2016年6月ACCA考试P2公司报告真题及答案解析.doc

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1、2016 年 6 月 ACCA 考试 P2 公司报告真题及答案解析(总分：125.00，做题时间：195 分钟)案例分析题(总题数：4，分数：125.00)Section A THIS ONE question is compulsory and MUST be attemptedThe following information relates to the financial statements of the Weston Group:Weston Group: Statement of financial position as at 31 JanuaryWeston Group: S

2、tatement of profit or loss and other comprehensive income for the year ended 31 January 2016Notes:(i) On 31 July 2015, Weston disposed of their entire 80% equity holding in Northern for cash. The shares had been acquired on 31 July 2011 for a consideration of $132 million when the fair value of the

3、net assets was $124 million. This included a fair value uplift of $16 million in relation to plant with a remaining useful life of eight years. Deferred tax at 25% on the fair value adjustment was also correctly provided for in the group accounts and is included within the fair value of net assets.

4、The fair value of the non-controlling interest at acquisition was $28 million. Goodwill, calculated under the full fair value method, was tested annually for impairment. At 31 January 2015, goodwill relating to Northern had been impaired by 75%. A goodwill impairment charge has been included within

5、administration expenses for the current year but does not relate to Northern.The carrying values in the individual accounts of Northern at disposal are listed below. The fair value adjustment and subsequent deferred tax were not incorporated into the individual accounts of Northern.(ii) The loss for

6、 the period from discontinued operations in the consolidated statement of profit or loss and other comprehensive income relates to Northern and can be analysed as follows:(iii) Weston purchased a 40% interest in an associate for cash on 1 February 2015. The associate paid a dividend of $10 million i

7、n the year ended 31 January 2016.(iv) The retirement benefit liability relates to Weston as other companies in the group operate defined contribution schemes. The latest actuarial valuation is as follows:The benefits paid in the period by the trustees of the scheme were $7 million. Weston operates i

8、n a country which only allows tax relief when contributions are paid into the scheme. The tax base was therefore zero at 31 January 2015 and 31 January 2016. The tax rate paid by Weston is 25%. The defined benefit expense is included within administrative expenses.(v) On 1 February 2015, Weston comm

9、enced development expenditure on product Q. Product Q is expected to be launched during 2017. $7 million amortisation on other intangible assets is included within cost of sales.(vi) There were no disposals of property, plant and equipment during the year except on the sale of Northern. Depreciation

10、 for the year was $20m and is included within the cost of sales.(vii) The financial asset at amortised cost is a $20 million two-year loan which Weston gave to an unconnected company on 1 February 2015. Twelve month expected credit losses were estimated at $1 million and have been charged to adminis

11、trative expenses. The coupon and effective rate of interest were both 8%. Interest was received on 31 January 2016 and recorded correctly in the consolidated financial statements despite a significant deterioration in economic conditions within the industry of the unconnected company. As a result, t

12、he investment is to be downgraded with an expected 40% chance of default on the remaining cash flows. No entry has yet been made to downgrade the investment in the consolidated financial statements.(viii) Included within the trade and other payables at 31 January 2015 was contingent consideration of

13、 $10 million. A discount rate of 10% was used to measure the fair value of this obligation. This arose on the acquisition of Eastern, a subsidiary acquired several years ago. The consideration to be paid was contingent on the profits of Eastern. Eastern did not perform as well as expected during the

14、 year and Weston paid $7 million in full and final settlement of the obligation on 31 January 2016.(ix) Weston did not pay a dividend to its shareholders during the year ended 31 January 2016.Required:（分数：50）(1).Prepare a group statement of cash flows using the indirect method for the Weston group f

15、or the year ended 31 January 2016 in accordance with the requirements of IAS 7 Statement of Cash Flows.（分数：35）_(2).The directors of Weston have been reviewing the International Integrated Reporting Councils Framework for Integrated Reporting. The directors believe that International Financial Report

16、ing Standards are already extensive and provide stakeholders with a comprehensive understanding of an entitys financial position and performance for the year. In particular, statements of cash flow enable stakeholders to assess the liquidity, solvency and financial adaptability of a business. They a

17、re concerned that any additional disclosures could be excessive and obscure the most useful information within a set of financial statements. They are therefore unsure as to the rationale for the implementation of a separate, or combined, integrated report.Required:Discuss the extent to which statem

18、ents of cash flow provide stakeholders with useful information about an entity and whether this information would be improved by the entity introducing an Integrated Report.（分数：8）_(3).Shortly before 31 January 2016, Weston gave a $5 million, zero interest, short-term loan to its subsidiary, Eastern.

19、 Eastern repaid the loan in full during February 2016. Since the loan was repaid within Westons usual credit terms of 30 days, it was classified as a trading item as at 31 January 2016. Consequently Weston included the balance within trade and other receivables and Eastern included it within trade a

20、nd other payables at the year end. Eastern has several bank loans with substantial debt covenants linked to both interest cover and its gearing ratio. The bank loans would have become immediately repayable should Eastern breach any of the terms of the covenants. Before receiving the loan, Eastern ha

21、d a bank overdraft balance of $45 million.Required:Discuss the impact which the $5 million loan would have on the debt covenants of Eastern and whether there are any ethical implications arising from the situation. You do not need to adjust your answer to part (a) in relation to this issue.（分数：7）_Se

22、ction B TWO questions ONLY to be attempted(a) Mehran, a public limited company, has just acquired a company, which comprises a farming and mining business. Mehran wishes advice on how to fair value some of the assets acquired.One such asset is a piece of land, which is currently used for farming. Th

23、e fair value of the land if used for farming is $5 million. If the land is used for farming purposes, a tax credit currently arises annually, which is based upon the lower of 15% of the fair market value of land or $500,000 at the current tax rate. The current tax rate in the jurisdiction is 20%.Meh

24、ran has determined that market participants would consider that the land could have an alternative use for residential purposes. The fair value of the land for residential purposes before associated costs is thought to be $74 million. In order to transform the land from farming to residential use, t

25、here would be legal costs of $200,000, a viability analysis cost of $300,000 and costs of demolition of the farm buildings of $100,000. Additionally, permission for residential use has not been formally given by the legal authority and because of this, market participants have indicated that the fai

26、r value of the land, after the above costs, would be discounted by 20% because of the risk of not obtaining planning permission.In addition, Mehran has acquired the brand name associated with the produce from the farm. Mehran has decided to discontinue the brand on the assumption that it will gain i

27、ncreased revenues from its own brands. Mehran has determined that if it ceases to use the brand, then the indirect benefits will be $20 million. If it continues to use the brand, then the direct benefit will be $17 million. (8 marks)(b) Mehran wishes to fair value the inventory of the entity acquire

28、d. There are three different markets for the produce, which are mainly vegetables. The first is the local domestic market where Mehran can sell direct to retailers of the produce. The second domestic market is one where Mehran sells directly to manufacturers of canned vegetables. There are no restri

29、ctions on the sale of produce in either of the domestic markets other than the demand of the retailers and manufacturers. The final market is the export market but the government limits the amount of produce which can be exported. Mehran needs a licence from the government to export its produce. Far

30、mers tend to sell all of the produce that they can in the export market and, when they do not have any further authorisation to export, they sell the remaining produce in the two domestic markets.It is difficult to obtain information on the volume of trade in the domestic market where the produce is

31、 sold locally direct to retailers but Mehran feels that the market is at least as large as the domestic market direct to manufacturers. The volumes of sales quoted below have been taken from trade journals.(9 marks)(c) Mehran owns a non-controlling equity interest in Erham, a private company, and wi

32、shes to fair value it as at its financial year end of 31 March 2016. Mehran acquired the ordinary share interest in Erham on 1 April 2014. During the current financial year, Erham has issued further equity capital through the issue of preferred shares to a venture capital fund.As a result of the pre

33、ferred share issue, the venture capital fund now holds a controlling interest in Erham. The terms of the preferred shares, including the voting rights, are similar to those of the ordinary shares, except that the preferred shares have a cumulative fixed dividend entitlement for a period of four year

34、s and the preferred shares rank ahead of the ordinary shares upon the liquidation of Erham. The transaction price for the preferred shares was $15 per share.Mehran wishes to know the factors which should be taken into account in measuring the fair value of their holding in the ordinary shares of Erh

35、am at 31 March 2016 using a market-based approach. (6 marks)Required:（分数：25.00）Discuss the way in which Mehran should fair value the above assets with reference to the principles of IFRS 13 Fair Value Measurement.Note: The mark allocation is shown against each of the three issues above.Professional

36、marks will be awarded in question 2 for clarity and quality of presentation. (2 marks)（分数：25.00）_(a) Emcee, a public limited company, is a sports organisation which owns several football and basketball teams. It has a financial year end of 31 May 2016. Emcee needs a new stadium to host sporting even

37、ts which will be included as part of Emcees property, plant and equipment. Emcee therefore commenced construction on a new stadium on 1 February 2016, and this continued until its completion which was after the year end of 31 May 2016. The direct costs were $20 million in February 2016 and then $50

38、million in each month until the year end. Emcee has not taken out any specific borrowings to finance the construction of the stadium, but it has incurred finance costs on its general borrowings during the period, which could have been avoided if the stadium had not been constructed. Emcee has calcul

39、ated that the weighted average cost of borrowings for the period 1 February31 May 2016 on an annualised basis amounted to 9% per annum. Emcee needs advice on how to treat the borrowing costs in its financial statements for the year ending 31 May 2016. (6 marks)(b) Emcee purchases and sells players r

40、egistrations on a regular basis. Emcee must purchase registrations for that player to play for the club. Player registrations are contractual obligations between the player and Emcee. The costs of acquiring player registrations include transfer fees, league levy fees, and player agents fees incurred

41、 by the club. Often players former clubs are paid amounts which are contingent upon the performance of the player whilst they play for Emcee. For example, if a contracted basketball player scores an average of more than 20 points per game in a season, then an additional $5 million may become payable

42、 to his former club. Also, players contracts can be extended and this incurs additional costs for Emcee.At the end of every season, which also is the financial year end of Emcee, the club reviews its playing staff and makes decisions as to whether they wish to sell any players registrations. These r

43、egistrations are actively marketed by circulating other clubs with a list of players registrations and their estimated selling price. Players registrations are also sold during the season, often with performance conditions attached. Occasionally, it becomes clear that a player will not play for the

44、club again because of, for example, a player sustaining a career threatening injury or being permanently removed from the playing squad for another reason. The playing registrations of certain players were sold after the year end, for total proceeds, net of associated costs, of $25 million. These re

45、gistrations had a net book value of $7 million.Emcee would like to know the financial reporting treatment of the acquisition, extension, review and sale of players registrations in the circumstances outlined above. (10 marks)(c) Emcee uses the revaluation model to measure its stadiums. The directors

46、 have been offered $100 million from an airline for the property naming rights of all the stadiums for three years. There are two directors who are on the management boards of Emcee and the airline. Additionally, there are regulations in place by both the football and basketball leagues which regula

47、te the financing of the clubs. These regulations prevent capital contributions from a related party which increases equity without repayment in return. The aim of these regulations is to promote sustainable business models. Sanctions imposed by the regulator include fines and withholding of prize mo

48、nies. Emcee wishes to know how to take account of the naming rights in the valuation of the stadium and the potential implications of the financial regulations imposed by the leagues. (7 marks)Required:（分数：25.00）Discuss how the above events would be shown in the financial statements of Emcee under International Financial Reporting Standards.Note: The split of the mark allocation is shown against each of the three issues above.Professional marks will be awarded in question 3 for clarity and quality of presentat