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更多“Capital（）”相关的问题
(a) An assessment of accounting practices for asset impairments is especially important in the context of financial reporting quality in that it requires the exercise of considerable management judgement and reporting discretion. The importance of this issue is heightened during periods of ongoing economic uncertainty as a result of the need for companies to reflect the loss of economic value in a timely fashion through the mechanism of asset write-downs. There are many factors which can affect the quality of impairment accounting and disclosures. These factors include changes in circumstance in the reporting period,the market capitalisation of the entity, the allocation of goodwill to cash generating units, valuation issues and the nature of the disclosures.
Required:
Discuss the importance and significance of the above factors when conducting an impairment test under IAS 36 Impairment of Assets. (13 marks)
(b) (i) Estoil is an international company providing parts for the automotive industry. It operates in many different jurisdictions with different currencies. During 2014, Estoil experienced financial difficulties marked by a decline in revenue, a reorganisation and restructuring of the business and it reported a loss for the year. An impairment test of goodwill was performed but no impairment was recognised. Estoil applied one discount rate for all cash flows for all cash generating units (CGUs), irrespective of the currency in which the cash flows would be generated. The discount rate used was the weighted average cost of capital (WACC) and Estoil used the 10-year government bond rate for its jurisdiction as the risk free rate in this calculation. Additionally, Estoil built its model using a forecast denominated in the functional currency of the parent company. Estoil felt that any other approach would require a level of detail which was unrealistic and impracticable. Estoil argued that the different CGUs represented different risk profiles in the short term, but over a longer business cycle, there was no basis for claiming that their risk profiles were different.
(ii) Fariole specialises in the communications sector with three main CGUs. Goodwill was a significant component of total assets. Fariole performed an impairment test of the CGUs. The cash flow projections were based on the most recent financial budgets approved by management. The realised cash flows for the CGUs were negative in 2014 and far below budgeted cash flows for that period. The directors had significantly raised cash flow forecasts for 2015 with little justification. The projected cash flows were calculated by adding back depreciation charges to the budgeted result for the period with expected changes in working capital and capital expenditure not taken into account.
Required:
Discuss the acceptability of the above accounting practices under IAS 36 Impairment of Assets. (10 marks)
Professional marks will be awarded in question 4 for clarity and quality of presentation. (2 marks)
A.inaccessible
B. timely
C. likely
D. invalid
______the timely rescue, a lot more people would have been killed in the earth-quake.
A．But for
B．Regardless of
C．Apart from
D．Owing to
We()it very much that you've come to give us a timely ride. Otherwise we would miss the train.
A. appreciate
B. expect
C. promise
155 A(n) _____ system is designed to ensure the timely availability of nonhuman resources, and includes the cost in procurement, shipping/freight, storage and loss.
A. Inventory control.
B. Materials management.
C. Procurement.
D. All of the above.
E. A and C only
151 Scope reporting is the timely determination, _____, and _____ of project progress, status data, and transforming this into structured documentation (reports) necessary to judge project performance (reporting on work packages).
A. Recording, accumulation.
B. Recording, graphical display.
C. Accumulation, graphical display.
D. Graphical display, interpretation.
E. Interpretation, analysis
A.Recording, accumulation.
B.Recording, graphical display.
C.Accumulation, graphical display.
D.Graphical display, interpretation.
E.Interpretation, analysis.
Which of the following statements, if any, is/are correct？ (1) Internal auditors should report to the finance director as they understand internal controls and are best placed to implement any recommendations in a timely manner (2) Companies are not required to establish and maintain an internal audit function
A.1 only
B.2 only
C.Both 1 and 2
D.Neither 1 nor 2
(a) Define the ‘three Es’ of a value for money audit. (3 marks)
(b) ISA 230 Audit Documentation requires auditors to prepare audit documentation for an audit of financial statements on a timely basis.
Required:
Describe FOUR benefits of documenting audit work. (4 marks)
(c) ISA 530 Audit Sampling applies when the auditor has decided to use sampling to obtain sufficient and appropriate audit evidence.
Required:
Define what is meant by ‘audit sampling’ and explain the need for this. (3 marks)
