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正确答案：
(b) IAS16 ‘Property, Plant and Equipment’ permits assets to be revalued on a class by class basis. The different characteristics
of the buildings allow them to be classified separately. Different measurement models can, therefore, be used for the office
buildings and the film studios. However, IAS8 ‘Accounting policies, changes in accounting estimates and errors’ says that
once an entity has decided on its accounting policies, it should apply them consistently from period to period and across all
relevant transactions. An entity can change its accounting policies but only in specific circumstances. These circumstances
are:
(a) where there is a new accounting standard or interpretation or changes to an accounting standard
(b) where the change results in the financial statements providing reliable and more relevant information about the effects
of transactions, other events or conditions on the entity’s financial position, financial performance, or cash flows
Voluntary changes in accounting policies are quite uncommon but may occur when an accounting policy is no longer
appropriate. Router will have to ensure that the change in accounting policy meets the criteria in IAS8. Additionally,
depreciated historical cost will have to be calculated for the film studios at the commencement of the period and the opening
balance on the revaluation reserve and any other affected component of equity adjusted. The comparative amounts for each
prior period should be presented as if the new accounting policy had always been applied. There are limits on retrospective
application on the grounds of impracticability.
It is surprising that the lease of the land is considered to be a finance lease under IAS17 ‘Leases’. Land is considered to have
an indefinite life and should, therefore normally be classified as an operating lease unless ownership passes to the lessee
during the lease term. The lease of the land should be separated out from the lease and treated individually. The value of the
land so determined would be taken off the balance sheet in terms of the liability and asset and the lease payments treated
as rentals in the income statement. A prior period adjustment should also be made. The buildings would continue to be
treated as property, plant and equipment (PPE) and the carrying amount not adjusted. However, the remaining useful life of
the building should be revised to reflect the shorter lease term. This will result in the carrying amount being depreciated over
the shorter period. This change to the depreciation policy is applied prospectively not retrospectively.
The lease liability must be assessed for derecognition under IAS39 ‘Financial Instruments: Recognition and Measurement’,
because of the revision of the lease terms, in order to determine whether the new terms are substantially different from the
old. The purpose of this is to determine whether the change in terms is a modification or an extinguishment. The change
seems to constitute a ‘modification’ because there is little change to the terms. The lease liability is, therefore, amended by
deducting the one off payment ($10 million) from the carrying amount (after adjustment for the lease of land) together with
any transaction costs. The lease liability is then remeasured to the present value of the revised future cash flows, discounted
using the original effective interest rate. Any adjustment made in remeasuring the lease liability will be taken to the income
statement.

正确答案：
4 JINACK CO
(a) Auditor’s responsibilities for subsequent events
■ Auditors must consider the effect of subsequent events on:
– the financial statements;
– the auditor’s report.
■ Subsequent events are all events occurring after a period end (i.e. reporting date) i.e.:
– events after the balance sheet date (as defined in IAS 10); and
– events after the financial statements have been authorised for issue.
Events occurring up to date of auditor’s report
■ The auditor is responsible for carrying out procedures designed to obtain sufficient appropriate audit evidence that all
events up to the date of the auditor’s report that may require adjustment of, or disclosure in, the financial statements
have been identified.
■ These procedures are in addition to those applied to specific transactions occurring after the period end that provide
audit evidence of period-end account balances (e.g. inventory cut-off and receipts from trade receivables). Such
procedures should ordinarily include:
– reviewing minutes of board/audit committee meetings;
– scrutinising latest interim financial statements/budgets/cash flows, etc;
– making/extending inquiries to legal advisors on litigation matters;
– inquiring of management whether any subsequent events have occurred that might affect the financial statements
(e.g. commitments entered into).
■ When the auditor becomes aware of events that materially affect the financial statements, the auditor must consider
whether they have been properly accounted for and adequately disclosed in the financial statements.
Facts discovered after the date of the auditor’s report but before financial statements are issued
Tutorial note: After the date of the auditor’s report it is management’s responsibility to inform. the auditor of facts which
may affect the financial statements.
■ If the auditor becomes aware of such facts which may materially affect the financial statements, the auditor:
– considers whether the financial statements need amendment;
– discusses the matter with management; and
– takes appropriate action (e.g. audit any amendments to the financial statements and issue a new auditor’s report).
■ If management does not amend the financial statements (where the auditor believes they need to be amended) and the
auditor’s report has not been released to the entity, the auditor should express a qualified opinion or an adverse opinion
(as appropriate).
■ If the auditor’s report has been released to the entity, the auditor must notify those charged with governance not to issue
the financial statements (and the auditor’s report thereon) to third parties.
Tutorial note: The auditor would seek legal advice if the financial statements and auditor’s report were subsequently issued.
Facts discovered after the financial statements have been issued
■ The auditor has no obligation to make any inquiry regarding financial statements that have been issued.
■ However, if the auditor becomes aware of a fact which existed at the date of the auditor’s report and which, if known
at that date, may have caused the auditor’s report to be modified, the auditor should:
– consider whether the financial statements need revision;
– discuss the matter with management; and
– take appropriate action (e.g. issuing a new report on revised financial statements).

正确答案：
(b) Good performance should result in improved profitability and therefore other stakeholder groups may be rewarded for ‘good
performance’ as follows:
– Shareholders may receive increased returns on equity in the form. of increased dividends and /or capital growth.
– Customers may benefit from improved quality of products and services, and possibly lower prices.
– Suppliers may benefit from increased volumes of purchases.
– Government will benefit from increased amounts of taxation.

正确答案：

(d) IAS27 paragraph 14, ‘Consolidated and Separate Financial Statements’, states that warrants that have the potential to give
the holder voting power or reduce another party’s voting power over the financial and operating policies of the issuer should
be considered when existence of control is assessed. The warrants held by the competitor company, if exercised, would grant
that company control over Playtime. One party only can control Playtime and, therefore, the competitor company should
consolidate Playtime. In coming to this decision all the facts and circumstances that affect potential voting rights (except the
intention of management and the financial ability to exercise or convert) should be considered. It seems, however, that there
is a prima facie case for not consolidating Playtime but accounting for it under IAS28 or IAS39.