ALZ had the following balances on its non-current asset

Question one(a) ALZ had the following balances on its non-current asset accounts at:31 March 2014 31 March 2013$000 $000Tangible assets:Property, plant and equipment 27,660 28,000Intangible assets:Deferred development expenditure 370 290ALZ recorded the following movements of its non-current assets for the year to 31 March2014:Property, plant and equipment was revalued upwards by $3,000,000.Property, plant and equipment disposed of during the year had a carrying value of $95,000and incurred a loss on disposal of $23,000.Property, plant and equipment depreciation charged to profit or loss during the year was$4,055,000.Deferred development expenditure amortised during the year was $73,000Required:Prepare the “cash flows from investing activities” section of ALZ’s statement of cashflows for the year ended 31 March 2014.(Total for sub-question (a) = 5 marks)Financial Operations 7 November 2014(b)CXV was incorporated in Country Y many years ago. It has reduced its operations in CountryY but still has its registered office in Country Y and carries out a small proportion (less than15%) of its trade there.CXV buys most of its products and raw materials from Country Z and also generates 75% ofits revenue in Country Z.The remaining 10% of revenue is generated in Country X. All CXV’s senior management livein Country X and hold all the management board meetings there.(c)An ethical dilemma exists when one or more of the five fundamental principles that form thebasis of the CIMA code of ethics are threatened.(d)TURN OVERRequired:Explain, for corporate income tax purposes:(i) why it is important to determine corporate residence.(2 marks)(ii) the country of residence of CXV.(3 marks)(Total for sub-question (b) = 5 marks)Required:(i) Describe two of the five fundamental principles of ethical behaviour contained in thecode.(2 marks)(ii) Explain how an accountant should resolve an ethical dilemma.(3 marks)(Total for sub-question (c) = 5 marks)Required:Explain the four enhancing qualitative characteristics of financial information identified inthe IASB’s Conceptual Framework for Financial Reporting (2010).


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