信息！快来了解关于ACCA合作雇主及万科企业招聘信息有哪些呢？

正确答案：
6 DEVELOPMENTS
General comments
Tutorial note: The following comments, that could be made in respect of any of the three areas of development, will be given
credit only once.
■ Audit scope – the scope of a statutory audit should be as necessary to form. an audit opinion (i.e. unlimited).
■ Audit work undertaken – the nature, timing and extent of audit procedures should be as necessary to implement the overall
audit plan.
(a) Fair value accounting
■ Different definitions of fair value exist (among financial reporting frameworks or for different assets and liabilities within
a particular framework). For example, under IFRS it is ‘the amount for which an asset could be exchanged (or a liability
settled) between knowledgeable, willing parties in an arm’s length transaction’.
■ The term ‘fair value accounting’ is used to describe the measurement and disclosure of assets and/or liabilities at fair
value and the charging to profit and loss (or directly to equity) of any changes in fair value measurements.
■ Fair value accounting concerns measurements and disclosures but not initial recognition of assets and liabilities in
financial statements. It does not then, for example, affect the nature, timing and extent of audit procedures to confirm
the existence and completeness of rights and obligations.
■ Fair value may be determined with varying degrees of subjectivity. For example, there will be little (if any) subjectivity
for assets bought and sold in active and open markets that readily provide reliable information on the prices at which
exchange transactions occur. However, the valuation of assets with unique characteristics (or entity-specific assets) often
requires the projection and discounting of future cash flows.
■ The audit of estimates of fair values based on valuation models/techniques can be approached like other accounting
estimates (in accordance with ISA 540 ‘Audit of Accounting Estimates’). However, although the auditor should be able
to review and test the process used by management to develop the estimate, there may be:
? a much greater need for an independent estimate (and hence greater reliance on the work of experts in accordance
with ISA 620);
? no suitable subsequent events to confirm the estimate made (e.g. for assets that are held for use and not for
trading).
Tutorial note: Consider, for example, how the audit of ‘in-process research and development’ might compare with that
for an allowance for slow-moving inventory.
■ Different financial reporting frameworks require or permit a variety of fair value measures and disclosures in financial
statements. They also vary in the level of guidance provided (to preparers of the financial statements – and hence their
auditors). Under IFRS, certain fair values are based on management intent and ‘reasonable supportable assumptions’.
■ The audit of management intent potentially increases the auditor’s reliance on management representations. The auditor
must obtain such representations from the highest level of management and exercise an appropriate degree of
professional scepticism, being particularly alert to the implications of any conflicting evidence.
■ A significant development in international financial reporting is that it is no longer sufficient to report transactions and
past and future events that may only be possible. IAS 1 ‘Presentation of Financial Statements’ (Revised) requires that
key assumptions (and other key sources of estimation uncertainty) be disclosed. This requirement gives rise to yet
another area on which auditors may qualify their audit opinion, on grounds of disagreement, where such disclosure is
incorrect or inadequate.
■ Perhaps one of the most significant impacts of fair value accounting on audit work is that it necessarily increases it.
Consider for example, that even where the fair value of an asset is as easily vouched as original cost, fair value is
determined at least annually whereas historic cost is unchanged (and not re-vouched to original purchase
documentation).

正确答案：
(ii) The statement of product profitability shows that CTC is forecast to achieve a profit of $2·185 million in 2008 giving a
profit:sales ratio of 11·9%. However, the forecast profit in 2009 is only $22,000 which would give a profit:sales ratio
of just 0·19%! Total sales volume in 2008 is 390,000 units which represent 97·5% utilisation of total annual capacity.
In stark contrast, the total sales volume in 2009 is forecast to be 240,000 units which represents 60% utilisation of
total annual capacity and shows the expected rapid decline in sales volumes of Bruno and Kong products. The rapid
decline in the sales of these two products is only offset to a relatively small extent by increased sales volume from the
Leo product. It is vital that a new product or products with healthy contribution to sales ratios are introduced.
Management should also undertake cost/benefit analyses in order to assess the potential of extending the life of Bruno
and Kong products.

正确答案：
(b)(i)Price/earningsratiomethodEarningspershareofNGN=80cpersharePrice/earningsratioofKFPCo=8SharepriceofNGN=80x8=640cor$6·40NumberofordinarysharesofNGN=5/0·5=10millionsharesValueofNGN=6·40x10m=$64millionHowever,itcanbearguedthatareductionintheappliedprice/earningsratioisneededasNGNisunlistedandthereforeitssharesaremoredifficulttobuyandsellthanthoseofalistedcompanysuchasKFPCo.Ifwereducetheappliedprice/earningsratioby10%(othersimilarpercentagereductionswouldbeacceptable),itbecomes7·2timesandthevalueofNGNwouldbe(80/100)x7·2x10m=$57·6million(ii)DividendgrowthmodelDividendpershareofNGN=80cx0·45=36cpershareSincethepayoutratiohasbeenmaintainedforseveralyears,recentearningsgrowthisthesameasrecentdividendgrowth,i.e.4·5%.Assumingthatthisdividendgrowthcontinuesinthefuture,thefuturedividendgrowthratewillbe4·5%.Sharepricefromdividendgrowthmodel=(36x1·045)/(0·12–0·045)=502cor$5·02ValueofNGN=5·02x10m=$50·2million(c)Adiscussionofcapitalstructurecouldstartfromrecognisingthatequityismoreexpensivethandebtbecauseoftherelativeriskofthetwosourcesoffinance.Equityisriskierthandebtandsoequityismoreexpensivethandebt.Thisdoesnotdependonthetaxefficiencyofdebt,sincewecanassumethatnotaxesexist.Wecanalsoassumethatasacompanygearsup,itreplacesequitywithdebt.Thismeansthatthecompany’scapitalbaseremainsconstantanditsweightedaveragecostofcapital(WACC)isnotaffectedbyincreasinginvestment.Thetraditionalviewofcapitalstructureassumesanon-linearrelationshipbetweenthecostofequityandfinancialrisk.Asacompanygearsup,thereisinitiallyverylittleincreaseinthecostofequityandtheWACCdecreasesbecausethecostofdebtislessthanthecostofequity.Apointisreached,however,wherethecostofequityrisesataratethatexceedsthereductioneffectofcheaperdebtandtheWACCstartstoincrease.Inthetraditionalview,therefore,aminimumWACCexistsand,asaresult,amaximumvalueofthecompanyarises.ModiglianiandMillerassumedaperfectcapitalmarketandalinearrelationshipbetweenthecostofequityandfinancialrisk.Theyarguedthat,asacompanygearedup,thecostofequityincreasedataratethatexactlycancelledoutthereductioneffectofcheaperdebt.WACCwasthereforeconstantatalllevelsofgearingandnooptimalcapitalstructure,wherethevalueofthecompanywasatamaximum,couldbefound.Itwasarguedthattheno-taxassumptionmadebyModiglianiandMillerwasunrealistic,sinceintherealworldinterestpaymentswereanallowableexpenseincalculatingtaxableprofitandsotheeffectivecostofdebtwasreducedbyitstaxefficiency.Theyrevisedtheirmodeltoincludethistaxeffectandshowedthat,asaresult,theWACCdecreasedinalinearfashionasacompanygearedup.Thevalueofthecompanyincreasedbythevalueofthe‘taxshield’andanoptimalcapitalstructurewouldresultbygearingupasmuchaspossible.Itwaspointedoutthatmarketimperfectionsassociatedwithhighlevelsofgearing,suchasbankruptcyriskandagencycosts,wouldlimittheextenttowhichacompanycouldgearup.Inpractice,therefore,itappearsthatcompaniescanreducetheirWACCbyincreasinggearing,whileavoidingthefinancialdistressthatcanariseathighlevelsofgearing.Ithasfurtherbeensuggestedthatcompanieschoosethesourceoffinancewhich,foronereasonoranother,iseasiestforthemtoaccess(peckingordertheory).Thisresultsinaninitialpreferenceforretainedearnings,followedbyapreferencefordebtbeforeturningtoequity.TheviewsuggeststhatcompaniesmaynotinpracticeseektominimisetheirWACC(andconsequentlymaximisecompanyvalueandshareholderwealth).TurningtothesuggestionthatdebtcouldbeusedtofinanceacashbidforNGN,thecurrentandpostacquisitioncapitalstructuresandtheirrelativegearinglevelsshouldbeconsidered,aswellastheamountofdebtfinancethatwouldbeneeded.Earliercalculationssuggestthatatleast$58mwouldbeneeded,ignoringanypremiumpaidtopersuadetargetcompanyshareholderstoselltheirshares.Thecurrentdebt/equityratioofKFPCois60%(15m/25m).Thedebtofthecompanywouldincreaseby$58minordertofinancethebidandbyafurther$20maftertheacquisition,duetotakingontheexistingdebtofNGN,givingatotalof$93m.Ignoringotherfactors,thegearingwouldincreaseto372%(93m/25m).KFPCowouldneedtoconsiderhowitcouldservicethisdangerouslyhighlevelofgearinganddealwiththesignificantriskofbankruptcythatitmightcreate.ItwouldalsoneedtoconsiderwhetherthebenefitsarisingfromtheacquisitionofNGNwouldcompensateforthesignificantincreaseinfinancialriskandbankruptcyriskresultingfromusingdebtfinance.

正确答案：
3 LAMONT CO
(a) Chemical leakage
(i) Matters
■ $30,000 fine is very immaterial (just 1/4% profit before tax). This is revenue expenditure and it is correct that it
has been expensed to the income statement.
■ $0·3 million represents 0·6% total assets and 2·5% profit before tax and is not material on its own. $0·6 million
represents 1·2% total assets and 5% profit before tax and is therefore material to the financial statements.
■ The $0·3 million clean-up costs should not have been capitalised as the condition of the property is not improved
as compared with its condition before the leakage occurred. Although not material in isolation this amount should
be adjusted for and expensed, thereby reducing the aggregate of uncorrected misstatements.
■ It may be correct that $0·6 million incurred in modernising the refrigeration units should be capitalised as a major
overhaul (IAS 16 Property, Plant and Equipment). However, any parts scrapped as a result of the modernisation
should be treated as disposals (i.e. written off to the income statement).
■ The carrying amount of the refrigeration units at 31 March 2007, including the $0·6 million for modernisation,
should not exceed recoverable amount (i.e. the higher of value in use and fair value less costs to sell). If it does,
an allowance for the impairment loss arising must be recognised in accordance with IAS 36 Impairment of Assets.
(ii) Audit evidence
■ A breakdown/analysis of costs incurred on the clean-up and modernisation amounting to $0·3 million and
$0·6 million respectively.
■ Agreement of largest amounts to invoices from suppliers/consultants/sub-contractors, etc and settlement thereof
traced from the cash book to the bank statement.
■ Physical inspection of the refrigeration units to confirm their modernisation and that they are in working order. (Do
they contain frozen fish?)
■ Sample of components selected from the non-current asset register traced to the refrigeration units and inspected
to ensure continuing existence.
■ $30,000 penalty notice from the regulatory agency and corresponding cash book payment/payment per the bank
statement.
■ Written management representation that there are no further penalties that should be provided for or disclosed other
than the $30,000 that has been accounted for.