2019年ACCA考试成绩查询时间

正确答案：
(b) Directors’ retirement benefits
The directors’ retirement benefits are unfunded plans which may fall under IAS19 ‘Employee Benefits’.
Sirus should review its contractual or constructive obligation to make retirement benefit payments to its former directors at the
time when they leave the firm. The payments may create a financial liability under IAS32, or may give rise to a liability of
uncertain timing and amount which may fall within the scope of IAS37 ‘Provisions, contingent liabilities and contingent
assets’. Certain former directors are paid a fixed annuity for a fixed term which is payable annually, and on death, the present
value of future payments are paid to the director’s estate. An annuity meets the definition of a financial liability under IAS32,
if there is a contractual obligation to deliver cash or a financial asset. The latter form. of annuity falls within the scope of
IAS32/39. The present value of the annuity payments should be determined. The liability is recognised because the directors
have a contractual right to the annuity and the firm has no discretion in terms of withholding the payment. As the rights to
the annuities are earned over the period of the service of the directors, then the costs should have been recognised also over
the service period.
Where an annuity has a life contingent element and, therefore, embodies a mortality risk, it falls outside the scope of IAS39
because the annuity will meet the definition of an insurance contract which is scoped out of IAS39, along with employers’
rights and obligations under IAS19. Such annuities will, therefore, fall within the scope of IAS37 if a constructive obligation
exists. Sirus should assess the probability of the future cash outflow of the present obligation. Because there are a number of
similar obligations, IAS37 requires that the class of obligations as a whole should be considered (similar to a warranty
provision). A provision should be made for the best estimate of the costs of the annuity and this would include any liability
for post retirement payments to directors earned to date. The liability should be built up over the service period rather than
just when the director leaves. In practice the liability will be calculated on an actuarial basis consistent with the principles in
IAS19. The liability should be recalculated on an annual basis, as for any provision, to take account of changes in directors
and other factors. The liability will be discounted where the effect is material.

正确答案：A

正确答案：
3 Pulp Co
(a) Identification of related parties
Related parties and associated transactions are often difficult to identify, as it can be hard to establish exactly who, or what,
are the related parties of an entity. IAS 24 Related Party Disclosures contains definitions which in theory serve to provide a
framework for identifying related parties, but deciding whether a definition is met can be complex and subjective. For example,
related party status can be obtained via significant interest, but in reality it can be difficult to establish the extent of influence
that potential related parties can actually exert over a company.
The directors may be reluctant to disclose to the auditors the existence of related parties or transactions. This is an area of
the financial statements where knowledge is largely confined to management, and the auditors often have little choice but to
rely on full disclosure by management in order to identify related parties. This is especially the case for a close family member
of those in control or having influence over the entity, whose identity can only be revealed by management.
Identification of material related party transactions
Related party transactions may not be easy to identify from the accounting systems. Where accounting systems are not
capable of separately identifying related party transactions, management need to carry out additional analysis, which if not
done makes the transactions extremely difficult for auditors to find. For example sales made to a related party will not
necessarily be differentiated from ‘normal’ sales in the accounting systems.
Related party transactions may be concealed in whole, or in part, from auditors for fraudulent purposes. A transaction may
not be motivated by normal business considerations, for example, a transaction may be recognised in order to improve the
appearance of the financial statements by ‘window dressing’. Clearly if the management is deliberately concealing the true
nature of these items it will be extremely difficult for the auditor to discover the rationale behind the transaction and to consider
the impact on the financial statements.
Finally, materiality is a difficult concept to apply to related party transactions. Once a transaction has been identified, the
auditor must consider whether it is material. However, materiality has a particular application in this situation. ISA 550
Related Parties states that the auditor should consider the effect of a related party transaction on the financial statements.
The problem is that a transaction could occur at an abnormally small, even nil, value. Determining materiality based on
monetary value is therefore irrelevant, and the auditor should instead be alert to the unusual nature of the transaction making
it material.