浙江省考生：ACCA考试怎么样才算成功正确的打印了准考证呢？

正确答案：
(ii) Equipment used in the manufacture of Bachas Blue
Tutorial note: In the context of GVF, the principal issue to be addressed is whether or not the impairment loss previously
recognised should be reversed (by considering the determination of value in use). Marks will also be awarded for
consideration of depreciation, additions etc made specific to this equipment.
■ Agree cost less accumulated depreciation and impairment losses at the beginning of the year to prior year working
papers (and/or last year’s published financial statements).
■ Recalculate the current year depreciation charge based on the carrying amount (as reduced by the impairment
loss).
■ Calculate the carrying amount of the equipment as at 30 September 2005 without deduction of the impairment
loss.
Tutorial note: The equipment cannot be written back up to above this amount (IAS 36 ‘Impairment of Assets’).
■ Agree management’s schedule of future cash flows estimated to be attributable to the equipment for a period of up
to five years (unless a longer period can be justified) to approved budgets and forecasts.
■ Recalculate:
– on a sample basis, the make up of the cash flows included in the forecast;
– GVF’s weighted average cost of capital.
■ Review production records and sales orders for the year, as compared with the prior period, to confirm a ‘steady
increase’.
■ Compare sales volume at 30 September 2005 with the pre-‘scare’ level to assess how much of the previously
recognised impairment loss it would be prudent to write back (if any).
■ Scrutinize sales orders in the post balance sheet event period. Sales of such produce can be very volatile and
another ‘incident’ could have sales plummeting again – in which case the impairment loss should not be reversed.

正确答案：C

正确答案：
(c) Rights issue price = 2·45 x 0·8 = ￡1·96
Theoretical ex rights price = ((2 x 2·45) + (1 x 1·96))/3 = 6·86/3 = ￡2·29
New shares issued = 20m x 1/2 = 10 million
Funds raised = 1·96 x 10m = ￡19·6 million
After issue costs of ￡300,000 funds raised will be ￡19·3 million
Annual after-tax return generated by these funds = 19·3 x 0·09 = ￡1,737,000
New earnings of Merton plc = 1,737,000 + 4,500,000 = ￡6,237,000
New number of shares = 20m + 10m = 30 million
New earnings per share = 100 x 6,237,000/30,000,000 = 20·79 pence
New share price = 20·79 x 12 = ￡2·49
The weaknesses in this estimate are that the predicted return on investment of 9% may or may not be achieved: the priceearnings
ratio depends on the post investment share price, rather than the post investment share price depending on the
price-earnings ratio; the current earnings seem to be declining and this share price estimate assumes they remain constant;
in fact current earnings are likely to decline because the overdraft and annual interest are increasing but operating profit is
falling.
Expected gearing = 38/(60 + 19·3) = 47·9% compared to current gearing of 63%.
Including the overdraft, expected gearing = 46/(60 + 19·3) = 58% compared to 77%.
The gearing is predictably lower, but if the overdraft is included in the calculation the gearing of the company is still higher
than the sector average. The positive effect on financial risk could have a positive effect on the company’s share price, but
this is by no means certain.

正确答案：
(b) Unmodified auditor’s reports
Ethical and professional issues
■ An unmodified opinion means, inter alia, that:
– there are no material matters giving rise to disagreement with the auditor; and
– the auditor’s report does not include an emphasis of matter paragraph (e.g. regarding going concern).
■ By implication the auditor must have obtained sufficient appropriate evidence that notwithstanding the losses:
– the going concern basis is appropriate to Ayora’s financial statements and any related matters (e.g. parental
support) are adequately disclosed therein;
– goodwill in Chatam’s consolidated financial statements is not materially impaired.
■ Management’s written representation (that the goodwill is not impaired) must have been necessary (otherwise it should
not have been asked for). This means that Bartolome does not have sufficient other audit evidence. This seems dubious
as management should have carried out an impairment test to satisfy themselves that goodwill is not impaired. This
test should similarly have satisfied Bartolome.
■ If there is evidence that goodwill is impaired management’s refusal to write it down might be considered a fraud.
■ The matter may cast doubt on the quality of audit evidence obtained in other areas. All other matters on which
management representations have been obtained should be reviewed by another audit partner/manager.
■ Charles Barrington is retiring next year and his share options would presumably be worth less if goodwill were written
down. His position in this long-standing client suggests a familiarity threat.
■ Bartolome may be threatened by self-interest to accept the representation as sufficient in order to retain the client.
■ Bartolome may be unduly influenced by a combination of factors (familiarity and previous experience) and failing to
exercise the necessary degree of professional scepticism.
Implications for continuation with assignment
There is no reason why the audit should not be continued. However, a change in senior audit staff and audit manager may
be overdue. The unmodified auditor’s reports should be subject to a cold review and any quality control issues raised with
the staff who conducted the audit.