2020年ACCA考试指南：免考条件

正确答案：
(ii) Proposal to increase the after tax proceeds from the sale of the loan stock
AS should delay the sale of the loan stock until after 5 April 2008. The gain made at the time of the takeover would
then crystallise in 2008/09 and would be covered by the annual exemption for that year. The net proceeds would be
increased by the capital gains tax saved of ￡3,446 (￡8,616 x 40%).
More appropriate forms of external finance
A bank overdraft is not the most appropriate form. of long term business finance. This is because the bank can demand
repayment of the overdraft at any time and the rates of interest charged are fairly high.
AS should seek long term finance for his long term business needs, for example a bank loan secured on the theatre, and
use the bank overdraft to finance the working capital required on a day-to-day basis.

正确答案：
(b) Property is sometimes sold with a degree of continuing involvement by the seller so that the risks and rewards of ownership
have not been transferred. The nature and extent of the buyer’s involvement will determine how the transaction is accounted
for. The substance of the transaction is determined by looking at the transaction as a whole and IAS18 ‘Revenue’ requires
this by stating that where two or more transactions are linked, they should be treated as a single transaction in order to
understand the commercial effect (IAS18 paragraph 13). In the case of the sale of the hotel, theme park and casino, Norman
should not recognise a sale as the company continues to enjoy substantially all of the risks and rewards of the businesses,
and still operates and manages them. Additionally the residual interest in the business reverts back to Norman. Also Norman
has guaranteed the income level for the purchaser as the minimum payment to Conquest will be $15 million a year. The
transaction is in substance a financing arrangement and the proceeds should be treated as a loan and the payment of profits
as interest.
The principles of IAS18 and IFRIC13 ‘Customer Loyalty Programmes’ require that revenue in respect of each separate
component of a transaction is measured at its fair value. Where vouchers are issued as part of a sales transaction and are
redeemable against future purchases, revenue should be reported at the amount of the consideration received/receivable less
the voucher’s fair value. In substance, the customer is purchasing both goods or services and a voucher. The fair value of the
voucher is determined by reference to the value to the holder and not the cost to the issuer. Factors to be taken into account
when estimating the fair value, would be the discount the customer obtains, the percentage of vouchers that would be
redeemed, and the time value of money. As only one in five vouchers are redeemed, then effectively the hotel has sold goods
worth ($300 + $4) million, i.e. $304 million for a consideration of $300 million. Thus allocating the discount between the
two elements would mean that (300 ÷ 304 x $300m) i.e. $296·1 million will be allocated to the room sales and the balance
of $3·9 million to the vouchers. The deferred portion of the proceeds is only recognised when the obligations are fulfilled.
The recognition of government grants is covered by IAS20 ‘Accounting for government grants and disclosure of government
assistance’. The accruals concept is used by the standard to match the grant received with the related costs. The relationship
between the grant and the related expenditure is the key to establishing the accounting treatment. Grants should not be
recognised until there is reasonable assurance that the company can comply with the conditions relating to their receipt and
the grant will be received. Provision should be made if it appears that the grant may have to be repaid.
There may be difficulties of matching costs and revenues when the terms of the grant do not specify precisely the expense
towards which the grant contributes. In this case the grant appears to relate to both the building of hotels and the creation of
employment. However, if the grant was related to revenue expenditure, then the terms would have been related to payroll or
a fixed amount per job created. Hence it would appear that the grant is capital based and should be matched against the
depreciation of the hotels by using a deferred income approach or deducting the grant from the carrying value of the asset
(IAS20). Additionally the grant is only to be repaid if the cost of the hotel is less than $500 million which itself would seem
to indicate that the grant is capital based. If the company feels that the cost will not reach $500 million, a provision should
be made for the estimated liability if the grant has been recognised.

正确答案：B
430,000 x 5% = 21,500 – 18,000 + 28,000