2020年江苏省ACCA国际会计师考场规则，可以带计算器！

正确答案：

(b) Accounting in the financial statements for the year ended 31 May 2005
IFRS2 requires an expense to be recognised for the share options granted to the directors with a corresponding amount shown
in equity. Where options do not vest immediately but only after a period of service, then there is a presumption that the
services will be rendered over the ‘vesting period’. The fair value of the services rendered will be measured by reference to
the fair value of the equity instruments at the date that the equity instruments were granted. Fair value should be based on
market prices. The treatment of vesting conditions depends on whether or not the conditions relate to the market price of the
instruments. Market conditions are effectively taken into account in determining the fair value of the instruments and therefore
can be ignored for the purposes of estimating the number of equity instruments that will vest. For other conditions such as
remaining in the employment of the company, the calculations are carried out based on the best estimate of the number of
instruments that will vest. The estimate is revised when subsequent information is available.
The share options granted to J. Van Heflin on 1 June 2002 were before the date set in IFRS2 for accounting for such options
(7 November 2002). Therefore, no expense calculation is required. (Note: candidates calculating the expense for the latter
share options would be given credit if they stated that the company could apply IFRS2 to other options in certaincircumstances.) The remaining options are valued 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.

正确答案：
(c) Accounting and ethical implications of sale of inventory
Manipulation of financial statements often does not involve breaking laws but the purpose of financial statements is to present
a fair representation of the company’s position, and if the financial statements are misrepresented on purpose then this could
be deemed unethical. The financial statements in this case are being manipulated to show a certain outcome so that Hall
may be shown to be in a better financial position if the company is sold. The retained earnings of Hall will be increased by
$4 million, and the cash received would improve liquidity. Additionally this type of transaction was going to be carried out
again in the interim accounts if Hall was not sold. Accountants have the responsibility to issue financial statements that do
not mislead the public as the public assumes that such professionals are acting in an ethical capacity, thus giving the financial
statements credibility.
A profession is distinguished by having a:
(i) specialised body of knowledge
(ii) commitment to the social good
(iii) ability to regulate itself
(iv) high social status
Accountants should seek to promote or preserve the public interest. If the idea of a profession is to have any significance,
then it must make a bargain with society in which they promise conscientiously to serve the public interest. In return, society
allocates certain privileges. These might include one or more of the following:
– the right to engage in self-regulation
– the exclusive right to perform. particular functions
– special status
There is more to being an accountant than is captured by the definition of the professional. It can be argued that accountants
should have the presentation of truth, in a fair and accurate manner, as a goal.

正确答案：
(a) To: Joe Lawson, Managing Director, Lawson Engineering
From:
Business case for financial support
The treatment of intangible resources is an area of considerable concern to the financial community and in many ways the
situation that Lawson Engineering finds itself, is typical of the current confusion surrounding the value placed on intangible
resources. This in turn reflects a traditional concern that the strategic health and the financial health of a business are not
one and the same thing. Intangible resources cover a wide variety of assets and skills found in the business. These include
the intellectual property rights of patents; brands; trademarks; trade secrets etc through to people-determined assets such as
know-how; internal and external networks; organisational culture and the reputation of the company.
It is important for you to present a case which shows how the investment in intangible resources is just as important a source
of value creation for the customer as is investment in tangible assets such as plant and finance which are traditionally focused
on in financial statements of the firm’s well being. As one source expresses it, ‘for most companies, intangible resources
contribute much more to total asset value’. Kaplan and Norton in a 2004 article on intangible assets go further and argue
that ‘measuring the value of such intangible assets is the holy grail of accounting’. The increasing importance of service
businesses and service activities in the firm’s value chain compound the problems faced in getting a true reflection of the
firm’s ability to create value. One view is that the key value creation activity lies in the relationships a firm has with its key
stakeholders – its customers, suppliers and employees. These relationships develop into distinctive capabilities, defined as
‘something it can do that its competitors cannot’. These distinctive capabilities only become competitive advantage(s) when
the capability is applied to a relevant market. Firms attain a sustainable competitive advantage when they consistently
produce products or services with attributes that align with the key buying criteria for the majority of customers in the chosen
market.
Competitive advantage, to be strategically significant, must have the twin virtues of sustainability and appropriability.
Sustainability means the ability to sustain an advantage over a period of time. Fairly obviously, assets such as plant and
technology may be easily obtainable in the open market, however it is only when they are combined with less tangible
resources that advantages become sustainable over time because competitors cannot easily copy them. Equally significant
are intangible resources such as reputation and organisational culture in that they influence the firm’s ability to hold on to
or appropriate some of the value it creates. If other stakeholders both inside and outside the firm are able to take more than
their fair share of value created – for example customers forcing down prices or employees demanding excessive wage
increases – this will reduce the funds available for the firm to invest in further development of its intangible resources, and
as a consequence begin to weaken its competitive advantage.

Essentially, intangible resources can be separated into those capabilities that are based on assets and those that are based
on skills. As one source puts it asset based advantages are derived from ‘having’ a particular asset and skills based advantages
stem from the ability to be ‘doing’ things competitors are unable to do. Assets are those things that the firms ‘owns’ – the
intellectual property as embodied in patents, trademarks and associated brands, copyrights, recognised by law and
defendable against copying under that law. It is worth noting the effort and investment that many companies are putting into
defending their intellectual property against the threat of copying and piracy. A more recent asset that many firms spend
considerable time and effort in developing are databases on key activities in the firm’s value chain – customer databases are
only one of the possible sources of firm information and know-how. One of the most prized intangible assets is that of the
firm’s reputation which may reflect the power of the brands it has created. Reputation may be easier to maintain than create
and meets the key tests of sustainability. The capability to produce innovation consistently may be instrumental in creating
in the minds of customers the longer-term competitive advantage of reputation. Reputation is argued to represent the
knowledge and emotions the customer may associate with a firm’s product range and can therefore be a major factor in
securing the competitive advantage derived through effective differentiation.
A positive organisational culture, staff know-how and networks are equally important intangible sources of competitive
advantage. These by their very nature may be more dynamic than asset based intangibles and the know-how of employees
in particular is an intangible resource that results in the distinctive capabilities which differentiate the firm from its competitors.
Much has been written about the significance of organisational culture and the way it reflects the style. of top management,
the ‘can do’ culture of Lawson Engineering clearly creates a competitive advantage. One interesting study of how chief
executive officers rate their intangible resources in terms of their contribution to the overall success of the business showed
that company reputation, product reputation and employee know-how were the most highly regarded intangible resources.
Hamel and Prahalad argue that core competences rather than market position are the real source of competitive advantage.
They gave three tests to identify a core competence – firstly the competence should provide potential access to a wide variety
of markets and thus be capable of being leveraged to good effect, secondly, it should be relevant to the customer’s key buying
criteria and thirdly, it should be difficult for competitors to imitate.
The disadvantages of intangibles stem from the differing value placed on such assets and competences by the various
interested stakeholders. How should a company’s reputation be measured? How long will that reputation yield competitive
advantage, particularly in view of how swiftly such reputations can disappear? It seems likely that the financial markets with
their ability to reflect all knowledge and information about the firm in its share price increasingly will take the contribution of
intangibles into account.
Overall the case should be clearly made that the strengths of the company rests in its unique combination of intangible
resources and the capabilities – both internal and external – that it has. Financial health is not always the same as strategichealth and by any objective measure Lawson Engineering is worthy of support.
Yours,
Strategy consultant