2020年黑龙江ACCA国际会计师考场规则，可以带计算器！

正确答案：
(b) There are several issues which need to be addressed when developing IFRSs for SMEs:
(i) The purpose of the standards and type of entity
The principal aim of the development of an accounting framework for SMEs is to provide a framework which generates
relevant, reliable and useful information. The standards should provide high quality and understandable accounting
standards suitable for SMEs globally. Additionally they should meet the needs set out in (a) above. For example reduce
the financial reporting burden for SMEs. It is unlikely that one of the objectives would be to provide information for
management or meet the needs of the tax authorities as these bodies will have specific requirements which would be
difficult to meet in an accounting standard. However, it is likely that the standards for SMEs will be a modified version
of the full IFRSs and not an independently developed set of standards in order that they are based on the same
conceptual framework and will allow easier transition to full IFRS if the SME grows or decides to become a publicly listed
entity.
It is important to define the type of entity for which the standards are intended. Companies who have issued shares to
the public would be expected to use full IFRS. The question arises as to whether SME standards should apply to all
unlisted entities or just those listed entities below a certain size threshold. The difficulty with size criteria is that it would
have to apply worldwide and it would be very difficult to specify such criteria. Additionally some unlisted companies, for
example public utilities, have a reporting obligation that is equivalent to that of a listed company and should follow full
IFRS.
The main characteristic which distinguishes SMEs from other entities is the degree of public accountability. Thus the
definition of what constitutes an SME could revolve around those entities that do not have public accountability.
Indicators of public accountability will have to be developed. For example, a listed company or companies holding assets
in a fiduciary capacity (bank), or a public utility, or an entity with economic significance in its country. Thus all entities
that do not have public accountability may be considered as potential users of IFRSs for SMEs.
Size may not be the best way to determine what is an SME. SMEs could be defined by reference to ownership and themanagement of the entity. SMEs are not necessarily just smaller versions of public companies.

正确答案：

(a) An annual cash flow account compares the estimated cash flows receivable from the property against the liabilities within the securitisation process. The swap introduces leverage into the arrangement.

The holders of the certificates are expected to receive $3·17million on $18 million, giving them a return of 17·6%. If the cash flows are 5% lower than the non-executive director has predicted, annual revenue received will fall to $20·90 million, reducing the balance available for the subordinated certificates to $2·07 million, giving a return of 11·5% on the subordinated certificates, which is below the returns offered on the B and C-rated loan notes. The point at which the holders of the certificates will receive nothing and below which the holders of the C-rated loan notes will not receive their full income will be an annual income of $18·83 million (a return of 9·4%), which is 14·4% less than the income that the non-executive director has forecast.

(b) Benefits

The finance costs of the securitisation may be lower than the finance costs of ordinary loan capital. The cash flows from the commercial property development may be regarded as lower risk than Moonstar Co’s other revenue streams. This will impact upon the rates that Moonstar Co is able to offer borrowers.

The securitisation matches the assets of the future cash flows to the liabilities to loan note holders. The non-executive director is assuming a steady stream of lease income over the next 10 years, with the development probably being close to being fully occupied over that period.

The securitisation means that Moonstar Co is no longer concerned with the risk that the level of earnings from the properties will be insufficient to pay the finance costs. Risks have effectively been transferred to the loan note holders.

Risks

Not all of the tranches may appeal to investors. The risk-return relationship on the subordinated certificates does not look very appealing, with the return quite likely to be below what is received on the C-rated loan notes. Even the C-rated loan note holders may question the relationship between the risk and return if there is continued uncertainty in the property sector.

If Moonstar Co seeks funding from other sources for other developments, transferring out a lower risk income stream means that the residual risks associated with the rest of Moonstar Co’s portfolio will be higher. This may affect the availability and terms of other borrowing.

It appears that the size of the securitisation should be large enough for the costs to be bearable. However Moonstar Co may face unforeseen costs, possibly unexpected management or legal expenses.

(c) (i) Sukuk finance could be appropriate for the securitisation of the leasing portfolio. An asset-backed Sukuk would be the same kind of arrangement as the securitisation, where assets are transferred to a special purpose vehicle and the returns and repayments are directly financed by the income from the assets. The Sukuk holders would bear the risks and returns of the relationship.

The other type of Sukuk would be more like a sale and leaseback of the development. Here the Sukuk holders would be guaranteed a rental, so it would seem less appropriate for Moonstar Co if there is significant uncertainty about the returns from the development.

The main issue with the asset-backed Sukuk finance is whether it would be as appealing as certainly the A-tranche of the securitisation arrangement which the non-executive director has proposed. The safer income that the securitisation offers A-tranche investors may be more appealing to investors than a marginally better return from the Sukuk. There will also be costs involved in establishing and gaining approval for the Sukuk, although these costs may be less than for the securitisation arrangement described above.

(ii) A Mudaraba contract would involve the bank providing capital for Moonstar Co to invest in the development. Moonstar Co would manage the investment which the capital funded. Profits from the investment would be shared with the bank, but losses would be solely borne by the bank. A Mudaraba contract is essentially an equity partnership, so Moonstar Co might not face the threat to its credit rating which it would if it obtained ordinary loan finance for the development. A Mudaraba contract would also represent a diversification of sources of finance. It would not require the commitment to pay interest that loan finance would involve.

Moonstar Co would maintain control over the running of the project. A Mudaraba contract would offer a method of obtaining equity funding without the dilution of control which an issue of shares to external shareholders would bring. This is likely to make it appealing to Moonstar Co’s directors, given their desire to maintain a dominant influence over the business.

The bank would be concerned about the uncertainties regarding the rental income from the development. Although the lack of involvement by the bank might appeal to Moonstar Co's directors, the bank might not find it so attractive. The bank might be concerned about information asymmetry – that Moonstar Co’s management might be reluctant to supply the bank with the information it needs to judge how well its investment is performing.

正确答案：
(b) Johnson, Scholes and Whittington define a strategic alliance as ‘where two or more organisations share resources and
activities to pursue a strategy’. There are a number of types of alliance ranging from a formal joint venture through to networks
where there is collaboration but no formal agreement. The type of strategic alliance will be affected by how quickly market
conditions are changing – swift rates of change may require flexible less formal types of alliance and determine whether
specific dedicated resources are required or whether the partners can use existing resources. Johnson, Scholes and
Whittington argue that for an alliance to be successful there needs to be a clear strategic purpose and senior management
support; compatibility between the partners at all levels – this may be complicated if it is a cross-border alliance; time spent
defining and meeting performance expectations including clear goals, governance and organisational arrangements; and
finally trust both in terms of respective competences and trustworthiness.

6D–ENGAA
Paper 3.5
6D–ENGAA
Paper 3.5
The advantages that may be gained by a successful strategic alliance include creating a joint operation that has a ‘critical
mass’ that may lead to lower costs or an improved offer to the customer. It may also allow each partner to specialise in areas
where they have a particular advantage or competence. Interestingly, alliances are often entered into where a company is
seeking to enter new geographical markets, as is the case with both divisions. The partner brings local knowledge and
expertise in distribution, marketing and customer support. A good strategic alliance will also enable the partners to learn from
one another and develop competences that may be used in other markets. Often firms looking to develop an e-business will
use an alliance with a partner with experience in website development. Once its e-business is up and running a firm may
eventually decide to bring the website design skills in-house and acquire the partner.
Disadvantages of alliances range from over-dependence on the partner, not developing own core competences and a tendency
for them not to have a defined end date. Clearly there is a real danger of the partner eventually becoming a competitor.
In assessing the suitability for each division in using a strategic alliance to enter European markets one clearly has to analyse
the very different positions of the divisions in terms of what they can offer a potential partner. The earlier analysis suggests
that the Shirtmaster division may have the greater difficulty in attracting a partner. One may seriously question the feasibility
of using the Shirtmaster brand in Europe and the competences the division has in terms of manufacturing and selling to large
numbers of small independent UK clothing retailers would seem inappropriate to potential European partners. Ironically, if
the management consultant recommends that the Shirtmaster division sources some or all of its shirts from low cost
manufacturers in Europe this may provide a reason for setting up an alliance with such a manufacturer.
The prospects of developing a strategic alliance in the Corporate Clothing division are much more favourable. The division
has developed a value added service for its corporate customers, indeed its relationship with its customers can be seen as a
relatively informal network or alliance and there seems every chance this could be replicated with large corporate customers
in Europe. Equally, there may be European workwear companies looking to grow and develop who would welcome sharingthe Corporate Clothing division’s expertise.

正确答案：
(c) Each of the strategic goals will have a profound impact on the marketing mix as it currently exists. As each goal affects the
market position of Churchill developing an appropriate marketing mix will be the key to successful implementation of the
overall growth strategy. The product, the brand and the reputation it creates are at the heart of the company’s marketing
strategy. Their focus on the premium segment of the market seems a sensible one and one which allows a small family-owned
business to survive and grow slowly. Evidence suggests this is a luxury indulgence market reflecting changing consumer tastes
and lifestyles. Managing the product range will be a major marketing activity. While the core products may develop an almost
timeless quality there will be a need to respond to the product innovations introduced by its much larger competitors. The
company’s emphasis on the quality of its products resulting from the quality of its ingredients is at the heart of its competitive
advantage. Growing the product range will also bring the danger of under performing products and a consequent need to
divest such products. Packaging is likely to be a key part of the products’ appeal and will be an area where constant innovation
is important.
Pricing raises a number of issues. Why is Churchill’s core product priced at ￡1 less than its immediate competition? What is
the basis on which Churchill prices this product? Each of the methods of pricing has its advantages and disadvantages. Using
cost plus may create an illusion of security in that all costs are covered, but at the same time raises issues as to whether
relevant costs have been included and allocated. Should the company price in anticipation of cost reductions as volume
increases? Should the basis for pricing be what your competitors are charging? As a luxury product one would assume that
its demand is relatively price inelastic: a significant increase in price e.g. ￡1 would lead to only a small reduction in quantity
demanded. Certainly, profit margins would be enhanced to help provide the financial resources the company needs if it is to
grow. One interesting issue on pricing is the extent to which it is pursuing a price skimming or price penetration policy –
evidence from the scenario suggests more of a price skimming policy in line with the luxury nature of the product.

Place is an equally important issue – the vertical integration strategy of the company has led to company-owned shops being
the main way customers can buy the product. At the same time, this distribution strategy has led to Churchill’s sales being
largely confined to one region in the UK – although it is the most populous. If Churchill has a desire to grow, does it do this
through expanding the number of company owned and franchised outlets or look for other channels of distribution in
particular the increasingly dominant supermarket chains? Each distribution strategy will have significant implications for other
elements in the marketing mix and for the resources and capabilities required in the company.
Finally, promotion is an interesting issue for the company. The relatively recent appointment of a sales and marketing director
perhaps reflects a need to balance the previous dominance of the manufacturing side of the business. Certainly there is
evidence to suggest that John Churchill is not convinced of the need to advertise. There are some real concerns about how
the brand is developed and promoted. Certainly sponsorship is now seen as a key part of the firm’s promotional strategy. The
company has a good reputation but customer access to the product is fairly limited. Overall there is scope for the company
to critically review its marketing mix and implement a very different mix if it wants to grow.
The four Ps above are very much the ‘hard’ elements in the marketing mix and Churchill in its desire to grow will need toensure that the ‘softer’ elements of people, physical evidence and processes are aligned to its ambitious strategy.