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正确答案：
(b) Code of ethics and strategic positioning
Strategic positioning is about the way that a whole company is placed in its environment as opposed to the operational level,
which considers the individual parts of the organisation.
Ethical reputation and practice can be a key part of environmental ‘fit’, along with other strategic issues such as generic
strategy, quality and product range.
The ‘fit’ enables the company to more fully meet the expectations, needs and demands of its relevant stakeholders – in this
case, European customers.
The ‘quality’ of the strategic ‘fit’ is one of the major determinants of business performance and so is vital to the success of
the business.
HPC has carefully manoeuvred itself to have the strategic position of being the highest ethical performer locally and has won
orders on that basis.
It sees its strategic position as being the ethical ‘benchmark’ in its industry locally and protects this position against its parent
company seeking to impose a new code of ethics.
The ethical principles are highly internalised in Mr Hogg and in the company generally, which is essential for effective strategic
implementation.

正确答案：
(a) To: Paul Simpson – HR Manager
From:
Human Resource Planning and Global Imaging’s future growth
I will use this report to highlight the main phases in HR (human resource) planning and then deal with the specific HR
activities, which will be needed to support the achievement of the growth strategy.
There are four major stages in creating a human resource plan. Firstly, auditing the current HR resources in Global Imaging,
as a relatively young company one could anticipate it having a relatively young labour force many of whom will be
professionally qualified. Secondly, the planned growth will require a forecast of both the number and type of people who will
be needed to implement the strategy. Thirdly, planning will be needed on how to meet the needs identified in the forecast –
how do we fill the gap in between the human reources we currently have and those needed to fulfil the plan? Finally, there
will be the need to control those resources in terms of measuring performance against the goals set.
The key activities to achieve the growth goals will be:
Recruitment, selection and staffing – here the key issues will be to recruit the necessary additional staff and mix of suitably
qualified workers. The growth of the company will create management succession issues including the two managing
directors, who are looking to exit the business in the foreseeable future. The rate of growth will also make it necessary to
manage significant internal transfers of people in the company as new positions and promotion opportunities are created.
Compensation and benefits – the start up phase of a company’s life is often a stage where a formal reward structure has not
been created. It also may be necessary to meet or exceed the labour market rates in order to attract the necessary talent. As
the firm grows there will be a need to ensure that the firm is competitive in terms of the rewards offered, but there is an
increasing need to ensure equity between newcomers and staff already employed in the firm. These pressures will normally
lead to the creation of a formal compensation structure.
Employee training and development – here there is a need to create an effective management team through management
development and organisational development.

Political
Global stability
Free trade
No wars
Economic
Growth
High disposable incomes
Stable fuel prices
Low inflation
No tax increases
AIRTITE
Social
More travel
Pensioners living longer
– travelling more
More working abroad
More second homes
Technological
Engines more efficent
Larger aircraft
Less pollution
Environmental
No global emission policy
No global warming threat
Legal
Free trade
No emission controls
No wars
Labour employee relations – here there is a need to establish harmonious labour relations and employee motivation and
morale.
Overall, the HR implications of the proposed growth strategy are profound and there is a significant danger that failure to linkstrategy and the consequent HR needs will act as a major constraint on achieving the strategy.
Yours,

正确答案：D

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.