2018年6月ACCA考试P2公司报告真题及答案解析.doc

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1、2018 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 attempted1、(a) The following draft statements of financial position relate to Bread and its subsidiary Butter, both public listed entities, as at 31 December 2017.The f

2、ollowing information is relevant to the preparation of the group financial statements:1. Bread acquired an 80% equity interest in Butter on 1 January 2014 for a consideration of $1,000 million. At this date the retained earnings and other components of equity were $344 million and $46 million respec

3、tively. The fair value of the identifiable net assets of Butter at 1 January 2014 was $1,070 million. The difference between the carrying amount and the fair value of the net assets at 1 January 2014 was due to unrecognised intangibles with a remaining useful life of five years. It is group policy t

4、o measure non-controlling interests using the proportional method of the fair value of the net assets.Goodwill has been reviewed annually for impairment and, as at 1 January 2016, none had occurred. The recoverable amount of the net assets of Butter at 31 December 2017 was estimated as $1,328 millio

5、n.2. Bread acquired all of the equity shares in Jam on 1 January 2015 for a consideration of $1,250 million. The carrying amount and fair value of the identifiable net assets at acquisition were $1,230 million. At 31 December 2017, Bread was in the process of selling its entire shareholding in Jam a

6、nd so it was decided that Jam should be treated as a disposal group held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations at that date. The carrying amounts of Jams net assets before classification as held for sale at 31 December 2017 in the individual

7、financial statements are as follows:The group has a policy of revaluing its property, plant and equipment in accordance with IAS 16 Property, Plant and Equipment. There have been no revaluations or any other gains or losses included within Jams other components of equity since the date of acquisitio

8、n as the carrying amount was deemed to be a close enough approximation to fair value. However, at 31 December 2017, property with a carrying amount of $330 million was deemed to have a fair value of $340 million. No adjustment has yet been made for this fair value.The total fair value less costs to

9、sell of the disposal group at 31 December was estimated to be $1,220 million. There have been no previous impairments to the goodwill of Jam.3. Bread operates a defined benefit scheme which at 31 December 2016 was in deficit by $120 million. Details for the current year are as follows:The rate of in

10、terest applicable to good quality corporate bonds was 5% at 31 December 2016. The cash contributions for the scheme have been correctly accounted for in the financial statements for the year ended 31 December 2017. This is the only adjustment which has been made in respect of the scheme.4. On 1 Janu

11、ary 2016, Bread gave 10,000 of its employees 200 share options each conditional that they worked for Bread for a further three years. During 2016, 980 employees left and a figure was correctly recorded in the financial statements of $39 million for the year ended 31 December 2016. During 2017, a fur

12、ther 950 employees left and it was estimated that 920 would leave in the following year. Details of the fair value of each option are given below.Bread has not made any accounting entries in respect of the share option scheme for the year ended 31 December 2017.5. Bread owns a 25% share in a manufac

13、turing facility which had a total construction cost of $200 million and was completed and ready for use on 31 March 2017. The facility is expected to have a useful life of 20 years. All economic decisions concerning the facility require the unanimous consent of Bread and two other investors who own

14、the remaining 75% of the facility. The investment in the manufacturing facility was correctly deemed to be a joint operation and trading from the facility started from 30 June 2017. Revenues earned from the facility for the period ended 31 December 2017 were $57 million. Production costs for goods s

15、old and other operating costs were $36 million. Bread has not made any accounting entries for the year ended 31 December 2017 in relation to the facility, except for $50 million construction costs included within property, plant and equipment. It has been agreed that profits and losses should be spl

16、it evenly across the three investors.Required: Prepare the consolidated statement of financial position of the Bread group for the year ended 31 December 2017. (35 marks)(b) The directors of Bread have been reviewing their classification of Jam as held for sale within IFRS 5 Non-current Assets Held

17、for Sale and Discontinued Operations. Jam operates in the electricity generation industry which is highly regulated. It is thought that it is highly probable that a purchaser would be found for Jam shortly after 31 December 2017 but that any sale would be subject to regulatory approval which could e

18、xtend the period beyond 31 December 2018. Actions required to comply with regulatory approval cannot be initiated until a purchase commitment is obtained from the prospective acquirer. In the meantime, Jam will continue to supply electricity to its existing customers. Bread intends to sell all of it

19、s shares to the new purchaser who would obtain all of Jams rights and obligations. The directors of Jam do not intend to sell off any significant assets on an individual basis as this could impact on their supply of electricity to their customers and ultimately affect the sales price of the shares.R

20、equired: Discuss why the directors of Bread were correct to classify the proposed sale of Jam as a disposal group held for sale within the context of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. (6 marks)(c) The Bread group has always measured the non-controlling interest usi

21、ng the proportional share of the fair value of the net assets method. Bread, Butter and Jam are all listed and therefore have readily ascertainable market value for their shares. The directors of Bread are contemplating changing their policy retrospectively to measuring the non-controlling interest

22、at fair value as a reliable and fair calculation of the non-controlling interest is obtainable. They are therefore proposing that they analyse the impact of the alternative valuations of the non-controlling interest on a subsidiary by subsidiary basis for current group members and any proposed futur

23、e acquisitions. They believe that it is the directors responsibility to maximise the wealth of the entitys shareholders and intend to choose a valuation which will maximise profitability and equity. The directors of Bread have a history of changing accounting policies on a regular basis should they

24、believe that it would have a positive impact on the financial statements.Required: Discuss whether the proposed change in accounting policy is permitted by International Accounting Standards and how it could impact on future group profitability ratios. Consider any ethical issues which may arise fro

25、m the scenario. (9 marks)（分数：50.00）_Section B TWO questions ONLY to be attempted2、(a) Spamgate is a financial institution which acts in the retail sector providing loans and mortgages to companies and individuals. This is its core business model and it seldom buys or sells financial assets. In Janua

26、ry 2017, it provided a loan to Bosey, a public limited company, however, shortly after obtaining the loan, Bosey reported significant operating losses during the financial year ended 31 May 2017. Bosey has made unsuccessful attempts to attract new investors by offering them a low preference share su

27、bscription price. The poor liquidity position of Bosey has forced Spamgate to accept these preference shares in exchange for part of the loan. The preference share price used to calculate the exchange rate for the loans was three times higher than the subscription price for the unsuccessful share is

28、sue. Spamgate accounted for the exchange of its loan investments for preference shares in Bosey by reducing the carrying amount of the loans, and increasing the value of the investment in Boseys shares. Spamgate intends to sell the preference shares held in Bosey as soon as it is feasible but does n

29、ot consider this transaction to have changed its core business model.In the year ended 31 May 2018, Spamgate has measured the loan to Bosey at amortised cost and the preference shares held in Bosey at fair value through other comprehensive income (FVOCI).he directors of Spamgate would like advice on

30、 the measurement of the loan and preference shares held in Bosey and the accounting treatment of the share exchange in the year ended 31 May 2018. (9 marks)(b) Spamgate also owns a majority holding in Manni, which operates in the gas industry. Spamgate holds the investment in Manni to generate cash

31、flows through dividend payments. Manni has a contract for the storage of gas at a local facility. This contract expires in 2020. Manni has deemed the storage contract to be a single cash generating unit (CGU) which comprises several assets. The contract for gas storage has been recognised as an inta

32、ngible asset at cost. The storage contract requires Manni to make regular rental payments irrespective of the use of the gas storage facility but, in the year ended 31 May 2018, Manni had not used the facility. It was unlikely that the gas storage facility would be used in the future but Manni will

33、have to continue to make regular payments until 2020.The directors intend to leave the gas storage contract as part of the assets of the CGU because they are worried about the potential impact on the financial statements if it is accounted for separately. The directors would like to know how the gas

34、 storage contract should be treated in the financial statements of Manni and whether it should remain allocated to the CGU. (6 marks)(c) Spamgate also has a majority holding in Rooble which operates in an overseas country which is currently in an economic crisis. Compared to the dollar, the exchange

35、 rate in the country has dropped more than 35% in the current financial year and the inflation rate is 12%. Rooble had started to build a commercial shopping centre but, because of the difficult economic environment, it had ceased the building work. However, the directors of Spamgate are currently n

36、egotiating the sale of the commercial centre on Roobles behalf and anticipate that a significant profit will be made on the sale compared to its carrying amount. Rooble had suffered significant trading losses in recent years and in its financial statements to 31 May 2018. This had led to negative eq

37、uity and unused tax losses from trading. The tax losses can only be offset against profit arising from trading.Spamgate has recognised a deferred tax asset in its consolidated financial statements relating to the unused tax losses of the subsidiary. However, there was no disclosure of the evidence s

38、upporting the recognition of the deferred tax asset in the draft consolidated financial statements.The directors would like advice on their recognition of the deferred tax asset in the financial statements. (8 marks)Required: Advise the directors of Spamgate on how each of the above issues should be

39、 dealt with in its financial statements with reference to relevant International Financial Reporting Standards (IFRSs).Note: The mark allocation is shown against each of the three issues above.Professional marks will be awarded in question 2 for clarity and quality of presentation. (2 marks)（分数：25.0

40、0）_3、(a) Medsupply operates in the medical supply industry and has a financial year end of 31 May 2018. Medsupply sells technology needed to perform highly complex operations. When a hospital purchases equipment from Medsupply, it provides a very specialised piece of instrumentation, which is an int

41、egral part of the surgical process, free of charge.The legal ownership of the instruments remains with Medsupply. The instruments are returned to Medsupply if they become faulty or at the end of their useful life, which is normally 15 years. At this point, Medsupply replaces them with new instrument

42、s but retains the right to be reimbursed if the instruments are not returned. The instruments are nearly always returned at the end of their useful life and disposed of as clinical waste.The directors of Medsupply would like advice on the accounting treatment for the instruments loaned to hospitals.

43、 (8 marks)(b) Medsupply imports medical equipment which is manufactured under a patent. It subsequently adapts the equipment to fit the market in its jurisdiction and sells the equipment under its own brand name. Medsupply originally spent $3 million in developing the know-how required to adapt the

44、equipment and, in addition, it costs around $50,000 to adapt each piece of equipment. Medsupply has capitalised the cost of the know-how and also the cost of the adaptation of each piece of equipment sold, as patent rights.Medsupply is being sued for patent infringement by Cosine, the owner of the o

45、riginal patent, on the grounds that Medsupply has not materially changed the original product by its subsequent adaptation. If Cosine is able to prove infringement, the court is likely to order Medsupply to pay damages and to stop infringing its patent. Medsupplys lawyers feel that the court could c

46、onclude that Cosines patent claim is not valid. Cosine has sued Medsupply for $5 million for the use of a specific patent and an additional $8 million for lost profit due to Medsupply being a competitor in the market for this product. Medsupply has offered $7 million to settle both claims but has no

47、t received a response from Cosine. As a result, Medsupply feels that the damages which it faces will be between the amount offered by Medsupply and the amount claimed by Cosine.The directors of Medsupply would like advice as to whether they have correctly accounted for the costs of the adaptation of

48、 the equipment and whether they should make a provision for the potential damages in the above legal case, in the financial statements for the year ended 31 May 2018. (9 marks)(c) Medsupply conducts clinical trials to gain regulatory approvals for the development of its products. The majority of the

49、se clinical trials are carried out by contract research organisations (CRO). The CROs help with medical discovery, clinical development and commercialisation of products. The terms of the contracts require Medsupply to make advanced payments before the CROs will perform the clinical trial management services. These advance payments are normally non-refundable and made up to six months before the