江苏省2020年ACCA国际会计师报考指南

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■ The discontinuation of the product line after the balance sheet date provides additional evidence that, as at the
balance sheet date, it was of poor quality. Therefore, as at the balance sheet date:
– an allowance (‘provision’) may be required for credit notes for returns of products after the year end that were
sold before the year end;
– goods returned to inventory should be written down to net realisable value (may be nil);
– any plant and equipment used exclusively in the production of the petcare range of products should be tested
for impairment;
– any material contingent liabilities arising from legal claims should be disclosed.
(ii) Audit evidence
■ A copy of Seymour’s announcement (external ‘press release’ and any internal memorandum).
■ Credit notes raised/refunds paid after the year end for faulty products returned.
■ Condition of products returned as inspected during physical attendance of inventory count.
■ Correspondence from customers claiming reimbursement/compensation for poor quality.
■ Direct confirmation from legal adviser (solicitor) regarding any claims for customers including estimates of possible
payouts.

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(a)ThebreakevensalesrevenueforSwimCois$90,000.Thecompany’sprofit,tothenearest$10,000,if500athletesattendthecourseis$20,000($140,000–$120,000).(Fromthegraph,itisclearthatthepreciseamountwillbenearer$17,000,i.e.$140,000–approximately$123,000.)(b)CoststructureFromthechart,itisclearthatLineCrepresentsfixedcosts,LineBrepresentstotalcostsandLineArepresentstotalrevenue.LineCshowsthatinitially,fixedcostsare$20,000evenifnoathletesattendthecourse.Thisleveloffixedcostsremainsthesameif100athletesattendbutoncethenumberofattendeesincreasesabovethislevel,fixedcostsincreaseto$40,000.LineBrepresentstotalcosts.If100athletesattend,totalcostsare$40,000($400perathlete).Since$20,000ofthisrelatestofixedcosts,thevariablecostperathletemustbe$200.Whenfixedcostsstepupbeyondthispointatthelevelof200athletes,totalcostsobviouslyincreaseaswellandLineBconsequentlygetsmuchsteeper.However,sincetherearenow200athletestoabsorbthefixedcosts,thecostperathleteremainsthesameat$400perathlete($80,000/200),eventhoughfixedcostshavedoubled.If300athletesattendthecourse,totalcostperathletebecomes$300each($90,000/300).Sincefixedcostsaccountfor$40,000ofthistotalcost,variablecoststotal$50,000,i.e.$166·67perathlete.So,economiesofscaleariseatthislevel,asdemonstratedbythefactthatLineBbecomesflatter.At400athletes,thegradientofthetotalcostslineisunchangedfrom300athleteswhichindicatesthatthevariablecostshaveremainedthesame.Thereisnofurtherchangeat500athletes;fixedandvariablecostsremainsteady.RevenuestructureAsregardstherevenuestructure,itcanbeseenfromLineAthatfor100–400athletesthepriceremainsthesameat$300perathlete.However,if500athletesattend,thepricehasbeenreducedasthetotalrevenuelinebecomesflatter.$140,000/500meansthatthepricehasgonedownto$280perathlete.Thiswasobviouslynecessarytoincreasethenumberofattendeesandatthispoint,profitismaximised.1

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This gives a higher post-entry loss of ￡50,000 (150,000 – 100,000) and so it is advisable for Trent Limited to make
this election.
The ￡100,000 of pre-entry losses are still available, but can only be set against gains on assets which:
(i) Trent Limited sold prior to being acquired (subject to the normal carry back restrictions), or
(ii) Trent Limited already owned when it was acquired, or
(iii) Trent Limited acquired from outside the group and used in its trade after being bought by Tay Limited.

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(d) The two international strategies pursued to date are through organic growth (the stores in North America) and acquisition (the
companies in Germany and Italy). Neither seems to have worked. Here there seem to be some contradictions while global
tastes and lifestyles are argued to have developed – convergence of consumer tastes lies at the heart of this – but this does
not seem to have benefited Churchill. One questions the learning that these two unfortunate experiences have created. Of the
three core methods of achieving growth, namely organic, acquisition and joint venture, only joint venture remains to be tried.
The reasons for the international failures are clearly complex but one could argue that the strategy has been curiously na?ve.
Certainly, it has pursued a high-risk strategy. Exporting, perhaps through identifying a suitable partner, might create the
learning to lead to a more significant market entry. There is a need to understand local tastes; indeed the whole of the
marketing mix in the chosen market(s), and decide on appropriate strategy. A strategy based upon the acquisition of
companies and their consequent development represents a large investment of capital and requires considerable managerial
attention and expertise. Equally, the attempt to use the Churchill domestic format of opening its own stores creates both a
major financial commitment and the need to manage a radically different operation. One must seriously question whether
Churchill has these capabilities within a family-owned business. Clearly there are differences between the ice cream markets
in various countries, though the emergence of global brands suggests some convergence of tastes. Such differences reflect
differing cultures, tastes and competitive behaviour in each country. The lesson from Churchill’s international initiatives is that
national differences need to be carefully understood. There is little evidence that Churchill has understood these differencesor indeed learnt from them.