standards” and “International Financial Reporting Standards”, “IFRIC” “SIC” and “IFRS Taxonomy” are Trade Marks of the IFRS Foundation. Further details of the Trade Marks including details of countries where the Trade Marks are registered or applied for are available from the Licensor on request.