好消息！ACCA OBU学位申请不再提供英语证明

正确答案：C

20,000 x (1 – 20%) x 20% x 70% + (3,000 – 800) x 20% x 70% = RMB2,548

正确答案：

(b) IAS21 ‘The Effects of Changes in Foreign Exchange Rates’ requires goodwill arising on the acquisition of a foreign operation
and fair value adjustments to acquired assets and liabilities to be treated as belonging to the foreign operation. They should
be expressed in the functional currency of the foreign operation and translated at the closing rate at each balance sheet date.
Effectively goodwill is treated as a foreign currency asset which is retranslated at the closing rate. In this case the goodwillarising on the acquisition of Briars would be treated as follows:

At 31 May 2006, the goodwill will be retranslated at 2·5 euros to the dollar to give a figure of $4·4 million. Therefore this
will be the figure for goodwill in the balance sheet and an exchange loss of $1·4 million recorded in equity (translation
reserve). The impairment of goodwill will be expensed in profit or loss to the value of $1·2 million. (The closing rate has been
used to translate the impairment; however, there may be an argument for using the average rate.)
The loan to Briars will effectively be classed as a financial liability measured at amortised cost. It is the default category for
financial liabilities that do not meet the definition of financial liabilities at fair value through profit or loss. For most entities,
most financial liabilities will fall into this category. When a financial liability is recognised initially in the balance sheet, the
liability is measured at fair value. Fair value is the amount for which a liability can be settled, between knowledgeable, willing
parties in an arm’s length transaction. In other words, fair value is an actual or estimated transaction price on the reporting
date for a transaction taking place between unrelated parties that have adequate information about the asset or liability being
measured.
Since fair value is a market transaction price, on initial recognition fair value generally is assumed to equal the amount of
consideration paid or received for the financial asset or financial liability. Accordingly, IAS39 specifies that the best evidence
of the fair value of a financial instrument at initial recognition generally is the transaction price. However for longer-term
receivables or payables that do not pay interest or pay a below-market interest, IAS39 does require measurement initially at
the present value of the cash flows to be received or paid.
Thus in Briars financial statements the following entries will be made:

正确答案：
(b) ‘Opinion shopping’
Explanation of term
‘Opinion shopping’ occurs when management approach auditing firms (other than their incumbent auditors) to ask their views
on the application of accounting standards or principles to specific circumstances or transactions.
Ethical risks
The reasons for ‘opinion shopping’ may be:
■ to find alternative auditors; or
■ to get advice on a matter of contention with the incumbent auditor.
The member who is not the entity’s auditor must be alert to the possibility that their opinion – if it differs from that of the
incumbent auditor – may create undue pressure on the incumbent auditor’s judgement and so threaten the objectivity of the
audit.
Furthermore, by aligning with the interests of management when negotiating taking on an engagement, an incoming auditor
may compromise their objectivity even before the audit work commences. There is a risk that the audit fee might be seen to
be contingent upon a ‘favourable’ opinion (that is, the audit judgement coinciding with management’s preferences).
Employed professional accountants (accountants in industry) who support their company’s management in seeking second
opinions may call into question their integrity and professional behaviour.
Sufficiency of current ethical guidance
Current ethical guidance requires that when asked to provide a ‘second opinion’ a member should seek to minimise the risk
of giving inappropriate guidance, by ensuring that they have access to all relevant information.
The member should therefore:
■ ascertain why their opinion is being sought;
■ contact the auditor to provide any relevant facts;
■ with the entity’s permission, provide the auditor with a copy of their opinion.
The member’s opinion is more likely to differ if it is based on information which is different (or incomplete) as compared with
that available to the incumbent auditor. The member should therefore decline to act if permission to communicate with the
auditor is not given.
‘Opinion shopping’ might be less prevalent if company directors had no say in the appointment and remuneration of auditors.
If audit appointments were made by an independent body ‘doubtful accounting practices’ would (arguably) be less of a
negotiating factor. However, to be able to appoint auditors to multi-national/global corporations, such measures would require
the backing of regulatory bodies worldwide.
Statutory requirements in this area could also be more stringent. For example, an auditor may be required to deposit a
‘statement of circumstances’ (or a statement of ‘no circumstances’) in the event that they are removed from office or resign.
However, disclosure could be made more public if, when a change in accounting policy coincides with a change of auditors,
the financial statements and auditor’s report highlight the change and the auditors state their concurrence (or otherwise) with
the change. This could be made a statutory requirement and International Standards on Auditing (ISAs) amended to give
guidance on how auditors should report on changes.
Further, if the incoming auditor were to have a statutory right of access to the files and working papers of the outgoing auditors
they would be able to make a better and informed assessment of the desirability of the client and also appreciate the validity
(or otherwise) of any ‘statement’ issued by the outgoing auditor.

正确答案：
(a) In order to assess the attractiveness of the option to enter the market for spirally-wound paper tubes, the directors of BPC
could make use of Michael Porter’s ‘five forces model’.
In applying this model to the given scenario one might conclude that the relatively low cost of the machine together with the
fact that an unskilled person would only require one day’s training in order to be able to operate a machine, constitute
relatively low costs of entry to the market. Therefore one might reasonably conclude that the threat of new entrants might be
high. This is especially the case where the market is highly fragmented.
The fact that products are usually purchased in very large quantities by customers together with the fact that there is little real
difference between the products of alternative suppliers suggests that customer (buyer) power might well be very high. The
fact that the paper tubes on average only comprise between 1% and 2% of the total cost of the purchaser’s finished product
also suggests that buyer power may well be very high.
The threat from suppliers could be high due to the fact that the specially formulated paper from which the tubes are made is
sometimes in short supply. Hence suppliers might increase their prices with consequential diminution in gross margin of the
firms in the marketplace.
The threat from competitive rivals will be strong as the four major players in the market are of similar size and that the market
is a slow growing market. The market leader currently has 26% of the market and the three nearest competitors hold
approximately 18% of the market.
The fact that Plastic Tubes Co (PTC) produces a narrow range of plastic tubes constitutes a threat from a substitute product.
This threat will increase if the product range of PTC is extended and the price of plastic tubes is reduced.
The fact that a foreign-based multinational company is considering entering this market represents a significant threat from a
potential new entrant as it would appear that the multinational company might well be able to derive economies of scale from
large scale automated machinery and has manufacturing flexibility.
Low capital barriers to entry might appeal to BPC but they would also appeal to other potential entrants. The low growth
market, the ease of entry, the existence of established competitors, a credible threat of backward vertical integration by
suppliers, the imminent entry by a multi-national, a struggling established competitor and the difficulty of differentiating an
industrial commodity should call into question the potential of BPC to achieve any sort of competitive advantage. If BPC can
achieve the position of lowest cost producer within the industry then entry into the market might be a good move. In order
to assess whether this is possible BPC must consider any potential synergies that would exist between its cardboard business
and that of the tubes operation.
From the information available, the option to enter the market for cardboard tubes appears to be unattractive. The directors
of BPC should seek alternative performance improvement strategies.