吉林省2020年ACCA国际会计师报考指南——新手报考必看

正确答案：
2 IFRS3 (Revised) is a further development of the acquisition model and represents a significant change in accounting for business
combinations. The consideration is the amount paid for the business acquired and is measured at fair value. Consideration will
include cash, assets, contingent consideration, equity instruments, options and warrants. It also includes the fair value of all equity
interests that the acquirer may have held previously in the acquired business. The principles to be applied are that:
(a) a business combination occurs only in respect of the transaction that gives one entity control of another
(b) the identifiable net assets of the acquiree are re-measured to their fair value on the date of the acquisition
(c) NCI are measured on the date of acquisition under one of the two options permitted by IFRS3 (Revised).
An equity interest previously held in the acquiree which qualified as an associate under IAS28 is similarly treated as if it were
disposed of and reacquired at fair value on the acquisition date. Accordingly, it is re-measured to its acquisition date fair value, and
any resulting gain or loss compared to its carrying amount under IAS28 is recognised in profit or loss. Thus the 30% holding in
the associate which was previously held will be included in the consideration. If the carrying amount of the interest in the associate
is not held at fair value at the acquisition date, the interest should be measured to fair value and the resulting gain or loss should
be recognised in profit or loss. The business combination has effectively been achieved in stages.
The fees payable in transaction costs are not deemed to be part of the consideration paid to the seller of the shares. They are not
assets of the purchased business that are recognised on acquisition. Therefore, they should be expensed as incurred and the
services received. Transaction costs relating to the issue of debt or equity, if they are directly attributable, will not be expensed but
deducted from debt or equity on initial recognition.
It is common for part of the consideration to be contingent upon future events. Marrgrett wishes some of the existing
shareholders/employees to remain in the business and has, therefore, offered share options as an incentive to these persons. The
issue is whether these options form. part of the purchase consideration or are compensation for post-acquisition services. The
conditions attached to the award will determine the accounting treatment. In this case there are employment conditions and,
therefore, the options should be treated as compensation and valued under IFRS2 ‘Share based payment’. Thus a charge will
appear in post-acquisition earnings for employee services as the options were awarded to reward future services of employees
rather than to acquire the business.
The additional shares to a fixed value of $50,000 are contingent upon the future returns on capital employed. Marrgrett only wants
to make additional payments if the business is successful. All consideration should be fair valued at the date of acquisition,
including the above contingent consideration. The contingent consideration payable in shares where the number of shares varies
to give the recipient a fixed value ($50,000) meets the definition of a financial liability under IAS32 ‘Financial Instruments:
Presentation’. As a result the liability will have to be fair valued and any subsequent remeasurement will be recognised in the
income statement. There is no requirement under IFRS3 (Revised) for the payments to be probable.
Intangible assets should be recognised on acquisition under IFRS3 (Revised). These include trade names, domain names, and
non-competition agreements. Thus these assets will be recognised and goodwill effectively reduced. The additional clarity in
IFRS3 (Revised) could mean that more intangible assets will be recognised on acquisition. As a result of this, the post-combination
income statement may have more charges for amortisation of the intangibles than was previously the case.
The revised standard gives entities the option, on a transaction by transaction basis, to measure non-controlling interests (NCI) at
the fair value of the proportion of identifiable net assets or at full fair value. The first option results in measurement of goodwill on
consolidation which would normally be little different from the previous standard. The second approach records goodwill on the
NCI as well as on the acquired controlling interest. Goodwill is the residual but may differ from that under the previous standard
because of the nature of the valuation of the consideration as previously held interests are fair valued and also because goodwill
can be measured in the above two ways (full goodwill and partial goodwill). The standard gives entities a choice for each separate
business combination of recognising full or partial goodwill. Recognising full goodwill will increase reported net assets and may
result in any future impairment of goodwill being of greater value. Measuring NCI at fair value may have some difficulties but
goodwill impairment testing may be easier under full goodwill as there is no need to gross-up goodwill for partly-owned
subsidiaries. The type of consideration does not affect goodwill regardless of how the payment is structured. Consideration is
recognised in total at its fair value at the date of acquisition. The form. of the consideration will not affect goodwill but the structure
of the payments can affect post-acquisition profits. Contingent payments which are deemed to be debt instruments will be
remeasured at each reporting date with the change going to the income statement.
Marrgrett has a maximum period of 12 months to finalise the acquisition accounting but will not be able to recognise the
re-organisation provision at the date of the business combination. The ability of the acquirer to recognise a liability for reducing or
changing the activities of the acquiree is restricted. A restructuring provision can only be recognised in a business combination
when the acquiree has at the acquisition date, an existing liability which complies with IAS37 ‘Provisions, contingent liabilities and
contingent assets’. These conditions are unlikely to exist at the acquisition date. A restructuring plan that is conditional on the
completion of a business combination is not recognised in accounting for the acquisition but the expense will be met against
post-acquisition earnings.
IAS27 (Revised) uses the economic entity model whereas previous practice used the parent company approach. The economic
entity model treats all providers of equity capital as shareholders of the entity even where they are not shareholders in the parent.
A partial disposal of an interest in a subsidiary in which control is still retained is seen as a treasury transaction and accounted for
in equity. It does not result in a gain or loss but an increase or decrease in equity. However, where a partial disposal in a subsidiary
results in a loss of control but the retention of an interest in the form. of an associate, then a gain or loss is recognised in the whole
interest. A gain or loss is recognised on the portion that has been sold, and a holding gain or loss is recognised on the interest
retained being the difference between the book value and fair value of the interest. Both gains/losses are recognised in the income
statement.

正确答案：
(ii) Theory Y is at the opposite end of the continuum and reflects a contemporary approach to motivation, reflecting growth in professional and service employment. It is based on the idea that the goals of the individual and the organsiation can– indeed should – be integrated and that personal fulfilment can be achieved through the workplace. It assumes that for most people, work is as natural as rest or play and employees will exercise self-discipline and self-direction in helping to achieve the organisation’s objectives. Physical and mental effort at work is perfectly natural and is actively sought as a source of personal satisfaction.
In addition, the average employee seeks and accepts responsibilty and creativity. Innovative thinking is widely distributed amongst the whole population and should therefore be encouraged in the work situation.
The intellectual ability of the average person is only partly used and should be encouraged and thus individuals are motivated by seeking self-achievement. Since control and punishment are not required, management therefore has to encourage and develop the individual. However, the operation of a Theory Y approach can be difficult and frustrating,time consuming and sometimes regarded with suspicion.

正确答案：
(b) Implications for the auditor’s report
(i) Management Report
■ $4·5 million represents 3·75% of total assets, 1·7% of revenue and 48·9% profit before tax. As this is material
by any criteria (exceeding all of 2% of total assets, 1/2% revenue and 5% PBT), the specific disclosure requirements
of IASs need to be met (IAS 1 ‘Presentation of Financial Statements’).
■ The Management Report discloses the amount and the reason for a material change in equity whereas the financial
statements do not show the reason for the change and suggest that it is immaterial. As the increase in equity
attributable to this adjustment is nearly half as much as that attributable to PBT there is a material inconsistency
between the Management Report and the audited financial statements.
■ Amendment to the Management Report is not required.
Tutorial note: Marks will be awarded for arguing, alternatively, that the Management Report disclosure needs to
be amended to clarify that the revaluation arises from the first time implementation.
■ Amendment to the financial statements is required because the disclosure is:
– incorrect – as, on first adoption of IAS 40, the fair value adjustment should be against the opening balance
of retained earnings; and
– inadequate – because it is being ‘supplemented’ by additional disclosure in a document which is not within
the scope of the audit of financial statements.
■ Whilst it is true that the adoption of IAS 40 did not have a significant impact on results of operations, Hegas’s
financial position has increased by nearly 4% in respect of the revaluation (to fair value) of just one asset category
(investment properties). As this is significant, the statement in the notes should be redrafted.
■ If the financial statements are not amended, the auditor’s report should be qualified ‘except for’ on grounds of
disagreement (non-compliance with IAS 40) as the matter is material but not pervasive. Additional disclosure
should also be given (e.g. that the ‘other difference’ is a fair value adjustment).
■ However, it is likely that when faced with the prospect of a qualified auditor’s report Hegas’s management will
rectify the financial statements so that an unmodified auditor’s report can be issued.
Tutorial note: Marks will be awarded for other relevant points e.g. citing IAS 8 ‘Accounting Policies, Changes in
Accounting Estimates and Errors’.
(ii) Chairman’s statement
Tutorial note: Hegas is privately-owned therefore IAS 14 ‘Segment Reporting’ does not apply and the proportion of
revenue attributable to hydro-electricity will not be required to be disclosed in the financial statements. However, credit
will be awarded for discussing the implications for the auditor’s report if it is regarded as a material inconsistency on
the assumption that segment revenue (or similar) is reported in the financial statements.
■ The assertion in the chairman’s statement, which does not fall within the scope of the audit of the financial
statements, claims two things, namely that the company:
(1) is ‘one of the world’s largest generators of hydro-electricity’; and
(2) has ‘a dedicated commitment to accountable ethical professionalism’.
■ To the extent that this information does not relate to matters disclosed in the financial statements it may give rise
to a material misstatement of fact. In particular, the first statement presents a misleading impression of the
company’s size. In misleading a user of the financial statements with this statement, the second statement is not
true (as it is not ethical or professional to mislead the reader and potentially undermine the credibility of the
financial statements).
■ The first statement is a material misstatement of fact because, for example:
– the company is privately-owned, and publicly-owned international/multi-nationals are larger;
– the company’s main activity is civil engineering not electricity generation (only 14% of revenue is derived from
HEP);
– as the company ranks at best eighth against African companies alone it ranks much lower globally.
■ Hegas should be asked to reconsider the wording of the chairman’s statement (i.e. removing these assertions) and
consult, as necessary, the company’s legal advisor.
■ If the statement is not changed there will be no grounds for qualification of the opinion on the audited financial
statements. The audit firm should therefore take legal advice on how the matter should be reported.
■ However, an emphasis of matter paragraph may be used to report on matters other than those affecting the audited
financial statements. For example, to explain the misstatement of fact if management refuses to make the
amendment.
Tutorial note: Marks will also be awarded for relevant comments about the chairman’s statement being perceived by
many readers to be subject to audit and therefore that the unfounded statement might undermine the credibility of the
financial statements. Shareholders tend to rely on the chairman’s statement, even though it is not regulated or audited,
because modern financial statements are so complex.