自学ACCA可以吗？一起来了解一下吧！

正确答案：
(c) Claims for capital losses
Where the value of shares (a chargeable asset) has become negligible (defined as <5% of the original cost), a claim can be
made to treat the asset as though it was sold and then immediately reacquired for its current market value. This is known as
a negligible value claim.
The sale and reacquisition is treated as taking place at the time that the claim is made or at a specified time (up to 2 years
before the start of the tax year in which the claim was made) if the asset was of negligible value at that time.
As the loss is on unquoted shares, a further relief (s.574 ICTA 1988) allows the loss to be relieved against the total income
of the taxpayer for the year in which the loss arose, and/or against the total income of the previous year.
Losses are first relieved against current year income, with any excess being available for offset against the prior year’s income.
Bob can therefore make a negligible value claim as at 1 December 2004. This will give rise to a loss of ￡14,500
(￡500 – ￡15,000) which will be deemed to arise in the year 2004/05. By doing so, his taxable income for that year will be
reduced from ￡36,875 to ￡22,375.

正确答案：
(c) From the information given in the scenario, DPP will face significant problems if it chooses to develop a greenfield site. The
bureaucratic planning procedures adopted by the host government can add considerable time to get an efficient plant up and
running. In some ways, such governments are in a dilemma, anxious to secure foreign direct investment, but at the same
time protect inefficient domestic manufacturers. Certainly, DPP in its own risk assessment would need to take political risk
into account. In assessing the risks of a greenfield site, Ken could use Porter’s ‘diamond’ to good effect. Factor conditions
might be seen as quite favourable, with an educated, trained, albeit low productivity, labour force. However, the lack of
demanding tough global customers, a weak and inefficient domestic industry to supply the new venture and competitors who
have been highly protected mean that DPP will have to battle to create a supportive and sustaining environment. Financial
exposure may be increased through currency risk.
Clearly, the fresh start will allow integrated information systems to be developed and the latest technology to be used.
However, the new capacity will have a significant impact on DPP’s existing plants. The extent to which expatriate
management is used is clearly an issue. The host government is likely to require some commitment to the training of local
management and the degree of autonomy given to the new plant may well be an issue. Cultural issues and sensitivities will
be significant – often shop floor workers and managers will be used to high levels of absenteeism being tolerated in
government owned and controlled firms. Also the issue of involvement and participation could be an issue – there may be a
marked reluctance on the shop floor to contribute ideas towards raising productivity and quality. DPP is part of a group that
has experience of operating abroad and there is a real need to access information on key problems in greenfield operations.
In many ways the move to a greenfield site links the macro environmental analysis generated by a SLEPT or PEST to five
forces industry analysis with its focus on customers, competitors and suppliers. Certainly, creating an integrated value chain
with DPP’s existing business will be a real challenge to the management. It also adds capacity to a European industry where
there is already a problem. Choosing between the two options to achieve the strategic goal of a lower cost base can be doneusing the tests of suitability, acceptability and feasibility. The decision will not be an easy one.

正确答案：
(b) Quality costs may be monitored by measuring costs of non-conformance and costs of conformance.
Costs of non-conformance occur when the product fails to reach the design quality standards. Such costs may be subdivided
into internal failure costs and external failure costs.
Internal failure costs occur when the failure is detected before the transfer of the product to the customer.
External failure costs occur when the failure to reach the required standards is not detected until after the product has been
transferred to the customer.
Costs of conformance are those incurred in reducing or eliminating the costs of non-conformance. Such costs may be
subdivided into appraisal costs and prevention costs.
Appraisal costs are those associated with the evaluation of items such as purchased material and services in order to ensure
that they conform. to the agreed specification.
Prevention costs are those associated with the implementation of a quality improvement programme. Such costs are planned
in advance and their implementation should lead to continuous improvement.
Examples of quality costs relevant to Division C may include:
Internal failure costs: cost of materials scrapped due to poor receipt and storage procedures or losses of CC output due to poor
processing routines.
External failure costs: cost of quality problems with batch of CC not detected until it has reached Division B. This may require
free replacement of the batch and compensation for loss of output by Division B.
Appraisal costs: evaluation of purchased material and services in relation to the manufacture of CC to ensure that it conforms
to the agreed specification; e.g. inspection and testing before use.
Prevention costs: the cost of implementation of staff training and the costs of equipment testing to ensure that it conforms to
the specification standards required for the production of CC.
(Alternative relevant examples would be accepted)

正确答案：
3 Poppy Co
(a) Balances held at fair value are frequently recognised as material items in the statement of financial position. Sometimes it is
required by the financial reporting framework that the measurement of an asset or liability is at fair value, e.g. certain
categories of financial instruments, whereas it is sometimes the entity’s choice to measure an item using a fair value model
rather than a cost model, e.g. properties. It is certainly the case that many of these balances will be material, meaning that
the auditor must obtain sufficient appropriate evidence that the fair value measurement is in accordance with the
requirements of financial reporting standards. ISA 540 (Revised and Redrafted) Auditing Accounting Estimates Including Fair
Value Accounting Estimates and Related Disclosures and ISA 545 Auditing Fair Value Measurements and Disclosures
contain guidance in this area.
As part of the understanding of the entity and its environment, the auditor should gain an insight into balances that are stated
at fair value, and then assess the impact of this on the audit strategy. This will include an evaluation of the risk associated
with the balance(s) recognised at fair value.
Audit risk comprises three elements; each is discussed below in the context of whether material balances shown at fair value
will lead to increased risk for the auditor.
Inherent risk
Many measurements based on estimates, including fair value measurements, are inherently imprecise and subjective in
nature. The fair value assessment is likely to involve significant judgments, e.g. regarding market conditions, the timing of
cash flows, or the future intentions of the entity. In addition, there may be a deliberate attempt by management to manipulate
the fair value to achieve a desired aim within the financial statements, in other words to attempt some kind of window
dressing.
Many fair value estimation models are complicated, e.g. discounted cash flow techniques, or the actuarial calculations used
to determine the value of a pension fund. Any complicated calculations are relatively high risk, as difficult valuation techniques
are simply more likely to contain errors than simple valuation techniques. However, there will be some items shown at fair
value which have a low inherent risk, because the measurement of fair value may be relatively straightforward, e.g. assets
that are regularly bought and sold on open markets that provide readily available and reliable information on the market prices
at which actual exchanges occur.
In addition to the complexities discussed above, some fair value measurement techniques will contain significant
assumptions, e.g. the most appropriate discount factor to use, or judgments over the future use of an asset. Management
may not always have sufficient experience and knowledge in making these judgments.
Thus the auditor should approach some balances recognised at fair value as having a relatively high inherent risk, as their
subjective and complex nature means that the balance is prone to contain an error. However, the auditor should not just
assume that all fair value items contain high inherent risk – each balance recognised at fair value should be assessed for its
individual level of risk.
Control risk
The risk that the entity’s internal monitoring system fails to prevent and detect valuation errors needs to be assessed as part
of overall audit risk assessment. One problem is that the fair value assessment is likely to be performed once a year, outside
the normal accounting and management systems, especially where the valuation is performed by an external specialist.
Therefore, as a non-routine event, the assessment of fair value is likely not to have the same level of monitoring or controls
as a day-to-day business transaction.
However, due to the material impact of fair values on the statement of financial position, and in some circumstances on profit,
management may have made great effort to ensure that the assessment is highly monitored and controlled. It therefore could
be the case that there is extremely low control risk associated with the recognition of fair values.
Detection risk
The auditor should minimise detection risk via thorough planning and execution of audit procedures. The audit team may
lack experience in dealing with the fair value in question, and so would be unlikely to detect errors in the valuation techniques
used. Over-reliance on an external specialist could also lead to errors not being found.
Conclusion
It is true that the increasing recognition of items measured at fair value will in many cases cause the auditor to assess the
audit risk associated with the balance as high. However, it should not be assumed that every fair value item will be likely to
contain a material misstatement. The auditor must be careful to identify and respond to the level of risk for fair value items
on an individual basis to ensure that sufficient and appropriate evidence is gathered, thus reducing the audit risk to an
acceptable level.