你们知道报考ACCA时需要提供英语证明吗？

正确答案：
(c) Insider dealing
Explanation of term
Insider dealing means using ‘inside information’ (i.e. price-sensitive information relating to the issuer of securities) to gain
advantage when ‘dealing’ (i.e. acquiring or disposing) in securities.
Ethical risks
Insider dealing is a potential area of conflict and contention for accountants in industry and commerce (i.e. employed
professional accountants) in particular (because of their exposure to price-sensitive information).
Acts of insider dealing contravene the fundamental principles of integrity and confidentiality:
■ integrity – a professional accountant should be honest;
■ confidentiality – a professional accountant should respect the confidentiality of information acquired during the course
of performing professional services and should not use or disclose it without proper and specific authority.
Professional accountants in public practice who become privy to price-sensitive information will similarly be in breach of their
duties of integrity and confidentiality if they get involved in insider dealing. Also, the reputation of individual practitioners and
their firms may be put at risk by allegations of insider dealing even though they have no involvement with the practice. For
example, if an auditor does not detect when an entity’s management is involved in insider dealing.
Sufficiency of current ethical guidance
Relevant current ethical guidance, that is covered by the principles of integrity and confidentiality, is sufficient to explain the
ethical risks of insider dealing but cannot prevent its practice. Even where there are laws to prosecute insider dealing,
penalties (such as seven years in jail and/or unlimited fines) have been ineffective in combating insider dealing.

正确答案：
(c) Site restoration
(i) Matters
■ The provision for site restoration represents nearly 2·5% of total assets and is therefore material if it is not
warranted.
■ The estimated cost of restoring the site is a cost directly attributable to the initial measurement of the tangible fixed
asset to the extent that it is recognised as a provision under IAS 37 ‘Provisions, Contingent Liabilities and
Contingent Assets’ (IAS 16 ‘Property, Plant and Equipment’).
■ A provision should not be recognised for site restoration unless it meets the definition of a liability, i.e:
– a present obligation;
– arising from past events;
– the settlement of which is expected to result in an outflow of resources embodying economic benefits.
■ The provision is overstated by nearly $0·34m since Volcan is not obliged to relocate the trees and de facto has
only an obligation of $60,000 as at 31 March 2005 (being the penalty for having felled them). When considered
in isolation, this overstatement is immaterial (representing only 0·2% of total assets and 3·6% of PBT).
■ It seems that even if there are local government regulations calling for site restoration there is no obligation unless
the penalties for non-compliance are prohibitive (unlike the fines for the trees).
■ It is unlikely that commencement of site development has given rise to a constructive obligation, since past actions
(disregarding the preservation of the trees) must dispel any expectation that Volcan will honour any pledge to
restore the valley.
■ Whether commencing development of the site, and destroying the trees, conflicts with any statement of socioenvironmental
responsibility in the annual report.
(ii) Audit evidence
■ A copy of the planning application and permission granted setting out the penalties for non-compliance.
■ Payment of $60,000 to local government in May 2005 agreed to the bank statement.
■ The present value calculation of the future cash expenditure making up the $4·0m provision.
Tutorial note: Evidence supporting the calculation of $0·4m is irrelevant as there is no liability to be provided for.
■ Agreement that the pre-tax discount rate used reflects current market assessments of the time value of money (as
for (a)).
■ Asset inspection at the site as at 31 March 2005.
■ Any contracts entered into which might confirm or dispute management’s intentions to restore the site. For
example, whether plant hire (bulldozers, etc) covers only the period over which the warehouse will be constructed
– or whether it extends to the period in which the valley would be ‘made good’.

正确答案：