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FCCA Strategic Professional VIP Practice Exam
FCCA — The FCCA (Fellow of the Association of Chartered Certified Accountants) is a fellowship designation awarded by ACCA to qualified members with 5+ years of post-membership experience; there is no standalone FCCA exam — this practice set mirrors the ACCA Strategic Professional level examinations (SBR, SBL, AFM, APM, AAA, ATX) which form the capstone of the ACCA qualification pathway, each sat over 3 hours 15 minutes with a 50% pass mark.
30
Questions
180m
Time Limit
50.00%
To Pass
Question 1 of 30👑 VIP
Meridian Group acquired 80% of Solaris Ltd on 1 January 20X4 for $12.4 million. At acquisition, Solaris's identifiable net assets were measured at $11.0 million and goodwill was recognised using the full goodwill (non-controlling interest at fair value) method, resulting in total goodwill of $3.6 million. At 31 December 20X4, Meridian's annual impairment review indicates that the recoverable amount of the cash-generating unit (CGU) containing Solaris is $13.8 million, while the carrying amount of the CGU's net assets (excluding goodwill) is $11.5 million. What is the goodwill impairment loss to be recognised, and how should it be allocated between the group and the non-controlling interest?
Questions 2–30 and full explanations are VIP-exclusive.