题目内容
（请给出正确答案）
On November 1, $1000 worth of work on task A was supposed to have been done (BCWS); however, the BCWP was $850. Calculate the schedule variance:
A . ￥-100
B . ￥100
C . ￥-150
D . ￥150
E . 85%
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Magellan Straits was discovered ______.
A．in August, 1519
B．in October, 1520
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D．not mentioned
(b) Ambush loaned $200,000 to Bromwich on 1 December 2003. The effective and stated interest rate for this
loan was 8 per cent. Interest is payable by Bromwich at the end of each year and the loan is repayable on
30 November 2007. At 30 November 2005, the directors of Ambush have heard that Bromwich is in financial
difficulties and is undergoing a financial reorganisation. The directors feel that it is likely that they will only
receive $100,000 on 30 November 2007 and no future interest payment. Interest for the year ended
30 November 2005 had been received. The financial year end of Ambush is 30 November 2005.
Required:
(i) Outline the requirements of IAS 39 as regards the impairment of financial assets. (6 marks)
What is the carrying amount of the production equipment in Bash Co’s statement of financial position as at 30 September 20X2？
A.$5,016,000
B.$6,270,000
C.$6,330,000
D.$6,360,000
2005. The financial statements were authorised on 12 December 2005. The following events are relevant to the
financial statements for the year ended 31 October 2005:
(i) Ryder has a good record of ordinary dividend payments and has adopted a recent strategy of increasing its
dividend per share annually. For the last three years the dividend per share has increased by 5% per annum.
On 20 November 2005, the board of directors proposed a dividend of 10c per share for the year ended
31 October 2005. The shareholders are expected to approve it at a meeting on 10 January 2006, and a
dividend amount of $20 million will be paid on 20 February 2006 having been provided for in the financial
statements at 31 October 2005. The directors feel that a provision should be made because a ‘valid expectation’
has been created through the company’s dividend record. (3 marks)
(ii) Ryder disposed of a wholly owned subsidiary, Krup, a public limited company, on 10 December 2005 and made
a loss of $9 million on the transaction in the group financial statements. As at 31 October 2005, Ryder had no
intention of selling the subsidiary which was material to the group. The directors of Ryder have stated that there
were no significant events which have occurred since 31 October 2005 which could have resulted in a reduction
in the value of Krup. The carrying value of the net assets and purchased goodwill of Krup at 31 October 2005
were $20 million and $12 million respectively. Krup had made a loss of $2 million in the period 1 November
2005 to 10 December 2005. (5 marks)
(iii) Ryder acquired a wholly owned subsidiary, Metalic, a public limited company, on 21 January 2004. The
consideration payable in respect of the acquisition of Metalic was 2 million ordinary shares of $1 of Ryder plus
a further 300,000 ordinary shares if the profit of Metalic exceeded $6 million for the year ended 31 October
2005. The profit for the year of Metalic was $7 million and the ordinary shares were issued on 12 November
2005. The annual profits of Metalic had averaged $7 million over the last few years and, therefore, Ryder had
included an estimate of the contingent consideration in the cost of the acquisition at 21 January 2004. The fair
value used for the ordinary shares of Ryder at this date including the contingent consideration was $10 per share.
The fair value of the ordinary shares on 12 November 2005 was $11 per share. Ryder also made a one for four
bonus issue on 13 November 2005 which was applicable to the contingent shares issued. The directors are
unsure of the impact of the above on earnings per share and the accounting for the acquisition. (7 marks)
(iv) The company acquired a property on 1 November 2004 which it intended to sell. The property was obtained
as a result of a default on a loan agreement by a third party and was valued at $20 million on that date for
accounting purposes which exactly offset the defaulted loan. The property is in a state of disrepair and Ryder
intends to complete the repairs before it sells the property. The repairs were completed on 30 November 2005.
The property was sold after costs for $27 million on 9 December 2005. The property was classified as ‘held for
sale’ at the year end under IFRS5 ‘Non-current Assets Held for Sale and Discontinued Operations’ but shown at
the net sale proceeds of $27 million. Property is depreciated at 5% per annum on the straight-line basis and no
depreciation has been charged in the year. (5 marks)
(v) The company granted share appreciation rights (SARs) to its employees on 1 November 2003 based on ten
million shares. The SARs provide employees at the date the rights are exercised with the right to receive cash
equal to the appreciation in the company’s share price since the grant date. The rights vested on 31 October
2005 and payment was made on schedule on 1 December 2005. The fair value of the SARs per share at
31 October 2004 was $6, at 31 October 2005 was $8 and at 1 December 2005 was $9. The company has
recognised a liability for the SARs as at 31 October 2004 based upon IFRS2 ‘Share-based Payment’ but the
liability was stated at the same amount at 31 October 2005. (5 marks)
Required:
Discuss the accounting treatment of the above events in the financial statements of the Ryder Group for the year
ended 31 October 2005, taking into account the implications of events occurring after the balance sheet date.
(The mark allocations are set out after each paragraph above.)
(25 marks)
the audit of the financial statements for the year ended 30 November 2007. The draft financial statements show
revenue of $125 million (2006 – $103 million), profit before tax of $5·6 million (2006 – $5·1 million) and total
assets of $95 million (2006 – $90 million). Your firm was appointed as auditor to Island Co for the first time in June
2007.
Island Co designs, constructs and installs machinery for five key customers. Payment is due in three instalments: 50%
is due when the order is confirmed (stage one), 25% on delivery of the machinery (stage two), and 25% on successful
installation in the customer’s coal mine (stage three). Generally it takes six months from the order being finalised until
the final installation.
At 30 November, there is an amount outstanding of $2·85 million from Jacks Mine Co. The amount is a disputed
stage three payment. Jacks Mine Co is refusing to pay until the machinery, which was installed in August 2007, is
running at 100% efficiency.
One customer, Sawyer Co, communicated in November 2007, via its lawyers with Island Co, claiming damages for
injuries suffered by a drilling machine operator whose arm was severely injured when a machine malfunctioned. Kate
Shannon, the chief executive officer of Island Co, has told you that the claim is being ignored as it is generally known
that Sawyer Co has a poor health and safety record, and thus the accident was their fault. Two orders which were
placed by Sawyer Co in October 2007 have been cancelled.
Work in progress is valued at $8·5 million at 30 November 2007. A physical inventory count was held on
17 November 2007. The chief engineer estimated the stage of completion of each machine at that date. One of the
major components included in the coal extracting machinery is now being sourced from overseas. The new supplier,
Locke Co, is located in Spain and invoices Island Co in euros. There is a trade payable of $1·5 million owing to Locke
Co recorded within current liabilities.
All machines are supplied carrying a one year warranty. A warranty provision is recognised on the balance sheet at
$2·5 million (2006 – $2·4 million). Kate Shannon estimates the cost of repairing defective machinery reported by
customers, and this estimate forms the basis of the provision.
Kate Shannon owns 60% of the shares in Island Co. She also owns 55% of Pacific Co, which leases a head office to
Island Co. Kate is considering selling some of her shares in Island Co in late January 2008, and would like the audit
to be finished by that time.
Required:
(a) Using the information provided, identify and explain the principal audit risks, and any other matters to be
considered when planning the final audit for Island Co for the year ended 30 November 2007.
Note: your answer should be presented in the format of briefing notes to be used at a planning meeting.
Requirement (a) includes 2 professional marks. (13 marks)
(1) The acquisition of 60% of Zakron Co’s equity share capital on 1 March 20X7. Zakron Co’s activities are significantly different from the rest of the Poulgo group of companies
(2) The offer to acquire 70% of Unto Co’s equity share capital on 1 November 20X7. The negotiations were finally signed off during January 20X8
(3) The acquisition of 45% of Speeth Co’s equity share capital on 31 December 20X7. Poulgo Co is able to appoint three of the ten members of Speeth Co’s board
A.1 only
B.2 and 3
C.3 only
D.1 and 2
provision for their company. They are quite surprised at the impact on the provision caused by changes in accounting
standards such as IFRS1 ‘First time adoption of International Financial Reporting Standards’ and IFRS2 ‘Share-based
Payment’. Panel is adopting International Financial Reporting Standards for the first time as at 31 October 2005 and
the directors are unsure how the deferred tax provision will be calculated in its financial statements ended on that
date including the opening provision at 1 November 2003.
Required:
(a) (i) Explain how changes in accounting standards are likely to have an impact on the provision for deferred
taxation under IAS12 ‘Income Taxes’. (5 marks)
heavy investment in licences and network infrastructure. Competition in the sector is fierce and technological
advances are a characteristic of the industry. Johan has responded to these factors by offering incentives to customers
and, in an attempt to acquire and retain them, Johan purchased a telecom licence on 1 December 2006 for
$120 million. The licence has a term of six years and cannot be used until the network assets and infrastructure are
ready for use. The related network assets and infrastructure became ready for use on 1 December 2007. Johan could
not operate in the country without the licence and is not permitted to sell the licence. Johan expects its subscriber
base to grow over the period of the licence but is disappointed with its market share for the year to 30 November
2008. The licence agreement does not deal with the renewal of the licence but there is an expectation that the
regulator will grant a single renewal for the same period of time as long as certain criteria regarding network build
quality and service quality are met. Johan has no experience of the charge that will be made by the regulator for the
renewal but other licences have been renewed at a nominal cost. The licence is currently stated at its original cost of
$120 million in the statement of financial position under non-current assets.
Johan is considering extending its network and has carried out a feasibility study during the year to 30 November
2008. The design and planning department of Johan identified five possible geographical areas for the extension of
its network. The internal costs of this study were $150,000 and the external costs were $100,000 during the year
to 30 November 2008. Following the feasibility study, Johan chose a geographical area where it was going to install
a base station for the telephone network. The location of the base station was dependent upon getting planning
permission. A further independent study has been carried out by third party consultants in an attempt to provide a
preferred location in the area, as there is a need for the optimal operation of the network in terms of signal quality
and coverage. Johan proposes to build a base station on the recommended site on which planning permission has
been obtained. The third party consultants have charged $50,000 for the study. Additionally Johan has paid
$300,000 as a single payment together with $60,000 a month to the government of the region for access to the land
upon which the base station will be situated. The contract with the government is for a period of 12 years and
commenced on 1 November 2008. There is no right of renewal of the contract and legal title to the land remains with
the government.
Johan purchases telephone handsets from a manufacturer for $200 each, and sells the handsets direct to customers
for $150 if they purchase call credit (call card) in advance on what is called a prepaid phone. The costs of selling the
handset are estimated at $1 per set. The customers using a prepaid phone pay $21 for each call card at the purchase
date. Call cards expire six months from the date of first sale. There is an average unused call credit of $3 per card
after six months and the card is activated when sold.
Johan also sells handsets to dealers for $150 and invoices the dealers for those handsets. The dealer can return the
handset up to a service contract being signed by a customer. When the customer signs a service contract, the
customer receives the handset free of charge. Johan allows the dealer a commission of $280 on the connection of a
customer and the transaction with the dealer is settled net by a payment of $130 by Johan to the dealer being the
cost of the handset to the dealer ($150) deducted from the commission ($280). The handset cannot be sold
separately by the dealer and the service contract lasts for a 12 month period. Dealers do not sell prepaid phones, and
Johan receives monthly revenue from the service contract.
The chief operating officer, a non-accountant, has asked for an explanation of the accounting principles and practices
which should be used to account for the above events.
Required:
Discuss the principles and practices which should be used in the financial year to 30 November 2008 to account
for:
(a) the licences; (8 marks)
