ACCAF4考试-公司法与商法(基础阶段)模拟试题(2020-10-08)
发布时间:2020-10-08
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1. Background
John, Fran and Stan have purchased an off
–the –shelf company, XYZ Ltd, from their solicitor. Their solicitor has advised
them to change the name to make it more meaningful in relation to their film
production business. The solicitor has also advised them to consider which of
the company’s articles of association require changing?
Task-1
Jan, Fran and Stan pass a shareholder
resolution to change the company name to Films-4-Us Ltd at a general meeting
convened for that purpose. Which TWO of the following statements are true?
A. They had to wait 14 days before the
general meeting could be held
B. The meeting had to be called in the name
of XYZ Ltd
C. They had to notify the Registrar of
Companies within 21 days of passing the resolution
D. A 75% majority vote was needed for this
resolution
参考答案A
2. Background
Katia has purchased 100 preference shares
in ZZZ Ltd, each with a nominal value of gdp100. She does not have ordinary
shares or debentures in the comoany. ZZZ Ltd has adopted the model articles of
association.
Lenny has purchased 100 debentures in ZZZ
Ltd, each with a nominal value of gdp100. He does not own any shares in the
company.
Task-1
Which TWO of the following benefits will
Katia normally be entitled to?
A. The right to vote at general meetings of
shareholders
B. A right to receive a fixed dividend
C. Repayment before ordinary shareholders
on liquidation
D. Payment of dividends before debentures’
interest
参考答案BC
Task-2
Which of the following benefits will Lenny
NOT be entitled to?
A. Payment regardless of financial
performance
B. A right to vote at general meeting of
shareholders
C. A right to a fixed return
D. Payment of return before shareholders
interest
参考答案A
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(b) Router has a number of film studios and office buildings. The office buildings are in prestigious areas whereas
the film studios are located in ‘out of town’ locations. The management of Router wish to apply the ‘revaluation
model’ to the office buildings and the ‘cost model’ to the film studios in the year ended 31 May 2007. At present
both types of buildings are valued using the ‘revaluation model’. One of the film studios has been converted to a
theme park. In this case only, the land and buildings on the park are leased on a single lease from a third party.
The lease term was 30 years in 1990. The lease of the land and buildings was classified as a finance lease even
though the financial statements purport to comply with IAS 17 ‘Leases’.
The terms of the lease were changed on 31 May 2007. Router is now going to terminate the lease early in 2015
in exchange for a payment of $10 million on 31 May 2007 and a reduction in the monthly lease payments.
Router intends to move from the site in 2015. The revised lease terms have not resulted in a change of
classification of the lease in the financial statements of Router. (10 marks)
Required:
Discuss how the above items should be dealt with in the group financial statements of Router for the year ended
31 May 2007.
(b) IAS16 ‘Property, Plant and Equipment’ permits assets to be revalued on a class by class basis. The different characteristics
of the buildings allow them to be classified separately. Different measurement models can, therefore, be used for the office
buildings and the film studios. However, IAS8 ‘Accounting policies, changes in accounting estimates and errors’ says that
once an entity has decided on its accounting policies, it should apply them consistently from period to period and across all
relevant transactions. An entity can change its accounting policies but only in specific circumstances. These circumstances
are:
(a) where there is a new accounting standard or interpretation or changes to an accounting standard
(b) where the change results in the financial statements providing reliable and more relevant information about the effects
of transactions, other events or conditions on the entity’s financial position, financial performance, or cash flows
Voluntary changes in accounting policies are quite uncommon but may occur when an accounting policy is no longer
appropriate. Router will have to ensure that the change in accounting policy meets the criteria in IAS8. Additionally,
depreciated historical cost will have to be calculated for the film studios at the commencement of the period and the opening
balance on the revaluation reserve and any other affected component of equity adjusted. The comparative amounts for each
prior period should be presented as if the new accounting policy had always been applied. There are limits on retrospective
application on the grounds of impracticability.
It is surprising that the lease of the land is considered to be a finance lease under IAS17 ‘Leases’. Land is considered to have
an indefinite life and should, therefore normally be classified as an operating lease unless ownership passes to the lessee
during the lease term. The lease of the land should be separated out from the lease and treated individually. The value of the
land so determined would be taken off the balance sheet in terms of the liability and asset and the lease payments treated
as rentals in the income statement. A prior period adjustment should also be made. The buildings would continue to be
treated as property, plant and equipment (PPE) and the carrying amount not adjusted. However, the remaining useful life of
the building should be revised to reflect the shorter lease term. This will result in the carrying amount being depreciated over
the shorter period. This change to the depreciation policy is applied prospectively not retrospectively.
The lease liability must be assessed for derecognition under IAS39 ‘Financial Instruments: Recognition and Measurement’,
because of the revision of the lease terms, in order to determine whether the new terms are substantially different from the
old. The purpose of this is to determine whether the change in terms is a modification or an extinguishment. The change
seems to constitute a ‘modification’ because there is little change to the terms. The lease liability is, therefore, amended by
deducting the one off payment ($10 million) from the carrying amount (after adjustment for the lease of land) together with
any transaction costs. The lease liability is then remeasured to the present value of the revised future cash flows, discounted
using the original effective interest rate. Any adjustment made in remeasuring the lease liability will be taken to the income
statement.
(ii) From the information provided above, recommend the matters which should be included as ‘findings
from the audit’ in your report to those charged with governance, and explain the reason for their
inclusion. (7 marks)
(ii) Control weakness
ISA 260 contains guidance on the type of issues that should be communicated. One of the matters identified is a control
weakness in the capital expenditure transaction cycle. The assets for which no authorisation was obtained amount to
0·3% of total assets (225,000/78 million x 100%), which is clearly immaterial. However, regardless of materiality, the
auditor should ensure that the weakness is brought to the attention of the management, with a clear indication of the
implication of the weakness, and recommendations as to how the control weakness should be eliminated.
The auditor is providing information to help those charged with governance improve the internal systems and controls
and ultimately reduce business risk. In this case there is a high risk of fraud, as the lack of authorisation for purchase
of office equipment could allow expenditure on assets not used for bona fide business purposes.
Disagreement with accounting treatment of brand
Audit procedures have revealed a breach of IAS 38 Intangible Assets, in which internally generated brand names are
specifically prohibited from being recognised. Blod Co has recognised an internally generated brand name which is
material to the statement of financial position (balance sheet) as it represents 12·8% of total assets (10/78 x 100%).
The statement of financial position (balance sheet) therefore contains a material misstatement.
The report to those charged with governance should clearly explain the rules on recognition of internally generated brand
names, to ensure that the management has all relevant technical facts available. In the report the auditors should
request that the financial statements be corrected, and clarify that if the brand is not derecognised, then the audit opinion
will be qualified on the grounds of a material disagreement – an ‘except for’ opinion would be provided. Once the breach
of IAS 38 is made clear to the management in the report, they then have the opportunity to discuss the matter and
decide whether to amend the financial statements, thereby avoiding a qualified audit opinion.
Audit inefficiencies
Documentation relating to inventories was not always made readily available to the auditors. This seems to be due to
poor administration by the client rather than a deliberate attempt to conceal information. The report should contain a
brief description of the problems encountered by the audit team. The management should be made aware that
significant delay to the receipt of necessary paperwork can cause inefficiencies in the audit process. This may seem a
relatively trivial issue, but it could lead to an increase in audit fee. Management should react to these comments by
ensuring as far as possible that all requested documentation is made available to the auditors in a timely fashion.
Hindberg is a car retailer. On 1 April 2014, Hindberg sold a car to Latterly on the following terms:
The selling price of the car was $25,300. Latterly paid $12,650 (half of the cost) on 1 April 2014 and would pay the remaining $12,650 on 31 March 2016 (two years after the sale). Hindberg’s cost of capital is 10% per annum.
What is the total amount which Hindberg should credit to profit or loss in respect of this transaction in the year ended 31 March 2015?
A.$23,105
B.$23,000
C.$20,909
D.$24,150
At 31 March 2015, the deferred consideration of $12,650 would need to be discounted by 10% for one year to $11,500 (effectively deferring a finance cost of $1,150). The total amount credited to profit or loss would be $24,150 (12,650 + 11,500).
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