2020ACCA国际会计师考试福建省学霸是怎样计划备考的?

正确答案：
(b) (i) A ‘no frills’ strategy combines low price with low perceived benefits of the product or service. It is primarily associated
with commodity goods and services where customers do not discern or value differences in the products or services
offered by competing suppliers. In some circumstances the customer cannot afford the better quality product or service
of a particular supplier. ‘No frills’ strategies are particularly attractive in price-sensitive markets. Within the airline sector,
the term ‘no frills’ is associated with a low cost pricing strategy. In Europe, at the time of writing, easyJet and Ryanair
are the two dominant ‘no frills’ low-cost budget airlines. In Asia, AirAsia and Tiger Airways are examples of ‘no frills’ lowcost
budget carriers. ‘No frills’ strategies usually exist in markets where buyers have high power coupled with low
switching costs and so there is little brand loyalty. It is also prevalent in markets where there are few providers with
similar market shares. As a result of this the cost structure of each provider is similar and new product and service
initiatives are quickly copied. Finally a ‘no frills’ strategy might be pursued by a company entering the market, using thisas a strategy to gain market share before progressing to alternative strategies.

正确答案：

You will be aware of the importance of accurate resource valuation to Worldwide Minerals (WM). Unfortunately, I have to
inform. you that the reserve of mallerite, one of our key minerals in a new area of exploration, was found to have been
overestimated after the purchase of a mine. It has been suggested that this information may have an effect on shareholder
value and so I thought it appropriate to write to inform. you of how the board intends to respond to the situation.
In particular, I would like to address two issues. It has been suggested that the overestimation arose because of issues with
the internal control systems at WM. I would firstly like to reassure you of the importance that your board places on sound
internal control systems and then I would like to highlight improvements to internal controls that we shall be implementing
to ensure that the problem should not recur.
(i) Importance of internal control
Internal control systems are essential in all public companies and Worldwide Minerals (WM) is no exception. If anything,
WM’s strategic position makes internal control even more important, operating as it does in many international situations
and dealing with minerals that must be guaranteed in terms of volume, grade and quality. Accordingly, your board
recognises that internal control underpins investor confidence. Investors have traditionally trusted WM’s management
because they have assumed it capable of managing its internal operations. This has, specifically, meant becoming aware
of and controlling known risks. Risks would not be known about and managed without adequate internal control
systems. Internal control, furthermore, helps to manage quality throughout the organisation and it provides
management with information on internal operations and compliance. These features are important in ensuring quality
at all stages in the WM value chain from the extraction of minerals to the delivery of product to our customers. Linked
to this is the importance of internal control in helping to expose and improve underperforming internal operations.
Finally, internal control systems are essential in providing information for internal and external reporting upon which, in
turn, investor confidence rests.
(ii) Proposals to improve internal systems at WM
As you may be aware, mineral estimation and measurement can be problematic, particularly in some regions. Indeed,
there are several factors that can lead to under or overestimation of reserves valuations as a result of geological survey
techniques and regional cultural/social factors. In the case of mallerite, however, the issues that have been brought to
the board’s attention are matters of internal control and it is to these that I would now like to turn.
In first instance, it is clear from the fact that the overestimate was made that we will need to audit geological reports at
an appropriate (and probably lower) level in the organisation in future.
Once a claim has been made about a given mineral resource level, especially one upon which investor returns might
depend, appropriate systems will be instituted to ask for and obtain evidence that such reserves have been correctly and
accurately quantified.
We will recognise that single and verbal source reports of reserve quantities may not necessarily be accurate. This was
one of the apparent causes of the overestimation of mallerite. A system of auditing actual reserves rather than relying
on verbal evidence will rectify this.
The purchase of any going concern business, such as the mallerite mine, is subject to due diligence. WM will be
examining its procedures in this area to ensure that they are fit for purpose in the way that they may not have been in
respect of the purchase of the mallerite mine. I will be taking all appropriate steps to ensure that all of these internal
control issues can be addressed in future.
Thank you for your continued support of Worldwide Minerals and I hope the foregoing goes some way to reassure you
that the company places the highest value on its investors and their loyalty.
Yours faithfully,
Tim Blake
Chairman

正确答案：
(ii) A company has to apply IAS12 to the temporary differences between the carrying amount of the assets and liabilities in
its opening IFRS balance sheet (1 November 2003) and their tax bases (IFRS1 ‘First time adoption of IFRS’). The
deferred tax provision will be calculated using tax rates that have been enacted or substantially enacted by the balance
sheet date. The carrying values of the assets and liabilities at the opening balance sheet date will be determined by
reference to IFRS1 and will use the applicable IFRS in the first IFRS financial statements. Any adjustments required to
the deferred tax balance will be recognised directly in retained earnings.
Subsequent balance sheets (at 31 October 2004 and 31 October 2005) will be drawn up using the IFRS used in the
financial statements to 31 October 2005. The deferred tax provision will be adjusted as at 31 October 2004 and thenas at 31 October 2005 to reflect the temporary differences arising at those dates.

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.