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正确答案：
(ii) Deema Co
The claim is an event after the balance sheet date. If the accident occurred prior to the year end of 30 September 2007,
the claim gives additional evidence of a year end condition, and thus meets the definition of an adjusting post balance
sheet event. In this case the matter appears to have been properly disclosed in the notes to the financial statements per
IAS 10 Events After the Balance Sheet Date and IAS 37 Provisions, Contingent Liabilities and Contingent Assets. A
provision would only be necessary if the claim was probable to succeed and there is sufficient appropriate evidence that
this is not the case. There is therefore no disagreement, and no limitation on scope.
Therefore the senior is correct to propose an unqualified opinion.
However, it is not necessary for the audit report to contain an emphasis of matter paragraph.
ISA 701 Modifications to the Independent Auditor’s Report states that an emphasis of matter paragraph should be used
to highlight a matter where there is significant uncertainty.
Uncertainties are normally only regarded as significant if they involve a level of concern about the going concern status
of the company or would have an unusually great effect on the financial statements. This is not the case here as there
is enough cash to pay the damages in the unlikely event that the claim goes against Deema Co. This appears to be a
one-off situation with a low risk of the estimate being subject to change and thus there is no significant uncertainty.

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：D