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AnswersProfessional Level Essentials Module, Paper P2 (INT)Corporate Reporting (International)June 2014 Answers1 (a) (i)Marchant Group: Statement of profit or loss and other comprehensive income for the year ended 30 April 2014$mRevenue538Cost of sales(383) Gross profit155Other income45 7Administrative costs(30)Other expenses(74 69)Share of profits of associates1 5 Operating profit97 51Finance costs(10)Finance income15 Profit before tax102 51Income tax expense(30 5) Profit for the year72 01 Other comprehensive income: Items which will not be reclassified to profit or lossChanges in revaluation surplus2 8Remeasurements defined benefit plan(2) Total items which will not be reclassified subsequently to profit or loss0 8Items which may be reclassified subsequently to profit or lossLosses on cash flow hedge(3) Other comprehensive loss for the year (2 2) Tota

(ii) Once control has been achieved, further transactions whereby the parent entity acquires further equity interests from non-controlling interests, or disposes of equity interests but without losing control, are accounted for as equity transactions, that is transactions with owners in their capacity as owners.

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