青海2022ACCA考试报名时间及注意事项

正确答案：
(b) Principal additional information
■ Any service contracts with the directors or other members of the management team (e.g. the quantity surveyor). These
may contain ‘exit’ or other settlement terms in the event that their services are no longer required after a takeover/buyout.
■ Prior period financial statements (to 30 June 2005) disclosing significant accounting policies and the key assumptions
concerning the future (and other key sources of estimation uncertainty) that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities in the year to 30 June 2006.
For example, concerning:
– the outcome on the Sarwar dispute;
– estimates for guarantees/claims for rectification;
– assumptions made in estimating costs to completion (e.g. for increases in costs of materials or labour).
Tutorial note: Under IAS 1 ‘Presentation of Financial Statements’ the judgements made by management that have the
most significant effect on amounts recognised in financial statements (other than those involving estimations) should
also be disclosed.
■ The most recent management accounts and cash flow forecasts to assess the quality of management information being
used for decision-making and control. In particular, in providing Robson with the means of keeping its cash flows within
its overdraft limit.
Tutorial note: Note that Prescott has substantial cash resources. Therefore Robson’s lack of finance might be a reason
why its management are interested in selling the business.
■ A copy of the signed bank agreement for the overdraft facility (and any other agreements with finance providers). Any
breaches in debt covenants might result in penalties of contingent liabilities that Prescott would have to bear if it acquired
Robson.
■ The standard terms of contracts with customers for construction works. In particular, for:
– guarantees given (e.g. for rectification under warranty);
– penalty clauses (e.g. in the event of overruns or non-completion);
– disclaimers (including conditions for invoking force majeure).
Prescott will want to make some allowance for settlement of liabilities arising on contracts already completed/in-progress
when offering a price for Robson.
Tutorial note: A takeover might excuse Robson from fulfilling a contract.
■ Legal/correspondence files dealing with matters such as the claims of the residents of the housing development and
Robson’s claim against Sarwar Services Co. Also, fee notes rendered by Robson’s legal advisers showing the costs
incurred on matters referred to them.
■ Robson’s insurer’s ‘cover note’ to determine Robson’s exposure to claims for rectification work, damages, injuries to
employees, etc.
■ The quantity surveyor’s working papers for the last quarterly count (presumably at 31 March 2006) and the latest
available rolling budgets. Particular attention should be given to loss-making contracts and contracts that have not been
started. (Prescott might seek to settle rather than fulfil them.) The pattern of taking profits on contracts will be of
interest, for example, to determine the accuracy of the quantity surveyor’s estimates.
Tutorial note: A regular pattern of taking too much profit too soon might be due to underestimating costs to completion
or be evidence of cost overruns due to rectification.
■ Type and frequency of constructions undertaken. Prescott is interested in the building and refurbishment of hotels and
leisure facilities. Robson’s experience in this area may not be extensive.
■ Non-current asset register showing location of plant and equipment so that some test checking on physical existence
might be undertaken (if an agreed-upon-procedure).

正确答案：

(b) Provisions – IAS37
An entity must recognise a provision under IAS37 if, and only if:
(a) a present obligation (legal or constructive) has arisen as a result of a past event (the obligating event)
(b) it is probable (‘more likely than not’), that an outflow of resources embodying economic benefits will be required to settle
the obligation
(c) the amount can be estimated reliably
An obligating event is an event that creates a legal or constructive obligation and, therefore, results in an enterprise having
no realistic alternative but to settle the obligation. A constructive obligation arises if past practice creates a valid expectation
on the part of a third party. If it is more likely than not that no present obligation exists, the enterprise should disclose a
contingent liability, unless the possibility of an outflow of resources is remote.
The amount recognised as a provision should be the best estimate of the expenditure required to settle the present obligation
at the balance sheet date, that is, the amount that an enterprise would rationally pay to settle the obligation at the balance
sheet date or to transfer it to a third party. This means provisions for large populations of events such as warranties, are
measured at a probability weighted expected value. In reaching its best estimate, the entity should take into account the risks
and uncertainties that surround the underlying events.
Expected cash outflows should be discounted to their present values, where the effect of the time value of money is material
using a risk adjusted rate (it should not reflect risks for which future cash flows have been adjusted). If some or all of the
expenditure required to settle a provision is expected to be reimbursed by another party, the reimbursement should be
recognised as a separate asset when, and only when, it is virtually certain that reimbursement will be received if the entity
settles the obligation. The amount recognised should not exceed the amount of the provision. In measuring a provision future
events should be considered. The provision for the warranty claim will be determined by using the expected value method.
The past event which causes the obligation is the initial sale of the product with the warranty given at that time. It would be
appropriate for the company to make a provision for the Year 1 warranty of $280,000 and Year 2 warranty of $350,000,
which represents the best estimate of the obligation (see Appendix 2). Only if the insurance company have validated the
counter claim will Macaljoy be able to recognise the asset and income. Recovery has to be virtually certain. If it is virtually
certain, then Macaljoy may be able to recognise the asset. Generally contingent assets are never recognised, but disclosed
where an inflow of economic benefits is probable.
The company could discount the provision if it was considered that the time value of money was material. The majority of
provisions will reverse in the short term (within two years) and, therefore, the effects of discounting are likely to be immaterial.
In this case, using the risk adjusted rate (IAS37), the provision would be reduced to $269,000 in Year 1 and $323,000 in
Year 2. The company will have to determine whether this is material.
Appendix 1
The accounting for the defined benefit plan is as follows:

正确答案：
(c) (1) Acquisition of shares
Status
The acquisition of shares in Tagus LDA will add another associated company to the group. This may have an adverse
effect on the rates of corporation tax paid by the two existing group companies, particularly Tay Limited.
Taxation of profits
Profits will be taxed in Portugal. Any profits remitted to the UK as dividends will be taxable as Schedule D Case V income,
but will attract double tax relief. Double tax relief will be available against two types of tax suffered in Portugal. Credit
will be given for any tax withheld on payments from Tagus LDA to Tay Limited and relief will also be available for the
underlying tax as Tay Limited owns at least 10% of the voting power of Tagus LDA. The underlying tax is the tax
attributable to the relevant profits from which the dividend was paid. Double tax relief is given at the lower rate of the
UK tax and the foreign tax (withholding and underlying taxes) suffered.
Losses
As Tagus LDA is a non-UK resident company, losses arising in Tagus LDA cannot be group relieved against profits of the
two UK companies. Similarly, any UK trading losses cannot be used against profits generated by Tagus LDA.
(2) Acquisition of assets
Status
The business of Tagus will be treated as a branch of Tay Limited i.e. an extension of the UK company’s activities. The
number of associated companies will be unaffected.
Taxation of profits
Tay Limited will be treated as having a permanent establishment in Portugal. Profits attributable to the Tagus business
will thus still be taxed in Portugal. In addition, the profits will be taxed in the UK as trading income. Double tax relief
will be available for the tax already suffered in Portugal at the lower of the two rates.
Capital allowances will be available. As the assets in question will not previously have been subject to a claim for UK
capital allowances, there will be no cost restriction and the consideration attributable to each asset will form. the basis
for the capital allowance claim.
Losses
The Tagus trade is part of Tay Limited’s trade, so any losses incurred by the Portuguese trade will automatically be offset
against the trading profits of the UK trade, and vice versa.