陕西省考生注意：2020年ACCA考试，科目要这么选！

正确答案：

(c) The type of payment might influence the success of the bid. Paxis is proposing a share for share exchange which offers a continuation in ownership of the entity, albeit as part of the successful bidder. However, relative share prices will change during the period of the bid, and the owner of shares in the potential victim company will not know the precise postacquisition value of the bid. An alternative might be cash payments which provides a known, precise sum, and might be favoured for this reason. However, in some countries payment in cash might lead to an immediate capital gains tax liability for the investor.

The effective price offered would of course be a major influence. Paxis would need to offer a premium over the existing share price, but the size of the premium that would be acceptable is unknown. Informal discussions with major shareholders of Wragger might assist in determining this (subject to such discussions being permitted by the regulatory authorities).

正确答案：
(ii) The income tax implications of the proposed financing arrangements
Mr Fencer has borrowed money from a UK bank in order to make a loan to Rapier Ltd, a close company. The interest
paid by Mr Fencer to the bank will be an allowable charge on income as long as he continues to hold more than 5% of
Rapier Ltd. Charges on income are deductible in arriving at an individual’s statutory total income.
Mr Fencer will receive interest from Rapier Ltd net of 20% income tax. The gross amount of interest will be subject to
income tax at either 10%, 20% or 40% depending on whether the income falls into Mr Fencer’s starting rate, basic rate
or higher rate tax band. Mr Fencer will obtain a tax credit for the 20% income tax suffered at source.

正确答案：D
3,980 – 270 – 180 – 3,200 = 330 : difference 100

正确答案：
(b) Revaluation of owned premises
(i) Matters
■ The revaluations are clearly material as $1·7 million, $5·4 million and $7·1 million represent 5·5% , 17·6% and
23·1% of total assets, respectively.
■ The change in accounting policy, from a cost model to a revaluation model, should be accounted for in accordance
with IAS 16 ‘Property, Plant and Equipment’ (i.e. as a revaluation).
Tutorial note: IAS 8 ‘Accounting Policies, Changes in Accounting Estimates and Errors’ does not apply to the initial
application of a policy to revalue assets in accordance with IAS 16.
■ The basis on which the valuations have been carried out, for example, market-based fair value (IAS 16).
■ Independence, qualifications and expertise of valuer(s).
■ IAS 16 does not permit the selective revaluation of assets thus the whole class of premises should have been
revalued.
■ The valuations of properties after the year end are adjusting events (i.e. providing additional evidence of conditions
existing at the year end) per IAS 10 ‘Events After the Balance Sheet Date’.
Tutorial note: It is ‘now’ still less than three months after the year end so these valuations can reasonably be
expected to reflect year-end values.
■ If $5·4 million is a net amount of surpluses and deficits it should be grossed up so that the credit to equity reflects
the sum of the surpluses with any deficits being expensed through profit and loss (IAS 36 ‘Impairment of Assets’).
■ The revaluation exercise is incomplete. If the revaluations on the remaining three properties are expected to be
material and cannot be reasonably estimated for inclusion in the financial statements for the year ended
30 September 2005 perhaps the change in policy should be deferred for a year.
■ Depreciation for the year should have been calculated on cost as usual to establish carrying amount before
revaluation.
■ Any premises held under finance leases should be similarly revalued.
(ii) Audit evidence
■ A schedule of depreciated cost of owned premises extracted from the non-current asset register.
■ Calculation of difference between valuation and depreciated cost by property. Separate summation of surpluses
and deficits.
■ Copy of valuation certificate for each property.
■ Physical inspection of properties with largest surpluses (including the two valued before the year end) to confirm
condition.
■ Extracts from local property guides/magazines indicating a range of values of similarly styled/sized properties.
■ Separate presentation of the revaluation surpluses (gross) in:
– the statement of changes in equity; and
– reconciliation of carrying amount at the beginning and end of the period.
■ IAS 16 disclosures in the notes to the financial statements including:
– the effective date of revaluation;
– whether an independent valuer was involved;
– the methods and significant assumptions applied in estimating fair values; and
– the carrying amount that would have been recognised under the cost model.