天津市2021年ACCA考试报名时间

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5 (a) Objectives may be viewed as profit and market share in a profit-oriented organisation or the achievement of ‘value for money’
in a not-for-profit organisation (NFP). The overall objective of an organisation may be expressed in the wording of its mission
statement.
In order to achieve the objectives, long-term strategies will be required. In a profit-oriented organisation, this may incorporate
the evaluation of strategies that might include price reductions, product design changes, advertising campaign, product mix
change and methods changes, embracing change techniques such as BPR, JIT, TQM and ABM. In NFP situations, strategies
might address the need to achieve ‘economy’ through reduction in average cost per unit; ‘efficiency’ through maximisation of
the input:output ratio, whilst checking on ‘effectiveness’ through monitoring whether the objectives are achieved.
The annual budget will quantify the short-term results anticipated of the strategies. These results may be seen as the level of
financial performance and competitiveness achieved. This quantification may be compared with previous years and with
actual performance on an ongoing basis. Financial performance may be measured in terms of profit, liquidity, capital structure
and a range of ratios. Competitiveness may be measured by sales growth, market share and the number of new customers.
In a not-for-profit organisation, the results may be monitored by checking on the effectiveness of actions aimed at the
achievement of the objectives. For instance, the effectiveness of a University may be measured by the number of degrees
awarded and the grades achieved. The level of student ‘drop-outs’ each year may also be seen as a measure of ineffectiveness.
The determinants of results may consist of a number of measures. These may include the level of quality, customer
satisfaction, resource utilisation, innovation and flexibility that are achieved. Such determinants may focus on a range of nonfinancial
measures that may be monitored on an ongoing basis, as part of the feedback information in conjunction with
financial data.
A range of business change techniques may be used to enhance performance management.
Techniques may include:
Business process re-engineering (BPR) which involves the examination of business processes with a view to improving the
way in which each is implemented. A major focus may be on the production cycle, but it will also be applicable in areas such
as the accounting department.
Just-in-time (JIT) which requires commitment to the pursuit of ‘excellence’ in all aspects of an organisation.
Total quality management (TQM) which aims for continuous quality improvement in all aspects of the operation of an
organisation.
Activity based management systems (ABM) which focus on activities that are required in an organisation and the cost drivers
for such activities, with a view to identifying and improving activities that add value and eliminating those activities that do
not add value.
Long-term performance management is likely to embrace elements of BPR, JIT, TQM and ABM. All of these will be reflected
in the annual budget on an ongoing basis.

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(b) (i) Contrasting roles
Joint professional and organisational roles are common to most professionals (medical professionals, for example).
Although the roles are rarely in conflict, in most cases it is assumed that any professional’s primary duty is to the public
interest rather than the organisation.
Organisational role
As a member of the staff of Fillmore Pierce, Anne is a part of the hierarchy of an organisation and answerable to her
seniors. This means that under normal circumstances, she should comply with the requirements of her seniors. As an
employee, Anne is ultimately accountable to the principals of the organisation (the partners in an audit firm or the
shareholders in a company), and, she is subject to the cultural norms and reasonable expectations of work-group
membership. It is expected that her behaviour at work will conform. to the social and cultural norms of the organisation
and that she will be efficient and hard working in her job.
Professional role
As an accountant, Anne is obliged to maintain the high professional and ethical standards of her profession. If her
profession is underpinned by an ethical or professional code, she will need to comply with that in full. She needs to
manage herself and co-ordinate her activities so as to meet professional standards. In this, she needs to ensure that she
informs herself in current developments in her field and undertakes continuing professional development as required by
her professional accounting body. She is and will remain accountable to her professional body in terms of continued
registration and professional behaviour. In many cases, this accountability will be more important than an accountability
to a given employer as it is the membership of the professional body that validates Anne’s professional skills.

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(d) Stuart is not making use of his nil rate band, as all assets are transferred, exempt from inheritance tax (IHT), to Rebecca (as
spouse) on death. He should consider altering his will to transfer an amount equivalent to the nil rate band to his son, Sam.
If Stuart dies before altering his will, Rebecca can elect to make a Deed of Variation in favour of Sam instead. This will have
the same effect as the above.
Care should be taken in determining which assets are subject to this legacy. The Omega plc shares should not be transferred
to Sam as they currently attract 50% BPR. Instead, assets not subject to any reliefs (such as the insurance payout or cash
deposits) should be used instead. By doing this, IHT of ￡105,200 (￡263,000 x 40%) could be saved on the ultimate death
of Rebecca.
It is too late for Stuart to make use of potentially exempt transfers (PETs) as no relief is obtained until three years have passed,
and full relief only occurs seven years after making the gifts. The same would also apply to Rebecca if she were to die on 1
March 2008. However, as she is currently in good health, she may decide to make lifetime gifts, although she should also
not gift the Omega plc shares for the reasons stated above as any gift other than of the entire holding will result in the loss
of BPR on the remainder.
Both individuals should make use of their annual exemptions (￡3,000 per person per year). The annual exemptions not used
up in the previous year can be used in this current year. This would give a saving of ￡2,400 each (3,000 x 2 x 40%).
Exemptions for items such as small gifts (￡250 per donee per year) are also available.
Gifts out of normal income should also be considered. After making such gifts, the individual should be left with sufficient
income to maintain their usual standard of living. To obtain the exemption, it is usually necessary to demonstrate general
evidence of a prior commitment to make the gifts, or a settled pattern of expenditure.
While there are no details of income, both Stuart and Rebecca are wealthy in their own right, and are likely to earn reasonable
sums from their investments. They should therefore be able to satisfy the conditions on that basis.
If Rebecca were to make substantial lifetime gifts, the donees would be advised to consider taking out insurance policies on
Rebecca’s life to cover the potential tax liabilities that may arise on any PETs in the event of her early death.
Tutorial note: the answer has assumed that the shares could be bought for ￡2·10, their value for IHT.