ACCA报考条件是什么？在石家庄上班想备考这个...

(a) Simply defined, a project is ‘activity that has a start, a middle and an end and consumes resources’ – it is therefore a discrete
activity aimed at achieving a specific objective or range of objectives. Graham is intent on using the ‘environmentally aware’
project to achieve a specific objective – the attainment of the international environmental standard. He is, however, aware
that there are a number of internal stakeholders inside the company who question the significance of such a project.
Externally, he can point to significant stakeholders, including customers and government who are looking for CFS to become
more environmentally aware. The project is likely to have strategic and not simply operational or administrative significance
and the person appointed into the role of project manager, ideally, should have both the traditional skills associated with
project management plus those of strategic management. Grundy and Brown list the traditional project management
techniques as:

Clearly, the project manager must have the technical project management skills, being able to manage the project through its
life cycle, which involves defining the project in terms of project objectives and scope as defined by time, cost and quality.
Planning the project in terms of breaking the overall project down into separate activities, estimating the resources required
and linking activities to resources in terms of time and priorities. Implementing the plan, including reviewing the progress in
meeting time and cost objectives and taking corrective action where and when necessary. Finally, reviewing the outcomes of
the project in terms of what was delivered to the customer and the extent to which client expectations were met.
The strategic nature of the project means that the project manager must have significant leadership skills, not only of the
project team, who are likely to come from different functions and parts of the company, but also influential stakeholders inside
and outside the company. This implies they should have good ‘political’ and communication skills as the project is of strategic
significance to the company. The ability to show how this particular project fits with the overall strategy of the firm is
important. The project is an important part in the achievement of the company strategy and in CFS’s case may help it
differentiate itself from its competitors. However, the project manager must recognise that there will be resistance from existing
managers reluctant to see resources committed to projects outside of the traditional value chain of the company. Certainly,
the project manager for the ‘environmentally aware’ project will themselves need to be aware of the external environmental
pressures prompting the firm to set itself specific environmental objectives and be able to link into supportive networks and
alliances. Finally, Grundy and Brown argue that the project manager will be the key to reviewing and learning from the project,
assessing whether defined objectives were achieved, the effectiveness or otherwise of the implementation process and how
key stakeholders were managed. The danger is that projects are seen as ‘one-off’ rather than contributing to the knowledge
and learning of the organisation. There may be a significant ‘learning curve’ that the firm has to go down and look tocontinuously improve its project management process.

Gow’s net assets
IAS36 ‘Impairment of Assets’, sets out the events that might indicate that an asset is impaired. These circumstances include
external events such as the decline in the market value of an asset and internal events such as a reduction in the cash flows
to be generated from an asset or cash generating unit. The loss of the only customer of a cash generating unit (power station)
would be an indication of the possible impairment of the cash generating unit. Therefore, the power station will have to be
impairment tested.
The recoverable amount will have to be determined and compared to the value given to the asset on the setting up of the
joint venture. The recoverable amount is the higher of the cash generating unit’s fair value less costs to sell, and its value-inuse.
The fair value less costs to sell will be $15 million which is the offer for the purchase of the power station ($16 million)
less the costs to sell ($1 million). The value-in-use is the discounted value of the future cash flows expected to arise from the
cash generating unit. The future dismantling costs should be provided for as it has been agreed with the government that it
will be dismantled. The cost should be included in the future cash flows for the purpose of calculating value-in-use and
provided for in the financial statements and the cost added to the property, plant and equipment ($4 million ($5m/1·064)).
The value-in-use based on a discount rate of 6 per cent is $21 million (working). Therefore, the recoverable amount is
$21 million which is higher than the carrying value of the cash generating unit ($20 million) and, therefore, the value of the
cash generating unit is not impaired when compared to the present carrying value of $20 million (value before impairment
test).
Additionally IAS39, ‘Financial Instruments: recognition and measurement’, says that an entity must assess at each balance
sheet date whether a financial asset is impaired. In this case the receivable of $7 million is likely to be impaired as Race is
going into administration. The present value of the estimated future cash flows will be calculated. Normally cash receipts from
trade receivables will not be discounted but because the amounts are not likely to be received for a year then the anticipated
cash payment is 80% of ($5 million × 1/1·06), i.e. $3·8 million. Thus a provision for the impairment of the trade receivables
of $3·2 million should be made. The intangible asset of $3 million would be valueless as the contract has been terminated.
Glass’s Net Assets
The leased property continues to be accounted for as property, plant and equipment and the carrying amount will not be
adjusted. However, the remaining useful life of the property will be revised to reflect the shorter term. Thus the property will
be depreciated at $2 million per annum over the next two years. The change to the depreciation period is applied prospectively
not retrospectively. The lease liability must be assessed under IAS39 in order to determine whether it constitutes a
de-recognition of a financial liability. As the change is a modification of the lease and not an extinguishment, the lease liability
would not be derecognised. The lease liability will be adjusted for the one off payment of $1 million and re-measured to the
present value of the revised future cash flows. That is $0·6 million/1·07 + $0·6 million/(1·07 × 1·07) i.e. $1·1 million. The
adjustment to the lease liability would normally be recognised in profit or loss but in this case it will affect the net capital
contributed by Glass.
The termination cost of the contract cannot be treated as an intangible asset. It is similar to redundancy costs paid to terminate
a contract of employment. It represents compensation for the loss of future income for the agency. Therefore it must be
removed from the balance sheet of York. The recognition criteria for an intangible asset require that there should be probable
future economic benefits flowing to York and the cost can be measured reliably. The latter criterion is met but the first criterion
is not. The cost of gaining future customers is not linked to this compensation.
IAS18 ‘Revenue’ contains a concept of a ‘multiple element’ arrangement. This is a contract which contains two or more
elements which are in substance separate and are separately identifiable. In other words, the two elements can operate
independently from each other. In this case, the contract with the overseas company has two distinct elements. There is a
contract not to supply gas to any other customer in the country and there is a contract to sell gas at fair value to the overseas
company. The contract has not been fulfilled as yet and therefore the payment of $1·5 million should not be taken to profit
or loss in its entirety at the first opportunity. The non supply of gas to customers in that country occurs over the four year
period of the contract and therefore the payment should be recognised over that period. Therefore the amount should be
shown as deferred income and not as a deduction from intangible assets. The revenue on the sale of gas will be recognised
as normal according to IAS18.
There may be an issue over the value of the net assets being contributed. The net assets contributed by Glass amount to
$21·9 million whereas those contributed by Gow only total $13·8 million after taking into account any adjustments required
by IFRS. The joint venturers have equal shareholding in York but no formal written agreements, thus problems may arise ifGlass feels that the contributions to the joint venture are unequal.