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(a) An assistant of yours has been criticised over a piece of assessed work that he produced for his study course for giving the definition of a non-current asset as ‘a physical asset of substantial cost, owned by the company, which will last longer than one year’.
Required:
Provide an explanation to your assistant of the weaknesses in his definition of non-current assets when
compared to the International Accounting Standards Board’s (IASB) view of assets. (4 marks)
(b) The same assistant has encountered the following matters during the preparation of the draft financial statements of Darby for the year ending 30 September 2009. He has given an explanation of his treatment of them.
(i) Darby spent $200,000 sending its staff on training courses during the year. This has already led to an
improvement in the company’s efficiency and resulted in cost savings. The organiser of the course has stated that the benefits from the training should last for a minimum of four years. The assistant has therefore treated the cost of the training as an intangible asset and charged six months’ amortisation based on the average date during the year on which the training courses were completed. (3 marks)
(ii) During the year the company started research work with a view to the eventual development of a new
processor chip. By 30 September 2009 it had spent $1·6 million on this project. Darby has a past history
of being particularly successful in bringing similar projects to a profitable conclusion. As a consequence the
assistant has treated the expenditure to date on this project as an asset in the statement of financial position.
Darby was also commissioned by a customer to research and, if feasible, produce a computer system to
install in motor vehicles that can automatically stop the vehicle if it is about to be involved in a collision. At
30 September 2009, Darby had spent $2·4 million on this project, but at this date it was uncertain as to
whether the project would be successful. As a consequence the assistant has treated the $2·4 million as an
expense in the income statement. (4 marks)
(iii) Darby signed a contract (for an initial three years) in August 2009 with a company called Media Today to
install a satellite dish and cabling system to a newly built group of residential apartments. Media Today will
provide telephone and television services to the residents of the apartments via the satellite system and pay
Darby $50,000 per annum commencing in December 2009. Work on the installation commenced on
1 September 2009 and the expenditure to 30 September 2009 was $58,000. The installation is expected
to be completed by 31 October 2009. Previous experience with similar contracts indicates that Darby will
make a total profit of $40,000 over the three years on this initial contract. The assistant correctly recorded
the costs to 30 September 2009 of $58,000 as a non-current asset, but then wrote this amount down to
$40,000 (the expected total profit) because he believed the asset to be impaired.
The contract is not a finance lease. Ignore discounting. (4 marks)
Required:
For each of the above items (i) to (iii) comment on the assistant’s treatment of them in the financial
statements for the year ended 30 September 2009 and advise him how they should be treated under
International Financial Reporting Standards.
Note: the mark allocation is shown against each of the three items above.
参考答案
更多 “ (a) An assistant of yours has been criticised over a piece of assessed work that he produced for his study course for giving the definition of a non-current asset as ‘a physical asset of substantial cost, owned by the company, which will last longer than one year’.Required:Provide an explanation to your assistant of the weaknesses in his definition of non-current assets whencompared to the International Accounting Standards Board’s (IASB) view of assets. (4 marks)(b) The same assistant has encountered the following matters during the preparation of the draft financial statements of Darby for the year ending 30 September 2009. He has given an explanation of his treatment of them.(i) Darby spent $200,000 sending its staff on training courses during the year. This has already led to animprovement in the company’s efficiency and resulted in cost savings. The organiser of the course has stated that the benefits from the training should last for a minimum of four years. The assistant has therefore treated the cost of the training as an intangible asset and charged six months’ amortisation based on the average date during the year on which the training courses were completed. (3 marks)(ii) During the year the company started research work with a view to the eventual development of a newprocessor chip. By 30 September 2009 it had spent $1·6 million on this project. Darby has a past historyof being particularly successful in bringing similar projects to a profitable conclusion. As a consequence theassistant has treated the expenditure to date on this project as an asset in the statement of financial position.Darby was also commissioned by a customer to research and, if feasible, produce a computer system toinstall in motor vehicles that can automatically stop the vehicle if it is about to be involved in a collision. At30 September 2009, Darby had spent $2·4 million on this project, but at this date it was uncertain as towhether the project would be successful. As a consequence the assistant has treated the $2·4 million as anexpense in the income statement. (4 marks)(iii) Darby signed a contract (for an initial three years) in August 2009 with a company called Media Today toinstall a satellite dish and cabling system to a newly built group of residential apartments. Media Today willprovide telephone and television services to the residents of the apartments via the satellite system and payDarby $50,000 per annum commencing in December 2009. Work on the installation commenced on1 September 2009 and the expenditure to 30 September 2009 was $58,000. The installation is expectedto be completed by 31 October 2009. Previous experience with similar contracts indicates that Darby willmake a total profit of $40,000 over the three years on this initial contract. The assistant correctly recordedthe costs to 30 September 2009 of $58,000 as a non-current asset, but then wrote this amount down to$40,000 (the expected total profit) because he believed the asset to be impaired.The contract is not a finance lease. Ignore discounting. (4 marks)Required:For each of the above items (i) to (iii) comment on the assistant’s treatment of them in the financialstatements for the year ended 30 September 2009 and advise him how they should be treated underInternational Financial Reporting Standards.Note: the mark allocation is shown against each of the three items above. ” 相关考题
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共用题干
第一篇 More Than a Ride to SchoolThe National Education Association claims,"The school bus is a mirror of the community."They further add that,unfortunately,what appears on the exterior does not always reflect the reality of a chosen community.They are right一sometimes it reflects more!Just ask Liesl Denson.Riding the school bus has been more than a ride to school for Liesl.Bruce Hardy,school bus driver for Aithouse Bus Company has been Liesl's bus driver since kindergarten,Last year when Liesl's family moved to Parkesburg,knowing her bus went by her new residence,she requested to ride the same bus.This year Liesl is a senior and will enjoy her last year riding the bus.She says,"It's been a great ride so far!My bus driver is so cool and has always been a good friend and agood listener.Sometimes when you're a child adults do not think that what you have to sayis important.Mr. Hardy always listens to what you have to say and makes you feel important."Her friends Ashley Batista and Amanda Wolfe agree.Bruce Hardy has been making Octorara students feel special since 1975.This year he will celebrate 30 years working for Aithouse:Bus Company. Larry Aithouse , president of thecompany, acknowledges Bruce Hardy's outstanding record: "You do not come by employeeslike Bruce these days. He has never missed a day of work and has a perfect driving record.He was recognized in 2000 by the Pennsylvania School Bus Association for driving 350, 000accident free miles.Hardy's reputation is made further evident through the relationships he has made with the students that ride his bus."Althouse further adds,"Althouse Bus Company was established 70 years ago and has been providing quality transportation ever since.My grandfather started the business with one bus.Aithouse Bus Company is delighted to have the opportunity to bring distinctive and safe service to our local school and community and looks forward to continuing to provide quality service for many more years to come."Three generations of business is not all the company has enjoyed.Thanks to drivers like Bruce Hardy,they have been building relationships through generations.Liesi's mother Carol also enjoys fond memories of riding Bruce Hardy's bus to the Octorara School District. Which of the following statements is NOT true of Bruce Hardy?A: He is popular with his passengers.B:He has never missed a day of work.C: He is an impatient person.D: He has driven 350,000 accident free miles.
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共用题干
第一篇More Than a Ride to SchoolThe National Education Association claims,"The school bus is a mirror of the community."They further add that,unfortunately,what appears on the exterior does not always reflect the reality of a chosen community.They are right一sometimes it reflectsmore!Just ask Liesl Denson.Riding the school bus has been more than a ride to school forLiesi.Bruce Hardy,school bus driver for Althouse Bus Company has been Liesl's bus driver since kindergarten.Last year when Liesl's family moved to Parkesburg,knowing her bus went by her new residence,she requested to ride the same bus.This year Liesl is a senior and will enjoy her last year riding the bus.She says,"It's been a great ride so far!My bus driver is so cool and has always been a good friend and a good listener.Sometimes when you're a child adults do not think that what you have to say is important.Mr. Hardy always listens to what you have to say and makes you feel important."Her friends Ashley Batista and Amanda Wolfe agree.Bruce Hardy has been making Octorara students feel special since 1975.This year he will celebrate 30 years working for Althouse Bus Company.Larry Althouse,president of the company,acknowledges Bruce Hardy's outstanding record:"You do not come by employees like Bruce these days.He has never missed a day of work and has a perfect driving record.He was recognized in 2000 by the Pennsylvania School Bus Association for driving 350, 000 accident free miles.Hardy's reputation is made further evident through the relationships he has made with the students that ride his bus."Althouse further adds,"Althouse Bus Company was established 70 years ago and has been providing quality transportation ever since.My grandfather started the business with one bus.Althouse Bus Company is delighted to have the opportunity to bring distinctive and safe service to our local school and community and looks forward to continuing to provide quality service for many more years to come."Three generations of business is not all the company has enjoyed.Thanks to drivers like Bruce Hardy,they have been building relationships through generations.Liesl's mother Carol also enjoys fond memories of riding Bruce Hardy's bus to the Octorara School District.Which of the following statements is NOT true of Bruce Hardy?A:He is popular with his passengers.B:He has never missed a day of work.C:He is an impatient person.D:He has driven 350,000 accident free miles.
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During consultation， you find that a customer has only a single asset closet and is looking for asolution that is easy to deploy. Which NAS physical deployment model would you suggest to this customer？（）A、 edgeB、 centralC、 Layer 2D、 Layer 3
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During consultation, you find that a customer has multiple asset closets and will be adding more in the future. Which NAS physical deployment model would you suggest to this customer?（）A、edgeB、centralC、Layer2D、Layer3
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During consultation, you find that a customer has only a single asset closet and is looking for a solution that is easy to deploy. Which NAS physical deployment model would you suggest to this customer?（）A、edgeB、centralC、Layer2D、Layer3
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Which three business challenges are addressed by IBM Maximo Asset Management solutions?（）A、production schedulingB、productivity enhancementsC、reduction of energy costsD、maximizing asset life cycleE、minimizing cost of ownershipF、reducing transportation distances
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ABC Corp. has set up the Asset Category key flexfield. It has also set up a descriptive flexfield tostore vehicle information associated with the asset category "Vehicle." Identify two correctstatements.（） (Choose two.)A、The setting up of the descriptive flexfield is mandatory.B、The Asset Category flexfield is owned by the Oracle Assets module.C、The descriptive flexfield is associated with tables in the Oracle Assets module.D、Only the Asset Category flexfield is associated with tables in the Oracle Assets module.
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多选题Which three business challenges are addressed by IBM Maximo Asset Management solutions?（）Aproduction schedulingBproductivity enhancementsCreduction of energy costsDmaximizing asset life cycleEminimizing cost of ownershipFreducing transportation distances
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多选题In addition to potential cost savings and ROI, which three other benefits are made possible by deploying IBM Maximo Asset Management solutions?（）Aenhanced labor relationsBreduced byproducts and wasteCimproved production through putDimproved warehouse productivityEsupport for regulatory complianceFimproved work planning/coordination
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单选题During consultation, you find that a customer has multiple asset closets and will be adding more in the future. Which NAS physical deployment model would you suggest to this customer?（）A
edgeB
centralC
Layer2D
Layer3
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单选题During consultation， you find that a customer has multiple asset closets and will be adding more inthe future. Which NAS physical deployment model would you suggest to this customer？（）A
edgeB
centralC
Layer 2D
Layer 3
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单选题Which of the following statements is TRUE?A
The less education he or she has, the more regrets she or he would have.B
The more education he or she has, the less regrets she or he would have.C
More women than men had regrets about love and family.D
The regret of action seems to last longer than that of inaction.
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