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Fundamentals Level – Skills Module, Paper F7 (INT)Financial Reporting (International) June 2011 Answers 1(a)(i)Prodigal – Consolidated statement of comprehensive income for the year ended 31 March 2011$’000 Revenue (450,000 + (240,000 x 6/12) – 40,000 intra-group sales)530,000Cost of sales (w (i))(278,800)––––––––Gross profit251,200Distribution costs (23,600 + (12,000 x 6/12))(29,600)Administrative expenses (27,000 + (23,000 x 6/12))(38,500)Finance costs (1,500 + (1,200 x 6/12))(2,100)––––––––Profit before tax181,000Income tax expense (48,000 + (27,800 x 6/12))(61,900)––––––––Profit for the year119,100––––––––Other comprehensive incomeGain on revaluation of land (2,500 + 1,000)3,500Loss on fair value of equity financial asset investments (700 + (400 x 6/12))(900)––––––––2,600––––––––T otal comprehensive income121,700––––––––Profit attributable to:Owners of the parent111,600Non-controlling interest (w (ii))7,500––––––––119,100––––––––T otal comprehensive income attributable to:Owners of the parent 114,000Non-controlling interest (w (ii))7,700––––––––121,700––––––––(ii)Prodigal – Equity section of the consolidated statement of financial position as at 31 March 2011Equity attributable to owners of the parentShare capital (250,000 + 80,000) see below330,000Share premium (100,000 + 240,000) see below340,000Revaluation reserve (land) (8,400 + 2,500 + (1,000 x 75%))11,650Other equity reserve (3,200 – 700 – (400 x 6/12 x 75%)) 2,350Retained earnings (w (iii))201,600––––––––885,600 Non-controlling interest (w (iv))107,700––––––––T otal equity993,300––––––––The share exchange would result in Prodigal issuing 80 million shares (160,000 x 75% x 2/3) at a value of $4 each(capital 80,000; premium 240,000).(b)IFRS 3 allows (as an option) a non-controlling interest to be valued at its proportionate share of the acquired subsidiary’sidentifiable net assets; this carries forward the only allowed method in the previous version of this Standard. Its effect on the statement of financial position is that the resulting carrying value of purchased goodwill only relates to the parent’s element of such goodwill and as a consequence the non-controlling interest does not reflect its share of the subsidiary’s goodwill. Some commentators feel this is an anomaly as the principle of a consolidated statement of financial position is that it should disclose the whole of the subsidiary’s assets that are under the control of the parent (not just the parent’s share). This principle is applied to all of a subsidiary’s other identifiable assets, so why not goodwill?Any impairment of goodwill under this method would only be charged against the parent’s interest, as the non-controlling interest’s share of goodwill is not included in the consolidated financial statements.The second (new) method of valuing the non-controlling interest at its fair value would (normally) increase the value of the goodwill calculated on acquisition. This increase reflects the non-controlling interest’s ownership of the subsidiary’s goodwill and has the effect of ‘grossing up’ the goodwill and the non-controlling interests in the statement of financial position (by the same amount). It is argued that this method reflects the whole of the subsidiary’s goodwill/premium on acquisition and is thus consistent with the principles of consolidation.Under this method any impairment of the subsidiary’s goodwill is charged to both the controlling (parent’s share) and non-controlling interests in proportion to their holding of shares in the subsidiary.Workings (figures in brackets in $’000)(i)Cost of sales $’000$’000Prodigal260,000Sentinel (110,000 x 6/12)55,000Intra-group purchases (40,000)Unrealised profit on sale of plant1,000Depreciation adjustment on sale of plant (1,000/2½ years x 6/12)(200)Unrealised profit in inventory (12,000 x 10,000/40,000)3,000––––––––278,800––––––––(ii)Non controlling interest in income statement profit:Sentinel’s post-acquisition profit (66,000 x 6/12)33,000Less:Unrealised profit in inventory (w (i))(3,000)–––––––30,000x 25% = 7,500 Non controlling interest in total comprehensive incomeAs above7,500Other comprehensive income (1,000 – (400 x 6/12) x 25%)200–––––––7,700–––––––(iii)Retained earningsProdigal at 1 April 201090,000Per statement of comprehensive income111,600––––––––201,600––––––––(iv)Non-controlling interest in statement of financial positionAt acquisition100,000Per statement of comprehensive income7,700––––––––107,700––––––––2(i)Highwood – Statement of comprehensive income for the year ended 31 March 2011$’000Revenue 339,650Cost of sales (w (i))(216,950)–––––––––Gross profit122,700Distribution costs (27,500)Administrative expenses (30,700 – 1,300 + 600 allowance (w (ii)))(30,000)Finance costs (w (iii))(2,848)–––––––––Profit before tax62,352Income tax expense (19,400 – 800 + 400 (w (iv)))(19,000)–––––––––Profit for the year43,352Other comprehensive income:Gain on revaluation of property (w (i))15,000Deferred tax on revaluation (w (i))(3,750)–––––––––T otal comprehensive income54,602–––––––––(ii)Highwood – Statement of changes in equity for the year ended 31 March 2011Share Equity Revaluation Retained Totalcapital option reserve earnings equity$’000$’000$’000$’000$’000 Balance at 1 April 2010 (see below)56,000nil nil7,00063,0008% loan note issue (w (iii))1,5241,524Dividend paid (w (v))(5,600)(5,600)Comprehensive income11,25043,35254,602–––––––––––––––––––––––––––––––––––Balance at 31 March 201156,0001,52411,25044,752113,526–––––––––––––––––––––––––––––––––––Note: the retained earnings of $1·4 million in the trial balance is after deducting the dividend paid of $5·6 million (w (v)), therefore the retained earnings at 1 April 2010 were $7 million.(iii)Highwood – Statement of financial position as at 31 March 2011Assets$’000$’000Non-current assetsProperty, plant and equipment (77,500 + 40,000) (w (i))117,500Current assetsInventory (36,000 – 2,700 + 6,000) (w (i))39,300T rade receivables (47,100 + 10,000 – 600 allowance) (w (ii))56,50095,800–––––––––––––––T otal assets213,300––––––––Equity and liabilitiesEquity (see answer (ii))Equity shares of 50 cents each56,000Other component of equity – equity option1,524Revaluation reserve11,250Retained earnings 44,752––––––––113,526Non-current liabilitiesDeferred tax (w (iv))6,7508% convertible loan note (28,476 + 448) (w (iii))28,92435,674–––––––Current liabilitiesT rade payables24,500Liability to Easyfinance (w (ii))8,700Bank overdraft11,500Current tax payable19,40064,100–––––––––––––––T otal equity and liabilities213,300––––––––Workings (figures in brackets in $’000)(i)Cost of sales and non-current assets$’000Cost of sales per question207,750Depreciation –building (see below)2,500–plant and equipment (see below) 10,000Adjustment/increase to closing inventory (see below)(3,300)––––––––216,950––––––––Freehold propertyThe revaluation of the property will create an initial revaluation reserve of $15 million (80,000 – (75,000 – 10,000)).$3·75 million of this (25%) will be transferred to deferred tax leaving a net revaluation reserve of $11·25 million. The building valued at $50 million will require a depreciation charge of $2·5 million (50,000/20 years remaining) for the current year. This will leave a carrying amount in the statement of financial position of $77·5 million (80,000 –2,500).Plant and equipment:Cost Accumulated depreciation$’000$’0001 April 201074,50024,500Charge for year ((74,500 – 24,500) x 20%)10,000––––––––––––––31 March 201174,50034,500––––––––––––––The carrying amount in the statement of financial position is $40 million.Inventory adjustmentGoods delivered (deduct from closing inventory)(2,700)Cost of goods sold (7,800 x 100/130) (add to closing inventory)6,000––––––Net increase in closing inventory3,300––––––(ii)Factored receivablesAs Highwood still bears the risk of the non-payment of the receivables, the substance of this transaction is a loan. Thus the receivables must remain on Highwood’s statement of financial position and the proceeds of the ‘sale’ treated as a current liability. The difference between the factored receivables (10,000) and the loan received (8,700) of $1·3 million, which has been charged to administrative expenses, should be reversed except for $600,000 which should be treated as an allowance for uncollectible receivables.(iii)8% convertible loan noteThis is a compound financial instrument having a debt (liability) and an equity component. These must be quantifiedand accounted for separately:year ended 31 March outflow10%present value$’000$’00020112,4000·912,18420122,4000·831,992201332,4000·7524,300–––––––Liability component 28,476Equity component (balance)1,524–––––––Proceeds of issue30,000–––––––The finance cost for the year will be $2,848,000 (28,476 x 10% rounded). Thus $448,000 (2,848 – 2,400 interestpaid) will be added to the carrying amount of the loan note in the statement of financial position.(iv)Deferred taxcredit balance required at 31 March 2011 (27,000 x 25%)6,750revaluation of property (w (i))(3,750)balance at 1 April 2010(2,600)––––––charge to income statement400––––––(v)The dividend paid in November 2010 was $5·6 million. This is based on 112 million shares in issue (56,000 x 2 –the shares are 50 cents each) times 5 cents.3(a)Bengal – Statement of cash flows for the year ended 31 March 2011:(Note: figures in brackets are in $’000)$’000$’000Cash flows from operating activities:Profit before tax5,250Adjustments for:depreciation of non-current assets 640finance costs650increase in inventories (3,600 – 1,800)(1,800)increase in receivables (2,400 – 1,400)(1,000)increase in payables (2,800 – 2,150)650–––––––Cash generated from operations 4,390Finance costs paid(650)Income tax paid (w (i))(1,250)–––––––Net cash from operating activities2,490Cash flows from investing activities:Purchase of property, plant and equipment (w (ii))(6,740)Purchase of intangibles (6,200)––––––Net cash used in investing activities(12,940)Cash flows from financing activities:Issue of 8% loan note7,000Equity dividends paid (w (iii))(750)––––––Net cash from financing activities6,250–––––––Net decrease in cash and cash equivalents (4,200)Cash and cash equivalents at beginning of period4,000–––––––Cash and cash equivalents at end of period(200)–––––––Workings(i)Income tax paid:$’000Provision b/f (1,200)Income statement tax charge (2,250)Provision c/f – current2,200––––––Balance – cash paid(1,250)––––––(ii)Property, plant and equipment:$’000Balance b/f5,400Depreciation(640)Balance c/f–current(9,500)–held for sale(2,000)––––––Balance – cash purchases6,740––––––(iii)Equity dividendRetained earnings b/f2,250Profit for period3,000Retained earnings c/f(4,500)––––––Balance – dividend paid750––––––(b)Note: references to 2011 and 2010 refer to the periods ending 31 March 2011 and 2010 respectively.It is understandable that the shareholder’s observations would cause concern. A large increase in sales revenue has not led to a proportionate increase in profit. T o assess why this has happened requires consideration of several factors that could potentially explain the results. Perhaps the most obvious would be that the company has increased its sales by discounting prices (cutting profit margins). Interpreting the ratios in the appendix rules out this possible explanation as the gross profit margin has in fact increased in 2011 (up from 40% to 42%). Another potential cause of the disappointing profit could be overheads (distribution costs and administrative expenses) getting out of control, perhaps due to higher advertising costs or more generous incentives to sales staff. Again, when these expenses are expressed as a percentage of sales, this does not explain the disparity in profit as the ratio has remained at approximately 19%. What is evident is that there has been a very large increase in finance costs which is illustrated by the interest cover deteriorating from 36 times to only 9 times. The other ‘culprit’ is the taxation expense: expressed as a percentage of pre-tax accounting profit, the effective rate of tax has gone from 28·6% in 2010 to 42·9% in 2011. There are a number of factors that can affect a period’s effective tax rate (including under-or over-provisions from the previous year), but judging from the figures involved, it would seem likely that either there was a material adjustment from an under-provision of tax in 2010 or there has been a considerable increase in the rate levied by the taxation authority.As an illustration of the effect, if the same effective tax rate in 2010 had applied in 2011, the after-tax profit would have been $3,749,000 (5,250 x (100% – 28·6%) rounded) and, using this figure, the percentage increase in profit would be 50% ((3,749 – 2,500)/2,500 x 100) which is slightly higher than the percentage increase in revenue. Thus an increase in the tax rate and increases in finance costs due to much higher borrowings more than account for the disappointing profit commented upon by the concerned shareholder.The other significant observation in comparing 2011 with 2010 is that the company has almost certainty acquired another business. The increased expenditure on property, plant and equipment of $6,740,000 and the newly acquired intangibles (probably goodwill) of $6·2 million are not likely to be attributable to organic or internal growth. Indeed the decrease in the bank balance of $4·2 million and the issue of $7 million loan notes closely match the increase in non-current assets. This implies that the acquisition has been financed by cash resources (which the company looks to have been building up) and issuing debt (no equity was issued). This in turn explains the dramatic increase in the gearing ratio (and the consequent fall in interest cover) and the fall in the current ratio (due to the use of cash resources for the business purchase). Although the current ratio at 1·5:1 is on the low side of acceptability, it does include $2 million of non-current assets held for sale. A better comparison with 2010 is the current ratio at 1·2:1 which excludes the non-current assets held for sale. It may be that these assets were part of the acquisition of the new business and are ‘surplus to requirements’, hence they have been made available for sale. They are likely to be valued at their ‘fair value less cost to sell’ and the prospect of their sale should be highly probable (normally within one year). That said, if the assets are not sold in the near future, it would call into question the acceptability of the company’s current ratio which may cause short-term liquidity problems.The overall performance of Bengal has deteriorated (as measured by its ROCE) from 38·9% to 31·9%. This is mainly due toa lower rate of net asset turnover (down from 1·9 to 1·4 times), however when the turnover of property, plant and equipmentis considered (down from 3·2 to 2·7 times) the asset utilisation position is not as bad as it first looks, in effect it is the presence of the acquired intangibles that is mostly responsible for the fall.Further, it may be that the new business was acquired part way through the year and thus the returns from this element may be greater next year when a full period’s profits will be reported. It may also be that the integration of the new business requires time (and expense) before it delivers its full potential.In summary, although reported performance has deteriorated, it may be that future results will benefit from the current year’s investment and show considerable improvement. Perhaps some equity should have been issued to lower the company’s gearing (and finance costs) and if the dividend of $750,000 had been suspended for a year there would be a better liquid position.AppendixCalculation of ratios (figures in $’000):20112010Gross profit margin (10,700/25,500 x 100)42·0%40·0 %Operating expenses % (4,800/25,500 x 100)18·8%19·1%Interest cover ((5,250 + 650)/650)9 times36 timesEffective rate of tax (2,250/5,250)42·9%28·6%Return on capital employed (ROCE) ((5,250 + 650)/(9,500 + 9,000) x 100)31·9%38·9%Net asset turnover (25,500/18,500)1·4 times1·9 timesProperty, plant and equipment turnover (25,500/9,500)2·7 times3·2 timesNet profit (before tax) margin (5,250/25,500 x 100)20·6%20·3%Current ratio (8,000/5,200)1·5:12·1:1(including non-current assets held for sale in 2011)Alternative current ratio (6,000/5,200)1·2:12·1:1(excluding non-current assets held for sale in 2011)Gearing (debt/equity) (9,000/9,500)94·7%27·6%The figures for the calculation of 2011’s ratios are given in brackets; the figures for 2010 are derived from the equivalent figures.4(a)T wo important and interrelated aspects of relevance are its confirmatory and predictive roles. The Framework specifically states that to have predictive value, information need not be in the form of an explicit forecast. The serious drawback of forecast information is that it does not have (strong) confirmatory value; essentially it will be an educated guess.IFRS examples of enhancing the predictive value of historical financial statements are:(i)The disclosure of continuing and discontinued operations. This allows users to focus on those areas of an entity’soperations that will generate its future results. Alternatively it could be thought of as identifying those operations whichwill not yield profits or, perhaps more importantly, losses in the future.(ii)The separate disclosure of non-current assets held for sale. This informs users that these assets do not form part of an entity’s long-term operating assets.(iii)The separate disclosure of material items of income or expense (e.g. a gain on the disposal of a property). These are often ‘one off’ items that may not be repeated in future periods. They are sometimes called ‘exceptional’ items ordescribed in the Framework as ‘unusual, abnormal and infrequent’ items.(iv)The presentation of comparative information (and the requirement for the consistency of its presentation such as retrospective application of changes in accounting policies) allows for a degree of trend analysis. Recent trends may helppredict future performance.(v)The requirement to disclose diluted EPS is often described as a ‘warning’ to shareholders of what EPS would have been if any potential (future) equity shares such as convertibles and options had already been exercised.(vi)The Framework’s definitions of assets (resources from which future economic benefits should flow) and liabilities (obligations which will result in a future outflow of economic benefits) are based on an entity’s future prospects ratherthan its past costs.Note: other examples may be acceptable.Tutorial note:The IASB revised framework ‘The Conceptual Framework for Financial Reporting’ is not listed as an examinable document in 2011. However, candidates using this knowledge will be given equal credit.(b)(i)The estimated profit after tax for Rebound for the year ending 31 March 2012 would be:$’000Existing operations (continuing only) ($2 million x 1·06) 2,120Newly acquired operations ($450,000 x 12/8 months x 1·08) 729––––––2,849––––––Note: the profit from newly acquired operations in 2011 was for only eight months; in 2012 it will be for a full year.(ii)Diluted EPS on continuing operations2011comparative 2010$2,730,000 (see workings) x 10018·7 cents–––––––––––––––––––––––14,600,000 (see workings)$2,030,000 (see workings) x 10014·5 cents–––––––––––––––––––––––14,000,000 (see workings)Workings (figures in brackets are in ’000 or $’000)The earnings are calculated as follows:2011comparative 2010$’000$’000 Continuing operations:Existing operations 2,0001,750Newly acquired operations450nilRe convertible loan stock (see below)280280––––––––––––2,7302,030––––––––––––The weighted average number of shares (in ’000) is calculated as follows:At 1 April 2009 (3,000 x 4 (i.e. shares of 25 cents each))12,00012,000Re convertible loan stock (see below)2,0002,000Re share options (see below) 600(weighted for six months)nil––––––––––––––14,60014,000––––––––––––––Convertible loan stock:On an assumed conversion there would be an increase in income of $280,000 ($5,000 x 8% x 0·7 after tax).There would be an increase in the number of shares of 2 million ($5,000/$100 x 40)These adjustments would apply fully to both years.Share options:Exercising the options would create proceeds of $2 million (2,000 x $1). At the market price of $2·50 each this wouldbuy 800,000 shares ($2,000/$2·50) thus the diluting number of shares is 1·2 million (2,000 – 800).This would be weighted for 6/12 in 2011 as the grant was half way through the year.5MoccaIncome statement year ended 31 March 2011$’000Revenue recognised ((65% (w (i)) x 12,500) – 3,500 in 2010)4,625Contract expenses recognised (balancing figure)(3,515)––––––Profit recognised ((65% (w (ii)) x 3,000) – 840 in 2010)1,110––––––Statement of financial position as at 31 March 2011Non-current assetsPlant (8,000 – 2,500 (w (iii)))5,500Current assetsReceivables (8,125 –7,725)400Amounts due from customers – Note 11,125Note 1Amounts due from customers:Contract costs incurred (w (iii))7,300Recognised profits (3,000 x 65%)1,950––––––9,250Progress billings(8,125)––––––Amounts due from customers1,125––––––Workings (in $’000)(i)Percentage complete:Agreed value of work completed at year end8,125–––––––Contract price12,500Percentage completed (8,125/12,500 x 100)65%(ii)Estimated profit:$’000 Contract price12,500 Plant depreciation (8,000 x 24/48 months)(4,000) Other costs(5,500)–––––––Profit3,000–––––––(iii)Contract costs incurred:Plant depreciation (8,000 x 15/48 months)2,500 Other costs 4,800––––––7,300––––––Fundamentals Level – Skills Module, Paper F7 (INT)Financial Reporting (International) June 2011 Marking SchemeThis marking scheme is given as a guide in the context of the suggested answers. Scope is given to markers to award marks for alternative approaches to a question, including relevant comment, and where well-reasoned conclusions are provided. This is particularly the case for written answers where there may be more than one acceptable solution.Marks1(a)(i)Statement of comprehensive incomerevenue2cost of sales4distribution costs and administrative expenses1finance costs1income tax expense1non-controlling interest in profit for year1½other comprehensive income2non-controlling interest in other comprehensive income1½14(ii)Consolidated equityshare capital1share premium1revaluation reserve (land)1other equity reserve1retained earnings1½non-controlling interest 1½7(b) 1 mark per valid point 4Total for question252(i)Statement of comprehensive incomerevenue½cost of sales4distribution costs½administrative expenses 1½finance costs1½income tax expense1½other comprehensive income1½11(ii)Statement of changes in equityopening balance on retained earnings1other component of equity (equity option) 1dividend paid 1comprehensive income14(iii)Statement of financial positionproperty, plant and equipment2½inventory1trade receivables 1deferred tax1issue of 8% loan note1½liability to Easyfinance1bank overdraft½trade payables½current tax payable110Total for question25Marks 3(a)Statement of cash flowsprofit before tax½depreciation of non-current assets ½finance costs added back½working capital items1½finance costs paid½income tax paid1purchase of property, plant and equipment 1½purchase of intangibles½8% loan note½equity dividends paid1cash and cash equivalents at beginning of period½cash and cash equivalents at end of period½9(b) 1 mark per valid point (including up to 5 for appropriate ratios)16Total for question25 4(a) 1 mark per valid point/example 6(b)(i)profit from continuing operations1profit from newly acquired operations23 (ii)EPS for 2010 and 2011 at 3 marks each6Total for question15 5revenue 3 profit 1½plant in statement of financial position 1½amounts due from customers 1 trade receivables 1 disclosure note2Total for question1022。
Fundamentals Level – Skills Module, Paper F7 (INT)Financial Reporting (International)December 2011 Answers 1Consolidated statement of financial position of Paladin as at 30 September 2011$’000$’000 AssetsNon-current assets:Property, plant and equipment (40,000 + 31,000 + 4,000 –1,000)74,000Intangible assets (w (i))–goodwill15,000–other intangibles (7,500 + 3,000 –500)10,000Investment in associate (w (ii))7,700––––––––106,700 Current assetsInventory (11,200 + 8,400 –600 URP (w (iii)))19,000T rade receivables (7,400 + 5,300 –1,300 intra-group (w (iii)))11,400Bank3,40033,800–––––––––––––––T otal assets140,500––––––––Equity and liabilitiesEquity attributable to owners of the parentEquity shares of $1 each 50,000Retained earnings (w (iv))35,200––––––––85,200 Non-controlling interest (w (vi))7,900––––––––T otal equity93,100Non-current liabilitiesDeferred tax (15,000 + 8,000)23,000Current liabilitiesBank overdraft2,500Deferred consideration 5,400T rade payables (11,600 + 6,200 –1,300 intra-group (w (iii))) 16,50024,400–––––––––––––––T otal equity and liabilities140,500––––––––Workings (figures in brackets are in $’000)(i)Goodwill in Saracen$’000$’000 Controlling interest (see below)Immediate cash32,000Deferred consideration (5,400 x 100/108)5,000Non-controlling interest (10,000 x 20% (see below) x $3·50)7,000–––––––44,000 Equity shares10,000Pre-acquisition reserves:At 1 October 2010 12,000Fair value adjustments– plant4,000–intangible3,000(29,000)––––––––––––––Goodwill arising on acquisition15,000–––––––The cost of the majority shareholding in Saracen was $32 million. Paladin acquired eight million shares and Saracen has10 million $1 shares, this gives a controlling interest of 80% and a non-controlling interest of 20%.The customer relationship asset is recognised as an intangible asset in the consolidated financial statements under IFRS 3 Business combinations.(ii)Carrying amount of Augusta at 30 September 2011$’000 Cash consideration10,000Share of post-acquisition profits (1,200 x 8/12 x 25%)200Impairment loss (2,500)––––––7,700––––––(iii)Unrealised profit (URP) in inventory/intra-group current accountsThe URP in Saracen’s inventory (supplied by Paladin) of $2·6 million is $600,000 (2,600 x 30/130). The current account balances of Paladin and Saracen should be eliminated from trade receivables and payables at the agreed amount of $1·3 million.(iv)Consolidated retained earnings:$’000 Paladin’s retained earnings (25,700 + 9,200)34,900Saracen’s post-acquisition profits (4,500 (w (v)) x 80%) 3,600Augusta’s post-acquisition profits (w (ii))200Augusta’s impairment loss(2,500)URP in inventory (w (iii))(600)Finance cost of deferred consideration (5,000 x 8%)(400)–––––––35,200–––––––(v)Post-acquisition adjusted profit of Saracen is:$’000 Profit as reported6,000Additional depreciation of plant (4,000/4 years)(1,000)Additional amortisation of customer relationship asset (3,000/6 years)(500)––––––4,500––––––(vi)Non-controlling interest$’000 Fair value on acquisition (w (i))7,000Post-acquisition profits (4,500 (w (v)) x 20%)900––––––7,900––––––2(a)Keystone – Statement of comprehensive income for the year ended 30 September 2011$’000$’000 Revenue (380,000 – 2,400 (w (i)))377,600Cost of sales (w (ii))(258,100)––––––––Gross profit119,500Distribution costs (14,200)Administrative expenses (46,400 – 24,000 dividend (50,000 x 5 x 2·40 x 4%))(22,400)Investment income800Loss on fair value of investments (18,000 – 17,400)(600)Finance costs (350)––––––––Profit before tax82,750Income tax expense (24,300 + 1,800 (w (v)))(26,100)––––––––Profit for the year56,650Other comprehensive incomeRevaluation of leased property8,000T ransfer to deferred tax (w (v))(2,400)5,600––––––––––––––T otal comprehensive income for the year 62,250––––––––(b)Keystone – Statement of financial position as at 30 September 2011$’000$’000 AssetsNon-current assetsProperty, plant and equipment (w (iv))78,000Financial asset: equity investments17,400––––––––95,400 Current assetsInventory (w (iii))56,600T rade receivables (33,550 – 2,400 (w (i))) 31,15087,750–––––––––––––––T otal assets183,150––––––––Equity and liabilitiesEquityEquity shares of 20 cents each50,000Revaluation reserve (w (iv))5,600Retained earnings (33,600 + 56,650 – 24,000 dividend paid) 66,25071,850–––––––––––––––121,850 Non-current liabilitiesDeferred tax (w (v))6,900Current liabilitiesT rade payables27,800Bank overdraft2,300Current tax payable24,30054,400–––––––––––––––T otal equity and liabilities183,150––––––––Workings (figures in brackets in $’000)(i)Where there is uncertainty over goods sold on a sale or return basis they should not be recognised as revenue until theyhave been formally accepted by the buyer. Thus $2·4 million should be removed from revenue and receivables. The goods should be added to the inventory at 30 September 2011 at their cost of $1·8 million (2·4 million x 75%).(ii)Cost of sales$’000 opening inventory46,700materials (64,000 – 3,000)61,000production labour (124,000 – 4,000)120,000factory overheads (80,000 – (4,000 x 75%))77,000Amortisation of leased property (w (iv))3,000Depreciation of plant (1,000 + 6,000 (w (iv)))7,000Closing inventory (w (iii))(56,600)––––––––258,100––––––––The cost of the self-constructed plant is $10 million (3,000 + 4,000 + 3,000 for materials, labour and overheads respectively that have also been deducted from the above items in cost of sales). It is not permissible to add a profit margin to self-constructed assets.(iii)Inventory at 30 September 2011:$’000 per count54,800goods on sale or return (w (i))1,800–––––––56,600–––––––(iv)Non-current assets:The leased property has been amortised at $2·5 million per annum (50,000/20 years). The accumulated amortisation of $10 million therefore represents four years, thus its remaining life at the date of revaluation is 16 years.$’000 carrying amount at date of revaluation (50,000 – 10,000)40,000revalued amount48,000–––––––gross gain on revaluation 8,000transfer to deferred tax (at 30%)(2,400)–––––––net gain to revaluation reserve5,600–––––––The revalued amount of $48 million will be amortised over its remaining life of 16 years at $3 million per annum.The self-constructed plant will be depreciated for six months by $1 million (10,000 x 20% x 6/12) and have a carryingamount at 30 September 2011 of $9 million. The plant in the trial balance will be depreciated by $6 million ((44,500– 14,500) x 20%) for the year and have a carrying amount at 30 September 2011 of $24 million.In summary:$’000 Leased property (48,000 – 3,000)45,000Plant (9,000 + 24,000)33,000–––––––Property, plant and equipment78,000–––––––(v)Deferred taxProvision required at 30 September 2011 ((15,000 + 8,000) x 30%)6,900Provision at 1 October 2010 (2,700)–––––––Increase required4,200Transferred from revaluation reserve (w (iv))(2,400)–––––––Balance: charge to income statement1,800–––––––3(a)Mocha – Statement of cash flows for the year ended 30 September 2011:(Note: figures in brackets are in $’000)Cash flows from operating activities:$’000$’000Profit before tax3,900Adjustments fordepreciation of non-current assets 2,500profit on the disposal of property, plant and equipment (8,100 – 4,000)(4,100)investment income(1,100)interest expense500increase in inventory (10,200 – 7,200)(3,000)decrease in receivables (3,700 – 3,500)200decrease in payables (4,600 – 3,200)(1,400)decrease in warranty provision (4,000 – 1,600)(2,400)–––––––Cash generated from operations (4,900)Interest paid(500)Income tax paid (w (i))(800)–––––––Net cash deficit from operating activities(6,200)Cash flows from investing activities:Purchase of property, plant and equipment(8,300)Disposal of property, plant and equipment8,100Disposal of investment3,400Dividends received200–––––––Net cash from investing activities3,400Cash flows from financing activities:Shares issued (w (ii))2,400Payment of finance lease obligations (w (iii))(3,900)–––––––Net cash from financing activities(1,500)–––––––Net decrease in cash and cash equivalents (4,300)Cash and cash equivalents at beginning of the year1,400–––––––Cash and cash equivalents at end of the year(2,900)–––––––Workings(i)Income tax paid:$’000Provision b/f–current(1,200)–deferred(900)Income statement tax charge (1,000)Provision c/f–current1,000–deferred1,300––––––Difference – cash paid(800)––––––(ii)Share issues$’000Increase in share capital (14,000 – 8,000)6,000Bonus issue–share premium(2,000)–revaluation reserve (3,600 – 2,000)(1,600)––––––Shares issued for cash at par2,400––––––(iii)Finance leaseBalance b/f–current(2,100)–non-current(6,900)New leases in year(6,700)Balance c/f–current4,800–non-current7,000––––––Principal repaid(3,900)––––––Tutorial note:Reconciliation of investments/investment income$’000InvestmentsBalance b/f7,000Carrying amount sold(3,000)Balance c/f(4,500)––––––Difference: increase in fair value500––––––Carrying amount sold3,000Proceeds(3,400)––––––Profit on sale in income statement400––––––Tutorial note:as the retained earnings at 30 September 2010 (10,100) plus the profit for the period (2,900) equalthe retained earnings at 30 September 2011 (13,000) there was no equity dividend paid.(b)(i)Mocha has reported an operating profit of $3·3 million (12,000 – 8,700) for the year ended 30 September 2011, whichis likely to give a favourable impression to shareholders. However, its cash generated from operations is a deficit of$4·9 million. The reconciling items of these two figures appear in the statement of cash flows and it can be seen thatoperating profit has been boosted by the profit on the sale of a property and a large decrease in the product warrantyprovision. Some commentators argue that a profit on the sale of non-current assets is not really an ‘operating’ profit andit is misleading to be classed as such. Also, many items included in operating profit are subjective (for example theproduct warranty provision), and as such can be subject to manipulation. Cash flows are unaffected by such subjectiveestimates and from this perspective they are considered less susceptible to manipulation and therefore more reliable.(ii)From the statement of financial position it can be seen that net investment in property, plant and equipment (after depreciation) has increased by $8·5 million (32,600 –24,100). This may give the impression that the company isinvesting heavily in property, plant and equipment, and in one sense it is. However, the statement of cash flows showsthat net cash investment in property, plant and equipment is only $200,000 (purchases of 8,300 less disposals of8,100). Most of the difference is due to a (non-cash) acquisition of plant under finance leases (meaning furtherborrowing) and disposal proceeds of plant and equipment in excess of its carrying amounts. The cash flow informationgives a somewhat different (and possibly more realistic) view of the company’s investment in property, plant andequipment during the year.4(a)IAS 37 Provisions, contingent liabilities and contingent assets defines provisions as liabilities of uncertain timing or amount that should be recognised where there is a present obligation (as a result of past events), it is probable (assumed to be more than a 50% chance) that there will be an outflow of economic benefits (to settle the obligation) and the amounts can be estimated reliably. The obligation may be legal or constructive.A contingent liability has more uncertainty in that it is a possible obligation (assumed to be less than a 50% chance) whoseexistence will be confirmed only by one or more future uncertain events that are not wholly within the control of the entity.An existing obligation where the amount cannot be reliably measured is also treated as a contingent liability.The Standard seeks to improve consistency in the reporting of provisions. In the past some entities created ‘general’ (rather than specific) provisions for liabilities that did not really exist (known as ‘big bath’ provisions); equally many entities did not recognise provisions where there was a present obligation. T he latter often related to deferred liabilities such as future environmental costs. T he effect of such inconsistencies was that comparability was weakened and profit was frequently manipulated.(b)(i)Although the information in the question says the environmental provision is not a legal obligation, it implies that it is aconstructive obligation (Borough has created an expectation that it will pay the environmental costs) and therefore thesecosts should be provided for. The obligation for the fixed element of the cost arose as soon as the extraction commenced,whereas the variable element accrues in line with the extraction of oil. The present value of the environmental cost isshown as a non-current liability (credit) with the debit added to the cost of the licence and (effectively) charged to incomeas part of the annual amortisation charge.The relevant extracts from Borough’s statement of financial position as at 30 September 2011 are:$’000Non-current assetLicence for oil extraction (50,000 + 20,000)70,000Amortisation (10 years)(7,000)–––––––Carrying amount63,000–––––––Non-current liabilityEnvironmental provision ((20,000 + (150,000 x 0·02 cents)) x 1·08 finance cost)24,840–––––––(ii)From Borough’s perspective, as a separate entity, the guarantee for Hamlet’s loan is a contingent liability of $10 million.As Hamlet is a separate entity, Borough has no liability for the secured amount of $15 million, not even for the potentialshortfall for the security of $3 million. The $10 million contingent liability would normally be described and disclosedin the notes to Borough’s entity financial statements.In Borough’s consolidated financial statements, the full liability of $25 million would be included in the statement offinancial position as part of the group’s consolidated non-current liabilities – there would be no contingent liabilitydisclosed.The concerns over the potential survival of Hamlet due to the effects of the recession may change the disclosure inBorough’s entity financial statements. If Borough deems it probable that Hamlet is not a going concern the $10 millionloan, which was previously a contingent liability, would become an actual liability and should be provided for onBorough’s entity statement of financial position and disclosed as a current (not a non-current) liability.5(a)(i)The interest rate (5%) for the convertible loan notes is lower because of the potential value of the conversion option.The cost of equivalent loan notes without the option is 8%, the difference is mainly due to the market expectation of thehigher worth of Bertrand’s equity shares (compared to the cash alternative) when the loan notes are due for redemption.From the entity’s viewpoint, the conversion option means lower payments of interest (to help cash flow), but it willeventually cause a dilution of earnings.(ii)If the directors’ treatment were acceptable, the use of the conversion option (compared to issuing non-convertible loans) would improve profit and earnings per share because of lower interest rates (and hence interest charges) and thecompany’s gearing would be lower as the loan notes would not be shown as debt. However, this proposed treatment isnot acceptable. A convertible loan note is a complex (hybrid) financial instrument and IFRS requires that the proceedsof the issue should be allocated between equity (the value of the option) and debt and the finance charge should bebased on that of an equivalent non-convertible loan (8% in this case).(b)Extracts from the financial statements of BertrandIncome statement for the year ended 30 September 2011$’000 Finance costs (9,190 x 8%)735rounded Statement of financial position as at 30 September 2011EquityEquity option810Non-current liabilities8% convertible loan notes ((9,190 x 1·08) – 500)9,425rounded WorkingYear ended Cash flow Discount rate Discounted cash flows30 September $’000at 8%$’00020115000·9346520125000·86430201310,5000·798,295–––––––value of debt component9,190value of equity option component (= balance)810–––––––total proceeds 10,000–––––––Fundamentals Level – Skills Module, Paper F7 (INT)Financial Reporting (International)December 2011 Marking SchemeThis marking scheme is given as a guide in the context of the suggested answers. Scope is given to markers to award marks for alternative approaches to a question, including relevant comment, and where well-reasoned conclusions are provided. This is particularly the case for written answers where there may be more than one acceptable solution.Marks1property, plant and equipment2½goodwill5other intangibles2½investment in associate2inventory1receivables1bank½equity shares½retained earnings 5non-controlling interest 2deferred tax½bank overdraft½deferred consideration1trade payables1Total for question252(a)Income statementrevenue1cost of sales7distribution costs½administrative expenses 1½investment income1loss on fair value of investment1finance costs½income tax expense1½other comprehensive income 115(b)Statement of financial positionproperty, plant and equipment2equity investments½inventory ½trade receivables1equity shares ½revaluation reserve1½retained earnings1½deferred tax1trade payables½bank overdraft½current tax payable½10Total for question25Marks 3(a)profit before tax½depreciation1profit on disposal of property (deducted) 1investment income adjustment (deducted)½interest expense adjustment (added back)½working capital items1½decrease in warranty provisions1½interest paid (cash flow)1income tax paid2purchase of property, plant and equipment 1disposal of property, plant and equipment 1disposal of investment1investment income (dividends received)1share issue2½payment of finance lease obligations2cash b/f½cash c/f½19(b)(i)and (ii)3 marks each 6Total for question254(a)definition of provisions2 definition of contingent liabilities2how the Standard improves comparability26(b)(i)it is a constructive obligation1explanation of treatment1non-current asset (including amortisation) 1½environmental provision (including unwinding of discount)1½(ii)entity financial statements contingent liability of $10 million1 no obligation for secured $15 million 1consolidated statements show full $25 million as a liability1if not a going concern, guarantee would be shown as an actual (current)liability in entity financial statements 19Total for question155(a)(i) 1 mark per valid point 2 (ii) 1 mark per valid point3(b)finance cost2value of equity option1value of debt at 30 September 201125Total for question10。
acca9月F7考试题及答案ACCA 9月 F7考试题及答案1. 题目一：财务报表分析问题：请解释财务报表分析的目的，并给出两个常用的财务比率。
答案：财务报表分析的目的是评估企业的财务状况、业绩和盈利能力，以便做出明智的投资和信贷决策。
两个常用的财务比率包括：- 流动比率：衡量企业短期偿债能力，计算公式为流动资产除以流动负债。
- 资产负债率：衡量企业财务杠杆水平，计算公式为总负债除以总资产。
2. 题目二：资本成本问题：说明如何计算加权平均资本成本（WACC）。
答案：加权平均资本成本（WACC）的计算公式为：\[WACC = \frac{E}{V} \times Re + \frac{D}{V} \times Rd\times (1 - Tc)\]其中：- \( E \) 代表企业市场价值的股权- \( V \) 代表企业资本的市场价值总和（\( E + D \)）- \( Re \) 代表股权要求的回报率- \( D \) 代表企业市场价值的债务- \( Rd \) 代表债务的税后成本- \( Tc \) 代表公司税率3. 题目三：财务风险管理问题：描述两种财务风险管理策略。
答案：财务风险管理策略包括：- 对冲：通过使用衍生金融工具（如期货、期权）来减少价格波动对企业财务状况的影响。
- 多元化：通过投资不同行业和地区的资产来分散风险，减少单一资产或市场对企业整体财务状况的负面影响。
4. 题目四：现金流量表问题：解释现金流量表中的经营活动、投资活动和融资活动。
答案：现金流量表分为三个部分：- 经营活动：涉及企业日常运营产生的现金流入和流出，如销售收入和运营支出。
- 投资活动：涉及企业购买或出售资产、投资等产生的现金流，如购买固定资产或出售投资。
- 融资活动：涉及企业筹资活动产生的现金流，如发行债券、支付股息或偿还债务。
5. 题目五：财务规划和预算问题：描述财务规划和预算过程的步骤。
答案：财务规划和预算过程包括以下步骤：- 目标设定：确定企业的财务目标和战略。
2010年12月份ACCA(国际注册会计师)考试真题(F7)ALL FIVE questions are compulsory and MUST be attempted1On1June2010,Premier acquired80%of the equity share capital of Sanford.The consideration consisted of two elements:a share exchange of three shares in Premier for every five acquired shares in Sanford and the issue of a$1006%loan note for every50 0shares acquired in Sanford.The share issue has not yet been recorded by Premier,but t he issue of the loan notes has been recorded.At the date of acquisition shares in Premier had a market value of$5each and the shares of Sanford had a stock market price of $3·50each.Below are the summarized draft financial statements of both companies.Statements of comprehensive income for the year ended30September2010Statements of financial position as at30September2010The following information is relevant:(i)At the date of acquisition,the fair values of Sanford‘s assets were equal to their c arrying amounts with the exception of its property.This had a fair value of$1·2million below its carrying amount.This would lead to a reduction of the depreciation charge(in cost of sales)of$50,000in the post-acquisition period.Sanford has not incorporated this value change into its entity financial statements.Premier‘s group policy is to revalue all properties to current value at each year end.On 30September2010,the value of Sanford’s property was unchanged from its value at ac quisition,but the land element of Premier‘s property had increased in value by$500,000 as shown in other comprehensive income.(ii)Sales from Sanford to Premier throughout the year ended30September2010had consistently been$1million per month.Sanford made a mark-up on cost of25%on these sales.Premier had$2million.(at cost to Premier)of inventory that had been supplied i n the post-acquisition period by Sanford as at30September2010.(iii)Premier had a trade payable balance owing to Sanford of$350，000as at30Sep tember2010.This agreed with the corresponding receivable in Sanford‘s books.(iv)Premier‘s investments include some available-for-sale investments that have increas ed in value by$300,000during the year.The other equity reserve relates to these invest ments and is based on their value as at30September2009.There were no acquisitions or disposals of any of these investments during the year ended30September2010.(v)Premier‘s policy is to value the non-controlling interest at fair value at the date of acquisition.For this purpose Sanford’s share price at that date can be deemed to be repr esentative of the fair value of the shares held by the non-controlling interest.(vi)There has been no impairment of consolidated goodwillRequired：(a)Prepare the consolidated statement of comprehensive income for Premier for the y ear ended30September2010.(b)Prepare the consolidated statement of financial position for Premier as at30Septe mber2010.The following mark allocation is provided as guidance for this question：(a)9marks(b)16marks(25marks)2The following trial balance relates to Cavern as at30September2010:The following notes are relevant:(i)Cavern has accounted for a fully subscribed rights issue of equity shares made on 1April2010of one new share for every four in issue at42cents each.The company pa id ordinary dividends of3cents per share on30November2009and5cents per share o n31May2010.The dividend payments are included in administrative expenses in the trial balance.(ii)The8%loan note was issued on1October2008at its nominal(face)value of $30million.The loan note will be redeemed on30September2012at a premium which gives the loan note an effective finance cost of10%per annum.(iii)Non-current assets:Cavern revalues its land and building at the end of each accounting year.At30Septembe r2010the relevant value to be incorporated into the financial statements is$41·8million. The building‘s remaining life at the beginning of the current year(1October2009)was 18years.Cavern does not make an annual transfer from the revaluation reserve to retaine d earnings in respect of the realization of the revaluation surplus.Ignore deferred tax on t he revaluation surplus.Plant and equipment includes an item of plant bought for$10million on1October 2009that will have a10-year life(using straight-line depreciation with no residual value).P roduction using this plant involves toxic chemicals which will cause decontamination costs to be incurred at the end of its life.The present value of these costs using a discount r ate of10%at1October2009was$4million.Cavern has not provided any amount for t his future decontamination cost.All other plant and equipment is depreciated at12·5%per annum using the reducing balance method.No depreciation has yet been charged on any non-current asset for the year ended30 September2010.All depreciation is charged to cost of sales.(iv)The available-for-sale investments held at30September2010had a fair value of $13·5million.There were no acquisitions or disposals of these investments during the yea r ended30September2010.(v)A provision for income tax for the year ended30September2010of$5·6million is required.The balance on current tax represents the under/over provision of the tax lia bility for the year ended30September2009.At30September2010the tax base of Caver n‘s net assets was$15million less than their carrying amounts.The movement on deferre d tax should be taken to the income statement.The income tax rate of Cavern is25%.Required:(a)Prepare the statement of comprehensive income for Cavern for the year ended30 September2010.(b)Prepare the statement of changes in equity for Cavern for the year ended30Septe mber2010.(c)Prepare the statement of financial position of Cavern as at30September2010.Notes to the financial statements are not required.The following mark allocation is provided as guidance for this question：(a)11marks(b)5marks(c)9marks(25marks)3Hardy is a public listed manufacturing company.Its summarized financial statement s for the year ended30September2010(and2009comparatives)are:I n c o m e s t a t e m e n t s f o r t h e y e a r e n d e d30S e p t e m b e r:Statements of financial position as at30September:The following information has been obtained from the Chairman's Statement and the notes to the financial statements:'Market conditions during the year ended30September2010proved very challenging d ue largely to difficulties in the global economy as a result of a sharp recession which has led to steep falls in share prices and property values.Hardy has not been immune from these effects and our properties have suffered impairment losses of$6million in the year.' The excess of these losses over previous surpluses has led to a charge to cost of sal es of$1·5million in addition to the normal depreciation charge.'Our portfolio of investments at fair value through profit or loss has been'marked to market'(fair valued)resulting in a loss of$1·6million(included in administrative expense s).'There were no additions to or disposals of non-current assets during the year.'In response to the downturn the company has unfortunately had to make a number o f employees redundant incurring severance costs of$1·3million(included in cost of sales) and undertaken cost savings in advertising and other administrative expenses.' 'The difficulty in the credit markets has meant that the finance cost of our variable r ate bank loan has increased from4·5%to8%.In order to help cash flows,the company made a rights issue during the year and reduced the dividend per share by50%.' 'Despite the above events and associated costs,the Board believes the company's unde rlying performance has been quite resilient in these difficult times.'Required:Analyze and discuss the financial performance and position of Hardy as portrayed by the above financial statements and the additional information provided.Your analysis should be supported by profitability,liquidity and gearing and other ap propriate ratios(up to10marks available).(25marks)4(a)IAS8Accounting Policies,Changes in Accounting Estimates and Errors contain s guidance on the use of accounting policies and accounting estimates.Required:Explain the basis on which the management of an entity must select its accounting p olicies and distinguish,with an example,between changes in accounting policies and chan ges in accounting estimates.(5marks)(b)The directors of Tunshill are disappointed by the draft profit for the year ended30 September2010.The company's assistant accountant has suggested two areas where she b elieves the reported profit may be improved:(i)A major item of plant that cost$20million to purchase and install on1October2 007is being depreciated on a straight-line basis over a five-year period(assuming no resi dual value).The plant is wearing well and at the beginning of the current year(1October 2009)the production manager believed that the plant was likely to last eight years in total (i.e.from the date of its purchase).The assistant accountant has calculated that,based on a n eight-year life(and no residual value)the accumulated depreciation of the plant at30Sep tember2010would be$7·5million($20million/8years x3).In the financial statements for the year ended30September2009,the accumulated depreciation was$8million($20mil lion/5years x2).Therefore,by adopting an eight-year life,Tunshill can avoid a depreciati on charge in the current year and instead credit$0·5million($8million–$7·5million)to the income statement in the current year to improve the reported profit.(5marks) (ii)Most of Tunshill's competitors value their inventory using the average cost(AVCO) basis,whereas Tunshill uses the first in first out(FIFO)basis.The value of Tunshill's in ventory at30September2010(on the FIFO basis)is$20million;however on the AVCO basis it would be valued at$18million.By adopting the same method(AVCO)as its co mpetitors,the assistant accountant says the company would improve its profit for the year ended30September2010by$2million.Tunshill‘s inventory at30September2009was reported as$15million,however on the AVCO basis it would have been reported as$1 3·4million.(5marks)Required:Comment on the acceptability of the assistant accountant‘s suggestions and quantify h ow they would affect the financial statements if they were implemented under IFRS.Ignor e taxation.Note:the mark allocation is shown against each of the two items above.(15marks)5Manco has been experiencing substantial losses at its furniture making operation wh ich is treated as a separate operating segment.The company‘s year end is30September. At a meeting on1July2010the directors decided to close down the furniture making op eration on31January2011and then dispose of its non-current assets on a piecemeal basis.Affected employees and customers were informed of the decision and a press announce ment was made immediately after the meeting.The directors have obtained the following i nformation in relation to the closure of the operation:(i)On1July2010,the factory had a carrying amount of$3·6million and is expecte d to be sold for net proceeds of$5million.On the same date the plant had a carrying a mount of$2·8million,but it is anticipated that it will only realize net proceeds of$500, 000.(ii)Of the employees affected by the closure,the majority will be made redundant at cost of$750,000,the remainder will be retrained at a cost of$200,000and given work in one of the company's other operations.(iii)Trading losses from1July to30September2010are expected to be$600,000an d from this date to the closure on31January2011a further$1million of trading losses are expected.Required：Explain how the decision to close the furniture making operation should be treated in Manco‘s financial statements for the years ending30September2010and2011.Your an swer should quantify the amounts involved.(10marks)。
名师深度解析ACCA考试F7 Deferred tax（递延税⾦）IAS 12 Income tax 在ACCA F7考试当中属于必考章节，主要出现在选择题，single entity ⼤题中和现⾦流量表⾥。
Income tax内容⾥包括2部分：current tax 和deferred tax。
Deferred tax递延所得税属于⽐较难理解内容，所以做以下详细解释。
Deferred tax 在会计记账上采⽤了资产负债表债务法，就是在计算中通过⽐较资产负债表上列⽰的资产，负债按照会计准则规定确定的账⾯价值与按照税法规定确定的计税基础，对于两者之间的差异分别记录应纳税暂时性差异与可抵扣暂时性差异，确认相关的递延所得税负债与递延所得税资产，并在此基础上确定每⼀期会计期间利润表中的所得税费⽤。
会计账⾯价值(Carrying amount/value)：账⾯价值是会计核算中账⾯记载的价值。
计税基础(Tax base): 通俗的说计税基础是指资产负债表⽇后，资产或负债在计算以后期间应纳税所得额时，根据税法规定还可以再抵扣或应纳税的剩余⾦额。
应纳税暂时性差异(Taxable temporary difference)资产账⾯价值>计税基础，负债账⾯价值<计税基础例如：⼀项固定资产采购⾦额为1000万，第⼀年末账⾯价值为800万，计税基础为700万，也就是说，会计计算当期折旧为200万费⽤，税法计算当期折旧为300万费⽤，最终导致会计利润⽐税法利润⼤，税法利润是企业的交税基础，但是站在会计的⾓度上看当期实际少交了100万元的利润的税，未来期间应交纳税⾦额增加，形成应纳税暂时性差异，做出调整确认相关的递延所得税负债。
可抵扣暂时性差异(Deductible temporary difference)资产账⾯价值<计税基础，负债账⾯价值>计税基础例如：⼀项固定资产采购⾦额为1000万，第⼀年末账⾯价值为700万，计税基础为800万，也就是说，会计计算当期折旧为300万费⽤，税法计算当期折旧为200万费⽤，最终导致会计利润⽐税法利润⼩，税法利润是企业的交税基础，但是站在会计的⾓度上看当期实际多交了100万元的利润的税，未来期间应纳所得税⾦额减少，形成可以抵扣暂时性差异，做出调整确认相关的递延所得税负债。
2023年ACCA考试真题精选第一题：财务会计假设您是一家制造业公司的财务经理。
您被要求准备财务报表，并解释公司2019年与2020年间发生的财务变化。
请根据以下数据和信息回答问题。
2019年数据：- 销售收入：500万美元- 销售成本：400万美元- 管理费用：50万美元- 借款利息：10万美元2020年数据：- 销售收入：600万美元- 销售成本：450万美元- 管理费用：55万美元- 借款利息：12万美元问题1：请计算2019年的净利润和净利润率，并与2020年进行比较。
解释净利润和净利润率的变化。
根据上述数据，2019年的净利润可通过以下公式计算：净利润=销售收入-销售成本-管理费用-借款利息净利润=500万美元-400万美元-50万美元-10万美元净利润=40万美元净利润率可通过以下公式计算：净利润率=(净利润/销售收入)×100%净利润率=(40万美元/500万美元)×100%净利润率=8%同样的方式，我们可以计算2020年的净利润和净利润率：净利润=600万美元-450万美元-55万美元-12万美元净利润=83万美元净利润率=(83万美元/600万美元)×100%净利润率=13.83%通过比较2019年和2020年的净利润和净利润率，我们可以得出以下结论：- 净利润从40万美元增加到83万美元。
这表明公司的盈利能力有所提高。
- 净利润率从8%增加到13.83%。
这说明公司在销售收入中的盈利比例增加了。
问题2：请根据净利润和净利润率的变化，分析公司在2019年与2020年间可能采取的经营策略。
根据净利润和净利润率的变化，我们可以推断公司可能采取了以下经营策略：1. 成本控制：销售成本从400万美元减少到450万美元，管理费用从50万美元增加到55万美元。
这表明公司在成本控制方面取得了一定的成效。
2. 销售增长：销售收入从500万美元增加到600万美元。
公司可能采取了一些措施，如市场拓展或产品创新，以增加销售额。
ACCA考前复习指南：F7重要知识点.考点总结改革之后的F7考试，考查范围更加全面。
同学们在备考的时候,需要对每个准则基本内容进行准备。
考官一般围绕recognition , measurement和presentation等方面考查。
而选择题部分,考前可以结合三套真题的选择题和练习册的选择题梳理知识点。
试卷分析SectionA SectionB考试题型选择题20题大题：15分x2大题：30分xl考察范围整个考纲Ratio analysisSectionA备考要点■仔细读题■理解准则基础■排除法，举反例■计算题排除干扰自己算SectionB备考要点■计算ratio ,分类别(profitability/liquidity/gearing/i n vest or)■关注题目角色，以谁的角度写report■又寸比ratio :纟吉合题目要求，VS past year/competitors/industry benchmark■特殊关注点：从无到有，变化迅速，人无我有，人有我优■思考：financing sources, overtrading cashflow, risk going concernsConsolidation FS 重要知识点FV of considerationShare exchangeDeferred cashLoan noteContingent considerationFV Adjustment of net asset Depreciatio nFurther value in crease after acquisitionGoodwillImpairment of GoodwillMid?year acquisitiontime apportionIntra-group tradingSale &COSURP considering who is seller (S or P)Intra-group balancereceivables & payablesCIT & GITIntra-group loanInvestment & liabilityFinance cost & Investment incomeNCIFull methods(FV methods) VS proportionate methodsAssociateIntra-trading A&P: URP * P%Impairment of AssociateSingle entity重要知识点IAS16 PPEInitial Cost measurementDepreciationRevaluati on? watch out DT from revaluationDisposalIFRS9 Financial instrumentFinance asset-FVTPL/FVTOCI/Amortizatio n-Watch out Issue cost?Debt instrument & Equity instrumentFinance liability-Loan note■Convertible loan noteIFRS15 Revenue5 steps to recognize revenueConstruction contractService-Deferred revenueAgency sale-sales & repurchase-sales & return-sales & leasebackFactor receivablesIAS 2 Inventory adjustmentopening inventory+ purchase -closing inventory= cost of saleIAS 17 leaseFinance lease-NCL/CL & finance cost-Asset: CV & depreciationoperating lease?annual lease payment(time apportion)TaxCurrent taxDeferred tax-watch out DT from revaluationIAS 37Provision & contingent liabilityIAS 33 EPSEPS 计算:full market issue bonus issue & right issueCashflowInvestment, operating f financing局部计算选择题高频考点梳理Framework选择题文字题为主Qualitative characteristics 理解应用Recognition结合田可准则考察会计处理是否正确Measurement结合任何准则考察会计处理是否正确Historical cost, replacement cost, current cost Conceptual frameworkIAS 16 PPEInitial measurement costCapital expenditure VS revenue expenditure Depreciatio nRevaluationIAS 36 ImpairmentIndicators-carrying value > recoverable amount-external or internal indicatorCalculati on?Lower of carrying value-FV -cost to sell, Value in useCGU?order to impairment-1st specific damaged Asset■2nd Goodwill-3rd other asset (pro rata allocation)IAS 38 Intangible assetRecog nition-Research & development (capitalized criteria) Amortizati on-Finite life■Infinitive life : impairment reviewIFRS 5 NCA - Held for sale & discontinued operations Recognition Criteria 分类为IFRS5 的条件Measureme nt-Lower of:l.FV-cost to sell2.CV■No depreciation being held for saleIAS 23 Borrowing costConditions to be met for capitalizationInterest expenseIAS 20 Government GrantRevenue VS capital grantDeferred income / deducted from value of assetIAS 40 investment propertyFV to p/lIAS 2 InventoryValued at lower of 1: NRV=selling price - cost to sell2:Costopening inventory + purchase -closing inventory二cost of saleIAS 41 AgricultureScopeMeasurement: FVIFRS 15 (IAS 18/IAS11) revenue文字题-Revenue确认时点及金额■结合sales & repurchase z sales &lease back zFactor receivables/agency sales/sales & return 等特殊事项处理。
ACCA考前复习指南：F7重要知识点.考点总结改革之后的F7考试，考查范围更加全面。
同学们在备考的时候,需要对每个准则基本内容进行准备。
考官一般围绕recognition , measurement和presentation等方面考查。
而选择题部分,考前可以结合三套真题的选择题和练习册的选择题梳理知识点。
试卷分析SectionA备考要点■仔细读题■理解准则基础■排除法，举反例■计算题排除干扰自己算SectionB备考要点■计算ratio ,分类别(profitability/liquidity/gearing/i n vest or)■关注题目角色，以谁的角度写report■又寸比ratio :纟吉合题目要求，VS past year/competitors/industry benchmark■特殊关注点：从无到有，变化迅速，人无我有，人有我优■ 思考：financing sources, overtrading cashflow, risk going concernsConsolidation FS 重要知识点FV of considerationShare exchangeDeferred cashLoan noteContingent considerationFV Adjustment of net asset Depreciatio nFurther value in crease after acquisitionGoodwillImpairment of GoodwillMid・year acquisitiontime apportionIntra-group tradingSale &COSURP considering who is seller (S or P)Intra-group balancereceivables & payablesCIT & GITIntra-group loanInvestment & liabilityFinance cost & Investment incomeNCIFull methods(FV methods) VS proportionate methodsAssociateIntra-trading A&P: URP * P%Impairment of AssociateSingle entity重要知识点IAS16 PPEInitial Cost measurementDepreciationRevaluati on・ watch out DT from revaluationDisposalIFRS9 Financial instrumentFinance asset-FVTPL/FVTOCI/Amortizatio n-Watch out Issue cost・Debt instrument & Equity instrument Finance liability-Loan note■Convertible loan noteIFRS15 Revenue5 steps to recognize revenueConstruction contractService-Deferred revenueAgency sale-sales & repurchase-sales & return-sales & leasebackFactor receivablesIAS 2 Inventory adjustmentopening inventory+ purchase -closing inventory= cost of saleIAS 17 leaseFinance lease-NCL/CL & finance cost-Asset: CV & depreciationoperating lease・annual lease payment(time apportion)TaxCurrent taxDeferred tax-watch out DT from revaluationIAS 37Provision & contingent liabilityIAS 33 EPSEPS 计算:full market issue bonus issue & right issueCashflowInvestment, operating f financing局部计算选择题高频考点梳理Framework选择题文字题为主Qualitative characteristics 理解应用Recognition结合田可准则考察会计处理是否正确Measurement结合任何准则考察会计处理是否正确Historical cost, replacement cost, current cost Conceptual frameworkIAS 16 PPEInitial measurement costCapital expenditure VS revenue expenditure Depreciatio nRevaluationIAS 36 ImpairmentIndicators-carrying value > recoverable amount-external or internal indicatorCalculati on・Lower of carrying value-FV -cost to sell, Value in useCGU・order to impairment-1st specific damaged Asset■2nd Goodwill-3rd other asset (pro rata allocation)IAS 38 Intangible assetRecog nition-Research & development (capitalized criteria) Amortizati on-Finite life■Infinitive life : impairment reviewIFRS 5 NCA - Held for sale & discontinued operations Recognition Criteria 分类为IFRS5 的条件Measureme nt-Lower of:l.FV-cost to sell2.CV■No depreciation being held for saleIAS 23 Borrowing costConditions to be met for capitalizationInterest expenseIAS 20 Government GrantRevenue VS capital grantDeferred income / deducted from value of assetIAS 40 investment propertyFV to p/lIAS 2 InventoryValued at lower of 1: NRV=selling price - cost to sell2:Costopening inventory + purchase -closing inventory二cost of saleIAS 41 AgricultureScopeMeasurement: FVIFRS 15 (IAS 18/IAS11) revenue文字题-Revenue确认时点及金额■结合sales & repurchase z sales &lease back zFactor receivables/agency sales/sales & return 等特殊事项处理。
2010年12月份ACCA(国际注册会计师)考试真题(F7)ALL FIVE questions are compulsory and MUST be attempted1 On 1 June 2010, Premier acquired 80% of the equity share capital of Sanford. The consideration consisted of two elements: a share exchange of three shares in Premier for every five acquired shares in Sanford and the issue of a $100 6% loan note for every 50 0 shares acquired in Sanford. The share issue has not yet been recorded by Premier, but t he issue of the loan notes has been recorded. At the date of acquisition shares in Premier had a market value of $5 each and the shares of Sanford had a stock market price of $3·50 each. Below are the summarized draft financial statements of both companies.Statements of comprehensive income for the year ended 30 September 2010Statements of financial position as at 30 September 2010The following information is relevant:(i)At the date of acquisition, the fair values of Sanford‘s assets were equal to their c arrying amounts with the exception of its property. This had a fair value of $1·2 million below its carrying amount. This would lead to a reduction of the depreciation charge (in cost of sales) of $50,000 in the post-acquisition period. Sanford has not incorporated this value change into its entity financial statements.Premier‘s group policy is to revalue all properties to current value at each year end.On 30 September 2010, the value of Sanford’s property was unchanged from its value at ac quisition, but the land element of Premier‘s property had increase d in value by $500,000 as shown in other comprehensive income.(ii)Sales from Sanford to Premier throughout the year ended 30 September 2010 had consistently been $1 million per month. Sanford made a mark-up on cost of 25% on these sales. Premier had $2 million. (at cost to Premier) of inventory that had been supplied i n the post-acquisition period by Sanford as at 30 September 2010.(iii)Premier had a trade payable balance owing to Sanford of $350，000 as at 30 Sep tember 2010. This agreed with the corre sponding receivable in Sanford‘s books.(iv)Premier‘s investments include some available-for-sale investments that have increas ed in value by $300, 000 during the year. The other equity reserve relates to these invest ments and is based on their value as at 30 September 2009.There were no acquisitions or disposals of any of these investments during the year ended 30 September 2010.(v)Premier‘s policy is to value the non-controlling interest at fair value at the date of acquisition. For this purpose Sanf ord’s share price at that date can be deemed to be repr esentative of the fair value of the shares held by the non-controlling interest.(vi)There has been no impairment of consolidated goodwillRequired：(a) Prepare the consolidated statement of comprehensive income for Premier for the y ear ended 30 September 2010.(b) Prepare the consolidated statement of financial position for Premier as at 30 Septe mber 2010. The following mark allocation is provided as guidance for this question：(a) 9 marks(b) 16 marks(25 marks)2 The following trial balance relates to Cavern as at 30 September 2010:The following notes are relevant:(i)Cavern has accounted for a fully subscribed rights issue of equity shares made on1 April 2010 of one new share for every four in issue at 42 cents each. The company pa id ordinary dividends of3 cents per share on 30 November 2009 and 5 cents per share o n 31 May 2010.The dividend payments are included in administrative expenses in the trial balance.(ii)The 8% loan note was issued on 1 October 2008 at its nominal (face) value of $30 million. The loan note will be redeemed on 30 September 2012 at a premium which gives the loan note an effective finance cost of 10% per annum.(iii)Non-current assets:Cavern revalues its land and building at the end of each accounting year. At 30 Septembe r 2010 the relevant value to be incorporated into the financial statements is $41·8 million. The building‘s remaining life at the beginning of the current year (1 October 2009) was18 years. Cavern does not make an annual transfer from the revaluation reserve to retained earnings in respect of the realization of the revaluation surplus. Ignore deferred tax on t he revaluation surplus.Plant and equipment includes an item of plant bought for $10 million on 1 October 2009 that will have a 10-year life(using straight-line depreciation with no residual value).P roduction using this plant involves toxic chemicals which will cause decontamination costs to be incurred at the end of its life. The present value of these costs using a discount r ate of 10% at 1 October 2009 was $4 million. Cavern has not provided any amount for t his future decontamination cost. All other plant and equipment is depreciated at 12·5% per annum using the reducing balance method.No depreciation has yet been charged on any non-current asset for the year ended 30 September 2010.All depreciation is charged to cost of sales.(iv)The available-for-sale investments held at 30 September 2010 had a fair value of $13·5 million. There were no acquisitions or disposals of these investments during the yea r ended 30 September 2010.(v)A provision for income tax for the year ended 30 September 2010 of $5·6 million is required. The balance on current tax represents the under/over provision of the tax lia bility for the year ended 30 September 2009.At 30 September 2010 the tax base of Caver n‘s net assets was $15 million less than their carrying amounts. Th e movement on deferre d tax should be taken to the income statement. The income tax rate of Cavern is 25%.Required:(a)Prepare the statement of comprehensive income for Cavern for the year ended 30 September 2010.(b)Prepare the statement of changes in equity for Cavern for the year ended 30 Septe mber 2010.(c)Prepare the statement of financial position of Cavern as at 30 September 2010.Notes to the financial statements are not required.The following mark allocation is provided as guidance for this question：(a) 11 marks(b) 5 marks(c) 9 marks(25 marks)3 Hardy is a public listed manufacturing company. Its summarized financial statement s for the year ended 30 September 2010(and 2009 comparatives) are:I n c o m e s t a t e m e n t s f o r t h e y e a r e n d e d30S e p t e m b e r:Statements of financial position as at 30 September:The following information has been obtained from the Chairman's Statement and the notes to the financial statements:'Market conditions during the year ended 30 September 2010 proved very challenging d ue largely to difficulties in the global economy as a result of a sharp recession which has led to steep falls in share prices and property values. Hardy has not been immune from these effects and our properties have suffered impairment losses of $6 million in the year.' The excess of these losses over previous surpluses has led to a charge to cost of sal es of $1·5 million in addition to the normal depreciation charge.'Our portfolio of investments at fair value through profit or loss has been 'marked to market' (fair valued) resulting in a loss of $1·6 million (included in administrative expense s).'There were no additions to or disposals of non-current assets during the year.'In response to the downturn the company has unfortunately had to make a number o f employees redundant incurring severance costs of $1·3million (included in cost of sales) and undertaken cost savings in advertising and other administrative expenses.' 'The difficulty in the credit markets has meant that the finance cost of our variable r ate bank loan has increased from 4·5% to 8%.In order to help cash flows ,the company made a rights issue during the year and reduced the dividend per share by 50%.' 'Despite the above events and associated costs, the Board believes the company's unde rlying performance has been quite resilient in these difficult times.'Required:Analyze and discuss the financial performance and position of Hardy as portrayed by the above financial statements and the additional information provided.Your analysis should be supported by profitability, liquidity and gearing and other ap propriate ratios (up to 10 marks available).(25 marks)4 (a) IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors contain s guidance on the use of accounting policies and accounting estimates.Required:Explain the basis on which the management of an entity must select its accounting p olicies and distinguish, with an example, between changes in accounting policies and chan ges in accounting estimates. (5 marks)(b)The directors of Tunshill are disappointed by the draft profit for the year ended 30 September 2010.The company's assistant accountant has suggested two areas where she b elieves the reported profit may be improved:(i)A major item of plant that cost $20 million to purchase and install on 1 October 2 007 is being depreciated on a straight-line basis over a five-year period (assuming no resi dual value).The plant is wearing well and at the beginning of the current year(1 October 2009)the production manager believed that the plant was likely to last eight years in total (i.e. from the date of its purchase).The assistant accountant has calculated that, based on a n eight-year life(and no residual value)the accumulated depreciation of the plant at 30 Sep tember 2010 would be $7·5 million($20 million/8 years x 3).In the financial statements forthe year ended 30 September 2009,the accumulated depreciation was $8 million ($20 mill ion/5 years x 2).Therefore, by adopting an eight-year life, Tunshill can avoid a depreciatio n charge in the current year and instead credit $0·5 million($8 million –$7·5 million)to t he income statement in the current year to improve the reported profit.(5 marks) (ii)Most of Tunshill's competitors value their inventory using the average cost (AVCO) basis, whereas Tunshill uses the first in first out (FIFO) basis. The value of Tunshill's in ventory at 30 September 2010(on the FIFO basis) is $20 million; however on the AVCO basis it would be valued at $18 million. By adopting the same method (AVCO) as its co mpetitors, the assistant accountant says the company would improve its profit for the year ended 30 September 2010 by $2 million. Tunshill‘s inventory at 30 September 2009 was reported as $15 million, however on the AVCO basis it would have been reported as $1 3·4 million. (5 marks)Required:Comment on the acceptability of the assistant accountant‘s suggestions and quantify h ow they would affect the financial statements if they were implemented under IFRS. Ignor e taxation.Note: the mark allocation is shown against each of the two items above.(15 marks)5 Manco has been experiencing substantial losses at its furniture making operation wh ich is treated as a separate operating segment. The company‘s year end is 30 September . At a meeting on 1 July 2010 the directors decided to close down the furniture making op eration on 31 January 2011 and then dispose of its non-current assets on a piecemeal basis. Affected employees and customers were informed of the decision and a press announce ment was made immediately after the meeting. The directors have obtained the following i nformation in relation to the closure of the operation:(i)On 1 July 2010, the factory had a carrying amount of $3·6 million and is expected to be sold for net proceeds of $5 million. On the same date the plant had a carrying a mount of $2·8 million, but it is anticipated that it will only realize net proceeds of $500, 000.(ii)Of the employees affected by the closure, the majority will be made redundant at cost of $750,000,the remainder will be retrained at a cost of $200,000 and given work in one of the company's other operations.(iii)Trading losses from 1 July to 30 September 2010 are expected to be $600,000 an d from this date to the closure on 31 January 2011 a further $1 million of trading losses are expected.Required：Explain how the decision to close the furniture making operation should be treated in Manco‘s financial statements for the years ending 30 September 2010 and 2011. Your an swer should quantify the amounts involved. (10 marks)。
ACCA考试公司法与商法（基础阶段）历年真题及详细解析1110-50A ACCA 考试公司法与商法（基础阶段）历年真题精选及详细解析1 11 1 10- - 501 Which of the following involves a summary dismissal in relation to a contract of employment?A、Both parties agree to end the contract immediately without noticeB、The employee breaks the contract without noticeC、The employer terminates the contract without notice2 What qualification is the pany secretary of a private limited pany required to have?A、An appropriate legal qualificationB、An appropriate professional qualification such as ACCAC、No qualification3 Statutory redundancy payment is calculated on the basis of which of the following?A、Length of service and pay onlyB、Age and length of service onlyC、Age, length of service and pay4 In relation to wrongful trading, the standard against which the conduct of directors will be assessed is which of the following?A、Purely subjective, depending on the actual skill of the directorB、Purely objective, depending on what is expected of a director in that positionC、A mixture of subjective and objective but only to increase potential liabilityD、A mixture of subjective and objective but only to reduce potential liability5 Which of the following statements as regards an acceptance of an offer ‘subject to contract’ is true?A、It binds the offerorB、It binds neither partyC、It binds both parties6 Su had just passed her driving test when she negligently drove intoa pedestrian. What standard of care will Su be judged by?A、The objective standard of a newly qualified driver, lack of experience will be taken into accountB、The objective standard of a petent driver, lack of experience will not be taken into accountC、The subjective standard of actual ability7 Which of the following are ordinary partnerships UNABLE to createin relation to their property?A、MortgagesB、Fixed chargesC、Floating charges8 Which of the following courts deal with civil law matters ONLY?A、The Crown CourtB、The magistrates’ courtC、The county court9 Jo promises to pay a reward for the return of her lost phone. Mia finds the phone and returns it to Jo. Which of the following types of consideration has Mia provided?A、Executed considerationB、Executory considerationC、Past consideration10 Which of the following requires court approval before the appointment of an administrator?A、CreditorsB、Holders of floating chargesC、The directors of the panyD、The pany itselfAnswer:1 、C2 、C3、C4、C5 、B6 、B7 、C8 、C9、A10 、A。
