2019年3月河北ACCA考试成绩查询时间为4月15日

正确答案：
(b) It is clear that many of the problems at Bailey’s that have led to the unhappy atmosphere lend themselves to resolution through the neutral and non-judgemental approach offered by the appointment of external counsellors. The counsellor must be in a position to help the individual employee to identify problems, issues and possible solutions to the kind of problems that have manifested themselves at Bailey’s: poor production, unrest, low morale and significantly, the long tradition of poor pay that is leading to employee family problems outside the factory. There is always the danger of leading the employee, so the counsellor must adopt a passive role, show interest and encourage reflection whilst allowing the employee to lead and talk around the issues. Open questions must be used to help the employee explore ideas and feelings. The counsellor must be an active listener, speaking only to clarify issues and elicit answers when appropriate. Above all, the counsellor must be impartial and this is why Bailey’s has appointed outside counsellors.
Counselling skills require the ability to establish rapport with the employee, to clarify and summarise as appropriate, to ask non-specific questions, use a non-directive approach, to listen and be able to discern what is meant by what the employee says. In addition, the counsellor must allow the employee to be silent if he or she wishes to be, to allow any meeting to take place at the speed of the employee and anticipate the employee’s views on the causes, which at Bailey’s are many, and to allow solutions to the problems.

正确答案：
(b) Sale of industrial equipment
(i) Matters
■ The industrial equipment was in use for nine years (from April 1996) and would have had a carrying value of
$660,000 at 31 March 2005 (11/20 × $1·2m – assuming nil residual value and a full year’s depreciation charge
in the year of acquisition and none in the year of disposal). Disposal proceeds were therefore only $360,000.
■ The $0·3m loss represents 15% of PBT (for the year to 31 March 2006) and is therefore material. The equipment
was material to the balance sheet at 31 March 2005 representing 2·6% of total assets ($0·66/$25·7 × 100).
■ Separate disclosure, of a material loss on disposal, on the face of the income statement is in accordance with
IAS 16 ‘Property, Plant and Equipment’. However, in accordance with IAS 1 ‘Presentation of Financial Statements’,
it should not be captioned in any way that might suggest that it is not part of normal operating activities (i.e. not
‘extraordinary’, ‘exceptional’, etc).
Tutorial note: However, note that if there is a prior period error to be accounted for (see later), there would be
no impact on the current period income statement requiring consideration of any disclosure.
■ The reason for the sale. For example, whether the equipment was:
– surplus to operating requirements (i.e. not being replaced); or
– being replaced with newer equipment (thereby contributing to the $8·1m increase (33·8 – 25·7) in total
assets).
■ The reason for the loss on sale. For example, whether:
– the sale was at an under-value (e.g. to a related party);
– the equipment had a bad maintenance history (or was otherwise impaired);
– the useful life of the equipment is less than 20 years;
– there is any deferred consideration not yet recorded;
– any non-cash disposal proceeds have been overlooked (e.g. if another asset was acquired in a part-exchange).
■ If the useful life was less than 20 years, tangible non-current assets may be materially overstated in respect of other
items of equipment that are still in use and being depreciated on the same basis.
■ If the sale was to a related party then additional disclosure should be required in a note to the financial statements
for the year to 31 March 2006 (IAS 24 ‘Related Party Disclosures’).
Tutorial note: Since there are no specific pointers to a related party transaction (RPT), this point is not expanded
on.
■ Whether the sale was identified in the prior year audit’s post balance sheet event review. If so:
– the disclosure made in the prior year’s financial statements (IAS 10 ‘Events After the Balance Sheet Date’);
– whether an impairment loss was recognised at 31 March 2005.
■ If not, and the equipment was impaired at 31 March 2005, a prior period error should be accounted for (IAS 8
‘Accounting Policies, Changes in Accounting Estimates and Errors’). An impairment loss of $0·3m would have
been material to prior year profit (12·5%).
Tutorial note: Unless this was a RPT or the impairment arose after 31 March 2005 a prior period adjustment
should be made.
■ Failure to account for a prior period error (if any) would result in modification of the audit opinion ‘except for’ noncompliance
with IAS 8 (in the current year) and IAS 36 (in the prior period).
(ii) Audit evidence
■ Carrying amount ($0·66m as above) agreed to the non-current asset register balances at 31 March 2005 and
recalculation of the loss on disposal.
■ Cost and accumulated depreciation removed from the asset register in the year to 31 March 2006.
■ Receipt of proceeds per cash book agreed to bank statement.
■ Sales invoice transferring title to Deakin.
■ A review of maintenance expenses and records (e.g. to confirm reason for loss on sale).
■ Post balance sheet event review on prior year audit working papers file.
■ Management representation confirming that Deakin is not a related party (provided that there is no evidence to
suggest otherwise).

正确答案：

(a) The accounting for the transaction as an asset acquisition does not comply with the requirements of IFRS 3 Business Combinations and should have been accounted as a business combination. This would mean that transaction costs would be expensed, the vessels recognised at fair value, any deferred tax recognised at nominal value and the difference between these amounts and the consideration paid to be recognised as goodwill.

In accordance with IFRS 3, an entity should determine whether a transaction is a business combination by applying the definition of a business in IFRS 3. A business is an integrated set of activities and assets which is capable of being conducted and managed for the purpose of providing a return in the form. of dividends, lower costs or other economic benefits directly to investors or other owners, members or participants. A business consists of inputs and processes applied to those inputs which have the ability to create outputs. Although businesses usually have outputs, outputs are not required to qualify as a business.

When analysing the transaction, the following elements are relevant:

(i) Inputs: Shares in vessel owning companies, charter arrangements, outsourcing arrangements with a management company, and relationships with a shipping broker.

(ii) Processes: Activities regarding chartering and operating the vessels, financing the business, purchase and sales of vessels.

(iii) Outputs: Ceemone would generate revenue from charter agreements and has the ability to gain economic benefit from the vessels.

IFRS 3 states that whether a seller operated a set of assets and activities as a business or intends to operate it as a business is not relevant in evaluating whether it is a business. It is not relevant therefore that some activities were outsourced as Ceemone could chose to conduct and manage the integrated set of assets and activities as a business. As a result, the acquisition included all the elements which constitute a business, in accordance with IFRS 3.

IFRS 10 Consolidated Financial Statements sets out the situation where an investor controls an investee. This is the case, if and only if, the investor has all of the following elements:

(i) power over the investee, that is, the investor has existing rights which give it the ability to direct the relevant activities (the activities which significantly affect the investee’s returns);

(ii) exposure, or rights, to variable returns from its involvement with the investee;

(iii) the ability to use its power over the investee to affect the amount of the investor’s returns.

Where a party has all three elements, then it is a parent; where at least one element is missing, then it is not. In every case, IFRS 10 looks to the substance of the arrangement and not just to its legal form. Each situation needs to be assessed individually. The question arises in this case as to whether the entities created are subsidiaries of the bank. The bank is likely to have power over the investee, may be exposed to variable returns and certainly may have the power to affect the amount of the returns. Thus the bank is likely to have a measure of control but the extent will depend on the constitution of the entity.

(b) Kayte’s calculation of the residual value of the vessels with a 10-year useful life is unacceptable under IAS 16 Property, Plant and Equipment because estimating residual value based on acquisition cost does not comply with the requirements of IAS 16. Kayte should prepare a new model to determine residual value which would take account of broker valuations at the end of each reporting period and which would produce zero depreciation charge when estimated residual value was higher than the carrying amount.

IAS 16 paragraph 6 defines residual value as the estimated amount which an entity would currently obtain from disposal of the asset, after deducting the estimated costs of disposal, if the asset were already at the age and in the condition expected at the end of its useful life.

IAS 16 requires the residual value to be reviewed at least at the end of each financial year end with the depreciable amount of an asset allocated on a systematic basis over its useful life. IAS 16 specifies that the depreciable amount of an asset is determined after deducting its residual value.

Kayte’s original model implied that the residual value was constant for the vessel’s entire useful life. The residual value has to be adjusted especially when an expected sale approaches, and the residual value has to come closer to disposal proceeds minus disposal costs at the end of the useful life. IAS 16 says that in cases when the residual value is greater than the asset’s carrying amount, the depreciation charge is zero unless and until its residual value subsequently decreases to an amount below the asset’s carrying amount. The residual value should be the value at the reporting date as if the vessel were already of the age and in the condition expected at the end of its useful life. An increase in the expected residual value of an asset because of past events will affect the depreciable amount, while expectation of future changes in residual value other than the effects of expected wear and tear will not. There is no guidance in IAS 16 on how to estimate residual value when the useful life is considered to be shorter than the economic life. Undesirable volatility is not a convincing argument to support the accounting treatment, and broker valuations could be a useful starting point to estimate residual value.

As regards the vessels which are kept for the whole of their economic life, a residual value based upon the scrap value of steel is acceptable. Therefore the vessels should be depreciated based upon the cost less the scrap value of steel over the 30-year period. The engine need not be componentised as it will have the same 30-year life if maintained every 10 years. It is likely that the cost of major planned maintenance will increase over the life of a vessel due to inflation and the age of the vessel. This additional cost will be capitalised when incurred and therefore the depreciation charge on these components may be greater in the later stages of a vessel’s life.

When major planned maintenance work is to be undertaken, the cost should be capitalised. The engine overhaul will be capitalised as a new asset which will then be depreciated over the 10-year period to the next overhaul. The depreciation of the original capitalised amount will typically be calculated such that it had a net book value of nil when the overhaul is undertaken.

This is not the case with one vessel, because work was required earlier than expected. In this case, any remaining net book value of the old engine and overhaul cost should be expensed immediately.

The initial carve out of components should include all major maintenance events which are likely to occur over the economic life of the vessel. Sometimes, it may subsequently be found that the initial allocation was insufficiently detailed, in that not all components were identified. This is the case with the funnels. In this situation it is necessary to determine what the net book value of the component would currently be had it been initially identified. This will sometimes require the initial cost to be determined by reference to the replacement cost and the associated accumulated depreciation charge determined using the rate used for the vessel. This is likely to leave a significant net book value in the component being replaced, which will need to be written off at the time the replacement is capitalised.