The following information relates to the Retiree's Retreat Superannuation Plan,which is a defined benefit scheme.Amounts given for all assets are at net market value. \[\begin{array} { | l | r | r | } \hline & \text { Year ended } & \text { Year ended } \\ \hline & \text { 30 June 2014 } & \text { 30 June 2015 } \\ \hline & ( \$ 000 ) & ( \$ 000 ) \\ \hline \text { Government securities } & 8600 & 7500 \\ \hline \text { Mortgage loans } & 2500 & 3125 \\ \hline \text { Shares in listed companies } & 11000 & 12500 \\ \hline \text { Fixtures and fitting } & 275 & 250 \\ \hline & & \\ \hline \text { Other information } & (\$000)& \\ \hline \text { Cash } & 50 & \\ \hline \text { Accounts payable } & 40 & \\ \hline \text { Benefits paid } & 95 & \\ \hline \text { Investment expenses } & 19 & \\ \hline \text { General and administration expenses } & 50 & \\ \hline \text { Interest received } & 940 & \\ \hline \text { Dividends received } & 20 & \\ \hline \text { Members' contributions received } & 87 & \\ \hline \text { Employers' contributions received } & 174 & \\ \hline \end{array}\] At balance date the scheme is owed from the current period. \[\begin{array} { | l | r | } \hline \text { Interest } & \$ 51000 \\ \hline \text { Dividends } & \$ 65000 \\ \hline \text { Contributions from members } & \$ 6000 \\ \hline \text { Contributions from employers } & \$ 12000 \\ \hline \end{array}\] During the period shares in listed companies that had a net realisable value of $5 million at the beginning of the period were sold for $6.2 million.Shares were purchased during the period for $2 million. Actuarial reports on the fund are undertaken annually at balance date.The actuarial estimate of the accrued benefits were: \[\begin{array} { | l | l | } \hline 30 \text { June 2000: } & \$ 44100000 \\ \hline 30 \text { June 2013: } & \$ 52300000 \\ \hline \end{array}\] What is the total expense for the period ended 30 June 2015 assuming that the plan's trustees have elected to prepare a statement of comprehensive income?

A) $8 269 000 B) $9 325 000 C) $8 364 000 D) $9 681 000 A) $8 269 000 B) $9 325 000 C) $8 364 000 D) $9 681 000

Do-it-Yourself Defined Contribution Plan owns the following assets with the following values: \[\begin{array} { | l | l | l | } \hline & 30 \text { June 2012 } & 30 \text { June 2013 } \\ \hline \text { Land } & \$ 200000 & \$ 240000 \\ \hline \text { Buildings } & 150000 & 170000 \\ \hline \text { Property, plant and equipment } & 50000 & 40000 \\ \hline \text { Motor vehicles } & 60000 & - \\ \hline \text { Investments in listed securities } & 110000 & 130000 \\ \hline \text { TOTAL } & \$ 570000 & 580000 \\ \hline \end{array}\] The fund sold its motor vehicles for $70 000. What amount of revenue for changes in net market value of assets should Do-it-Yourself Defined Contribution Plan recognise for the year ended 30 June 2013?

A) $10 000 B) $20 000 C) $50 000 D) $80 000 A) $10 000 B) $20 000 C) $50 000 D) $80 000

Exam 22: Accounting for Superannuation Plans

The following information relates to the Retiree's Retreat Superannuation Plan,which is a defined benefit scheme.Amounts given for all assets are at net market value. Year ended Year ended 30 June 2014 30 June 2015 (\ 000) (\ 000) Government securities 8600 7500 Mortgage loans 2500 3125 Shares in listed companies 11000 12500 Fixtures and fitting 275 250 Other information ( \0 00) Cash 50 Accounts payable 40 Benefits paid 95 Investment expenses 19 General and administration expenses 50 Interest received 940 Dividends received 20 Members' contributions received 87 Employers' contributions received 174 At balance date the scheme is owed from the current period. Interest \ 51000 Dividends \ 65000 Contributions from members \ 6000 Contributions from employers \ 12000 During the period shares in listed companies that had a net realisable value of $5 million at the beginning of the period were sold for $6.2 million.Shares were purchased during the period for $2 million. Actuarial reports on the fund are undertaken annually at balance date.The actuarial estimate of the accrued benefits were: 30 June 2000: \ 44100000 30 June 2013: \ 52300000 What is the total expense for the period ended 30 June 2015 assuming that the plan's trustees have elected to prepare a statement of comprehensive income?

(Multiple Choice)

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Question 41

AAS 25 requires the disclosure of at least a summary of the most recent actuarial report for defined contribution plans.

(True/False)

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Question 42

AAS 25 requires that all the assets of superannuation plans be measured at:

(Multiple Choice)

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Question 43

Which of the following items would not be classified as an asset in a defined benefit fund?

(Multiple Choice)

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Question 44

Accrued benefits in a defined contribution plan encompass amounts which have been allocated and amounts which have not been allocated to members of the plan.

(True/False)

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Question 45

Do-it-Yourself Defined Contribution Plan owns the following assets with the following values: 30 June 2012 30 June 2013 Land \ 200000 \ 240000 Buildings 150000 170000 Property, plant and equipment 50000 40000 Motor vehicles 60000 - Investments in listed securities 110000 130000 TOTAL \ 570000 580000 The fund sold its motor vehicles for $70 000. What amount of revenue for changes in net market value of assets should Do-it-Yourself Defined Contribution Plan recognise for the year ended 30 June 2013?

(Multiple Choice)

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Question 46

A defined benefit plan is one in which:

(Multiple Choice)

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Question 47

How are the accrued benefits of a defined benefit plan measured?

(Multiple Choice)

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Question 48

Defined benefit plans must disclose actuarial information in their financial statements.

(True/False)

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Question 49

Discuss the rationale for providing two presentation formats in preparing a financial report for defined benefit plans.

(Essay)

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Question 50

Which of the following statements is/are correct?

(Multiple Choice)

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Question 51

Situations in which a superannuation plan may be considered not to be a reporting entity include:

(Multiple Choice)

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Question 52

AAS 25 requires all liabilities of a superannuation plan to be discounted to their present value at reporting date.

(True/False)

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Question 53

The Commonwealth government guaranteed securities rate attaching to those securities is considered to be:

(Multiple Choice)

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Question 54

Which of the following statements is not in accordance with AAS 25 Financial Reporting by Superannuation Plans?

(Multiple Choice)

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Question 55

The requirements of AAS 25 mean that some other standards do not apply to superannuation plans.These standards include:

(Multiple Choice)

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Question 56

A defined contribution plan is one in which:

(Multiple Choice)

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Question 57

Discuss what is referred to as accrued benefits to members of a (a)defined benefit plan and (b)defined contribution plan.

(Essay)

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Question 58

When a superannuation fund has inventories recognised as an asset,this should be valued at lower of cost or net realisable value.

(True/False)

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Question 59

The measurement of the accrued benefits of a defined benefit plan involves assumptions about factors including:

(Multiple Choice)

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Question 60

Exam 22: Accounting for Superannuation Plans

AAS 25 requires the disclosure of at least a summary of the most recent actuarial report for defined contribution plans.

AAS 25 requires that all the assets of superannuation plans be measured at:

Which of the following items would not be classified as an asset in a defined benefit fund?

Accrued benefits in a defined contribution plan encompass amounts which have been allocated and amounts which have not been allocated to members of the plan.

A defined benefit plan is one in which:

How are the accrued benefits of a defined benefit plan measured?

Defined benefit plans must disclose actuarial information in their financial statements.

Discuss the rationale for providing two presentation formats in preparing a financial report for defined benefit plans.

Which of the following statements is/are correct?

Situations in which a superannuation plan may be considered not to be a reporting entity include:

AAS 25 requires all liabilities of a superannuation plan to be discounted to their present value at reporting date.

The Commonwealth government guaranteed securities rate attaching to those securities is considered to be:

Which of the following statements is not in accordance with AAS 25 Financial Reporting by Superannuation Plans?

The requirements of AAS 25 mean that some other standards do not apply to superannuation plans.These standards include:

A defined contribution plan is one in which:

Discuss what is referred to as accrued benefits to members of a (a)defined benefit plan and (b)defined contribution plan.

When a superannuation fund has inventories recognised as an asset,this should be valued at lower of cost or net realisable value.

The measurement of the accrued benefits of a defined benefit plan involves assumptions about factors including:

An Overview of the Australian External Reporting Environment

The Conceptual Framework of Accounting and Its Relevance to Financial Reporting

Theories of Accounting

An Overview of Accounting for Assets

Depreciation of Property, plant and Equipment

Revaluations and Impairment Testing of Non-Current Assets

Inventory

Accounting for Intangibles

Accounting for Heritage Assets and Biological Assets

An Overview of Accounting for Liabilities

Accounting for Leases

Accounting for Employee Benefits

Share Capital and Reserves

Accounting for Financial Instruments

Revenue Recognition Issues

The Statement of Comprehensive Income and Statement of Changes in Equity

Accounting for Share-Based Payments

Accounting for Income Taxes

The Statement of Cash Flows

Accounting for the Extractive Industries

Accounting for General Insurance Contracts

Events Occurring After the End of the Reporting Period

Segment Reporting

Related Party Disclosures

Earnings Per Share

Accounting for Group Structures

Further Consolidation Issues I: Accounting for Intragroup Transactions

Further Consolidation Issues II: Accounting for Non-Controlling Interests

Further Consolidation Issues IV: Accounting for Changes in the Degree of Ownership of a Subsidiary

Accounting for Equity Investments,including Investments in Associates and Joint Arrangements

Accounting for Foreign Currency Transactions

Translating the Financial Statements of Foreign Operations

Accounting for Corporate Social Responsibility

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