香港考生注意啦！你对ACCA了解多少呢？看了这些让你明白

正确答案：
(b) The three strategic goals are to become the leading premium ice cream brand in the UK; to increase sales to ￡25 million;
and to achieve a significant entry into the supermarket sector. On the basis of performance to date these goals will certainly
be stretching. All three strategies will involve significant growth in the company. Johnson and Scholes list three success criteria
against which the strategies can be assessed, namely suitability, acceptability and feasibility. Suitability is a test of whether a
strategy addresses the situation in which a company is operating. In Johnson and Scholes’ terms it is the firm’s ‘strategic
position’, an understanding of which comes from the analysis done in the answer to the question above. Acceptability is
concerned with the likely performance outcomes of the strategy and in particular whether the return and risk are in line with
the expectations of the stakeholders. Feasibility is the extent to which the strategy can be made to work and is determined
by the strategic capability of the company reflecting the resources available to implement the strategy. It is interesting to see
that the three growth related goals are compatible in that becoming the leading premium brand will involve increased market
penetration, product development and market development. If achieved it will increase sales and necessitate a successful
entry into the supermarket sector. Time will be an important influence on the success or otherwise of these growth goals –
five years seems to be a reasonable length of time to achieve these ambitious targets.
Suitability – Churchill is currently a small but significant player at the premium end of the market. This segment is becoming
more significant and is attractive because of the high prices and high margins attainable. This is leading to more intense
competition with global companies. One immediate question that springs to mind is what precisely does ‘leading brand’
mean? The most obvious test is that of market share and unless Churchill achieve the access to the supermarkets looked for
in the third strategic goal, seems difficult to achieve. If ‘leading brand’ implies brand recognition this again looks very
ambitious. On the positive side this segment of the ice cream market is showing significant growth and Churchill’s success
in gaining sponsorship rights to major sporting events is a step in the right direction. The combination of high price and high
quality should position the company where it wants to be. Achieving sales of ￡25 million represents a quantum shift in
performance in a company that has to date only achieved modest levels of sales growth.
Acceptability – as a family owned business the balance between risk and return is an important one. The family to date has
been ‘happy’ with a modest rate of growth and modest return in terms of profits. The other significant stakeholder group is
the professional managers headed up by Richard Smith. They seem much more growth orientated and may be happier with
the risks that the growth strategy entails. The family members seem more interested in the manufacturing side than the
retailing side of the business and their bad previous experiences with growing the business through international market
development may mean they are risk averse and less willing to invest the necessary resources.
Feasibility – again this is linked to how ‘leading brand’ is defined. If as seems likely the brand becomes more widely known
through increasing the number of company owned ice cream stores then a significant investment in retail outlets will be
necessary. Increasing the number of franchised outlets will reduce the financial resources required but may be at the expense
of the brand’s reputation. Certainly there would seem to be a need for increased levels of advertising and promotion –
particularly to gain access to the ice cream cabinets in the supermarket chains. This is likely to mean an increase in the
number of sales and marketing staff. Equally important will be the ability to develop and launch new products in a luxury
market shaped by impulse buying and customers looking to indulge themselves.
Overall, becoming the leading brand of premium ice cream may well be the key to achieving the desired presence in the
supermarket ice cream cabinets, which in turn is a pre-requisite for increasing company sales to ￡25 million. So the three
strategic goals may be regarded as consistent and compatible with one another. However each strategic goal will have to be
broken down into its key elements. For example in achieving sales of ￡25 million what proportion of sales will come from its
own ice cream stores and what proportion from other outlets including the supermarkets? Sales to date of Churchill ice cream
are dominated by impulse purchases but in achieving sales of ￡25 million penetrating the take home market will be essential.
Finally, what proportion of these take home sales will be under the supermarkets own label brands? Over reliance on own
label sales will seriously weaken Churchill’s desire to become the leading national brand of premium ice cream. It looks to
be an ambitious but attainable strategy but will require a significant planning effort to develop the necessary resources andcapabilities vital to successful implementation of the strategy.

正确答案：
(d) The change in ownership represents a major change in the life of any organisation and the opportunity to convince the various
stakeholders of the strategic direction the firm is going in should not be missed. Mission statements are not something that
can be created at five minutes notice and once created need to be revisited to ensure they are still relevant and engaging.
Some experts argue that the mission can only be developed once the firm’s competitive strategy has been developed. Others
argue that it is the starting point for the whole strategic planning process.
A mission statement expresses the purpose of the business and great care will need to be taken to clarify the new role and
status of the buyout directors. Two other critical stakeholders are the workforce and the customers – alienation of either group
will have serious consequences for the firm. Customers need to be convinced that they should stay with the firm and staff
that there is a future for them in the new set up. Bonar Paint needs to ensure that its reputation for customer care is part of
the statement.
The strategy of the firm in terms of where and how it is going to compete again should create confidence in the key
stakeholders. Developing this clear sense of where Bonar Paint is going and how it is going to get there will be of particular
interest to its financial backers. Expressing the mission of the business will be a key part of any business plan. Bonar Paint
may also choose to emphasise the standards of behaviour that will underpin the way it does business. This may include an
explicit commitment to innovative products and customer service. Once again the impact and relevance to both internal and
external stakeholders is important.
Finally, the buyout managers have to convince stakeholders that the culture and values associated with that culture will be
retained after the change in ownership. Bonar Paint, under the Bonar brothers’ ownership and direction, did not feel that
strategic planning was a necessary activity. A succinct and meaningful mission statement may be an excellent way to
communicate the new ownership and sense of purpose in Bonar Paint.
Creating mission statements that convey a sense of purpose may not be easy for the buyout team. The time spent creating
the statement has to have positive outcomes or it will be time wasted. Creating such a statement with no previous experience
increases the difficulties. Seeing it as an integral part of a strategic planning process is important. Care must be taken to
involve other stakeholders in the process or statements may be made with little meaning for them. The degree of involvement
is also significant; most stakeholders are more likely to be useful as ‘sounding boards’ for testing and refining the statement.
The danger is that a statement is produced that few stakeholders buy into and does not affect attitudes or behaviours towardBonar Paint.

正确答案：

(a) (i) The definition of what constitutes a contract for the purpose of applying the standard is critical. The definition of contract is based on the definition of a contract in the USA and is similar to that in IAS 32 Financial Instruments: Presentation. A contract exists when an agreement between two or more parties creates enforceable rights and obligations between those parties. The agreement does not need to be in writing to be a contract but the decision as to whether a contractual right or obligation is enforceable is considered within the context of the relevant legal framework of a jurisdiction. Thus, whether a contract is enforceable will vary across jurisdictions. The performance obligation could include promises which result in a valid expectation that the entity will transfer goods or services to the customer even though those promises are not legally enforceable.

The first criteria set out in IFRS 15 is that the parties should have approved the contract and are committed to perform. their respective obligations. It would be questionable whether that contract is enforceable if this were not the case. In the case of oral or implied contracts, this may be difficult but all relevant facts and circumstances should be considered in assessing the parties’ commitment. The parties need not always be committed to fulfilling all of the obligations under a contract. IFRS 15 gives the example where a customer is required to purchase a minimum quantity of goods but past experience shows that the customer does not always do this and the other party does not enforce their contract rights. However, there needs to be evidence that the parties are substantially committed to the contract.

It is essential that each party’s rights and the payment terms can be identified regarding the goods or services to be transferred. This latter requirement is the key to determining the transaction price.

The contract must have commercial substance before revenue can be recognised, as without this requirement, entities might artificially inflate their revenue and it would be questionable whether the transaction has economic consequences. Further, it should be probable that the entity will collect the consideration due under the contract. An assessment of a customer’s credit risk is an important element in deciding whether a contract has validity but customer credit risk does not affect the measurement or presentation of revenue. The consideration may be different to the contract price because of discounts and bonus offerings. The entity should assess the ability of the customer to pay and the customer’s intention to pay the consideration. If a contract with a customer does not meet these criteria, the entity can continually re-assess the contract to determine whether it subsequently meets the criteria.

Two or more contracts which are entered into around the same time with the same customer may be combined and accounted for as a single contract, if they meet the specified criteria. The standard provides detailed requirements for contract modifications. A modification may be accounted for as a separate contract or a modification of the original contract, depending upon the circumstances of the case.

(ii) Step one in the five-step model requires the identification of the contract with the customer. After a contract has been determined to fall under IFRS 15, the following steps are required before revenue can be recognised.

Step two requires the identification of the separate performance obligations in the contract. This is often referred to as ’unbundling’, and is done at the beginning of a contract. The key factor in identifying a separate performance obligation is the distinctiveness of the good or service, or a bundle of goods or services. A good or service is distinct if the customer can benefit from the good or service on its own or together with other readily available resources and is separately identifiable from other elements of the contract. IFRS 15 requires a series of distinct goods or services which are substantially the same with the same pattern of transfer, to be regarded as a single performance obligation. A good or service, which has been delivered, may not be distinct if it cannot be used without another good or service which has not yet been delivered. Similarly, goods or services which are not distinct should be combined with other goods or services until the entity identifies a bundle of goods or services which is distinct. IFRS 15 provides indicators rather than criteria to determine when a good or service is distinct within the context of the contract. This allows management to apply judgement to determine the separate performance obligations which best reflect the economic substance of a transaction.

Step three requires the entity to determine the transaction price, which is the amount of consideration which an entity expects to be entitled to in exchange for the promised goods or services. This amount excludes amounts collected on behalf of a third party, for example, government taxes. An entity must determine the amount of consideration to which it expects to be entitled in order to recognise revenue.

The transaction price might include variable or contingent consideration. Variable consideration should be estimated as either the expected value or the most likely amount. Management should use the approach which it expects will best predict the amount of consideration and should be applied consistently throughout the contract. An entity can only include variable consideration in the transaction price to the extent that it is highly probable that a subsequent change in the estimated variable consideration will not result in a significant revenue reversal. If it is not appropriate to include all of the variable consideration in the transaction price, the entity should assess whether it should include part of the variable consideration. However, this latter amount still has to pass the ’revenue reversal’ test.

Additionally, an entity should estimate the transaction price taking into account non-cash consideration, consideration payable to the customer and the time value of money if a significant financing component is present. The latter is not required if the time period between the transfer of goods or services and payment is less than one year. If an entity anticipates that it may ultimately accept an amount lower than that initially promised in the contract due to, for example, past experience of discounts given, then revenue would be estimated at the lower amount with the collectability of that lower amount being assessed. Subsequently, if revenue already recognised is not collectable, impairment losses should be taken to profit or loss.

Step four requires the allocation of the transaction price to the separate performance obligations. The allocation is based on the relative standalone selling prices of the goods or services promised and is made at inception of the contract. It is not adjusted to reflect subsequent changes in the standalone selling prices of those goods or services. The best evidence of standalone selling price is the observable price of a good or service when the entity sells that good or service separately. If that is not available, an estimate is made by using an approach which maximises the use of observable inputs. For example, expected cost plus an appropriate margin or the assessment of market prices for similar goods or services adjusted for entity-specific costs and margins or in limited circumstances a residual approach. When a contract contains more than one distinct performance obligation, an entity allocates the transaction price to each distinct performance obligation on the basis of the standalone selling price.

Where the transaction price includes a variable amount and discounts, consideration needs to be given as to whether these amounts relate to all or only some of the performance obligations in the contract. Discounts and variable consideration will typically be allocated proportionately to all of the performance obligations in the contract. However, if certain conditions are met, they can be allocated to one or more separate performance obligations.

Step five requires revenue to be recognised as each performance obligation is satisfied. An entity satisfies a performance obligation by transferring control of a promised good or service to the customer, which could occur over time or at a point in time. The definition of control includes the ability to prevent others from directing the use of and obtaining the benefits from the asset. A performance obligation is satisfied at a point in time unless it meets one of three criteria set out in IFRS 15. Revenue is recognised in line with the pattern of transfer.

If an entity does not satisfy its performance obligation over time, it satisfies it at a point in time and revenue will be recognised when control is passed at that point in time. Factors which may indicate the passing of control include the present right to payment for the asset or the customer has legal title to the asset or the entity has transferred physical possession of the asset.

(b) (i) The contract contains a significant financing component because of the length of time between when the customer pays for the asset and when Tang transfers the asset to the customer, as well as the prevailing interest rates in the market. A contract with a customer which has a significant financing component should be separated into a revenue component (for the notional cash sales price) and a loan component. Consequently, the accounting for a sale arising from a contract which has a significant financing component should be comparable to the accounting for a loan with the same features. An entity should use the discount rate which would be reflected in a separate financing transaction between the entity and its customer at contract inception. The interest rate implicit in the transaction may be different from the rate to be used to discount the cash flows, which should be the entity’s incremental borrowing rate. IFRS 15 would therefore dictate that the rate which should be used in adjusting the promised consideration is 5%, which is the entity’s incremental borrowing rate, and not 11·8%.

Tang would account for the significant financing component as follows:

Recognise a contract liability for the $240,000 payment received on 1 December 2014 at the contract inception:

Dr Cash $240,000
Cr Contract liability $240,000

During the two years from contract inception (1 December 2014) until the transfer of the printing machine, Tang adjusts the amount of consideration and accretes the contract liability by recognising interest on $240,000 at 5% for two years.

Year to 30 November 2015
Dr Interest expense $12,000
Cr Contract liability $12,000

Contract liability would stand at $252,000 at 30 November 2015.

Year to 30 November 2016
Dr Interest expense $12,600
Cr Contract liability $12,600

Recognition of contract revenue on transfer of printing machine at 30 November 2016 of $264,600 by debiting contract liability and crediting revenue with this amount.

(ii) Tang accounts for the promised bundle of goods and services as a single performance obligation satisfied over time in accordance with IFRS 15. At the inception of the contract, Tang expects the following:

Transaction price $1,500,000
Expected costs $800,000
Expected profit (46·7%) $700,000

At contract inception, Tang excludes the $100,000 bonus from the transaction price because it cannot conclude that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. Completion of the printing machine is highly susceptible to factors outside the entity’s influence. By the end of the first year, the entity has satisfied 65% of its performance obligation on the basis of costs incurred to date. Costs incurred to date are therefore $520,000 and Tang reassesses the variable consideration and concludes that the amount is still constrained. Therefore at 30 November 2015, the following would be recognised:

Revenue $975,000
Costs $520,000
Gross profit $455,000

However, on 4 December 2015, the contract is modified. As a result, the fixed consideration and expected costs increase by $110,000 and $60,000, respectively. The total potential consideration after the modification is $1,710,000 which is $1,610,000 fixed consideration + $100,000 completion bonus. In addition, the allowable time for achieving the bonus is extended by six months with the result that Tang concludes that it is highly probable that including the bonus in the transaction price will not result in a significant reversal in the amount of cumulative revenue recognised in accordance with IFRS 15. Therefore the bonus of $100,000 can be included in the transaction price. Tang also concludes that the contract remains a single performance obligation. Thus,Tang accounts for the contract modification as if it were part of the original contract. Therefore, Tang updates its estimates of costs and revenue as follows:

Tang has satisfied 60·5% of its performance obligation ($520,000 actual costs incurred compared to $860,000 total expected costs). The entity recognises additional revenue of $59,550 [(60·5% of $1,710,000) – $975,000 revenue recognised to date] at the date of the modification as a cumulative catch-up adjustment. As the contract amendment took place after the year end, the additional revenue would not be treated as an adjusting event.

正确答案：
(b) The major benefits of pursuing a policy of internal development that may accrue to Taliesin Ltd are as follows:
– By confining their activities to its internal environment the company avoids the need to manage the integration of
businesses which is necessitated by an acquisition. Management teams, when considering the acquisition of another
organisation, very often underestimate the costs of integration.
– There is no need for the board of directors of Taliesin Ltd to familiarise itself with different organisational and national
cultures, values etc, thereby avoiding many potential problems.
– The board of directors of Taliesin Ltd is better able to control the activities of the business and the need for more complex
supply chains and strategic alliances with foreign organisations is rendered unnecessary.
– All investments are made at market price whereas if the board of directors was to attempt to grow the business
acquisition then significant outlays would probably be made in respect of purchased goodwill.
– As the organisation develops and expands, staff are provided with development and learning activities that may
precipitate an increase in the level of their commitment to the organisation.