2015年6月ACCA F7考试真题

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。

2015年6月ACCA考试《公司报告（International）》真题(总分：100.00，做题时间：180分钟)一、Section A –THIS ONE question is compulsory and MUST be attempted(总题数：1，分数：50.00)Kutchen, a public limited company, operates in the technology sector and has investments in other entities operatingin the sector. The draft statements of financial position at 31 March 2015 are as follows: The following information is relevant to the preparation of the group financial statements: 1. On 1 October 2014, Kutchen acquired 70% of the equity interests of House, a public limited company. Thepurchase consideration comprised 20 million shares of $1 of Kutchen at the acquisition date and 5 million shareson 31 March 2016 if House’s net profit after taxation was at least $4 million for the year ending on that date.The market price of Kutchen’s shares on 1 October 2014 was $2 per share and that of House was $4•20 pershare. It is felt that there is a 20% chance of the profit target being met. Kutchen wishes to measure the non-controlling interest at fair value at the date of acquisition. At acquisition, thefair value of the non-controlling interest (NCI) in House was based upon quoted market prices. On 1 October2014, the fair value of the identifiable net assets acquired was $48 million and retained earnings of House were$18 million and other components of equity were $3 million. The excess in fair value is due to non-depreciableland. No entries had been made in the financial statements of Kutchen for the acquisition of House. 2. On 1 April 2014, Kutchen acquired 80% of the equity interests of Mach, a privately owned entity, for aconsideration of $57 million. The consideration comprised cash of $52 million and the transfer of non-depreciable land with a fair value of $5 million. The carrying amount of the land at the acquisition date was$3 million and the land has only recently been transferred to the seller of the shares in Mach and is still carriedat $3 million in the financial records of Kutchen at 31 March 2015. The only consideration shown in thefinancial records of Kutchen is the cash paid for the shares of Mach. At the date of acquisition, the identifiable net assets of Mach had a fair value of $55 million, retained earningswere $12 million and other components of equity were $4 million. The excess in fair value is due to non-depreciable land. Mach had made a net profit attributable to ordinary shareholders of $3•6 million for theyear to 31 March 2014. Kutchen wishes to measure the non-controlling interest at fair value at the date of acquisition. The NCI is to befair valued using a public entity market multiple method. Kutchen has identified two companies who arecomparable to Mach and who are trading at an average price to earnings ratio (P/E ratio) of 21. Kutchen hasadjusted the P/E ratio to 19 for differences between the entities and Mach, for the purpose of fair valuing theNCI.3. Kutchen had purchased an 80% interest in Niche for $40 million on 1 April 2014 when the fair value of theidentifiable net assets was $44 million. The partial goodwill method had been used to calculate goodwill and animpairment of $2 million had arisen in the year ended 31 March 2015. There were no other impairment chargesor items requiring reclassification. The holding in Niche was sold for $50 million on 31 March 2015 and thegain on sale in Kutchen’s financial statements is currently recorded in other components of equity. The carryingvalue of Niche’s identifiable net assets other than goodwill was $60 million at the date of sale. Kutchen hadcarried the investment in Niche at cost.4. Kutchenhas decided to restructure one of its business segments. The plan was agreed by the board of directorson 1 January 2015 and affects employees in two locations. In the first location, half of the factory units havebeen closed by 31 March 2015 and the affected employees’ pension benefits have been frozen. Any newemployees will not be eligible to join the defined benefit plan. After the restructuring, the present value of thedefined benefit obligation in this location is $8 million. The following table relates to location 1. Value before restructuring Location 1 –$m Present value of defined benefit obligation (10) Fair value of plan assets 7 Net pension liability (3) In the second location, all activities have been discontinued. It has been agreed that employees will receive apayment of $4 million in exchange for the pension liability of $2•4 million in the unfunded pension scheme.Kutchen estimates that the costs of the above restructuring excluding pension costs will be $6 million. Kutchenhas not accounted for the effects of the restructuring in its financial statements because it is planning a rightsissue and does not wish to depress the share price. Therefore there has been no formal announcement of therestructuring. The pension liability is shown in non-current liabilities. 5. Kutchen manufactures equipment for lease or sale. On 31 March 2015, Kutchen leased out equipment under a10-year finance lease. The selling price of the leased item was $50 million and the net present value of theminimum lease payments was $47 million. The carrying value of the leased asset was $40 million and thepresent value of the residual value of the product when it reverts back to Kutchen at the end of the lease term is$2•8 million. Kutchen has shown sales of $50 million and cost of sales of $40 million in its financial statements. 6. Kutchen has impairment tested its non-current assets. It was decided that a building located overseas wasimpaired because of major subsidence. The building was acquired on 1 April 2014 at a cost of 25 million dinarswhen the exchange was 2 dinars to the dollar. The building is carried at cost. At 31 March 2015, the recoverableamount of the building was deemed to be 17•5 million dinars. The exchange rate at 31 March 2015 is 2•5 dinars to the dolla r. Buildings are depreciated over 25 years. The tax base and carrying amounts of thenon-current assets before the impairment write down were identical.The impairment of the non-current assets is not allowable for tax purposes. Kutchen has not made anyimpairment or deferred tax adjustment for the above. Kutchen expects to make profits for the foreseeable futureand assume the tax rate is 25%. No other deferred tax effects are required to be taken into account other than on the above non-current assets. Required: （分数：50.01）(1).(a)Prepare the consolidated statement of financial position for the Kutchen Group as at 31 March 2015. (35 marks)（分数：16.67）_________________________________________________________________________________ _________正确答案：( Contingent consideration should be valued at fair value and will have to take into account the various milestones set underthe agreement. The expected value is (20% x 5 million shares) 1 million shares x $2, i.e. $2 million. There will be noremeasurement of the fair value in subsequent periods. If this were a liability, there would be remeasurement. The contingentconsideration will be shown in OCE. The fair value of the consideration is therefore 20 million shares at $2 plus $2 million(above), i.e. $42 million. The purchase should be accounted for as follows: Dr Investment in House $42 million Cr Ordinary share capital $20 million Cr Other components of equity $22 million The fair value of the NCI is 30% x 13 million x $4•20 =$16•38 million The fair value adjustment for land is $(48 –Share capital 13 –Retained earnings 18 –OCE 3)m, i.e. $14million. Working 2 Mach Net profit of Mach for the year to 31 March 2014 is $3•6 million. The P/E ratio (adjusted) is 19. Therefore the fair value ofMach is 19 x $3•6 million, i.e. $68•4 million. The NCI has a 20% holding; therefore the fair value of the NCI is $13•68 million. The land transferred as part of the purchase consideration should be valued at its acquisition date fair value of $5 million.Therefore the increase of $2 million over the carrying amount should be shown in retained earnings. The fair value adjustment for land is $13m (55 –Share capital 26 –Retained earnings 12 –OCE 4), i.e. $13 million. Total goodwill is therefore $(15•68 + 10•38) million, i.e. $26•06 million. Working 7 Finance lease Kutchen should have shown the lease receivable at the lower of the fair value of the asset and the present value of theminimum lease payments, i.e. $47 million. Therefore an adjustment of $3 million will have to be made to profit or loss andthe lease receivable. Similarly, the cost of transaction should have been $(40 –2•8) million, i.e. $37•2 million as the assetreverts back to Kutchen at the end of the lease. Therefore an adjustment should be made to profit or loss and lease recei vableof $2•8 million. Dr Profit or loss $3 million Cr Lease receivable $3 million Dr Lease receivable $2•8 million Cr Profit or loss $2•8 million (The net amount of $0•2 million could be adjusted in this case.) The finance lease receivable figure in the financial statements will be $(50 –3 + 2•8 + 14 + 8)m, i.e. $71•8 million Pensions After restructuring, the present value of the pension liability in location 1 is reduced to $8 million. Thus there will be anegative past service cost in this location of $(10 –8) million, i.e. $2 million. As regards location 2, there is a settlementand a curtailment as all liability will be extinguished by the payment of $4 million. Therefore there is a loss of $(2•4 –4) million, i.e. $1•6 million. The changes to the pension scheme in locations 1 and 2 will both affect profit or lossas follows: Location 1 Dr Pension obligation $2m Cr Retained earnings $2m Location 2 Dr Pension obligation $2•4m Dr Retained earnings $1•6m Cr Current liabilities $4m Even though there has been no formal announcement of the restructuring, Kutchen has started implementing it and therefore it must be accounted for under IAS 37 Provisions, Contingent Liabilities and Contingent Assets A provision of $6 million should also be made at the year end. Deferred taxation and impairment Carrying amount of building at 31 March 2015 $(25 –1 depreciation) million, i.e. 24 million dinars/2 = $12 million. Recoverable amount of building at 31 March 2015 17•5 million dinars/2•5 = $7 million. Impairment loss to profit or loss = $5 million. The tax base and carrying amount of the non-current assets are the same before the impairment charge. After the impairmentcharge, there will be a difference of $5 million. This will create a deferred tax asset of $5 million x 25%, i.e. $1•25 million.As Kutchen expects to make profits for the foreseeable future, this can be recognised in the financial statements. )(2).(b) When Kutchen acquired the majority shareholding in Mach, there was an option on the remaining non-controlling interest (NCI), which could be exercised at any time up to 31 December 2015. On 30 April 2015, Kutchenacquired the remaining NCI which related to the purchase of Mach. The payment for the NCI was structured sothat it contained a fixed initial payment and a series of contingent amounts payable over the following two years.The contingent payments were to be based on the future profits of Mach up to a maximum amount. Kutchen feltthat the fixed initial payment was an equity transaction. Additionally, Kutchen was unsure as to whether thecontingent payments were either equity, financial liabilities or contingent liabilities. After a board discussion which contained disagreement as to the accounting treatment, Kutchen is preparing todisclose the。

2015年6月ACCA考试《专业会计师》真题(总分：100，做题时间：120分钟)一、Section A – This ONE question is compulsory and MUST be attempted(总题数：1，分数：50.00)1.Lysus surgical supplies was founded 20 years ago by entrepreneur Simon Mara who has been the company’s chief executive since t he outset. Incorporated as a private company, Lysus began by importing small surgical devices such as syringes and bandages, and selling them to hospitals, clinics and medical facilities. But the company began to grow rapidly when Mr Mara realised the potential of a growing market in knee and hip joint replacements as the population in many countries was rapidly ageing due to the wider availability of more effective, low cost medicines.Fifteen years ago, he began to manufacture the surgical hip and knee joints used for most joint replacement surgery.As a company operating in the surgical supplies industry, Lysus has always been subject to regulation and must complete compliance reports every year to declare that it is using surgical grade materials for its manufacturing and also that it maintains the requisite level of hygiene in its processes. These reports are a legal compliance matter and must be signed by two directors. Lysus surgical supplies has been a private family (or ‘insider’) company throughout it s history. Owned jointly by Simon Mara, his wife and brother, Mr Mara owns 51% of the shares, his wife, 20% and his brother 29%. All three are directors of Lysus surgical supplies. As the company grew, they sought to employ members of the extended family as much as possible, partly to provide them with jobs and partly to ‘give a feeling of family’ in the company. It was often described as a ‘tight-knit’ culture with family members occupying the senior positions and with few appointments made from outside the company to important roles. When the company grew to a certain size, Mr Mara decided that he needed a qualified accountant on the board of directors to help with investment appraisals, costings, cash flow management, compliance issues and financial reporting. He eventually appointed Amy Tsang, a relatively inexperienced but ambitious person to the board. This was her first role as finance director. Simon Mara was known to be a strong and domineering person. Some former employees described him as a bully who was unable to discuss matters in a calm manner. He was described as quick to anger and capable of intimidating even his senior colleagues such that they would feel unable to challenge him at all. This was also the case with Amy Tsang, the new finance director. She found him overbearing and impossible to challenge. She always did as he asked,even when she felt uncomfortable with what she was being asked to do. When the joint replacement industry became more competitive, Mr Mara had the idea that he could reduce the company’s unit costs by switching some of the surgical-grade materials used in manufacture for a cheaper industrial grade instead. Such a switch would be undetectable to the surgeons using the artificial joints but did increase the risk of fracture and deterioration once the replacement joints were used in a patient. Mr Mara asked Amy Tsang, as an accountant and finance director, to produce detailed costing calculations for the switch and to forecast how this change would affect profits. She also calculated the costs of retooling the factory to allow the industrial grade material to be used. Later, on Mr Mara’s instruction, she approved the investment and oversaw the changes in manufacturing and the purchasing processes, in the full knowledge that such changes were both illegal and unethical. Mr Mara assumed that because many of the senior employees were family members, and that he could control Amy Tsang,that the switch toindustrial grade material would go undetected. The problem came to the public attention some time later when joints made from the inferior material began to deteriorate and immobilise previously mobile patients. The industrial grade material used in the joints often caused infection in patients and some vulnerable patients died of the effects of the product failure. John Qua was the investigative journalist who brought the problems at Lysus to national attention. He thought that the problems arose as a result of a probity risk and that the probity or integrity failure was on the part of Mr Mara and Amy Tsang. Mr Qua’s mother had received a Lysus hip joint and subsequently experienced a great deal of pain and distress when the joint deteriorated, producing some unfortunate side effects including blood poisoning. Although his mother was able to have the joint safely removed and replaced by a better quality artificial joint, John Qua researched further and found other patients who had not been so fortunate. It was John Qua’s investigations into Lysus which alerted the regulatory authorities to the use of the inferior materials in the joints. It soon emerged that the cause of the increased failure of the implants was the use of the inferior industrial-grade material. When the regulator responsible for the safety of surgical supplies disc overed, thanks to John Qua’s research, why the joints degraded, they investigated the use of the inferior materials. The legal officers investigating the case noted that two directors had signed the most recent compliance reports, certifying that the company was fully compliant with material usage and quality standards. These were Simon Mara and Amy Tsang. John Qua was angry with Lysus surgical supplies, because of how his mother and others had suffered. He was particularly angry with Simon Mara and Amy Tsang. As a business journalist, he often wrote articles on the behaviour and performance of listed companies. He became convinced that it was in the public interest for producers of surgical supplies, such as Lysus, to be subject to the regulatory requirements of listed companies. In a published article, he wrote: …whenever I look at company failures such as that at Lysus, I become increasingly convinced that robust ways of embedding risk awareness and risk management are essential in all companies and not just in listed companies. It was the fact that Mr Mara could get away with his offences that is most worrying. He bullied a young accountant,Miss Tsang, into highly unprofessional behaviour, and without the systems in place to enable the offence to be challenged internally, he initially got away with it. Had a whistleblowing system been in place, or a separation of roles at the head of the company, Mr Mara could not have done this terrible thing. Someone would have challenged him and told him not to be so unethical and arrogant. The result is that, with such a high impact business risk having been realised, innocent people working for Lysus may lose their jobs whilst patients may have to suffer the effects of this for many years. Once the case came to the public attention, Mr Mara was arrested and prosecuted for the illegal sale of non-compliant surgical materials. Amy Tsang was also prosecuted and then investigated by her professional accounting body. After an appeal, she was ‘struck off’, thereby preventing her from working as an accountant in the future. The company itself was wound up after sales declined, and all 130 employees lost their jobs. Patients continue to suffer the effects of the defective joint replacements and will do for several years into the future. Required:（分数：50.00）(1).(a) Distinguish between the governance of a family-owned company like Lysus anda publicly listed company,and explain how Mr Mara may not have committed the offences he did if Lysus had been a publicly listed company. (10 marks)（分数：12.50）_________________________________________________________________________________ _________正确答案：(Family and listed companies A family business, when incorporated as a company, is an example of a private limited company. This means that the shares are privately held and are not available for members of the investing public to buy and sell. This is in contrast to a public company, which is listed on a stock exchange and in which members of the public, including private and institutional shareholders, can purchase or sell shares. Being a public listed or public limited company carries a number of requirements,imposed either by statute or the stock exchange, which do not apply to private companies. These requirements include compliance with a number of corporate governance provisions which include the adoption of certain governance structures,adherence with internal control and internal audit standards, and the external reporting of some types of information. A private limited company, in contrast, must comply with company law and tax regulations, but is not subject to listing rules. Mr Mara’s behaviour was highly unethical and also illegal, given the regulatory regime controlling surgical supplies in the country in which he was based. His abuse of his office as CEO of Lysus was made possible by a number of failures, linked in part to the nature and culture of the company. The first such factor was the ‘tight-knit’ family culture which enabled the decision to be made and then go unchallenged among the senior management including his wife, brother and Amy Tsang. The unwillingness to appoint from outside meant that senior members of the company became familiar with Mr Mara’s management style and may, over time, have come to consider his behaviour as ‘normal’. The fact that Mr Mara was such a domineering figure may have become accepted rather than challenged by other directors, partly because of family ties and their prior knowledge of his character and management style. The fact that the company was family-dominated may have made it difficult for others to confront Mr Mara about his style as such an approach may have negatively affected family relationships. Being a family or ‘insider’ dominated business meant that the company did not have any external shareholders. This means that there was no need to account to public shareholders for either the performance of the company or its postures on such issues as ethics. External scrutiny of board performance was not present and Mr Mara was therefore not subject to questioning from anybody outside of the company who might have had a different view on his management than the other members of the company. Because it was not a listed company, there was no regulatory necessity for Lysus to employ governance structures and systems capable of detecting and challenging his irregular behaviour. Had Lysus had, for example, an internal control system which included a control over inbound materials or product design, the replacement of the surgical-grade material with industrial-grade would have been detected and an alert raised as it would have not have been in compliance with the regulations on surgical supplies. Likewise, a formal internal audit system would have been capable of investigating any regulatory non-compliance. This could have then been reported in internal reports and, if deemed necessary, to external authorities. A criticism common to many family-controlled companies is the lack of external expertise in the form of an effective non-executive presence. Although some companies employ non-executive directors (NEDs) on a voluntary and ‘best practice’basis, the private company status of Lysus usually means that there is no regulatory requirement to do so. The purposes of NEDs in a listed company are to represent the strategic interests of shareholders and to populate the main board committees.These committees, in turn, provide a level of assurance to shareholders of probity, transparency and robustness.)(2).(b) Criticise Amy Tsang’s behaviour as the finance director and a qualified。

2015年6月ACCA考试《财务报告（International）》真题(总分：100.00，做题时间：180分钟)一、Section A – ALL 20 questions are compulsory and MUST be attempted (总题数：20，分数：40.00)1.Faithful representation is a fundamental characteristic of useful information within the IASB’s Conceptual framework for financial reporting. Which of the following accounting treatments correctly applies the principle of faithful representation?（分数：2.00）A.Reporting a transaction based on its legal status rather than its economic substanceB.Excluding a subsidiary from consolidation because its activities are not compatible with those of the rest of the groupC.Recording the whole of the net proceeds from the issue of a loan note which is potentially convertible to equity shares as debt (liability)D.Allocating part of the sales proceeds of a motor vehicle to interest received even though it was sold with 0%(interest free) finance √解析：The substance is that there is no ‘free’ finance; its cost, as such, is built into the selling price.2.Which of the following statements relating to intangible assets is true? （分数：2.00）A.All intangible assets must be carried at amortised cost or at an impaired amount; they cannot be revaluedupwardsB.The development of a new process which is notexpected to increase sales revenues may still be recognised asan intangible asset √C.Expenditure on the prototype of a new engine cannot be classified as an intangible asset because the prototypehas been assembled and has physical substanceD.Impairment losses for a cash generating unit are first applied to goodwill and then to other intangible assets beforebeing applied to tangible assets解析：A new process may produce benefits (and therefore be recognised as an asset) other than increased revenues, e.g. it may reduce costs. 3.Each of the following events occurred after the reporting date of 31 March 2015, but before the financial statementswere authorised for issue.Which would be treated as a NON-adjusting event under IAS 10 Events After the Reporting Period?（分数：2.00）A.A public announcement in April 2015 of a formal plan to discontinue an operation which had been approved bythe board in February 2015 √B.The settlement of an insurance claim for a loss sustained in December 2014C.Evidence that $20,000 of goods which were listed as part of the inventory in the statement of financial positionas at 31 March 2015 had been stolenD.A sale of goods in April 2015 which had been held in inventory at 31 March 2015. The sale was made at aprice below its carrying amount at 31 March 2015解析：A board decision to discontinue an operation does not create a liability. A provision can only be made on the announcement of a formal plan (as it then raises a valid expectation that the discontinuance will be carried out). As this announcement occurs during the year ended 31 March 2016, this a non-adjusting event for the year ended 31 March 2015. 4.Metric owns an item of plant which has a carrying amount of $248,000 as at 1 April 2014. It is being depreciatedat 12?% per annum on a reducing balance basis. The plant is used to manufacture a specific product which has been suffering a slow decline in sales. Metric hasestimated that the plant will be retired from use on 31 March 2017. The estimated net cash flows from the use ofthe plant and their present values are: On 1 April 2015, Metric had an alternative offer from a rival to purchase the plant for $200,000. At what value should the plant appear in Metric’s statement of financial position as at 31 March 2015?（分数：2.00）A.$248,000B.$217,000C.$214,600 √D.$200,000解析：Is the lower of its carrying amount ($217,000) and recoverable amount ($214,600) at 31 March 2015. Recoverable amount is the higher of value in use ($214,600) and fair value less (any) costs of disposal ($200,000)). Carrying amount = $217,000 (248,000 – (248,000 x 12·5%)) Value in use is based on present values = $214,6005.Pact acquired 80% of the equity shares of Sact on 1 July 2014, paying $3·00 for each share acquired. Thisrepresented a premium of 20% over the market price of Sact’s shares at that date.Sact’s shareholders’funds (equity) as at 31 March 2015 were: The only fair value adjustment required to Sact’s net assets on consolidation was a $20,000 increase in the value of its land. Pact’s policy is to value non-controlling interests at fair value at the date of acquisition. For this purpose the marketprice of Sact’s shares at that date can be deemed to be representative of the fair value of the shares held by the non-controlling interest. What would be the carrying amount of the non-controlling interest of Sact in the consolidated statement offinancial position of Pact as at 31 March 2015? （分数：2.00）A.$54,000B.$50,000C.$56,000 √D.$58,000解析：Market price of Sact’s shares at acquisition was $2·50 (3·00 –(3·00 x 20/120)), therefore NCI at acq was $50,000 (100,000x 20% x $2·50). NCI share of the post-acq profit is $6,000 (40,000 x 9/12 x 20%). Therefore non-controlling interest as at 31 March 2015 is $56,000.6.The IASB’s Conceptual framework for financial reporting defines recognition as the process of incorporating in the financial statements an item which meets the definition of an element and satisfies certain criteria. Which of the following elements should be recognised in the financial statements of an entity in the mannerdescribed?（分数：2.00）A.As a non-current liability: a provision for possible hurricane damage to property for a company located in an area which experiences a high incidence of hurricanesB.In equity: irredeemable preference shares √C.As a trade receivable: an amount of $10,000 due from a customer which has been sold (factored) to a financecompany with no recourse to the sellerD.In revenue: the whole of the proceeds from the sale of an item of manufactured plant which has to be maintainedby the seller for three years as part of the sale agreement。

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。

acca考试题及答案ACCA考试题及答案1. 财务报表分析中，哪些因素会影响企业的流动比率？A. 存货水平B. 应收账款周转率C. 应付账款周转率D. 长期债务水平答案：A、B、C2. 在ACCA考试中，以下哪项不是现金流量表的主要部分？A. 经营活动现金流B. 投资活动现金流C. 筹资活动现金流D. 利润表答案：D3. 根据国际财务报告准则(IFRS)，以下哪项不是资产减值测试的步骤？A. 识别资产是否存在减值迹象B. 计算资产的可收回金额C. 比较资产的账面价值和可收回金额D. 将资产的账面价值增加到其公允价值答案：D4. 在ACCA考试中，以下哪项不是企业合并时的会计处理方法？A. 购买法B. 权益结合法C. 合并法D. 分割法答案：D5. 根据ACCA考试内容，以下哪项不是影响企业资本结构决策的因素？A. 税收影响B. 经营风险C. 财务风险D. 市场利率答案：D6. 在ACCA考试中，以下哪项不是企业进行财务规划时需要考虑的方面？A. 资本预算B. 营运资金管理C. 股利政策D. 产品定价策略答案：D7. 根据ACCA考试内容，以下哪项不是企业进行风险管理时常用的工具？A. 风险矩阵B. 敏感性分析C. 决策树D. 盈亏平衡分析答案：D8. 在ACCA考试中，以下哪项不是企业进行国际税务规划时需要考虑的因素？A. 跨国税收协定B. 转移定价C. 税收抵免D. 国内税收法规答案：D9. 根据ACCA考试内容，以下哪项不是企业进行环境、社会与治理(ESG)报告的目的？A. 提高企业透明度B. 增强投资者信心C. 促进企业社会责任D. 增加企业利润答案：D10. 在ACCA考试中，以下哪项不是企业进行内部控制时需要关注的领域？A. 财务报告的准确性B. 资产的保护C. 遵守法律法规D. 产品创新答案：D。

2015年6月ACCA考试《税务》真题(总分：100，做题时间：180分钟)一、SUPPLEMENTARY INSTRUCTIONS (总题数：1，分数：0.00)二、Section A – ALL 15 questions are compulsory and MUST be attempted (总题数：15，分数：30.00)1.Chan died on 8 December 2014, having made a lifetime cash gift of ￡500,000 to a trust on 16 October 2013. Chan paid the inheritance tax arising from this gift. Who will be responsible for paying the additional inheritance tax arising from the gift made to the trust as a result of Chan’s death, and when will this be due?（分数：2.00）A.The trustees on 30 June 2015 √B.The personal representatives of Chan’s estate on 8 June 2015C.The personal representatives of Chan’s estate on 30 June 2015D.The trustees on 8 June 2015解析：2.Violet Ltd provides one of its directors with a company motor car which is used for both business and private mileage.For the quarter ended 31 March 2015, the total cost of petrol for the car was ￡600, of which 30% was for private use by the director. The relevant quarterly scale charge is ￡408. Both these figures are inclusive of value added tax (VAT). What output VAT and input VAT entries will Violet Ltd include on its VAT return for the quarter ended 31 March 2015 in respect of the company motor car?（分数：2.00）A.Output VAT of ￡68 and input VAT of ￡70B.Output VAT of Nil and input VAT of ￡70C.Output VAT of Nil and input VAT of ￡100D.Output VAT of ￡68 and input VAT of ￡100 √解析：Output VAT 408 x 20/120 = ￡68 Input VAT 600 x 20/120 = ￡1003.For the tax year 2014–15, Nog has a chargeable gain of ￡23,700 and a capital loss of ￡10,400. She has unused capital losses of ￡6,100 brought forward from the tax year 2013–14. What amount of capital losses can Nog carry forward to the tax year 2015–16? （分数：2.00）A.￡3,800 √B.NilC.￡6,100D.￡2,300解析：6,100 – (23,700 – 10,400 – 11,000) = ￡3,8004.For the year ended 30 November 2014, Mixiness Ltd has taxable total profits of ￡1,380,000 and franked investment income (FII) of ￡240,000. Mixiness Ltd does not have any associated companies. What is Mixiness Ltd’s corporation tax liab ility for the year ended 30 November 2014?（分数：2.00）A.￡351,000B.￡299,000 √C.￡308,200D.￡289,800解析：5.Which of the following statements correctly explains the difference between tax evasion and tax avoidance?（分数：2.00）A.Both tax evasion and tax avoidance are illegal, but tax evasion involves providing HM Revenue and Customs with deliberately false informationB.Tax evasion is illegal, whereas tax avoidance involves the minimisation of tax liabilities by the use of any lawful means √C.Both tax evasion and tax avoidance are illegal, but tax avoidance involves providing HM Revenue and Customs with deliberately false informationD.Tax avoidance is illegal, whereas tax evasion involves the minimisation of tax liabilities by the use of any lawful means解析：6.Quinn will not make the balancing payment in respect of her tax liability for the tax year 2013–14 until 17 October 2015. What is the total percentage of penalty which Quinn will be charged by HM Revenue and Customs (HMRC) in respect of the late balancing payment for the tax year 2013–14?（分数：2.00）A.15%B.10% √C.5%D.30%解析：7.Which classes of national insurance contribution is an employer responsible for paying? （分数：2.00）A.Both class 2 and class 4B.Class 1 onlyC.Both class 1 and class 1A √D.Class 2 only解析：8.Alice is in business as a sole trader. On 13 May 2014, she sold a freehold warehouse for ￡184,000, and this resulted in a chargeable gain of ￡38,600. Alice purchased a replacement freehold warehouse on 20 May 2014 for ￡143,000.Where possible, Alice always makes a claim to roll over gains against the cost of replacement assets. Both buildings have been, or will be, used for business purposes by Alice. What is the base cost of the replacement warehouse for capital gains tax purposes?（分数：2.00）A.￡181,600B.￡104,400C.￡143,000 √D.￡102,000解析：(184,000 – 143,000) > 38,600 The base cost is the actual cost of ￡143,000. There is no rollover relief because the proceeds not reinvested are greater than the chargeable gain.9.For the tax year 2013–14, Willard filed a paper self-assessment tax return on 10 August 2014. What is the deadline for Willard to make an amendment to his tax return for the tax year 2013–14, and by what date will HM Revenue and Customs (HMRC) have to notify Willard if they intend to carry out a compliance check into this return? Amendment Compliance check （分数：2.00）A.10 August 2015 31 January 2016B.10 August 2015 10 August 2015C.31 January 2016 10 August 2015 √D.31 January 2016 31 January 2016解析：10.For the tax year 2014–15, Chi has a salary of ￡53,000. She received child benefit of ￡1,771 during this tax year. What is Chi’s child benefit income tax charge for the tax year 2014–15?（分数：2.00）A.￡1,771B.NilC.￡1,240D.￡531 √解析：1,771 x 30% ((53,000 – 50,000)/100) = ￡53111.Samuel is planning to leave the UK to live overseas, having always previously been resident in the UK. He will not automatically be treated as either resident in the UK or not resident in the UK. Samuel has several ties with the UK and will need to visit the UK for 60 days each tax year. However, he wants to be not resident after he leaves the UK. For the first two tax years after leaving the UK, what is the maximum number of ties。

2015年6月ACCA考试《高级审计与认证业务（International）》真题(总分：100，做题时间：180分钟)一、Section A – BOTH questions are compulsory and MUST be attempted(总题数：2，分数：60.00)1.You are a manager in the audit department of Craggy & Co, a firm of Chartered Certified Accountants, and you have just been assigned to the audit of Ted Co, a new audit client of your firm, with a financial year ended 31 May 2015.Ted Co, a newly listed company, is a computer games designer and developer, and has grown rapidly in the last few years. The audit engagement partner, Jack Hackett, has sent you the following email: Notes from meeting with Len Brennan Ted Co was formed ten years ago by Dougal Doyle, a graduate in multimedia computing. The company designs,develops and publishes computer games including many highly successful games which have won industry awards.In the last two years the company invested $100m in creating games designed to appeal to a broad, global audience and sales are now made in over 60 countries. The software used in the computer games is developed in this country,but the manufacture of the physical product takes place overseas. Computer games are largely sold through retail outlets, but approximately 25% of Ted Co’s revenue is generated through sales made on the company’s website. In some countries Ted Co’s products are distributed under licences which give the licence holder the exclusive right to sell the products in that country. The cost of each licence to the distributor depends on the estimated sales in the country to which it relates, and licences last for an average of five years. The income which Ted Co receives from the sale of a licence is deferred over the period of the licence. At 31 May 2015 the total amount of deferred income recognised in Ted Co’s statement of financial position is $18 million. As part of a five-year strategic plan, Ted Co obtained a stock market listing in December 2014. The listing and related share issue raised a significant amount of finance, and many shares are held by institutional investors. Dougal Doyle retains a 20% equity shareholding, and a further 10% of the company’s shares are held by his family members. Despite being listed, the company does not have an internal audit department, and there is only one non-executive director on the board. The se problems, which Ted Co’s management is hoping to resolve in the next few months, are explained in the company’s annual report, as required by the applicable corporate governance code. Recently, a small treasury management function was established to man age the company’s foreign currency transactions, which include forward exchange currency contracts. The treasury management function also deals with short-term investments. In January 2015, cash of $8 million was invested in a portfolio of equity shares held in listed companies, which is to be held in the short term as a speculative investment. The shares are recognised as a financial asset at cost of $8 million in the draft statement of financial position. The fair value of the shares at 31 May 2015 is $6 million. As a listed company, Ted Co is required to disclose its earnings per share figure. Dougal Doyle would like this to be based on an adjusted earnings figure which does not include depreciation or amortisation expenses. The previous auditors of Ted Co, a small firm called Crilly & Co, resigned in September 2014. The audit opinion on the financial statements for the year ended 31 May 2014 was unmodified. Extract of draft financial statements and results of preliminary analytical review Statement of profit or loss(extract) Required: Respond to the email from the audit partner. (31 marks) Note: The split of the mark allocation is shown in the partner’s email. Professional marks will be awarded for the presentation, clarity of explanations and logical flow of the briefing notes. (4 marks)（分数：35.00）_________________________________________________________________________________ _________正确答案：(Briefing notes To: Jack Hackett, audit partner From: Audit manager Regarding: Audit planning of Ted Co Introduction These briefing notes are prepared for the use of the audit team in planning the audit of Ted Co, our firm’s new audit client which develops and publishes computer games. The briefing notes discuss the planning matters in respect of this being an initial audit engagement; evaluate the audit risks to be considered in planning the audit; and recommend audit procedures in respect of short-term investments and the earnings per share figure disclosed in the draft financial statements. (a)In an initial audit engagement there are several factors which should be considered in addition to the planning procedures which are carried out for every audit. ISA 300 Planning an Audit of Financial Statements provides guidance in this area. ISA 300 suggests that unless prohibited by laws or regulation, arrangements should be made with the predecessor auditor,for example, to review their working papers. Therefore communication should be made with Crilly & Co to request access to their working papers for the financial year ende d 31 May 2014. The review of the previous year’s working papers would help Craggy & Co in planning the audit, for example, it may highlight matters pertinent to the audit of opening balances or an assessment of the appropriateness of Ted Co’s accountingpo licies. It will also be important to consider whether any previous years’ audit reports were modified, and if so, the reason for the modification. As part of the client acceptance process, professional clearance should have been sought from Crilly & Co. Any matters which were brought to our firm’s attention when professional clearance was obtained should be considered for their potential impact on the audit strategy. There should also be consideration of the matters which were discussed with Ted Co’s manage ment in connection with the appointment of Craggy & Co as auditors. For example, there may have been discussion of significant accounting policies which may impact on the planned audit strategy. Particular care should be taken in planning the audit procedures necessary to obtain sufficient appropriate audit evidence regarding opening balances, and procedures should be planned in accordance with ISA 510 Initial Audit Engagements – Opening Balances. For example, procedures should be performed to determine whether the opening balances reflect the application of appropriate accounting policies and determining whether the prior period’s closing balances have been correctly brought forward into the current period. With an initial audit engagement it is particularly important to develop an understanding of the business, including the legal and regulatory framework applicable to the company. This understanding must be fully documented and will help the audit team to perform effective analytical review procedures and to develop an appropriate audit strategy. Obtaining knowledge of the business will also help to identify whether it will be necessary to plan for the use of auditors’ experts. Craggy & Co may have quality control procedures in place for use in the case of initial engagements, for example, the involvement of another partner or senior individual to review the overall audit strategy prior to commencing significant audit procedures. Compliance with any such procedures should be fully documented. Given that this is a new audit client, that it is newly listed, and because of other risk factors to be discussed in the next part of these briefing notes, whendeveloping the audit strategy consideration should be given to using an experienced audit team in order to reduce detection risk. (b)Management bias The first audit risk identified relates to Ted Co becoming a listed entity during the year. This creates an inherent risk at the financial statement level and is caused by the potential for management bias. Management will want to show good results to the new shareholders of the company, in particular the institutional shareholders, and therefore there is an incentive for the overstatement of revenue and profit. The analytical review shows a significant increase in pro fit before tax of 48•1%,indicating potential overstatement. There is a related risk of overstatement due to Dougal Doyle and his family members retaining a 30% equity interest in Ted Co, which is an incentive for inflated profit so that a high level of dividend can be paid. It appears that governance structures are not strong, for example, there are too few non-executive directors, and therefore Dougal Doyle is in a position to be able to dominate the board and to influence the preparation of the financial statements.This increases the risk of material misstatement due to management bias. There is also a risk that management lacks knowledge of the reporting requirements specific to listed entities, for example, in relation to the calculation and disclosure of earnings per share which is discussed later in these briefing notes. E-commerce With 25% of revenue generated through the company’s website, this represents a significant revenue stream, and the income generated through e-commerce is material to the financial statements. E-commerce gives rise to a number of different audit risks, including but not limited to the following. For the auditor, e-commerce can give rise to detection risk, largely due to the paperless nature of the transactions and the fact there is likely to be a limited audit trail, making it difficult to obtain audit evidence. For the same reason, control risk is increased, as it can be hard to maintain robust controls unless they are embedded into the software which records the transaction. The auditor may find it difficult to perform tests on the controls of the system unless audit software is used, as there will be few manual controls to evaluate. A risk also arises in terms of the recognition of sales revenue, in particular cut-off can be a problem where sales are made online as it can be difficult to determine the exact point at which the revenue recognition criteria of IAS 18 Revenue have been met. Hence, over or understatement of revenue is a potential risk to be considered when planning the audit. Ted Co also faces risks relating to the security of the system, for example, risks relating to unauthorised access to the system,and there is an increased risk of fraud. All of these risks mean that there is high audit risk in relation to the revenue generated from the company’s website. Licence income The licence income which is deferred in the statement of financial position represents 13•4% of total assets and is therefore material. There is a risk that the accounting treatment is not appropriate, and there are two separate risks which need to be considered.First, it may be the case that the revenue from the sale of a licence should not be deferred at all. The revenue recognition criteria of IAS 18 need to be applied to the transaction, and if, for example, it were found that Ted Co has no ntinuing management involvement and that all risk and reward had been transferred to the buyer, then the revenue should be recognised immediately and not deferred. This would mean a significant understatement of revenue and profit. Second, if it is appropriate that the revenue is deferred, for example, if Ted Co does retain managerial involvement and has retained the risk and reward in relation to the licence arrangement, then the period over which the revenue is recognised could be inappropriate, resulting in over or understated revenue in the accounting period. Foreign exchange transactions Ted Co’s products sell in over 60 countries and the products are manufactured overseas, so the。

2015年ACCA考试《F7财务报告》复习重点（1）本文由高顿ACCA整理发布，转载请注明出处I. The accounting problemBefore IAS37 provisions were recognized on the basis of prudence，little guidance was given on when a provision should be recognized and how it should be measured. This gave rise to inconsistencies，and also allowed profits to be manipulated.Some problems are noted below：(a) Provisions could be recognized on the basis of management intentions，rather than on any obligation to be entity;(b) Several items could be combined into one large provision. There were known as ‘big bath’ provisions;(c) A provision could be created for one purpose and then used for another;(d) Poor disclosure made it difficult to assess the effect of provisions on reported profits. In particular，provisions could be created when profits were high and released when profits were low in order to smooth profits.(1) DefinitionsIAS 37 views a provision as a liability.A provision is a liability of uncertainty timing or amount;A liability is an obligation of an enterprise to transfer economic benefits as a result of past transactions or events.昨天今天明天Provision must be based on obligations，not management intentions.(2) Under IAS37，a provision should be recognized：a. When an enterprise has a present obligation;b. It is probable that a transfer of economic benefits will be required to settle it;c. A reliable estimate can be made of its amount; if a reasonable estimate cannot be made，then the nature of the provision and the uncertainties relating to the amount and timing of the cash flows should be disclosed.A provision is made for something which will probably happen. It should be recognized when it is probable that a transfer of economic events will take place and when its amount can be estimated reliably.(3) Contingent liabilitiesDefinitionThe Standard defines a contingent liability as：(a) A possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the enterprise; or(b) A present obligation that arises from past events but is not recognized because：(i) It is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or(ii) The amount of the obligation cannot be measured with sufficient reliability.As a rule of thumb，probable means more than 50% likely. If an obligation is probable，it is not a contingent liability – instead，a provision is needed.Treatment of contingent liabilitiesContingent liabilities should not be recognized in financial statements but they should be disclosed. The required disclosures are：(a) A brief description of the nature of the contingent liability;(b) An estimate of its financial effect;(c) An indication of the uncertainties that exist;(d) The possibility of any reimbursement;(4) Contingent assetsDefinitionA possible asset that arises from the past events whose existence will be confirmed by the occurrence of one or more uncertain future events not wholly within the enterprise’s control.A contingent asset must not be recognized. Only when the realization of the related economic benefits is virtually certain should recognition take place. At that point，the asset is no longer a contingent asset.Disclosure：contingent assetsContingent assets must only be disclosed in the notes if they are probable. In that case a brief description of the contingent asset should be provided along with an estimate of its likely financial effect.更多ACCA资讯请关注高顿ACCA官网：。

ACCA英国注册会计师（F4）Chapter 7题库大全姓名:_____________ 年级:____________ 学号:______________1、What is the hourly payment method being described?Payment method Basic rate Overtime premium Overtime paymentThis is the amount paid above the basic rate for hoursworked in excess of the normal hours.This is the total amount paid per hour for hours workedin excess of the normal hours.This is the amount paid per hour for normal hours worked.答案解析：Payment methodBasic rate Overtime premium Overtime paymentThis is the amount paid above the basic 对rate for hoursworked in excess of the normal hours.This is the total amount paid per hour for 对hours worked in excess of the normal hours.This is the amount paid per hour for normal hours worked 对.2、Which remuneration method is being described?Payment methodTime-rate Piecework Piece-rate plus bonusLabour is paid based solely on the production achieved.Labour is paid extra if an agreed level of output is exceeded.Labour is paid according to hours worked.答案解析：Payment method Time-ratePiecework Piece-rate plus bonusLabour is paid based solely on the production 对achieved.Labour is paid extra if an agreed level of output is 对exceeded.Labour is paid according to hours worked. 对3、Which TWO of the following labour records may be used to allocate costs to the variouscost units in a factory?AEmployee record cardBAttendance record cardCTimesheetDJob card答案解析：A timesheet and a job card are used to allocate labour costs to cost units. An attendance record card is used for payroll purposes and an employee record card details all of the information relating to an employee.4、 In tort no previous transaction or contractual relationship need exist.ATrueBFalse答案解析：True. No transaction or relationship is needed.5、Ann got trapped in a public toilet due to the lock being faulty. Rather than wait for help, she tried to climb out of the window but fell and broke her leg.Which of the following is this an example of?ARes ipsa loquiturBVolenti non fit injuriaCNovus actus interveniensDContributory negligence答案解析：Ann contributed to her injury by her actions.6、 In relation to the tort of negligence, which of the following describes the standard of care expected of individuals?AWhat can be reasonably expected of them personally in the circumstancesBWhat a reasonable person would do in the circumstancesCWhat the person is actually capable of in the circumstancesDWhat it is actually possible to do in the circumstances答案解析：The standard of care is what a reasonable person would do in the circumstances.7、What is the effect of volenti non fit injuria in the law of tort?AIt is a complete defence to an action in negligenceBIt reduces the amount of damages that a defendant is liable forCIt reverses the burden of proof so that the defendant must prove that they were not negligent答案解析：Volenti non fit injuria is a complete defence to an action in negligence. The defendant is not liable because the claimant voluntarily accepted the risk of injury or loss. Contributory negligence reduces the amount of damages that a defendant must pay. Res ipsa loquitur reverses the burden of proof.8、In negligence, what is the limit of a defendant’s liability for damages?AThe full losses incurred by the claimantBThe losses that the defendant could reasonably foreseeCThe amount of losses that the defendant can afford to pay答案解析：A claimant is only liable for the losses that they could reasonably foresee and this may mean that the defendant does not receive damages in respect of all the losses suffered.9、 Which of the following parties are owed a duty of care by an accountant in respect of accounts that they have produced?AThe client onlyBThe client and any person relying on the accountsCThe client and any person that the accountant knows will rely on the accountsDThe client and to the public at large答案解析：An accountant owes a duty of care to those they have a special relationship with. This includes the client that the accounts were prepared for, but also to anyone who the accountant knows will rely on the accounts.10、材料全屏Roger regularly takes part in a sport that involves fighting with wooden sticks. He has been successful in many fights but recently took part in one in which he lost to Jack. The fight took place under the necessary safety regulations and was stopped before Roger was hurt too badly. However, soon after the fight, it was clear that he had received severe brain damage and he now has difficulty talking.Lulu used a public toilet at her local train station. Unfortunately the lock was defective and she was stuck inside. In a hurry to escape, she attempted to climb out of the window (despite a warning notice not to do so) and fell to the ground outside, injuring her head.34【论述题】Identify the elements that a claimant must prove to be owed a duty of care in a negligence claim答案解析：To establish a duty of care, a claimant must prove that the harm was reasonably foreseeable, there was a relationship of proximity between the parties and it is fair, just and reasonable to impose a duty of care.11、12、State whether the fight organiser has any defence to a negligence claim by Rodger答案解析：Volenti non fit injuria is the voluntary acceptance of the risk of injury and is a defence to a claim of negligence. It applies where the claimant expressly consented to the risk (such as on waiver forms signed by those taking part in dangerous sports), or it may be implied by their conduct.Whilst it is not clear that Roger expressly agreed to the risk, it is reasonable for him to expect it. Roger has taken part in many fights, so he cannot argue that he was not aware of the risk – therefore the organisers are likely to be exonerated from any liability under negligence for the injuries caused to Roger.13、State whether the train station has any defence to a negligence claim by Lulu答案解析：Contributory negligence does not exonerate the defendant from their negligence completely, but their liability to pay compensation may be reduced by the courts if the injured party is proved to have contributed to the loss they suffered in some way. In the case of Sayers v Harlow UDC 1958, a lady was injured while trying to climb out of a public toilet cubicle which had a defective lock. The court held that she had contributed to her injuries by the method by which she had tried to climb out.This case is almost iden tical to Lulu’s so it is expected that the train station may use this defence and the courts will reduce damages awarded to Lulu on a percentage basis that is just and reasonable. This is typically in the range of 10% to 75%, however it is possible to reduce the claim by up to 100%.14、The ‘neighbour’ principle was established by the landmark caseACaparo v Dickman 1990BAnns v Merton London Borough Council 1977CDonoghue v Stevenson 1932DThe Wagon Mound 1961。