来看看吧！考完CPA可以免试哪几门ACCA？

正确答案：

(b) The estimates are based upon unrealistic assumptions and are subject to a considerable margin of error. Possible limitations
include:
(i) Sales, operating costs, replacement investments, and dividends are unlikely to increase by the same amount.
(ii) Forecasts of future growth rates may not be accurate. Paxis is unlikely to have access to enough internal information
about the activities of Wragger to make accurate projections.
(iii) The expected reduction in operating costs might not be achieved.
(iv) The estimates are based upon present values to infinity of expected free cash flows. A shorter time horizon might be
more realistic.
(v) The cost of capital for the combined company could differ from that estimated, depending how the market evaluates the
risk of the combined entity.
(vi) The analysis is based upon the assumption that the initial offer price is accepted.
(vii) There is no information about the fees and other costs associated with the proposed acquisition. In many cases these
are substantial, and must be included in the analysis.
(viii) The post acquisition integration of organisations often involves unforeseen costs which would reduce the benefit of any
potential synergy.

正确答案：
(b) Franchising is typically seen as a quick and cost effective way of growing the business but Ramon should be aware of both
the advantages and disadvantages of using it as the preferred method of growth. Franchised chains are argued to benefit from
the sort of brand recognition and economies of scale not enjoyed by independent owner/managers. When combined with the
high levels of motivation normally associated with owner/managed businesses, franchises can be argued to get the best of
both worlds.
Franchising is defined as ‘a contractual agreement between two legally independent companies whereby the franchisor grants
the right to the franchisee to sell the franchisor’s product or do business under its trademarks in a given location for a specified
period of time. In return, the franchisee agrees to pay the franchisor a combination of fees, usually including an up-front
franchise fee, royalties calculated as a percentage of unit revenues, and an advertising conbribution that is also usually a
percentage of unit sales.’
Ramon is considering a type of franchising called ‘business-format franchising’, where the franchisor sells a way of doing
business to its franchisees. Business-format franchising is a model frequently found in the fast food and restaurant industry,
hotels and motels, construction and maintenance, and non-food retailing. Often these franchises are labour intensive and
relatively small-scale operations.
Franchising is seen as a safer alternative to growing the business organically, so while this may be true of well established
global franchises, failure rates among franchised small businesses were greater than those of independent businesses (in one
US study a 34·7% failure rate for franchises as opposed to 28·0% for independents over a six or seven year period). Often
it is the failure of the franchisor that brings down its franchisees. Failure stems from the franchisee not only having to rely on
their own skills and enthusiasm but also the capacity of the franchisor and other franchisees to make the overall operation
work.
The advantages to the franchisee are through gaining access to a well-regarded brand name that will generate a higher level
of demand and use of a tried and tested business model that should reduce the franchisee’s operating costs. Both of these
benefits stem from being a member of a well-established franchised system. Yet La Familia Amable along with many other
franchises will be new and small. These smaller franchises tend to be regional in scope, and fairly unknown outside their
regional market. This has a significant effect on what the franchisees can expect to gain from their franchisors and their
prospects of success. Both parties need to carefully assess the strengths and weaknesses of the system. Companies growing
via franchises need to take the time to understand their business model thoroughly and determine how franchising fits with
their long-term strategy. Care must be taken with the franchise agreement that creates a genuine partnership with the rightbalance between freedom and control over the franchisees.

正确答案：
(b) Sale of industrial equipment
(i) Matters
■ The industrial equipment was in use for nine years (from April 1996) and would have had a carrying value of
$660,000 at 31 March 2005 (11/20 × $1·2m – assuming nil residual value and a full year’s depreciation charge
in the year of acquisition and none in the year of disposal). Disposal proceeds were therefore only $360,000.
■ The $0·3m loss represents 15% of PBT (for the year to 31 March 2006) and is therefore material. The equipment
was material to the balance sheet at 31 March 2005 representing 2·6% of total assets ($0·66/$25·7 × 100).
■ Separate disclosure, of a material loss on disposal, on the face of the income statement is in accordance with
IAS 16 ‘Property, Plant and Equipment’. However, in accordance with IAS 1 ‘Presentation of Financial Statements’,
it should not be captioned in any way that might suggest that it is not part of normal operating activities (i.e. not
‘extraordinary’, ‘exceptional’, etc).
Tutorial note: However, note that if there is a prior period error to be accounted for (see later), there would be
no impact on the current period income statement requiring consideration of any disclosure.
■ The reason for the sale. For example, whether the equipment was:
– surplus to operating requirements (i.e. not being replaced); or
– being replaced with newer equipment (thereby contributing to the $8·1m increase (33·8 – 25·7) in total
assets).
■ The reason for the loss on sale. For example, whether:
– the sale was at an under-value (e.g. to a related party);
– the equipment had a bad maintenance history (or was otherwise impaired);
– the useful life of the equipment is less than 20 years;
– there is any deferred consideration not yet recorded;
– any non-cash disposal proceeds have been overlooked (e.g. if another asset was acquired in a part-exchange).
■ If the useful life was less than 20 years, tangible non-current assets may be materially overstated in respect of other
items of equipment that are still in use and being depreciated on the same basis.
■ If the sale was to a related party then additional disclosure should be required in a note to the financial statements
for the year to 31 March 2006 (IAS 24 ‘Related Party Disclosures’).
Tutorial note: Since there are no specific pointers to a related party transaction (RPT), this point is not expanded
on.
■ Whether the sale was identified in the prior year audit’s post balance sheet event review. If so:
– the disclosure made in the prior year’s financial statements (IAS 10 ‘Events After the Balance Sheet Date’);
– whether an impairment loss was recognised at 31 March 2005.
■ If not, and the equipment was impaired at 31 March 2005, a prior period error should be accounted for (IAS 8
‘Accounting Policies, Changes in Accounting Estimates and Errors’). An impairment loss of $0·3m would have
been material to prior year profit (12·5%).
Tutorial note: Unless this was a RPT or the impairment arose after 31 March 2005 a prior period adjustment
should be made.
■ Failure to account for a prior period error (if any) would result in modification of the audit opinion ‘except for’ noncompliance
with IAS 8 (in the current year) and IAS 36 (in the prior period).
(ii) Audit evidence
■ Carrying amount ($0·66m as above) agreed to the non-current asset register balances at 31 March 2005 and
recalculation of the loss on disposal.
■ Cost and accumulated depreciation removed from the asset register in the year to 31 March 2006.
■ Receipt of proceeds per cash book agreed to bank statement.
■ Sales invoice transferring title to Deakin.
■ A review of maintenance expenses and records (e.g. to confirm reason for loss on sale).
■ Post balance sheet event review on prior year audit working papers file.
■ Management representation confirming that Deakin is not a related party (provided that there is no evidence to
suggest otherwise).