看过来！全球疫情大暴发，6月ACCA考试会不会被再次取消？

正确答案：
(ii) Apart from the fact that Alasdair can keep an eye on his tenant, the main advantages are twofold:
IHT: If the firm are the tenants, the property will be land and buildings used in a business carried on by a partnership
in which the donor is a partner. Thus, Alasdair will be able to claim business property relief (BPR) at a rate of 50%
so long as he remains a partner in the firm. However, this relief would not be available until Alasdair has owned
the property for at least two years from his firm taking up the tenancy.
CGT: As Alasdair is a partner in the firm using the building, it will also be a qualifying asset for the purposes of rollover
relief on any gains arising from the disposal of the property. Assuming that Alasdair acquires a replacement asset
which will be used in the trade, the gain on sale can be deferred against the tax base cost of the replacement asset.
In the event that rollover relief cannot be used, any gains on disposal will be subject to business asset taper relief.

正确答案：

(a) To: David Silvester
From:
Funding strategy for Gift Designs Ltd
Clearly, you have identified a real business opportunity and face both business and financial risks in turning the opportunity
into reality. One possible model you can use is that of the product life cycle which as a one-product firm is effectively the life
cycle for the company. Linking business risk to financial risk is important – in the early stages of the business the business
risk is high and the high death rate amongst new start-ups is well publicised and, consequently, there is a need to go for low
financial risk. Funding the business is essentially deciding the balance between debt and equity finance, and equity offers the
low risk that you should be looking for. As the firm grows and develops so the balance between debt and equity will change.
A new business venture like this could in Boston Box terms be seen as a problem child with a non-existent market share but
high growth potential. The business risks are very high and consequently the financial risks taken should be very low and
avoid taking on large amounts of debt with a commitment to service the debt.
You need to take advantage of investors who are willing to accept the risks associated with a business start-up – venture
capitalists and business angels accept the risks associated with putting equity capital in but may expect a significant share
in the ownership of the business. This they will seek to realise once the business is successfully established. As the business
moves into growth and then maturity so the business risks will reduce and access to debt finance becomes feasible and cost
effective. In maturity the business should be able to generate significant retained earnings to finance further development.

Dividend policy will also be affected by the stage in the life cycle that the business has reached.
Yours,

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：
(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.