甘肃省ACCA考试真题下载步骤是怎么样的？

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■ A change in the estimated useful life should be accounted for as a change in accounting estimate in accordance
with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. For example, if the development
costs have little, if any, useful life after the introduction of the alternative drug (‘worst case’ scenario), the carrying
value ($3 million) should be written off over the current and remaining years, i.e. $1 million p.a. The increase in
amortisation/decrease in carrying value ($800,000) is material to PBT (6%) and total assets (1·5%).
■ Similarly a change in the expected pattern of consumption of the future economic benefits should be accounted for
as a change in accounting estimate (IAS 8). For example, it may be that the useful life is still to 2020 but that
the economic benefits may reduce significantly in two years time.
■ After adjusting the carrying amount to take account of the change in accounting estimate(s) management should
have tested it for impairment and any impairment loss recognised in profit or loss.
(ii) Audit evidence
■ $3 million carrying amount of development costs brought forward agreed to prior year working papers and financial
statements.
■ A copy of the press release announcing the competitor’s alternative drug.
■ Management’s projections of future cashflows from Tournose-related sales as evidence of the useful life of the
development costs and pattern of consumption.
■ Reperformance of management’s impairment test on the development costs: Recalculation of management’s
calculation of the carrying amount after revising estimates of useful life and/or consumption of benefits compared
with management’s calculation of value in use.
■ Sensitivity analysis on management’s key assumptions (e.g. estimates of useful life, discount rate).
■ Written management representation on the key assumptions concerning the future that have a significant risk of
causing material adjustment to the carrying amount of the development costs. (These assumptions should be
disclosed in accordance with IAS 1 Presentation of Financial Statements.)

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(b) Provisions – IAS37
An entity must recognise a provision under IAS37 if, and only if:
(a) a present obligation (legal or constructive) has arisen as a result of a past event (the obligating event)
(b) it is probable (‘more likely than not’), that an outflow of resources embodying economic benefits will be required to settle
the obligation
(c) the amount can be estimated reliably
An obligating event is an event that creates a legal or constructive obligation and, therefore, results in an enterprise having
no realistic alternative but to settle the obligation. A constructive obligation arises if past practice creates a valid expectation
on the part of a third party. If it is more likely than not that no present obligation exists, the enterprise should disclose a
contingent liability, unless the possibility of an outflow of resources is remote.
The amount recognised as a provision should be the best estimate of the expenditure required to settle the present obligation
at the balance sheet date, that is, the amount that an enterprise would rationally pay to settle the obligation at the balance
sheet date or to transfer it to a third party. This means provisions for large populations of events such as warranties, are
measured at a probability weighted expected value. In reaching its best estimate, the entity should take into account the risks
and uncertainties that surround the underlying events.
Expected cash outflows should be discounted to their present values, where the effect of the time value of money is material
using a risk adjusted rate (it should not reflect risks for which future cash flows have been adjusted). If some or all of the
expenditure required to settle a provision is expected to be reimbursed by another party, the reimbursement should be
recognised as a separate asset when, and only when, it is virtually certain that reimbursement will be received if the entity
settles the obligation. The amount recognised should not exceed the amount of the provision. In measuring a provision future
events should be considered. The provision for the warranty claim will be determined by using the expected value method.
The past event which causes the obligation is the initial sale of the product with the warranty given at that time. It would be
appropriate for the company to make a provision for the Year 1 warranty of $280,000 and Year 2 warranty of $350,000,
which represents the best estimate of the obligation (see Appendix 2). Only if the insurance company have validated the
counter claim will Macaljoy be able to recognise the asset and income. Recovery has to be virtually certain. If it is virtually
certain, then Macaljoy may be able to recognise the asset. Generally contingent assets are never recognised, but disclosed
where an inflow of economic benefits is probable.
The company could discount the provision if it was considered that the time value of money was material. The majority of
provisions will reverse in the short term (within two years) and, therefore, the effects of discounting are likely to be immaterial.
In this case, using the risk adjusted rate (IAS37), the provision would be reduced to $269,000 in Year 1 and $323,000 in
Year 2. The company will have to determine whether this is material.
Appendix 1
The accounting for the defined benefit plan is as follows:

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(a) The weaknesses of traditional budgeting processes include the following:
– many commentators, including Hope and Fraser, contend that budgets prepared under traditional processes add little
value and require far too much valuable management time which would be better spent elsewhere.
– too heavy a reliance on the ‘agreed’ budget has an adverse impact on management behaviour which can become
dysfunctional having regard to the objectives of the organisation as a whole.
– the use of budgeting as base for communicating corporate goals, setting objectives, continuous improvement, etc is seen
as contrary to the original purpose of budgeting as a financial control mechanism.
– most budgets are not based on a rational causal model of resource consumption but are often the result of protracted
internal bargaining processes.
– conformance to budget is not seen as compatible with a drive towards continuous improvement.
– budgeting has an insufficient external focus.