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3 The directors of Panel, a public limited company, are reviewing the procedures for the calculation of the deferred tax
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)
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更多 “ 3 The directors of Panel, a public limited company, are reviewing the procedures for the calculation of the deferred taxprovision for their company. They are quite surprised at the impact on the provision caused by changes in accountingstandards such as IFRS1 ‘First time adoption of International Financial Reporting Standards’ and IFRS2 ‘Share-basedPayment’. Panel is adopting International Financial Reporting Standards for the first time as at 31 October 2005 andthe directors are unsure how the deferred tax provision will be calculated in its financial statements ended on thatdate 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 deferredtaxation under IAS12 ‘Income Taxes’. (5 marks) ” 相关考题
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(ii) Describe the basis for the calculation of the provision for deferred taxation on first time adoption of IFRSincluding the provision in the opening IFRS balance sheet. (4 marks)
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Additionally the directors wish to know how the provision for deferred taxation would be calculated in the followingsituations under IAS12 ‘Income Taxes’:(i) On 1 November 2003, the company had granted ten million share options worth $40 million subject to a twoyear vesting period. Local tax law allows a tax deduction at the exercise date of the intrinsic value of the options.The intrinsic value of the ten million share options at 31 October 2004 was $16 million and at 31 October 2005was $46 million. The increase in the share price in the year to 31 October 2005 could not be foreseen at31 October 2004. The options were exercised at 31 October 2005. The directors are unsure how to accountfor deferred taxation on this transaction for the years ended 31 October 2004 and 31 October 2005.(ii) Panel is leasing plant under a finance lease over a five year period. The asset was recorded at the present valueof the minimum lease payments of $12 million at the inception of the lease which was 1 November 2004. Theasset is depreciated on a straight line basis over the five years and has no residual value. The annual leasepayments are $3 million payable in arrears on 31 October and the effective interest rate is 8% per annum. Thedirectors have not leased an asset under a finance lease before and are unsure as to its treatment for deferredtaxation. The company can claim a tax deduction for the annual rental payment as the finance lease does notqualify for tax relief.(iii) A wholly owned overseas subsidiary, Pins, a limited liability company, sold goods costing $7 million to Panel on1 September 2005, and these goods had not been sold by Panel before the year end. Panel had paid $9 millionfor these goods. The directors do not understand how this transaction should be dealt with in the financialstatements of the subsidiary and the group for taxation purposes. Pins pays tax locally at 30%.(iv) Nails, a limited liability company, is a wholly owned subsidiary of Panel, and is a cash generating unit in its ownright. The value of the property, plant and equipment of Nails at 31 October 2005 was $6 million and purchasedgoodwill was $1 million before any impairment loss. The company had no other assets or liabilities. Animpairment loss of $1·8 million had occurred at 31 October 2005. The tax base of the property, plant andequipment of Nails was $4 million as at 31 October 2005. The directors wish to know how the impairment losswill affect the deferred tax provision for the year. Impairment losses are not an allowable expense for taxationpurposes.Assume a tax rate of 30%.Required:(b) Discuss, with suitable computations, how the situations (i) to (iv) above will impact on the accounting fordeferred tax under IAS12 ‘Income Taxes’ in the group financial statements of Panel. (16 marks)(The situations in (i) to (iv) above carry equal marks)
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4 Ryder, a public limited company, is reviewing certain events which have occurred since its year end of 31 October2005. The financial statements were authorised on 12 December 2005. The following events are relevant to thefinancial 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 itsdividend 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 ended31 October 2005. The shareholders are expected to approve it at a meeting on 10 January 2006, and adividend amount of $20 million will be paid on 20 February 2006 having been provided for in the financialstatements 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 madea loss of $9 million on the transaction in the group financial statements. As at 31 October 2005, Ryder had nointention of selling the subsidiary which was material to the group. The directors of Ryder have stated that therewere no significant events which have occurred since 31 October 2005 which could have resulted in a reductionin the value of Krup. The carrying value of the net assets and purchased goodwill of Krup at 31 October 2005were $20 million and $12 million respectively. Krup had made a loss of $2 million in the period 1 November2005 to 10 December 2005. (5 marks)(iii) Ryder acquired a wholly owned subsidiary, Metalic, a public limited company, on 21 January 2004. Theconsideration payable in respect of the acquisition of Metalic was 2 million ordinary shares of $1 of Ryder plusa further 300,000 ordinary shares if the profit of Metalic exceeded $6 million for the year ended 31 October2005. The profit for the year of Metalic was $7 million and the ordinary shares were issued on 12 November2005. The annual profits of Metalic had averaged $7 million over the last few years and, therefore, Ryder hadincluded an estimate of the contingent consideration in the cost of the acquisition at 21 January 2004. The fairvalue 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 fourbonus issue on 13 November 2005 which was applicable to the contingent shares issued. The directors areunsure 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 obtainedas a result of a default on a loan agreement by a third party and was valued at $20 million on that date foraccounting purposes which exactly offset the defaulted loan. The property is in a state of disrepair and Ryderintends 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 forsale’ at the year end under IFRS5 ‘Non-current Assets Held for Sale and Discontinued Operations’ but shown atthe net sale proceeds of $27 million. Property is depreciated at 5% per annum on the straight-line basis and nodepreciation 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 tenmillion shares. The SARs provide employees at the date the rights are exercised with the right to receive cashequal to the appreciation in the company’s share price since the grant date. The rights vested on 31 October2005 and payment was made on schedule on 1 December 2005. The fair value of the SARs per share at31 October 2004 was $6, at 31 October 2005 was $8 and at 1 December 2005 was $9. The company hasrecognised a liability for the SARs as at 31 October 2004 based upon IFRS2 ‘Share-based Payment’ but theliability 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 yearended 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)
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5 Ambush, a public limited company, is assessing the impact of implementing the revised IAS39 ‘Financial Instruments:Recognition and Measurement’. The directors realise that significant changes may occur in their accounting treatmentof financial instruments and they understand that on initial recognition any financial asset or liability can bedesignated as one to be measured at fair value through profit or loss (the fair value option). However, there are certainissues that they wish to have explained and these are set out below.Required:(a) Outline in a report to the directors of Ambush the following information:(i) how financial assets and liabilities are measured and classified, briefly setting out the accountingmethod used for each category. (Hedging relationships can be ignored.) (10 marks)
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(c) the deferred tax implications (with suitable calculations) for the company which arise from the recognitionof a remuneration expense for the directors’ share options. (7 marks)
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3 (a) Leigh, a public limited company, purchased the whole of the share capital of Hash, a limited company, on 1 June2006. The whole of the share capital of Hash was formerly owned by the five directors of Hash and under theterms of the purchase agreement, the five directors were to receive a total of three million ordinary shares of $1of Leigh on 1 June 2006 (market value $6 million) and a further 5,000 shares per director on 31 May 2007,if they were still employed by Leigh on that date. All of the directors were still employed by Leigh at 31 May2007.Leigh granted and issued fully paid shares to its own employees on 31 May 2007. Normally share options issuedto employees would vest over a three year period, but these shares were given as a bonus because of thecompany’s exceptional performance over the period. The shares in Leigh had a market value of $3 million(one million ordinary shares of $1 at $3 per share) on 31 May 2007 and an average fair value of$2·5 million (one million ordinary shares of $1 at $2·50 per share) for the year ended 31 May 2007. It isexpected that Leigh’s share price will rise to $6 per share over the next three years. (10 marks)Required:Discuss with suitable computations how the above share based transactions should be accounted for in thefinancial statements of Leigh for the year ended 31 May 2007.
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2 Marrgrett, a public limited company, is currently planning to acquire and sell interests in other entities and has askedfor advice on the impact of IFRS3 (Revised) ‘Business Combinations’ and IAS27 (Revised) ‘Consolidated and SeparateFinancial Statements’. The company is particularly concerned about the impact on earnings, net assets and goodwillat the acquisition date and any ongoing earnings impact that the new standards may have.The company is considering purchasing additional shares in an associate, Josey, a public limited company. Theholding will increase from 30% stake to 70% stake by offering the shareholders of Josey, cash and shares inMarrgrett. Marrgrett anticipates that it will pay $5 million in transaction costs to lawyers and bankers. Josey hadpreviously been the subject of a management buyout. In order that the current management shareholders may remainin the business, Marrgrett is going to offer them share options in Josey subject to them remaining in employment fortwo years after the acquisition. Additionally, Marrgrett will offer the same shareholders, shares in the holding companywhich are contingent upon a certain level of profitability being achieved by Josey. Each shareholder will receive sharesof the holding company up to a value of $50,000, if Josey achieves a pre-determined rate of return on capitalemployed for the next two years.Josey has several marketing-related intangible assets that are used primarily in marketing or promotion of its products.These include trade names, internet domain names and non-competition agreements. These are not currentlyrecognised in Josey’s financial statements.Marrgrett does not wish to measure the non-controlling interest in subsidiaries on the basis of the proportionateinterest in the identifiable net assets, but wishes to use the ‘full goodwill’ method on the transaction. Marrgrett isunsure as to whether this method is mandatory, or what the effects are of recognising ‘full goodwill’. Additionally thecompany is unsure as to whether the nature of the consideration would affect the calculation of goodwill.To finance the acquisition of Josey, Marrgrett intends to dispose of a partial interest in two subsidiaries. Marrgrett willretain control of the first subsidiary but will sell the controlling interest in the second subsidiary which will becomean associate. Because of its plans to change the overall structure of the business, Marrgrett wishes to recognise are-organisation provision at the date of the business combination.Required:Discuss the principles and the nature of the accounting treatment of the above plans under International FinancialReporting Standards setting out any impact that IFRS3 (Revised) ‘Business Combinations’ and IAS27 (Revised)‘Consolidated and Separate Financial Statements’ might have on the earnings and net assets of the group.Note: this requirement includes 2 professional marks for the quality of the discussion.(25 marks)
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5 The directors of Quapaw, a limited liability company, are reviewing the company’s draft financial statements for theyear ended 31 December 2004.The following material matters are under discussion:(a) During the year the company has begun selling a product with a one-year warranty under which manufacturingdefects are remedied without charge. Some claims have already arisen under the warranty. (2 marks)Required:Advise the directors on the correct treatment of these matters, stating the relevant accounting standard whichjustifies your answer in each case.NOTE: The mark allocation is shown against each of the three matters
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(b) You are the audit manager of Jinack Co, a private limited liability company. You are currently reviewing twomatters that have been left for your attention on the audit working paper file for the year ended 30 September2005:(i) Jinack holds an extensive range of inventory and keeps perpetual inventory records. There was no fullphysical inventory count at 30 September 2005 as a system of continuous stock checking is operated bywarehouse personnel under the supervision of an internal audit department.A major systems failure in October 2005 caused the perpetual inventory records to be corrupted before theyear-end inventory position was determined. As data recovery procedures were found to be inadequate,Jinack is reconstructing the year-end quantities through a physical count and ‘rollback’. The reconstructionexercise is expected to be completed in January 2006. (6 marks)Required:Identify and comment on the implications of the above matters for the auditor’s report on the financialstatements of Jinack Co for the year ended 30 September 2005 and, where appropriate, the year ending30 September 2006.NOTE: The mark allocation is shown against each of the matters.
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John Pentanol was appointed as risk manager at HZ Company a year ago and he decided that his first task was to examine the risks that faced the company. He concluded that the company faced three major risks, which he assessed by examining the impact that would occur if the risk were to materialise. He assessed Risk 1 as being of low potential impact as even if it materialised it would have little effect on the company’s strategy. Risk 2 was assessed as being of medium potential impact whilst a third risk, Risk 3, was assessed as being of very high potential impact.When John realised the potential impact of Risk 3 materialising, he issued urgent advice to the board to withdraw from the activity that gave rise to Risk 3 being incurred. In the advice he said that the impact of Risk 3 was potentially enormous and it would be irresponsible for HZ to continue to bear that risk.The company commercial director, Jane Xylene, said that John Pentanol and his job at HZ were unnecessary and that risk management was ‘very expensive for the benefits achieved’. She said that all risk managers do is to tell people what can’t be done and that they are pessimists by nature. She said she wanted to see entrepreneurial risk takers in HZ and not risk managers who, she believed, tended to discourage enterprise.John replied that it was his job to eliminate all of the highest risks at HZ Company. He said that all risk was bad and needed to be eliminated if possible. If it couldn’t be eliminated, he said that it should be minimised.(a) The risk manager has an important role to play in an organisation’s risk management.Required:(i) Describe the roles of a risk manager. (4 marks)(ii) Assess John Pentanol’s understanding of his role. (4 marks)(b) With reference to a risk assessment framework as appropriate, criticise John’s advice that HZ shouldwithdraw from the activity that incurs Risk 3. (6 marks)(c) Jane Xylene expressed a particular view about the value of risk management in HZ Company. She also said that she wanted to see ‘entrepreneurial risk takers’.Required:(i) Define ‘entrepreneurial risk’ and explain why it is important to accept entrepreneurial risk in businessorganisations; (4 marks)(ii) Critically evaluate Jane Xylene’s view of risk management. (7 marks)
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You are the manager responsible for performing hot reviews on audit files where there is a potential disagreementbetween your firm and the client regarding a material issue. You are reviewing the going concern section of the auditfile of Dexter Co, a client with considerable cash flow difficulties, and other, less significant operational indicators ofgoing concern problems. The working papers indicate that Dexter Co is currently trying to raise finance to fundoperating cash flows, and state that if the finance is not received, there is significant doubt over the going concernstatus of the company. The working papers conclude that the going concern assumption is appropriate, but it isrecommended that the financial statements should contain a note explaining the cash flow problems faced by thecompany, along with a description of the finance being sought, and an evaluation of the going concern status of thecompany. The directors do not wish to include the note in the financial statements.Required:(b) Consider and comment on the possible reasons why the directors of Dexter Co are reluctant to provide thenote to the financial statements. (5 marks)
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ORGANIZING A BUSINESS IN DIFFERENT WAYS Businesses are structured in different ways to meet different needs. The simplest form. of business is called an individual or sole proprietorship. The proprietor owns all of the property of the business and is responsible for everything. Another kind of business is a partnership. Two or more people go into business together. An agreement is usually needed to decide how much of the partnership each person controls. One kind of partnership is called a limited liability partnership. These have full partners and limited partners. Limited partners may not share as much in the profits, but they also have less responsibility for the business. Doctors, lawyers and accountants often form. partnerships to share their risks and profits. A husband and wife can form. a business partnership together. Partnerships exist only for as long as the owners remain alive. The same is true of individual proprietorships. But corporations are designed to have an unlimited lifetime. A corporation is the most complex kind of business organization. Corporations can sell stock as a way to raise money. Stocks represent shares of ownership in a company. Investors who buy stock can trade their shares or keep them as long as the company is in business. A corporation is recognized as an entity-its own legal being, separate from its owners. A board of directors controls corporate policies. The directors appoint top company officers. The directors might or might not hold shares in the corporation. Corporations can have a few major shareholders, or ownership can be spread among the general public. But not all corporations are traditional businesses that sell stock. Some non-profit groups are also organized as corporations.1. This passage is mainly about ().A. why different forms of business runB. when different forms of business raise moneyC. how different forms of business are organized2. What is usually needed to decide the portion of the partnership each person controls?()A. A rule.B. An agreement.C. A regulation.3. Who are not included in limited liability partnerships?()A. Full partners.B. Limited partners.C. Unlimited partners.4. How can corporations raise money?()A. By selling stock.B. By buying stock.C. By holding corporation shares.5. Who controls corporate policies in a corporation?()A. Chairman of the board.B. A board of directors.C. The owner of the corporation.
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听力原文：The owners of limited companies are people who have bought shares in the company.(6)A．The shareholders are the owners of limited companies.B．Shareholders deposit their money in the limited companies.C．The shareholders can sell shares of limited companies to the public.D．Shareholders of limited companies are able to make profits continuously.
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According to your resume, you have had some experience working in a foreign company. May I ask you why you left?
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A company predicted that the learning rate for production of a new product would be 80%. The actual learning rate was 75%. The following possible reasons were stated for this:(i) The number of new employees recruited was lower than expected(ii) Unexpected problems were encountered with production(iii) Unexpected changes to Health and Safety laws meant that the company had to increase the number of breaks during production for employeesWhich of the above reasons could have caused the difference between the expected rate of learning and the actual rate of learning?A.All of the aboveB.(ii) and (iii) onlyC.(i) onlyD.None of the above
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I don′ t care about the good salary offered by the company. What I need is a(n) _____________ post.A.awarding
B.challenging
C.competing
D.creating
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Change management would typically be composed of the raising and recording of changes, assessing the impact, cost, benefit and risk of proposed changes,developing business justification and obtaining approval, managing and coordinating change implementation, monitoring and reporting on implementation, reviewing and closing （）.
A. change reason
B. change model
C. remediation plan
D. change requests
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He holds an important position in the company.（ ）,I don’t quite trust him.A.Thus
B.Furthermore
C.Otherwise
D.Nevertheless
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—Hello. Blue Sky Company. Can I help you
—Hello. This is Jack Smith. May I speak to the sales manager, please
—Yes, this is __________.A.I
B.me
C.she
D.her
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You are creating a SQL Server 2005 database for a mortgage company. The database will support a new Web-based application that will handle up to 1，000 simultaneous users. This application must quickly display the results of calculation-intensive operations， such as calculating mortgage payments and amortization schedules. You need to ensure that the database processes calculations as quickly and efficiently as possible. What should you do？（）A、Implement parameterized Transact-SQL queries in the application.B、Implement Transact-SQL stored procedures in the database.C、Implement CLR stored procedures in the database.D、Implement distributed Web services.
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You work as a network Exchange administrator at Company.com.The Company.com network currently consists of a single Active Directory forest containing a single domain named Company.com.The Company.com organization makes use of Microsoft Exchange Server 2010 as their messaging solution.During the course of the business week you receive instruction from Company.com to have the size of the items in a public folder limited whilst ensuring you solution affects only the required public folder. What should you do？（）A、You should consider having the Microsoft Office Outlook tool used.B、You should consider having the Public Folder Management Console tool used.C、You should consider having the Exchange Control Panel （ECP） tool used.D、You should consider having the Exchange Management Console （EMC） tool used.
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单选题You are creating a SQL Server 2005 database for a mortgage company. The database will support a new Web-based application that will handle up to 1,000 simultaneous users. This application must quickly display the results of calculation-intensive operations, such as calculating mortgage payments and amortization schedules. You need to ensure that the database processes calculations as quickly and efficiently as possible. What should you do?（）A
Implement parameterized Transact-SQL queries in the application. B
Implement Transact-SQL stored procedures in the database. C
Implement CLR stored procedures in the database. D
Implement distributed Web services.
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填空题I (work) ____ in the Human Resources Department for five months since I joined the company.
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单选题Provision must be made in pipe systems for changes in length due to change of temperatureThe bold and italic word “provision” probably means （）.A
flangesB
nutsC
expansion jointsD
bolts
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