如果宁夏考生符合这些条件，那么ACCA证书就是为你量身订做的

正确答案：
(ii) Fair value option
As set out above, the standard permits entities to designate irrevocably on initial recognition any financial asset or liability
as one to be measured at fair value with gains and losses recognised in profit or loss. The fair value option was generally
introduced to reduce profit or loss volatility as it can be used to measure an economically matched position in the same
way (at fair value). Additionally it can be used in place of IAS 39’s requirement to separate embedded derivatives as
the entire contract is measured at fair value with changes reported in profit or loss.
Although the fair value option can be of use, it can be used in an inappropriate manner thus defeating its original
purpose. For example, companies might apply the option to instruments whose fair value is difficult to estimate so as
to smooth profit or loss as valuation of these instruments might be subjective. Also the use of this option might increase
rather than decrease volatility in profit or loss where, for example, a company applies the option to only one part of a
‘matched’ position. Finally, if a company applied the option to financial liabilities, it might result in the company
recognising gains or losses for changes in its own credit worthiness.
The IASB has issued an exposure draft amending IAS 39 in this area restricting the financial assets and liabilities to
which the fair value option can be applied.
I hope that the above information is useful.

正确答案：
(b) The three strategic goals are to become the leading premium ice cream brand in the UK; to increase sales to ￡25 million;
and to achieve a significant entry into the supermarket sector. On the basis of performance to date these goals will certainly
be stretching. All three strategies will involve significant growth in the company. Johnson and Scholes list three success criteria
against which the strategies can be assessed, namely suitability, acceptability and feasibility. Suitability is a test of whether a
strategy addresses the situation in which a company is operating. In Johnson and Scholes’ terms it is the firm’s ‘strategic
position’, an understanding of which comes from the analysis done in the answer to the question above. Acceptability is
concerned with the likely performance outcomes of the strategy and in particular whether the return and risk are in line with
the expectations of the stakeholders. Feasibility is the extent to which the strategy can be made to work and is determined
by the strategic capability of the company reflecting the resources available to implement the strategy. It is interesting to see
that the three growth related goals are compatible in that becoming the leading premium brand will involve increased market
penetration, product development and market development. If achieved it will increase sales and necessitate a successful
entry into the supermarket sector. Time will be an important influence on the success or otherwise of these growth goals –
five years seems to be a reasonable length of time to achieve these ambitious targets.
Suitability – Churchill is currently a small but significant player at the premium end of the market. This segment is becoming
more significant and is attractive because of the high prices and high margins attainable. This is leading to more intense
competition with global companies. One immediate question that springs to mind is what precisely does ‘leading brand’
mean? The most obvious test is that of market share and unless Churchill achieve the access to the supermarkets looked for
in the third strategic goal, seems difficult to achieve. If ‘leading brand’ implies brand recognition this again looks very
ambitious. On the positive side this segment of the ice cream market is showing significant growth and Churchill’s success
in gaining sponsorship rights to major sporting events is a step in the right direction. The combination of high price and high
quality should position the company where it wants to be. Achieving sales of ￡25 million represents a quantum shift in
performance in a company that has to date only achieved modest levels of sales growth.
Acceptability – as a family owned business the balance between risk and return is an important one. The family to date has
been ‘happy’ with a modest rate of growth and modest return in terms of profits. The other significant stakeholder group is
the professional managers headed up by Richard Smith. They seem much more growth orientated and may be happier with
the risks that the growth strategy entails. The family members seem more interested in the manufacturing side than the
retailing side of the business and their bad previous experiences with growing the business through international market
development may mean they are risk averse and less willing to invest the necessary resources.
Feasibility – again this is linked to how ‘leading brand’ is defined. If as seems likely the brand becomes more widely known
through increasing the number of company owned ice cream stores then a significant investment in retail outlets will be
necessary. Increasing the number of franchised outlets will reduce the financial resources required but may be at the expense
of the brand’s reputation. Certainly there would seem to be a need for increased levels of advertising and promotion –
particularly to gain access to the ice cream cabinets in the supermarket chains. This is likely to mean an increase in the
number of sales and marketing staff. Equally important will be the ability to develop and launch new products in a luxury
market shaped by impulse buying and customers looking to indulge themselves.
Overall, becoming the leading brand of premium ice cream may well be the key to achieving the desired presence in the
supermarket ice cream cabinets, which in turn is a pre-requisite for increasing company sales to ￡25 million. So the three
strategic goals may be regarded as consistent and compatible with one another. However each strategic goal will have to be
broken down into its key elements. For example in achieving sales of ￡25 million what proportion of sales will come from its
own ice cream stores and what proportion from other outlets including the supermarkets? Sales to date of Churchill ice cream
are dominated by impulse purchases but in achieving sales of ￡25 million penetrating the take home market will be essential.
Finally, what proportion of these take home sales will be under the supermarkets own label brands? Over reliance on own
label sales will seriously weaken Churchill’s desire to become the leading national brand of premium ice cream. It looks to
be an ambitious but attainable strategy but will require a significant planning effort to develop the necessary resources andcapabilities vital to successful implementation of the strategy.

正确答案：
(iii) Warranty provision
■ Agree the principal assumptions in management’s estimate of liabilities under warranties to the terms of warranty
as set out in contracts for sale of vehicle. For example:
– the period for which warranties are given;
– whether for parts replacement only or parts and labour;
– exclusion clauses, perhaps for vehicles sold into a particular market, or used in a specified industry (e.g. filmmaking).
■ Agree the reasonableness of management’s assumptions in the calculation of the provision. For example, the
proportion of vehicles for which claims are made within three months, three to six months, six to nine months, etc.
■ Substantiate the economic reality of the basis of management’s calculations. For example:
– agree the number of vehicles sold each month to a summary sales report;
– agree the calculation of average cost of a repair under warranty to job records;
– test costs of repair on a sample basis (e.g. parts replaced to price lists and labour charges to hours worked
(per job records) and charge-out rates).
■ Consider the reasonableness of management’s estimate by comparing:
– the actual cost of after-date repairs (say for three months) against the appropriate proportion of the provision
made;
– current year provision per vehicle sold against prior provision per vehicle sold.
■ Assess management’s ability to make reliable estimates in this area by comparing last year’s provision with the
actual repairs under warranty costs incurred during the year in respect of sales made in previous years.
Tutorial note: The basis of management’s estimate may tend to overstate or understate the provision required
and should be revised accordingly.
■ Agree the extent to which the provision takes account of (has been reduced by) any recourse to suppliers (e.g. in
respect of faulty parts). For example:
– by reviewing terms of purchases from major suppliers;
– by examining records of replacement parts received free of charge.

正确答案：A