ACCA重要考点：公允价值

正确答案：
(b) Advice on Maureen’s VAT position
Deregistration
In order to voluntarily deregister for VAT you must satisfy HMRC that the value of your taxable supplies in the next twelve
months will not exceed ￡62,000. You will then be deregistered with effect from the date of your request or a later date as
agreed with HMRC.
On deregistering you are regarded as making a supply of all stocks and equipment in respect of which input tax has been
claimed. However, the VAT on this deemed supply need only be paid to HMRC if it exceeds ￡1,000.
Once you have deregistered, you must no longer charge VAT on your sales. You will also be unable to recover the input tax
on the costs incurred by your business. Instead, the VAT you pay on your costs will be allowable when computing your taxable
profits.
You should monitor your sales on a monthly basis; if your sales in a twelve-month period exceed ￡64,000 you must notify
HMRC within the 30 days following the end of the twelve-month period. You will be registered from the end of the month
following the end of the twelve-month period.
Flat rate scheme
Rather than deregistering you may wish to consider operating the flat rate scheme. This would reduce the amount of
administration as you would no longer need to record and claim input tax in respect of the costs incurred by your business.
Under the flat rate scheme you would continue to charge your customers VAT in the way that you do at the moment. You
would then pay HMRC a fixed percentage of your VAT inclusive turnover each quarter rather than calculating output tax less
input tax. This may be financially advantageous as compared with deregistering; I would be happy to prepare calculations for
you if you wish.

正确答案：
(c) The following are six separate and distinct assessment criteria (including those suggested by the managing director), that
would enable the management of Envico Ltd to assess the ‘value for money’ of each seminar. The assessment criteria are
presented as questions that would comprise the contents of a questionnaire but other presentations would have been equally
acceptable.
(1) Did the course meet your objectives?
‘Value for money’ may, in part, be assessed by reference to the ‘effectiveness’ of the service provision. Effectiveness may
be viewed in this context as meeting the objectives of attendees. All attendees have similar but varying objectives and
hence it is vital that Envico Ltd meets the objectives of all attendees if seminars are to constitute ‘value for money’.
(2) How would you rate the quality of the speakers?
A primary resource of Envico Ltd is its speakers and thus it is important to gauge how they were perceived to perform
by the attendees.
(3) How would you rate comfort, cleanliness and facilities of the seminar rooms?
Again, a principal resource, which is consumed when providing the service, is the seminar room and the facilities
contained within it. Attendees will find a clean and ergonomically designed room more conducive for education and
training activities.
(4) How would you assess the quality of the course materials?
Since Envico Ltd undertakes the provision of educational and training seminars then the quality of course materials
provided assumes critical significance as they represent the ‘raison d’être’ of Envico Ltd. If they are perceived to be of
high quality they may act as a good advertisement for the company. Conversely, poor quality course materials will cause
Envico Ltd to be perceived poorly.
(5) How strongly would you recommend Envico courses to friends and colleagues?
This is a very important consideration since ‘word of mouth’ may represent the best means of advertising the services
provided by Envico Ltd and is indicative of whether attendees consider that they have received ‘value for money’ from
Envico Ltd.
(6) Do you consider that you could have achieved your objectives in attending the course in a more expedient manner? If
so, please detail below.
This question acknowledges that the time of attendees is a scarce resource and hence there may well be an opportunity
cost in attending seminars in addition to the explicit costs such as course fees, travel and subsistence costs etc. It is
essential that Envico Ltd is flexible in its approach to meeting the needs of clients where attendance at seminars is either
impracticable or undesirable. Perhaps a series of interactive CDs and/or video tuition may be more appropriate in certain
instances.

正确答案：
(b) There are several issues which need to be addressed when developing IFRSs for SMEs:
(i) The purpose of the standards and type of entity
The principal aim of the development of an accounting framework for SMEs is to provide a framework which generates
relevant, reliable and useful information. The standards should provide high quality and understandable accounting
standards suitable for SMEs globally. Additionally they should meet the needs set out in (a) above. For example reduce
the financial reporting burden for SMEs. It is unlikely that one of the objectives would be to provide information for
management or meet the needs of the tax authorities as these bodies will have specific requirements which would be
difficult to meet in an accounting standard. However, it is likely that the standards for SMEs will be a modified version
of the full IFRSs and not an independently developed set of standards in order that they are based on the same
conceptual framework and will allow easier transition to full IFRS if the SME grows or decides to become a publicly listed
entity.
It is important to define the type of entity for which the standards are intended. Companies who have issued shares to
the public would be expected to use full IFRS. The question arises as to whether SME standards should apply to all
unlisted entities or just those listed entities below a certain size threshold. The difficulty with size criteria is that it would
have to apply worldwide and it would be very difficult to specify such criteria. Additionally some unlisted companies, for
example public utilities, have a reporting obligation that is equivalent to that of a listed company and should follow full
IFRS.
The main characteristic which distinguishes SMEs from other entities is the degree of public accountability. Thus the
definition of what constitutes an SME could revolve around those entities that do not have public accountability.
Indicators of public accountability will have to be developed. For example, a listed company or companies holding assets
in a fiduciary capacity (bank), or a public utility, or an entity with economic significance in its country. Thus all entities
that do not have public accountability may be considered as potential users of IFRSs for SMEs.
Size may not be the best way to determine what is an SME. SMEs could be defined by reference to ownership and themanagement of the entity. SMEs are not necessarily just smaller versions of public companies.