FIA是什么？FIA和ACCA有什么关系？了解一下吧！

正确答案：
(c) Site restoration
(i) Matters
■ The provision for site restoration represents nearly 2·5% of total assets and is therefore material if it is not
warranted.
■ The estimated cost of restoring the site is a cost directly attributable to the initial measurement of the tangible fixed
asset to the extent that it is recognised as a provision under IAS 37 ‘Provisions, Contingent Liabilities and
Contingent Assets’ (IAS 16 ‘Property, Plant and Equipment’).
■ A provision should not be recognised for site restoration unless it meets the definition of a liability, i.e:
– a present obligation;
– arising from past events;
– the settlement of which is expected to result in an outflow of resources embodying economic benefits.
■ The provision is overstated by nearly $0·34m since Volcan is not obliged to relocate the trees and de facto has
only an obligation of $60,000 as at 31 March 2005 (being the penalty for having felled them). When considered
in isolation, this overstatement is immaterial (representing only 0·2% of total assets and 3·6% of PBT).
■ It seems that even if there are local government regulations calling for site restoration there is no obligation unless
the penalties for non-compliance are prohibitive (unlike the fines for the trees).
■ It is unlikely that commencement of site development has given rise to a constructive obligation, since past actions
(disregarding the preservation of the trees) must dispel any expectation that Volcan will honour any pledge to
restore the valley.
■ Whether commencing development of the site, and destroying the trees, conflicts with any statement of socioenvironmental
responsibility in the annual report.
(ii) Audit evidence
■ A copy of the planning application and permission granted setting out the penalties for non-compliance.
■ Payment of $60,000 to local government in May 2005 agreed to the bank statement.
■ The present value calculation of the future cash expenditure making up the $4·0m provision.
Tutorial note: Evidence supporting the calculation of $0·4m is irrelevant as there is no liability to be provided for.
■ Agreement that the pre-tax discount rate used reflects current market assessments of the time value of money (as
for (a)).
■ Asset inspection at the site as at 31 March 2005.
■ Any contracts entered into which might confirm or dispute management’s intentions to restore the site. For
example, whether plant hire (bulldozers, etc) covers only the period over which the warehouse will be constructed
– or whether it extends to the period in which the valley would be ‘made good’.

正确答案：
(d) The dividend growth model calculates the ex div share price from knowledge of the cost of equity capital, the expected growth
rate in dividends and the current dividend per share (or next year’s dividend per share). Using the formula given in the
formulae sheet, the dividend growth rate expected by the company of 8% per year and the decreased dividend of 7·5p per
share:
Share price = (7·5 x 1·08)/(0·11 – 0·08) = 270p or ￡2·70
This is the same as the share price prior to the announcement (￡2·70) and so if dividend growth of 8% per year is achieved,
the dividend growth model forecasts zero share price growth. The share price growth claim made by the company regarding
expansion into the retail camera market cannot therefore be substantiated.
In fact, a lower future share price of ￡2·49 was predicted by applying the current price-earnings ratio to the earnings per
share resulting from the proposed expansion. If this estimate is correct, a fall in share price of 7% can be expected.
The share price predicted by the dividend growth model of ￡2·70 would require an after-tax return on the proposed expansion
of 11·66%, which is more than the 9% predicted by the Board. The current return on shareholders’ funds is 7·5% (4·5/60),
but in 2005 it was 12·8% (7·3/57), so 11·66% may be achievable, but looks unlikely.
Since the market price fell from ￡2·70 to ￡2·45 following the announcement, it appears that the market does not believe
that the forecast dividend growth can be achieved.

正确答案：

(ii) The budgeted corporation tax liability for the year ending 30 June 2008
Following the proposed restructuring, Rapier Ltd will be carrying on four separate trades. The current year loss arising
in the Dirk trade can be offset against its total profits. Its three subsidiaries will be dormant and will not be associates
for the purpose of determining the rate of corporation tax.

正确答案：
4 Appraisal systems are central to human resource management and understanding the difficulties of such schemes and the correct
approach to them is necessary if the appraisal process is to be successful and worthwhile.
(a) The manager conducting the interview might base it on one of three approaches.
The Tell and Sell Method. The manager explains to the employee being appraised how the appraisal assessment is to be undertaken and gains acceptance of the evaluation and improvement plan from the employee. Human resource skills are important with this approach in order for the manager to be able to provide constructive criticism and to motivate the employee.
The Tell and Listen Method. The manager invites the employee to respond to the way that the interview is to be conducted.This approach requires counselling skills and encouragement to allow the employee to participate fully in the interview. A particular feature of this approach is the encouragment of feedback from the employee.
The Problem Solving Method. With this method the manager takes a more helpful approach and concentrates on the work problems of the employee, who is encouraged to think through his or her problems and to provide their own intrinsic motivation.