2020年ACCA考试技能课程学习计划表

正确答案：

5 Report to the Directors of Ambush, a public limited company
(a) The following report sets out the principal aspects of IAS 39 in the designated areas.
(i) Classification of financial instruments and their measurement
Financial assets and liabilities are initially measured at fair value which will normally be the fair value of the
consideration given or received. Transaction costs are included in the initial carrying value of the instrument unless it
is carried at ‘fair value through profit or loss’ when these costs are recognised in the income statement.
Financial assets should be classified into four categories:
(i) financial assets at fair value through profit or loss
(ii) loans and receivables
(iii) held-to-maturity investments (HTM)
(iv) available-for-sale financial assets (AFS).
The first category above has two sub categories which are ‘held for trading’ and those designated to this category at
inception/initial recognition. This latter designation is irrevocable.
Financial liabilities have two categories: those at fair value through profit or loss, and ‘other’ liabilities. As with financial
assets those liabilities designated as at fair value through profit or loss have two sub categories which are the same as
those for financial assets.
Reclassifications between categories are uncommon and restricted under IAS 39 and are prohibited into and out of the
fair value through profit or loss category. Reclassifications between AFS and HTM are possible but it is not possible from
loans and receivables to AFS. The held to maturity category is limited in its application as if the company sells or
reclassifies more than an immaterial amount of the portfolio, it is barred from using the category for at least two years.
Also all remaining HTM investments would be reclassified to AFS.
Subsequent measurement of financial assets and liabilities depends on the classification. The following tablesummarises the position:

Amortised cost is the cost of an asset or liability adjusted to achieve a constant effective interest rate over the life of the
asset or liability.
It is not possible to compute amortised cost for instruments that do not have fixed or determinable payments, such as
for equity instruments, and such instruments therefore cannot be classified into these categories.
A company must apply the effective interest rate method in the measurement of amortised cost. The effective interest
rate method determines how much interest income or interest expense should be reported in profit and loss.
For financial assets at fair value through profit or loss and financial liabilities at fair value through profit or loss, all
changes in fair value are recognised in profit or loss when they occur. This includes unrealised holding gains and losses.
For available-for-sale financial assets, unrealised holding gains and losses are deferred in reserves until they are realised
or impairment occurs. Only interest income and dividend income, impairment losses, and certain foreign currency gains
and losses are recognised in profit or loss.
Investments in unquoted equity instruments that cannot be reliably measured at fair value are subsequently measureat cost. Unrealised holding gains/losses are not normally recognised in profit/loss.

正确答案：
(c) Non-consolidated entities under common control
■ Horizontal groups of entities under common control were a significant feature of the Enron and Parmalat business
empires.
■ Such business empires increase audit risk as fraud is often disguised through labyrinthine group structures. Hence
auditors need to understand and confirm the economic purpose of entities within business empires (as well as special
purpose entities (SPEs) and non-trading entities).
■ Horizontal groups fall outside the requirement for the preparation of group accounts. It is not only finance that is offbalance
sheet when controlled entities are excluded from consolidated financial statements.
■ In the absence of consolidated financial statements, users of accounts of entities in horizontal groups have to rely on the
disclosure of related party transactions and control relationships for information about transactions and arrangements
with other group entities. Difficulties faced by auditors include:
? failing to detect related party transactions and control relationships;
? not understanding the substance of transactions with entities under common control;
? excessively creative tax planning;
? the implications of transfer pricing (e.g. failure to recognise profits unrealised at the business empire level);
? a lack of access to relevant confidential information held by others;
? relying on representations made in good faith by those whom the auditors believe manage the company when
control rests elsewhere.
■ Audit work is inevitably increased if an auditor is put upon inquiry to investigate dubious transactions and arrangements.
However, the complexity of business empires across multiple jurisdictions with different auditors may deter auditors from
liaising with other auditors (especially where legal or professional confidentiality considerations prevent this).

正确答案：
(b) Nominations committees
General roles of a nominations committee.
It advises on the balance between executives and independent non-executive directors and establishes the appropriate
number and type of NEDs on the board. The nominations committee is usually made up of NEDs.
It establishes the skills, knowledge and experience possessed by current board and notes any gaps that will need to be filled.
It acts to meet the needs for continuity and succession planning, especially among the most senior members of the board.
It establishes the desirable and optimal size of the board, bearing in mind the current size and complexity of existing and
planned activities and strategies.
It seeks to ensure that the board is balanced in terms of it having board members from a diversity of backgrounds so as to
reflect its main constituencies and ensure a flow of new ideas and the scrutiny of existing strategies.
In the case of Rosh, the needs that a nominations committee could address are:
To recommend how many directors would be needed to run the business and plan for recruitment accordingly. The perceived
similarity of skills and interests of existing directors is also likely to be an issue.
To resolve the issues over numbers of NEDs. It seems likely that the current number is inadequate and would put Rosh in a
position of non-compliance with many of the corporate governance guidelines pertaining to NEDs.
To resolve the issues over the independence of NEDs. The closeness that the NEDs have to existing executive board members
potentially undermines their independence and a nominations committee should be able to identify this as an issue and make
recommendations to rectify it.
To make recommendations over the succession of the chairmanship. It may not be in the interests of Rosh for family members
to always occupy senior positions in the business.

正确答案：C