2019年ACCA考试《专业会计师（专业阶段）》章节练习(2019-03-15)

正确答案：
(ii) There is objective evidence of impairment because of the financial difficulties and reorganisation of Bromwich. The
impairment loss on the loan will be calculated by discounting the estimated future cash flows. The future cash flows
will be $100,000 on 30 November 2007. This will be discounted at an effective interest rate of 8% to give a present
value of $85,733. The loan will, therefore, be impaired by ($200,000 – $85,733) i.e. $114,267.
(Note: IAS 39 requires accrual of interest on impaired loans at the original effective interest rate. In the year to
30 November 2006 interest of 8% of $85,733 i.e. $6,859 would be accrued.)

正确答案：
(b) The term ‘Efficient Market Hypothesis’ (EMH) refers to the view that share prices fully and fairly reflect all relevant available
information1. There are other kinds of capital market efficiency, such as operational efficiency (meaning that transaction costs
are low enough not to discourage investors from buying and selling shares), but it is pricing efficiency that is especially
important in financial management.
Research has been carried out to discover whether capital markets are weak form. efficient (share prices reflect all past or
historic information), semi-strong form. efficient (share prices reflect all publicly available information, including past
information), or strong form. efficient (share prices reflect all information, whether publicly available or not). This research has
shown that well-developed capital markets are weak form. efficient, so that it is not possible to generate abnormal profits by
studying and analysing past information, such as historic share price movements. This research has also shown that
well-developed capital markets are semi-strong form. efficient, so that it is not possible to generate abnormal profits by studying
publicly available information such as company financial statements or press releases. Capital markets are not strong form
efficient, since it is possible to use insider information to buy and sell shares for profit.
If a stock market has been found to be semi-strong form. efficient, it means that research has shown that share prices on the
market respond quickly and accurately to new information as it arrives on the market. The share price of a company quickly
responds if new information relating to that company is released. The share prices quoted on a stock exchange are therefore
always fair prices, reflecting all information about a company that is relevant to buying and selling. The share price will factor
in past company performance, expected company performance, the quality of the management team, the way the company
might respond to changes in the economic environment such as a rise in interest rate, and so on.
There are a number of implications for a company of its stock market being semi-strong form. efficient. If it is thinking about
acquiring another company, the market value of the potential target company will be a fair one, since there are no bargains
to be found in an efficient market as a result of shares being undervalued. The managers of the company should focus on
making decisions that increase shareholder wealth, since the market will recognise the good decisions they are making and
the share price will increase accordingly. Manipulating accounting information, such as ‘window dressing’ annual financial
statements, will not be effective, as the share price will reflect the underlying ‘fundamentals’ of the company’s business
operations and will be unresponsive to cosmetic changes. It has also been argued that, if a stock market is efficient, the timing
of new issues of equity will be immaterial, as the price paid for the new equity will always be a fair one.

正确答案：
(iii) There are several disadvantages to incorporation relief as follows:
1. The requirement to transfer all business assets to the company means that it will not be possible to leave behind
certain assets, such as the property. This might lead to a double tax charge (sale of the property, then extraction
of sale proceeds) at a future date.
2. Taper relief is lost on the transfer of the business. This means that any disposal of chargeable business assets (the
shares) within two years of the incorporation will lead to a higher chargeable gain, as the full rate of business asset
taper relief will not be available.
3. The relief does not eliminate the tax charge, it merely defers the payment of tax until some future event. The
deferred gain will become taxable when Sharon sells her shares in the company.
Gift relief could be used instead of incorporation relief. The assets would be gifted to the company for no consideration,
with the base cost of the assets to the company being reduced by the deferred gain arising. Unlike incorporation relief,
gift relief applies to individual assets used in a trade and not to an entire business. This is particularly useful if the
transferor wishes to retain some assets, such as property outside the company, as not all assets have to be transferred.
Note: If the business was non-trading, incorporation relief would still be available, but gift relief would not. However,
this restriction should not apply to Sharon and gift relief remains an option in this case.