备考资料：2020年ACCA考试FR财务报告知识点(5)

发布时间：2020-10-09

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【知识点】Subsequent measurement后续计量

Subsequent measurement

Subsequent expenditure on property, plant and equipment should only be capitalized if (capital expenditure):

It enhances the assets economic benefits.

It relates to an overhaul or required major inspection of the asset-the costs associated with this should be capitalized and depreciated over the time until the next overhaul or safety inspection.

It is replacing a component of a complex asset. This can only be capitalized if the original component has been written off.

All other subsequent expenditure should be recognized in the statement of profit or loss, because it merely maintains the economic benefits originally expected (revenue expenditure).

【知识点】Revaluation model重估模型

Revaluation model

·Initial measurement.

PPE are measured initially at cost

·Subsequent measurement.

Revaluated to the fair value @ revaluation date; & impact on FS.

Depreciation = (revalued amount - residual value) / remaining useful life.

Carrying value = Fair value - Acc Dep - Imp loss.

·Scope of example examined

Plant & Equipment

Land & Buildings

·Conditions

Applied only if the fair value of the item can be measured reliably.

Timing : Review periodically and keep revaluations up to date.

Scope : Consistent policy for each class of asset.

·Gain or loss

Revaluations gains are credited to other comprehensive income and revaluation surplus.

(Option: make an annual transfer for the realisation of revaluation surplus).

Revaluation losses are recognised as an expense to the extent that it exceeds any amount previously credited to the revaluation surplus relating to the same asset.

【知识点】Recognition of Intangible assets识别无形资产

Recognition of Intangible assets

The recognition of Intangible assets depends on three criteria:

Controlled by the entity as a result of past events (i.e. technical knowledge, know-how or employee skills).

Something from which the entity expects future economic benefits to flow.

Cost of the asset can be measured reliably (i.e. cost of the licence or franchise).

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下面小编为大家准备了 ACCA考试 的相关考题，供大家学习参考。

5 International Financial Reporting Standards (IFRSs) are primarily designed for use by publicly listed companies and

in many countries the majority of companies using IFRSs are listed companies. In other countries IFRSs are used as

national Generally Accepted Accounting Practices (GAAP) for all companies including unlisted entities. It has been

argued that the same IFRSs should be used by all entities or alternatively a different body of standards should apply

to small and medium entities (SMEs).

Required:

(a) Discuss whether there is a need to develop a set of IFRSs specifically for SMEs. (7 marks)

正确答案：
5 (a) IFRSs were not designed specifically for listed companies. However, in many countries the main users of IFRS are listed
companies. Currently SMEs who adopt IFRS have to follow all the requirements and not all SMEs take exception to applying
IFRS because it gives their financial statements enhanced reliability, relevance and credibility, and results in fair presentation.
However, other SMEs will wish to comply with IFRS for consistency and comparability purposes within their own country and
internationally but wish to apply simplified or different standards relevant to SMEs on the grounds that some IFRS are
unnecessarily demanding and some of the information produced is not used by users of SME financial statements.
The objectives of general purpose financial statements are basically appropriate for SMEs and publicly listed companies alike.
Therefore there is an argument that there is a need for only one set of IFRS which could be used nationally and internationally.
However, some SMEs require different financial information than listed companies. For example expanded related party
disclosures may be useful as SMEs often raise capital from shareholders, directors and suppliers. Additionally directors often
offer personal assets as security for bank finance.
The cost burden of applying the full set of IFRS may not be justified on the basis of user needs. The purpose and usage of
the financial statements, and the nature of the accounting expertise available to the SME, will not be the same as for listed
companies. These circumstances themselves may provide justification for a separate set of IFRSs for SMEs. A problem which
might arise is that users become familiar with IFRS as opposed to local GAAP thus creating a two tier system which could
lead to local GAAP being seen as an inferior or even a superior set of accounting rules.
One course of action would be for GAAP for SMEs to be developed on a national basis with IFRS being focused on accounting
for listed company activities. The main issue here would be that the practices developed for SMEs may not be consistent and
may lack comparability across national boundaries. This may mean that where SMEs wish to list their shares on a capital
market, the transition to IFRSs may be difficult. It seems that national standards setters are strongly supportive of thedevelopment of IFRSs for SMEs.

(ii) Explain whether or not Carver Ltd will become a close investment-holding company as a result of

acquiring either the office building or the share portfolio and state the relevance of becoming such a

company. (2 marks)

正确答案：
(ii) Close investment holding company status
Carver Ltd will not become a close investment-holding company if it purchases the office building as, although it will no
longer be a trading company, it intends to rent out the building to a number of tenants none of whom is connected to
the company.
Carver Ltd will become a close investment holding company if it purchases a portfolio of quoted shares as it will no
longer be a trading company. As a result it will pay corporation tax at the full rate of 30% regardless of the level of its
profits.

The finance director of Blod Co, Uma Thorton, has requested that your firm type the financial statements in the form

to be presented to shareholders at the forthcoming company general meeting. Uma has also commented that the

previous auditors did not use a liability disclaimer in their audit report, and would like more information about the use

of liability disclaimer paragraphs.

Required:

(b) Discuss the ethical issues raised by the request for your firm to type the financial statements of Blod Co.

(3 marks)

正确答案：
(b) It is not uncommon for audit firms to word process and typeset the financial statements of their clients, especially where the
client is a relatively small entity, which may lack the resources and skills to perform. this task. It is not prohibited by ethical
standards.
However, there could be a perceived threat to independence, with risk magnified in the case of Blod Co, which is a listed
company. The auditors could be perceived to be involved with the preparation of the financial statements of a listed client
company, which is prohibited by ethical standards. IFAC’s Code of Ethics for Professional Accountants states that for a listed
client, the audit firm should not be involved with the preparation of financial statements, which would create a self-review
threat so severe that safeguards could not reduce the threat to an acceptable level. Although the typing of financial statements
itself is not prohibited by ethical guidance, the risk is that providing such a service could be perceived to be an element of
the preparation of the financial statements.
It is possible that during the process of typing the financial statements, decisions and judgments would be made. This could
be perceived as making management decisions in relation to the financial statements, a clear breach of independence.
Therefore to eliminate any risk exposure, the prudent decision would be not to type the financial statements, ensuring that
Blod Co appreciates the ethical problems that this would cause.
Tutorial note: This is an area not specifically covered by ethical guides, where different audit firms may have different views
on whether it is acceptable to provide a typing service for the financial statements of their clients. Credit will be awarded for
sensible discussion of the issues raised bearing in mind other options for the audit firm, for example, it could be argued that
it is acceptable to offer the typing service provided that it is performed by people independent of the audit team, and that
the matter has been discussed with the audit committee/those charged with governance

The following information is relevant for questions 9 and 10

A company’s draft financial statements for 2005 showed a profit of $630,000. However, the trial balance did not agree,

and a suspense account appeared in the company’s draft balance sheet.

Subsequent checking revealed the following errors:

(1) The cost of an item of plant $48,000 had been entered in the cash book and in the plant account as $4,800.

Depreciation at the rate of 10% per year ($480) had been charged.

(2) Bank charges of $440 appeared in the bank statement in December 2005 but had not been entered in the

company’s records.

(3) One of the directors of the company paid $800 due to a supplier in the company’s payables ledger by a personal

cheque. The bookkeeper recorded a debit in the supplier’s ledger account but did not complete the double entry

for the transaction. (The company does not maintain a payables ledger control account).

(4) The payments side of the cash book had been understated by $10,000.

9 Which of the above items would require an entry to the suspense account in correcting them?

A All four items

B 3 and 4 only

C 2 and 3 only

D 1, 2 and 4 only

正确答案：B

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