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正确答案：

(c) Issue of bond
This form. of financing a football club’s operations is known as ‘securitisation’. Often in these cases a special purpose vehicle
is set up to administer the income stream or assets involved. In this case, a special purpose vehicle has not been set up. The
benefit of securitisation of the future corporate hospitality sales and season ticket receipts is that there will be a capital
injection into the club and it is likely that the effective interest rate is lower because of the security provided by the income
from the receipts. The main problem with the planned raising of capital is the way in which the money is to be used. The
use of the bond for ground improvements can be commended as long term cash should be used for long term investment but
using the bond for players’ wages will cause liquidity problems for the club.
This type of securitisation is often called a ‘future flow’ securitisation. There is no existing asset transferred to a special purpose
vehicle in this type of transaction and, therefore, there is no off balance sheet effect. The bond is shown as a long term liability
and is accounted for under IAS39 ‘Financial Instruments: Recognition and Measurement’. There are no issues of
derecognition of assets as there can be in other securitisation transactions. In some jurisdictions there are legal issues in
assigning future receivables as they constitute an unidentifiable debt which does not exist at present and because of this
uncertainty often the bond holders will require additional security such as a charge on the football stadium.
The bond will be a financial liability and it will be classified in one of two ways:
(i) Financial liabilities at fair value through profit or loss include financial liabilities that the entity either has incurred for
trading purposes and, where permitted, has designated to the category at inception. Derivative liabilities are always
treated as held for trading unless they are designated and effective as hedging instruments. An example of a liability held
for trading is an issued debt instrument that the entity intends to repurchase in the near term to make a gain from shortterm
movements in interest rates. It is unlikely that the bond will be classified in this category.
(ii) The second category is financial liabilities measured at amortised cost. It is the default category for financial liabilities
that do not meet the criteria for financial liabilities at fair value through profit or loss. In most entities, most financial
liabilities will fall into this category. Examples of financial liabilities that generally would be classified in this category are
account payables, note payables, issued debt instruments, and deposits from customers. Thus the bond is likely to be
classified under this heading. When a financial liability is recognised initially in the balance sheet, the liability is
measured at fair value. Fair value is the amount for which a liability can be settled between knowledgeable, willing
parties in an arm’s length transaction. Since fair value is a market transaction price, on initial recognition fair value will
usually equal the amount of consideration received for the financial liability. Subsequent to initial recognition financial
liabilities are measured using amortised cost or fair value. In this case the company does not wish to use valuation
models nor is there an active market for the bond and, therefore, amortised cost will be used to measure the bond.
The bond will be shown initially at $50 million × 95%, i.e. $47·5 million as this is the consideration received. Subsequentlyat 31 December 2007, the bond will be shown as follows:

正确答案：

(W1)
The cost of the labour can be calculated using learning curve principles. The formula can be used or a tabular approach would
also give the average cost of 128 chairs. Both methods are acceptable and shown here.

(b) To reduce the cost gap various methods are possible (only four are needed for full marks)
– Re-design the chair to remove unnecessary features and hence cost
– Negotiate with the frame. supplier for a better cost. This may be easier as the volume of sales improve as suppliers often
are willing to give discounts for bulk buying. Alternatively a different frame. supplier could be found that offers a better
price. Care would be needed here to maintain the required quality
– Leather can be bought from different suppliers or at a better price also. Reducing the level of waste would save on cost.
Even a small reduction in waste rates would remove much of the cost gap that exists
– Improve the rate of learning by better training and supervision
– Employ cheaper labour by reducing the skill level expected. Care would also be needed here not to sacrifice quality or
push up waste rates.
(c) The cost of the 128th chair will be:

正确答案：
(c) Software Supply Co
Here it seems that Smith & Co has referred the provision of bespoke accounting software to an external provider – Software
Supply Co, and that a commission is being paid to Smith & Co for these referrals. It is common for audit firms to recommend
other providers to their audit clients.
This could be perceived as an objectivity and self-interest threat, as the audit firm is benefiting financially through
recommending clients to a particular provider of goods and services. However, if appropriate safeguards are in place, the
referrals and receipt of commissions can continue.
Action to be taken:
– Verification from all personnel involved with the audit of clients to whom Software Supply Co has provided a service that
they have no financial or personal interest in Software Supply Co.
– Smith & Co must ensure that:
For each client where a referral is made, full disclosure has been made to the client regarding the arrangement
Written acknowledgement that Smith & Co is to receive a referral fee should be obtained from the client.
– Procedures must be put into place to monitor the quality of goods and services provided by Software Supply Co to audit
clients.

正确答案：
6 MONEY LAUNDERING
Tutorial note: The answer which follows is indicative of the range of points which might be made. Other relevant material will
be given suitable credit.
(a) Meaning of the term
■ Money laundering is the process by which criminals attempt to conceal the true origin and ownership of the proceeds
of their criminal activity (‘dirty’ money) allowing them to maintain control over the proceeds and, ultimately, providing a
legitimate cover for their sources of income.
■ The term is widely defined to include:
– possessing; or
– in any way dealing with; or
– concealing
the proceeds of any crime (‘criminal property’).
■ It also includes:
– an attempt or conspiracy or incitement to commit such an offence; or
– aiding, abetting, counselling or procuring the commission of such an offence.
■ Further, it includes failure by an individual in a regulated sector to inform. the financial intelligence unit (FIU), as soon
as practicable, of knowledge or suspicion that another person is engaged in money laundering.
Tutorial note: The FIU serves as a national centre for receiving (and, as permitted, requesting), analysing and
disseminating suspicious transaction reports (STRs).