注意!ACCA 2020年6月考季已正式推迟至7月举行!

发布时间:2020-04-15


最近好多小伙伴都在问51题库考试学习网ACCA 20206月考季是否推迟至7月举行?,今天51题库考试学习网就为各位小伙伴说说吧!

亲爱的ACCA学员:

我们知道,大家一直在焦急等着待关于20206ACCA考试的明确消息。为此ACCA官方于2020420日正式公布了包括中国大陆及港澳台等地区的ACCA考试安排。

现就6月份ACCA考试安排,通告如下:

原定于今年6月在中国内地举行的ACCA考试将推迟到76日至17日;香港、澳门、台湾地区也将推迟一周以上,自76日起开始考试。已经报名的学员,官方将会通过电子邮件告知7ACCA考试的具体安排,请您留意查收。

与此同时,7月考试的报名截止时间已延长至英国时间54日午夜前(中国时间55日上午7点)。还未报名的学员,您可在此时间前报名。报名时请注意,目前7月考试报名处的系统名称显示为6月,学员可放心报名。

PS:ACCA考试延期,那考试报名,延期或取消考试的时间也会相应延期吗?

官方已将2020.6月份考试延期到7月份,已报名6月考季的学员会自动调整到7月,但具体操作还需等官方相关部门进行处理。另外,随着考试时间的推迟,7ACCA考试常规报名截止日期也推迟一周,需要报考的同学在54日前均可以常规价格报名,但如果需要修改和取消已报的现有科目的话,依然需要在427日前完成。还请各位学员知晓!

越是艰难处,越是修心时。目前,疫情仍在全球蔓延,世界正在经历一段艰难的时期。希望我们共同努力,共渡难关。ACCA将一如既往地为您的学习成长提供支持。

以上就是51题库考试学习网为大家带来的相关内容,希望能给各位小伙伴带来帮助。


下面小编为大家准备了 ACCA考试 的相关考题,供大家学习参考。

11 Which of the following statements are correct?

1 A company might make a rights issue if it wished to raise more equity capital.

2 A rights issue might increase the share premium account whereas a bonus issue is likely to reduce it.

3 A bonus issue will reduce the gearing (leverage) ratio of a company.

4 A rights issue will always increase the number of shareholders in a company whereas a bonus issue will not.

A 1 and 2

B 1 and 3

C 2 and 3

D 2 and 4

正确答案:A

3 Joe Lawson is founder and Managing Director of Lawson Engineering, a medium sized, privately owned family

business specialising in the design and manufacture of precision engineering products. Its customers are major

industrial customers in the aerospace, automotive and chemical industries, many of which are globally recognised

companies. Lawson prides itself on the long-term relationships it has built up with these high profile customers. The

strength of these relationships is built on Lawson’s worldwide reputation for engineering excellence, which has

tangible recognition in its gaining prestigious international awards for product and process innovation and quality

performance. Lawson Engineering is a company name well known in its chosen international markets. Its reputation

has been enhanced by the awarding of a significant number of worldwide patents for the highly innovative products

it has designed. This in turn reflects the commitment to recruiting highly skilled engineers, facilitating positive staff

development and investing in significant research and development.

Its products command premium prices and are key to the superior performance of its customers’ products. Lawson

Engineering has also established long-term relationships with its main suppliers, particularly those making the exotic

materials built into their advanced products. Such relationships are crucial in research and development projects,

some of which take a number of years to come to fruition. Joe Lawson epitomises the ‘can do’ philosophy of the

company, always willing to take on the complex engineering challenges presented by his demanding customers.

Lawson Engineering now faces problems caused by its own success. Its current location, premises and facilities are

inadequate to allow the continued growth of the company. Joe is faced with the need to fund a new, expensive,

purpose-built facility on a new industrial estate. Although successful against a number of performance criteria, Lawson

Engineering’s performance against traditional financial measures has been relatively modest and unlikely to impress

the financial backers Joe wants to provide the necessary long-term capital.

Joe has become aware of the increasing attention paid to the intangible resources of a firm in a business. He

understands that you, as a strategy consultant, can advise him on the best way to show that his business should be

judged on the complete range of assets it possesses.

Required:

(a) Using models where appropriate, provide Joe with a resource analysis showing why the company’s intangible

resources and related capabilities should be taken into account when assessing Lawson Engineering’s case

for financial support. (12 marks)

正确答案:
(a) To: Joe Lawson, Managing Director, Lawson Engineering
From:
Business case for financial support
The treatment of intangible resources is an area of considerable concern to the financial community and in many ways the
situation that Lawson Engineering finds itself, is typical of the current confusion surrounding the value placed on intangible
resources. This in turn reflects a traditional concern that the strategic health and the financial health of a business are not
one and the same thing. Intangible resources cover a wide variety of assets and skills found in the business. These include
the intellectual property rights of patents; brands; trademarks; trade secrets etc through to people-determined assets such as
know-how; internal and external networks; organisational culture and the reputation of the company.
It is important for you to present a case which shows how the investment in intangible resources is just as important a source
of value creation for the customer as is investment in tangible assets such as plant and finance which are traditionally focused
on in financial statements of the firm’s well being. As one source expresses it, ‘for most companies, intangible resources
contribute much more to total asset value’. Kaplan and Norton in a 2004 article on intangible assets go further and argue
that ‘measuring the value of such intangible assets is the holy grail of accounting’. The increasing importance of service
businesses and service activities in the firm’s value chain compound the problems faced in getting a true reflection of the
firm’s ability to create value. One view is that the key value creation activity lies in the relationships a firm has with its key
stakeholders – its customers, suppliers and employees. These relationships develop into distinctive capabilities, defined as
‘something it can do that its competitors cannot’. These distinctive capabilities only become competitive advantage(s) when
the capability is applied to a relevant market. Firms attain a sustainable competitive advantage when they consistently
produce products or services with attributes that align with the key buying criteria for the majority of customers in the chosen
market.
Competitive advantage, to be strategically significant, must have the twin virtues of sustainability and appropriability.
Sustainability means the ability to sustain an advantage over a period of time. Fairly obviously, assets such as plant and
technology may be easily obtainable in the open market, however it is only when they are combined with less tangible
resources that advantages become sustainable over time because competitors cannot easily copy them. Equally significant
are intangible resources such as reputation and organisational culture in that they influence the firm’s ability to hold on to
or appropriate some of the value it creates. If other stakeholders both inside and outside the firm are able to take more than
their fair share of value created – for example customers forcing down prices or employees demanding excessive wage
increases – this will reduce the funds available for the firm to invest in further development of its intangible resources, and
as a consequence begin to weaken its competitive advantage.

Essentially, intangible resources can be separated into those capabilities that are based on assets and those that are based
on skills. As one source puts it asset based advantages are derived from ‘having’ a particular asset and skills based advantages
stem from the ability to be ‘doing’ things competitors are unable to do. Assets are those things that the firms ‘owns’ – the
intellectual property as embodied in patents, trademarks and associated brands, copyrights, recognised by law and
defendable against copying under that law. It is worth noting the effort and investment that many companies are putting into
defending their intellectual property against the threat of copying and piracy. A more recent asset that many firms spend
considerable time and effort in developing are databases on key activities in the firm’s value chain – customer databases are
only one of the possible sources of firm information and know-how. One of the most prized intangible assets is that of the
firm’s reputation which may reflect the power of the brands it has created. Reputation may be easier to maintain than create
and meets the key tests of sustainability. The capability to produce innovation consistently may be instrumental in creating
in the minds of customers the longer-term competitive advantage of reputation. Reputation is argued to represent the
knowledge and emotions the customer may associate with a firm’s product range and can therefore be a major factor in
securing the competitive advantage derived through effective differentiation.
A positive organisational culture, staff know-how and networks are equally important intangible sources of competitive
advantage. These by their very nature may be more dynamic than asset based intangibles and the know-how of employees
in particular is an intangible resource that results in the distinctive capabilities which differentiate the firm from its competitors.
Much has been written about the significance of organisational culture and the way it reflects the style. of top management,
the ‘can do’ culture of Lawson Engineering clearly creates a competitive advantage. One interesting study of how chief
executive officers rate their intangible resources in terms of their contribution to the overall success of the business showed
that company reputation, product reputation and employee know-how were the most highly regarded intangible resources.
Hamel and Prahalad argue that core competences rather than market position are the real source of competitive advantage.
They gave three tests to identify a core competence – firstly the competence should provide potential access to a wide variety
of markets and thus be capable of being leveraged to good effect, secondly, it should be relevant to the customer’s key buying
criteria and thirdly, it should be difficult for competitors to imitate.
The disadvantages of intangibles stem from the differing value placed on such assets and competences by the various
interested stakeholders. How should a company’s reputation be measured? How long will that reputation yield competitive
advantage, particularly in view of how swiftly such reputations can disappear? It seems likely that the financial markets with
their ability to reflect all knowledge and information about the firm in its share price increasingly will take the contribution of
intangibles into account.
Overall the case should be clearly made that the strengths of the company rests in its unique combination of intangible
resources and the capabilities – both internal and external – that it has. Financial health is not always the same as strategichealth and by any objective measure Lawson Engineering is worthy of support.
Yours,
Strategy consultant

(c) Discuss the reasons why the net present value investment appraisal method is preferred to other investment

appraisal methods such as payback, return on capital employed and internal rate of return. (9 marks)

正确答案:
(c) There are many reasons that could be discussed in support of the view that net present value (NPV) is superior to other
investment appraisal methods.
NPV considers cash flows
This is the reason why NPV is preferred to return on capital employed (ROCE), since ROCE compares average annual
accounting profit with initial or average capital invested. Financial management always prefers cash flows to accounting profit,
since profit is seen as being open to manipulation. Furthermore, only cash flows are capable of adding to the wealth of
shareholders in the form. of increased dividends. Both internal rate of return (IRR) and Payback also consider cash flows.
NPV considers the whole of an investment project
In this respect NPV is superior to Payback, which measures the time it takes for an investment project to repay the initial
capital invested. Payback therefore considers cash flows within the payback period and ignores cash flows outside of the
payback period. If Payback is used as an investment appraisal method, projects yielding high returns outside of the payback
period will be wrongly rejected. In practice, however, it is unlikely that Payback will be used alone as an investment appraisal
method.
NPV considers the time value of money
NPV and IRR are both discounted cash flow (DCF) models which consider the time value of money, whereas ROCE and
Payback do not. Although Discounted Payback can be used to appraise investment projects, this method still suffers from the
criticism that it ignores cash flows outside of the payback period. Considering the time value of money is essential, since
otherwise cash flows occurring at different times cannot be distinguished from each other in terms of value from the
perspective of the present time.
NPV is an absolute measure of return
NPV is seen as being superior to investment appraisal methods that offer a relative measure of return, such as IRR and ROCE,
and which therefore fail to reflect the amount of the initial investment or the absolute increase in corporate value. Defenders
of IRR and ROCE respond that these methods offer a measure of return that is understandable by managers and which can
be intuitively compared with economic variables such as interest rates and inflation rates.
NPV links directly to the objective of maximising shareholders’ wealth
The NPV of an investment project represents the change in total market value that will occur if the investment project is
accepted. The increase in wealth of each shareholder can therefore be measured by the increase in the value of their
shareholding as a percentage of the overall issued share capital of the company. Other investment appraisal methods do not
have this direct link with the primary financial management objective of the company.
NPV always offers the correct investment advice
With respect to mutually exclusive projects, NPV always indicates which project should be selected in order to achieve the
maximum increase on corporate value. This is not true of IRR, which offers incorrect advice at discount rates which are less
than the internal rate of return of the incremental cash flows. This problem can be overcome by using the incremental yield
approach.
NPV can accommodate changes in the discount rate
While NPV can easily accommodate changes in the discount rate, IRR simply ignores them, since the calculated internal rate
of return is independent of the cost of capital in all time periods.
NPV has a sensible re-investment assumption
NPV assumes that intermediate cash flows are re-invested at the company’s cost of capital, which is a reasonable assumption
as the company’s cost of capital represents the average opportunity cost of the company’s providers of finance, i.e. it
represents a rate of return which exists in the real world. By contrast, IRR assumes that intermediate cash flows are reinvested
at the internal rate of return, which is not an investment rate available in practice,
NPV can accommodate non-conventional cash flows
Non-conventional cash flows exist when negative cash flows arise during the life of the project. For each change in sign there
is potentially one additional internal rate of return. With non-conventional cash flows, therefore, IRR can suffer from the
technical problem of giving multiple internal rates of return.

(b) Explain the need for a first time group auditor to analyse the group structure. (5 marks)

正确答案:
(b) Need to analyse the group structure
A certain amount of analysis of the group structure will be undertaken before an auditor accepts the role of group auditor,
particularly if the auditor is not directly responsible for the whole group.
An analysis of the group structure is necessary to:
■ ensure that particular attention is given to the more unusual aspects of corporate structures (e.g. partnership
arrangements that may be a joint venture, components in tax havens, shell companies and horizontal groups);
■ arrange access to information relating to all ‘significant’ components (i.e. those representing 20% or more of group
assets, liabilities, cash flows, profit or revenue), on a timely basis;
■ identify the applicable financial reporting framework for each component and any local statutory reporting requirements;
■ plan work to deal with different accounting frameworks/policies applied throughout the group and differences between
International Auditing Standards (ISAs) and national standards;
■ integrate the group audit process effectively with local statutory audit requirements;
■ identify related parties and effectively audit the completeness of disclosures in the group accounts in accordance with
IAS 24 Related Party Disclosures.
Any doubts about the group structure will need to be clarified against publicly available information as soon as possible to
ensure an effective audit of the relevant components (i.e. subsidiaries, associates and joint ventures). The auditor can then
plan the level of assurance required on each component well in advance of the year end.
Having established thoroughly the group structure from the outset the auditor will then need only to update the structure for
changes year-on-year.

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