ACCA考试F1考试试题练习及答案（8）

发布时间：2020-08-16

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(a) JKL Co is a small firm of external auditors with a small number of clients. Almost 20% of its revenue comes from one client. The client still has not settled the invoice from the previous year\'s audit in the hope that this will strengthen their position in negotiating a lower price for this year\'s audit.

Which two of the following conflicts of interest exist in this situation?

A Self-review threat

B Advocacy threat

C Self-interest threat

D Familiarity threat

E Intimidation threat

(b) Are the following statements true or false?

(i) When dealing with ethical dilemmas ACCA students must follow ACCA\'s code of conduct.

(ii) Professional ethics should not be followed at the expense of contractual obligations.

(iii) There is a public expectation that accountants will act ethically.

(iv) A prospective audit firm quoting a significantly lower fee for assurance work than the

current auditors charge does not raise a threat of a conflict of interest.

答案：

(a) C, E Because it is important for JKL Co to retain this client, due to significance of the revenue, there is a self-interest threat here. The client is also looking to intimidate the auditors over the fee negotiations.

(b) (i) True ACCA students and members must always follow ACCA\'s code of conduct.

(ii) False Professional ethics should be followed even if this is at the expense of a contractual obligation.

(iii) True The public expects all professionals to act in an ethical manner.

(iv) False This process is known as lowballing and raises a significant self-interest threat, particularly if the firm want to offer more profitable non-audit services as well.

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reduce the liability. (3 marks)

正确答案：

2 Alpha Division, which is part of the Delta Group, is considering an investment opportunity to which the following

estimated information relates:

(1) An initial investment of $45m in equipment at the beginning of year 1 will be depreciated on a straight-line basis

over a three-year period with a nil residual value at the end of year 3.

(2) Net operating cash inflows in each of years 1 to 3 will be $12·5m, $18·5m and $27m respectively.

(3) The management accountant of Alpha Division has estimated that the NPV of the investment would be

$1·937m using a cost of capital of 10%.

(4) A bonus scheme which is based on short-term performance evaluation is in operation in all divisions within the

Delta Group.

Required:

(a) (i) Calculate the residual income of the proposed investment and comment briefly (using ONLY the above

information) on the values obtained in reconciling the short-term and long-term decision views likely to

be adopted by divisional management regarding the viability of the proposed investment. (6 marks)

正确答案：

(b) (i) Advise Benny of the income tax implications of the grant and exercise of the share options in Summer

Glow plc on the assumption that the share price on 1 September 2007 and on the day he exercises the

options is ￡3·35 per share. Explain why the share option scheme is not free from risk by reference to

the rules of the scheme and the circumstances surrounding the company. (4 marks)

正确答案：
(b) (i) The share options
There are no income tax implications on the grant of the share options.
In the tax year in which Benny exercises the options and acquires the shares, the excess of the market value of the
shares over the price paid, i.e. ￡11,500 ((￡3·35 – ￡2·20) x 10,000) will be subject to income tax.
Benny’s financial exposure is caused by the rule within the share option scheme obliging him to hold the shares for a
year before he can sell them. If the company’s expansion into Eastern Europe fails, such that its share price
subsequently falls to less than ￡2·20 before Benny has the chance to sell the shares, Benny’s financial position may be
summarised as follows:
– Benny will have paid ￡22,000 (￡2·20 x 10,000) for shares which are now worth less than that.
– He will also have paid income tax of ￡4,600 (￡11,500 x 40%).

(b) a discussion (with suitable calculations) as to how the directors’ share options would be accounted for in the

financial statements for the year ended 31 May 2005 including the adjustment to opening balances;

(9 marks)

正确答案：

(b) Accounting in the financial statements for the year ended 31 May 2005
IFRS2 requires an expense to be recognised for the share options granted to the directors with a corresponding amount shown
in equity. Where options do not vest immediately but only after a period of service, then there is a presumption that the
services will be rendered over the ‘vesting period’. The fair value of the services rendered will be measured by reference to
the fair value of the equity instruments at the date that the equity instruments were granted. Fair value should be based on
market prices. The treatment of vesting conditions depends on whether or not the conditions relate to the market price of the
instruments. Market conditions are effectively taken into account in determining the fair value of the instruments and therefore
can be ignored for the purposes of estimating the number of equity instruments that will vest. For other conditions such as
remaining in the employment of the company, the calculations are carried out based on the best estimate of the number of
instruments that will vest. The estimate is revised when subsequent information is available.
The share options granted to J. Van Heflin on 1 June 2002 were before the date set in IFRS2 for accounting for such options
(7 November 2002). Therefore, no expense calculation is required. (Note: candidates calculating the expense for the latter
share options would be given credit if they stated that the company could apply IFRS2 to other options in certaincircumstances.) The remaining options are valued as follows:

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ACCA考试F1考试试题练习及答案（8）

下面小编为大家准备了 ACCA考试 的相关考题，供大家学习参考。

下面小编为大家准备了 ACCA考试的相关考题，供大家学习参考。