The following is the presentation of ABC GMBH Profit and Loss and Other Comprehensive Income Statement for 20X9: Table Attached Additional information: 1. Part of the Surplus Revaluation of Fixed Assets Associated Entities is derived from XYZ GMBH in which ABC GMBH has an interest of 30%. 2. In Other Income (Expenses), there is Gain on Foreign Exchange, Rental Expenses and Finance Expenses. 3. Loss from Discontinued Operations occurred in 20X8 for one segment of the operation. 4. The weighted average number of shares outstanding during 20X9 and 20X8 is 100,000 shares. Questions: Identify of the presentation above that is not in accordance with the provisions in IFRS. Identify at least 5 items and explain the reasons.
The following is the presentation of ABC GMBH Profit and Loss and Other Comprehensive Income Statement for 20X9: Table Attached Additional information: 1. Part of the Surplus Revaluation of Fixed Assets Associated Entities is derived from XYZ GMBH in which ABC GMBH has an interest of 30%. 2. In Other Income (Expenses), there is Gain on Foreign Exchange, Rental Expenses and Finance Expenses. 3. Loss from Discontinued Operations occurred in 20X8 for one segment of the operation. 4. The weighted average number of shares outstanding during 20X9 and 20X8 is 100,000 shares. Questions: Identify of the presentation above that is not in accordance with the provisions in IFRS. Identify at least 5 items and explain the reasons.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The following is the presentation of ABC GMBH
Table Attached
Additional information:
1. Part of the Surplus Revaluation of Fixed Assets Associated Entities is derived from XYZ GMBH in which ABC GMBH has an interest of 30%.
2. In Other Income (Expenses), there is Gain on Foreign Exchange, Rental Expenses and Finance Expenses.
3. Loss from Discontinued Operations occurred in 20X8 for one segment of the operation.
4. The weighted average number of shares outstanding during 20X9 and 20X8 is 100,000 shares.
Questions:
Identify of the presentation above that is not in accordance with the provisions in IFRS. Identify at least 5 items and explain the reasons.
Transcribed Image Text:АВC GMBH
Statement of Profit or Loss and Other Comprehensive Income
For the Year Ended 31 December 20X9
(in Thousands of Euro)
20X9
20X8
Revenue
390,000 355,000
Cost of goods sold
-245,000 -230,000
Gross profit
145,000 125,000
Administration and Sales Expenses
-29,000 -29,700
Other income (expenses)
10,567
2,600
Losses from Discontinued Operations
-30,500
Profit Share of Associated Entities
35,100
30,100
Profit before tax
161,667
97,500
Income Tax Expense
|- 40,417 - 32,000
Current year profit
121,250
65,500
Other Comprehensive Income:
Items that are not reclassified to profit or loss
Fixed Asset Revaluation Surplus
933
3,367
Share of Fixed Asset Revaluation Surplus Associated Entities
400
700
Cash Flow Hedges
667 - 4,000
Related Income Tax
166 - 1,000
Items that are Reclassified to Profit and Loss
Remeasurement of the Defined Benefit Program
667
1,333
Exchange Rate Translation of Financial Statements
5,334
10,667
Financial Assets Available For Sale
24,000
26,667
Income Tax Related
4,833 - 8,334
Other Comprehensive Income for the Year
14,000
28,000
Total Comprehensive Income for the Year
107,250
93,500
Earnings Per Share
1.21
0.66
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