2020年ACCA考试F3、F7、P2科目特点及备考建议

正确答案：
(b) (i) The directors of GWCC might consider any of the following specific actions in order to improve the return on the
investment:
– Attempt to raise the selling price of the Mighty Ben cake to Superstores plc. Much will depend on the nature of the
relationship in terms of mutuality of trust and co-operation between the parties. If Superstores plc are insistent on
a launch price of ￡20·25 and a mark-up of 35% on its purchase price from GWCC then this is likely to be
unsuccessful.
– Attempt to reduce the material losses in the first 600 batches of production via improved process control.
– Attempt to negotiate a retrospective rebate based on volumes of packaging purchased.
– Improve the rate of learning of the hand-skilled cake decorators via a more intensive training programme and/or
altering the flow of production.
– Undertake a thorough review of all variable overheads which have been absorbed on the basis of direct labour
hours. It might well be the case that labour is not the only ‘cost driver’ in which case variable overheads might be
overstated.
– Undertake a thorough review of all fixed overheads to ensure that they are specific to the production of the Mighty
Ben cake.
– Adopt a ‘value engineering’ approach in order to identify ‘non value added’ features/aspects of the product or
processes used to produce it. This would have to be done in conjunction with Superstores plc, but might end in a
‘win-win’ scenario.
– Ensure that all overhead expenditure will be incurred in the most ‘economic’ manner.

正确答案：
(c) IFRS 3 Business combinations does not allow goodwill to be revalued upwards.

正确答案：
(b) Principal additional information
■ Any service contracts with the directors or other members of the management team (e.g. the quantity surveyor). These
may contain ‘exit’ or other settlement terms in the event that their services are no longer required after a takeover/buyout.
■ Prior period financial statements (to 30 June 2005) disclosing significant accounting policies and the key assumptions
concerning the future (and other key sources of estimation uncertainty) that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities in the year to 30 June 2006.
For example, concerning:
– the outcome on the Sarwar dispute;
– estimates for guarantees/claims for rectification;
– assumptions made in estimating costs to completion (e.g. for increases in costs of materials or labour).
Tutorial note: Under IAS 1 ‘Presentation of Financial Statements’ the judgements made by management that have the
most significant effect on amounts recognised in financial statements (other than those involving estimations) should
also be disclosed.
■ The most recent management accounts and cash flow forecasts to assess the quality of management information being
used for decision-making and control. In particular, in providing Robson with the means of keeping its cash flows within
its overdraft limit.
Tutorial note: Note that Prescott has substantial cash resources. Therefore Robson’s lack of finance might be a reason
why its management are interested in selling the business.
■ A copy of the signed bank agreement for the overdraft facility (and any other agreements with finance providers). Any
breaches in debt covenants might result in penalties of contingent liabilities that Prescott would have to bear if it acquired
Robson.
■ The standard terms of contracts with customers for construction works. In particular, for:
– guarantees given (e.g. for rectification under warranty);
– penalty clauses (e.g. in the event of overruns or non-completion);
– disclaimers (including conditions for invoking force majeure).
Prescott will want to make some allowance for settlement of liabilities arising on contracts already completed/in-progress
when offering a price for Robson.
Tutorial note: A takeover might excuse Robson from fulfilling a contract.
■ Legal/correspondence files dealing with matters such as the claims of the residents of the housing development and
Robson’s claim against Sarwar Services Co. Also, fee notes rendered by Robson’s legal advisers showing the costs
incurred on matters referred to them.
■ Robson’s insurer’s ‘cover note’ to determine Robson’s exposure to claims for rectification work, damages, injuries to
employees, etc.
■ The quantity surveyor’s working papers for the last quarterly count (presumably at 31 March 2006) and the latest
available rolling budgets. Particular attention should be given to loss-making contracts and contracts that have not been
started. (Prescott might seek to settle rather than fulfil them.) The pattern of taking profits on contracts will be of
interest, for example, to determine the accuracy of the quantity surveyor’s estimates.
Tutorial note: A regular pattern of taking too much profit too soon might be due to underestimating costs to completion
or be evidence of cost overruns due to rectification.
■ Type and frequency of constructions undertaken. Prescott is interested in the building and refurbishment of hotels and
leisure facilities. Robson’s experience in this area may not be extensive.
■ Non-current asset register showing location of plant and equipment so that some test checking on physical existence
might be undertaken (if an agreed-upon-procedure).