青海省ACCA考试成绩查询时间

正确答案：
(ii) Analytical procedures
Tutorial note: The range of valid answer points is very broad for this part.
■ Review the trend of MCM’s profit (gross and net) for the last five years (say). Similarly earnings per share and
gearing.
■ For both the National and International businesses compare:
– gross profit, net profit, and return on assets for the last five years (say);
– actual monthly revenue against budget for the last 18 months (say). Similarly, for major items of expenditure
such as:
– full-time salaries;
– freelance consultancy fees;
– premises costs (e.g. depreciation, lease rentals, maintenance, etc);
– monthly revenue (also costs and profit) by centre.
■ Review projections of future profitability of MCM against net profit percentage at 31 December 2004 for:
– the National business (10·4%);
– the International business (38·1%); and
– overall (19·9%).
■ Review of disposal value of owned premises against book values.
■ Compare actual cash balances with budget on a monthly basis and compare borrowings against loan and overdraft
facilities.
■ Compare the average collection period for International’s trade receivables month on month since 31 December
2004 (when it was nearly seven months, i.e.
$3·7
–––– × 365 days) and compare with the National business.
$6·3
■ Compare financial ratios for each of the national centres against the National business overall (and similarly for the
International Business). For example:
– gross and net profit margins;
– return on centre assets;
– average collection period;
– average payment period;
– liquidity ratio.
■ Compare key performance indicators across the centres for the year to 31 December 2004 and 2005 to date. For
example:
– number of corporate clients;
– number of delegates;
– number of training days;
– average revenue per delegate per day;
– average cost per consultancy day.

正确答案：
(d) Many academic studies, together with actual managerial experience, point to the post-acquisition integration phase as being
the key to an acquirer achieving their acquisition objectives. In particular, the creation (or destruction) of shareholder value
rests most heavily on the success of the integration phase, which in turn helps determine whether the acquirer has chosen
the ‘right’ target company and paid the right price for it. One source strongly argues that the capability to manage the
integration of the two organisational sturctures, in particular the conversion of information systems and retention and
motivation of key employees, determines how much value can be extracted from the combined entities. The ability to manage
the integration process will therefore affect the success of the prior phases of the acquisition process – the search for and
screening of potential candidates, the effective carrying out of due diligence, financial evaluation and successful negotiation
of the deal.
Unfortunately, the failure to develop the necessary integration skills dooms many firms to continued failure with their
acquisitions, though some firms are conspicuously successful in developing such a capability and they gain significant
competitive advantage over their less successful competitors and create value for the stakeholders. One explanation for this
conspicuous inability to learn from past acquisition experience, compared with other activities in the value chain, lies with
their infrequency and variety. ‘No acquisition is like another.’ Much of the difficulty however lies in the complex

interrelationship and interdependency between the activities being integrated and a consequent difficulty of knowing what is
causing performance problems. Thus, it is no good communicating all the positives to the customer if there is a failure to
retain and motivate the sales force. To this complexity of integrating different processes is added the problem of developing
appropriate measures of and accurate monitoring of the integration processes. In one study of US bank acquirers, only 40%
had developed specific performance measures for the systems conversion process, despite the critical importance of systems
integration to efficient operation of the combined banks. Key performance indicators need to be set in the areas previously
identified as offering major opportunities for synergies. These synergies will affect both the cost and revenue side of the
business. Real cost reductions are clearly a major reason for the proposed acquisition in view of the competitive environment
faced. Equally relevant are appropriate measures of customer service. Each area will need appropriate key performance
indicators showing priorities and relevant timescales for achievement.
Therefore, there is a critical need to learn from previous experience and the relationship between decisions made, actions
taken and performance outcomes. This knowledge and experience needs to be effectively recorded and shared. It can then
influence the earlier phases of the acquisition referred to above, thus leading to a virtuous circle of better integration and
acquisitions that actually enhance value. In so doing, acquisitions can lead to faster growth and better performance.

正确答案：
(b) (i) Currently there are many rules on how gains and losses on tangible non current assets should be reported and these
have traditionally varied from country to country. The main issues revolve around the reporting of depreciation,
disposal/revaluation gains and losses, and impairment losses. The reporting of such elements should take into account
whether the tangible non current assets have been revalued or held at historical cost. The problem facing standard
setters is where to report such gains and losses.The question is whether they should be reported as part of operating
activities or as ‘other gains and losses’.
Holding gains arising on the sale of tangible non current assets could be reported separately from operating results so
that the latter is not obscured by an asset realisation that reflects more a change in market prices than any increase in
the operating activity of the entity. Other changes in the carrying amounts of tangible non current assets will be reported
as part of the operating results. For example, the depreciation charge tries to reflect the consumption of the asset by the
entity and as such is not a holding loss. There may be cases where the depreciation charge does not reflect the
consumption of economic benefits. For example, the pattern and rate of depreciation could have been misjudged
because the asset’s useful life has been assessed incorrectly. In this case, when an asset is sold any excess or shortfall
of depreciation may need to be dealt with in the operating result.
Impairment is another factor to consider in reporting gains and losses on tangible non current assets. Impairment is
effectively accelerated depreciation. Impairment arises when the carrying amount of the asset is above its recoverable
amount. It follows therefore that any impairment loss should be reported as part of the operating result. Any losses on
disposal, to the extent that they represent impairment, could therefore be reported as part of the operating results. Any
losses which represent holding losses could be reported in ‘other gains and losses’. The difficulty will be differentiating
between holding losses and impairment losses. There will have to be clear and concise definitions of these terms or it
could lead to abuse by companies in their quest to maximise operating profits.
A distinction should be made between gains and losses arising on tangible non current assets as a result of revaluations
and those arising on disposal. The nature of the gain or loss is essentially the same although the timing and certainty
of the gain/loss is different. Therefore revaluation gains/losses may be reported in the ‘other gains and losses’ section.
Where an asset has been revalued, any loss on disposal that represents an impairment would be charged to operating
results and any remaining loss reported in ‘other gains and losses’.
Essentially, gains and losses should be reported on the basis of the characteristics of the gains and losses themselves.
Gains and losses with similar characteristics should be reported together thus helping the comparability of financial
performance nationally and internationally.