注意查看！2020年北京市ACCA考试报名时间

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(ii) Principal audit procedures – recoverability of deferred tax asset
– Obtain a copy of Bluebell Co’s current tax computation and deferred tax calculations and agree figures to any
relevant tax correspondence and/or underlying accounting records.
– Develop an independent expectation of the estimate to corroborate the reasonableness of management’s estimate.
– Obtain forecasts of profitability and agree that there is sufficient forecast taxable profit available for the losses to be
offset against. Evaluate the assumptions used in the forecast against business understanding. In particular consider
assumptions regarding the growth rate of taxable profit in light of the underlying detrimental trend in profit before
tax.
– Assess the time period it will take to generate sufficient profits to utilise the tax losses. If it is going to take a number
of years to generate such profits, it may be that the recognition of the asset should be restricted.
– Using tax correspondence, verify that there is no restriction on the ability of Bluebell Co to carry the losses forward
and to use the losses against future taxable profits.
Tutorial note: in many tax jurisdictions losses can only be carried forward to be utilised against profits generated
from the same trade. Although in the scenario there is no evidence of such a change in trade, or indeed any kind
of restriction on the use of losses, it is still a valid audit procedure to verify that this is the case

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(b) Audit work on carrying amounts
Tutorial note: This part concerns audit work to be undertaken in respect of non-current tangible assets (the production
animals in the goat herd and certain equipment) and inventories (the for-sale animals and cheese). One of the ‘tests’ for
assessing whether or not a point is worthy of a mark will be whether or not the asset to which it relates is apparent. Points
which are so vague that they could apply to ANY non-current asset for ANY entity, rather than those of GVF are unlikely to
attract many marks, if any, at this level.
(i) Goat herd
■ Physical inspection of the number and condition of animals in the herd and confirming, on a test basis, that they
are tagged (or otherwise ‘branded’ as being owned by GVF).
■ Tests of controls on management’s system of identifying and distinguishing held-for-sale animals (inventory) from
the production herd (depreciable non-current assets).
■ Comparison of GVF’s depreciation policies (including useful lives, depreciation methods and residual values) with
those used by other farming entities.
■ ‘Proof in total’, or other reasonableness check, of the depreciation charge for the herd for the year.
■ Observing test counts or total counts of animals held for sale.
■ Comparing carrying amounts of the kids, according to their weight and age, as at 30 September 2005 with their
market values. (These may approximate to actual invoiced selling prices obtained by GVF.)
Tutorial note: Market value of the production herd could also be compared with its carrying amount to assess possible
impairment. However, if value in use appears to be less than market value the herd should be sold rather than used
for production.