快来了解！acca与cpa的区别是什么，哪个好考一些

正确答案：

(b) (i) Appropriateness of audit opinion given
Tutorial note: The answer points suggested by the marking scheme are listed in roughly the order in which they might
be extracted from the information presented in the question. The suggested answer groups together some of these
points under headings to give the analysis of the situation a possible structure.
Heading
■ The opinion paragraph is not properly headed. It does not state the form. of the opinion that has been given nor
the grounds for qualification.
■ The opinion ‘the financial statements do not give a true and fair view’ is an ‘adverse’ opinion.
■ That ‘provision should be made’, but has not, is a matter of disagreement that should be clearly stated as noncompliance
with IAS 36. The title of IAS 36 Impairment of Assets should be given in full.
■ The opinion should be headed ‘Disagreement on Accounting Policies – Inappropriate Accounting Method – Adverse
Opinion’.
1 ISA 250 does not specify with whom agreement should be reached but presumably with those charged with corporate governance (e.g audit committee or
2 other supervisory board).
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6D–INTBA
Paper 3.1INT
Content
■ It is appropriate that the opinion paragraph should refer to the note(s) in the financial statements where the matter
giving rise to the modification is more fully explained. However, this is not an excuse for the audit opinion being
‘light’ on detail. For example, the reason for impairment could be summarised in the auditor’s report.
■ The effects have not been quantified, but they should be quantifiable. The maximum possible loss would be the
carrying amount of the non-current assets identified as impaired.
■ It is not clear why the directors have been ‘unable to quantify the amounts’. Since impairments should be
quantifiable any ‘inability’ suggest a limitation in scope of the audit, in which case the opinion should be disclaimed
(or ‘except for’) on grounds of lack of evidence rather than disagreement.
■ The wording is confusing. ‘Failure to provide’ suggests disagreement. However, there must be sufficient evidence
to support any disagreement. Although the directors cannot quantify the amounts it seems the auditors must have
been able to (estimate at least) in order to form. an opinion that the amounts involved are sufficiently material to
warrant a qualification.
■ The first paragraph refers to ‘non-current assets’. The second paragraph specifies ‘tangible and intangible assets’.
There is no explanation why or how both tangible and intangible assets are impaired.
■ The first paragraph refers to ‘profit or loss’ and the second and third paragraphs to ‘loss’. It may be clearer if the
first paragraph were to refer to recognition in the income statement.
■ It is not clear why the failure to recognise impairment warrants an adverse opinion rather than ‘except for’. The
effects of non-compliance with IAS 36 are to overstate the carrying amount(s) of non-current assets (that can be
specified) and to understate the loss. The matter does not appear to be pervasive and so an adverse opinion looks
unsuitable as the financial statements as a whole are not incomplete or misleading. A loss is already being reported
so it is not that a reported profit would be turned into a loss (which is sometimes judged to be ‘pervasive’).
Prior year
■ As the 2005 auditor’s report, as previously issued, included an adverse opinion and the matter that gave rise to
the modification:
– is unresolved; and
– results in a modification of the 2006 auditor’s report,
the 2006 auditor’s report should also be modified regarding the corresponding figures (ISA 710 Comparatives).
■ The 2006 auditor’s report does not refer to the prior period modification nor highlight that the matter resulting in
the current period modification is not new. For example, the report could say ‘As previously reported and as more
fully explained in notes ….’ and state ‘increase the loss by $x (2005 – $y)’.

正确答案：
(b) (i) Income tax:
Direct investment in residential or commercial property
The income will be taxed under Schedule A for both residential and commercial property investment. Expenses can be
offset against income under the normal trading rules. These will include interest charges incurred in borrowing funds to
acquire the properties. Schedule A losses are restricted to use against future Schedule A profits, with the earliest profits
being relieved first.
When acquiring commercial properties, it may be possible to claim capital allowances on the fixtures and plant held in
the building. In addition, industrial buildings allowances (IBA) may also be available if the property qualifies as an
industrial building.
Capital allowances are not normally available for fixtures and fittings included in a residential property. Instead, a wear
and tear allowance can be claimed if the property is furnished. This is equal to 10% of the rental income after any
tenants cost (for example, council tax) paid by the landlord.
Income tax is levied at the normal tax rates (10/22/40%) as appropriate.
Collective investment (shares in a property investment company/unit trust)
With collective investments, the investor either buys shares (in an investment company) or units (in an equity unit trust).
The income tax treatment of both is the same in that the investor receives dividends. These are taxed at 10% and 32·5%
respectively (for basic and higher rate taxpayers).
Investors are not able to claim income tax relief on either interest costs (of borrowing) or any other expenses.
Capital gains tax (CGT):
The normal rules apply for CGT purposes in all situations. Property investments do not normally qualify for business
rates of taper relief unless they are furnished holiday lets or in certain circumstances, commercial property. Investments
in unit trusts or property investment companies will never qualify for business taper rates.
It is possible to use an individual savings account (ISA) to make collective investments. If this is done, income and
capital gains will be exempt from tax.
Other taxes:
New commercial property is subject to value added tax (VAT) at the standard rate, but new residential property is subject
to VAT at the zero rate. If a commercial building is acquired second hand as an investment, VAT may be payable if a
previous owner has opted to tax the property. If this is the case, VAT at the standard rate will be payable on the purchase
price, and rental charges to tenants will also be subject to VAT, again at the standard rate.
The acquisition of shares is not subject ot VAT.
Stamp duty land tax (SDLT) will be payable broadly on the direct acquisition of any property. The rates vary from 0 to
4% depending on the value of the land and building and its nature (whether residential or non-residential). Stamp duty
is payable at a rate of 0·5% on the acquisition of shares.
Investment risks/benefits
Direct investment
Investing directly in property represents a long term investment, and unless this is the case, investment risks are high.
Substantial initial costs (such as SDLT, VAT and transactions costs) are incurred, and ongoing running costs (such as
letting agents’ fees and vacant periods) can be significant. The investments are illiquid, particularly commercial
properties which can take months to sell.
All types of properties are dependent on a cyclical market, and the values of property investments can vary significantly
as a result. However, residential property has (on a long term basis) proven to be a good hedge against inflation.
Collective investments
The nature of collective investments is that the investor’s risk is reduced by the investment being spread over a large
portfolio as opposed to one or a few properties. In addition, investors can take advantage of the higher levels of liquidity
afforded by such vehicles.

正确答案：D