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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：
(a) Typical roles of a risk management committee
The typical roles of a risk management committee are as follows:
To agree and approve the risk management strategy and policies. The design of risk policy will take into account the
environment, the strategic posture towards risk, the product type and a range of other relevant factors.
Receiving and reviewing risk reports from affected departments. Some departments will file regular reports on key risks (such
as liquidity assessments from the accounting department, legal risks from the company secretariat or product risks from the
sales manager).
Monitoring overall exposure and specific risks. If the risk policy places limits on the total risk exposure for a given risk then
this role ensures that limits are adhered to. In the case of certain strategic risks, monitoring could occur on a very frequent
basis whereas for more operational risks, monitoring will more typically occur to coincide with risk management committee
meetings.
Assessing the effectiveness of risk management systems. This involves getting feedback from departments and the internal
audit function on the workings of current management and risk mitigation systems.
Providing general and explicit guidance to the main board on emerging risks and to report on existing risks. This will involve
preparing reports on apparent risks and assessing their probability of being realised and their potential impact if they do.
To work with the audit committee on designing and monitoring internal controls for the management and mitigation of risks.
If the risk committee is part of the executive structure, it will likely have an advisory role in respect of its input into the audit
committee. If it is non-executive, its input may be more directly influential.
[Tutorial note: other roles may be suggested that, if relevant, will be rewarded]

正确答案：D

At 31 March 2015, the deferred consideration of $12,650 would need to be discounted by 10% for one year to $11,500 (effectively deferring a finance cost of $1,150). The total amount credited to profit or loss would be $24,150 (12,650 + 11,500).