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正确答案：
(a) Risks at Southland and management strategies
Risk management strategies
There are four strategies for managing risk and these can be undertaken in sequence. In the first instance, the organisation
should ask whether the risk, once recognised, can be transferred or avoided.
Transference means passing the risk on to another party which, in practice means an insurer or a business partner in another
part of the supply chain (such as a supplier or a customer).
Avoidance means asking whether or not the organisation needs to engage in the activity or area in which the risk is incurred.
If it is decided that the risk cannot be transferred nor avoided, it might be asked whether or not something can be done to
reduce or mitigate the risk. This might mean, for example, reducing the expected return in order to diversify the risk or
re-engineer a process to bring about the reduction.
Risk sharing involves finding a party that is willing to enter into a partnership so that the risks of a venture might be spread
between the two parties. For example an investor might be found to provide partial funding for an overseas investment in
exchange for a share of the returns.
Finally, an organisation might accept or retain the risk, believing there to be no other feasible option. Such retention should
be accepted when the risk characteristics are clearly known (the possible hazard, the probability of the risk materialising and
the return expected as a consequence of bearing the risk).
Risks in the case and strategy
There are three risks to the Southland factory described in the case.
Risk to the security of the factory in Southland. This risk could be transferred. The transference of this risk would be through
insurance where an insurance company will assume the potential liability on payment, by SCC, of an appropriate insurance
premium.
Risk to the supply of one of the key raw materials that experienced fluctuations in world supply. This risk will probably have
to be accepted although it may be possible, with redesigning processes, to reduce the risk.
If the raw material is strategically important (i.e. its use cannot be substituted or reduced), risk acceptance will be the only
possible strategy. If products or process can be redesigned to substitute or replace its use in the factory, the supply risk can
be reduced.
The environmental risk that concerned a possibility of a poisonous emission can be reduced by appropriate environmental
controls in the factory. This may require some process changes such as inventory storage or amendments to internal systems
to ensure that the sources of emissions can be carefully monitored.
Tutorial note: the strategies for the individual risks identified in the case are not the only appropriate responses and other
strategies are equally valid providing they are supported with adequate explanation.

正确答案：
4 (i) Proposed dividend
The dividend was proposed after the balance sheet date and the company, therefore, did not have a liability at the balance
sheet date. No provision for the dividend should be recognised. The approval by the directors and the shareholders are
enough to create a valid expectation that the payment will be made and give rise to an obligation. However, this occurred
after the current year end and, therefore, will be charged against the profits for the year ending 31 October 2006.
The existence of a good record of dividend payments and an established dividend policy does not create a valid expectation
or an obligation. However, the proposed dividend will be disclosed in the notes to the financial statements as the directors
approved it prior to the authorisation of the financial statements.
(ii) Disposal of subsidiary
It would appear that the loss on the sale of the subsidiary provides evidence that the value of the consolidated net assets of
the subsidiary was impaired at the year end as there has been no significant event since 31 October 2005 which would have
caused the reduction in the value of the subsidiary. The disposal loss provides evidence of the impairment and, therefore,
the value of the net assets and goodwill should be reduced by the loss of $9 million plus the loss ($2 million) to the date of
the disposal, i.e. $11 million. The sale provides evidence of a condition that must have existed at the balance sheet date
(IAS10). This amount will be charged to the income statement and written off goodwill of $12 million, leaving a balance of
$1 million on that account. The subsidiary’s assets are impaired because the carrying values are not recoverable. The net
assets and goodwill of Krup would form. a separate income generating unit as the subsidiary is being disposed of before the
financial statements are authorised. The recoverable amount will be the sale proceeds at the date of sale and represents the
value-in-use to the group. The impairment loss is effectively taking account of the ultimate loss on sale at an earlier point in
time. IFRS5, ‘Non-current assets held for sale and discontinued operations’, will not apply as the company had no intention
of selling the subsidiary at the year end. IAS10 would require disclosure of the disposal of the subsidiary as a non-adjusting
event after the balance sheet date.
(iii) Issue of ordinary shares
IAS33 ‘Earnings per share’ states that if there is a bonus issue after the year end but before the date of the approval of the
financial statements, then the earnings per share figure should be based on the new number of shares issued. Additionally
a company should disclose details of all material ordinary share transactions or potential transactions entered into after the
balance sheet date other than the bonus issue or similar events (IAS10/IAS33). The principle is that if there has been a
change in the number of shares in issue without a change in the resources of the company, then the earnings per share
calculation should be based on the new number of shares even though the number of shares used in the earnings per share
calculation will be inconsistent with the number shown in the balance sheet. The conditions relating to the share issue
(contingent) have been met by the end of the period. Although the shares were issued after the balance sheet date, the issue
of the shares was no longer contingent at 31 October 2005, and therefore the relevant shares will be included in the
computation of both basic and diluted EPS. Thus, in this case both the bonus issue and the contingent consideration issue
should be taken into account in the earnings per share calculation and disclosure made to that effect. Any subsequent change
in the estimate of the contingent consideration will be adjusted in the period when the revision is made in accordance with
IAS8.
Additionally IFRS3 ‘Business Combinations’ requires the fair value of all types of consideration to be reflected in the cost of
the acquisition. The contingent consideration should be included in the cost of the business combination at the acquisition
date if the adjustment is probable and can be measured reliably. In the case of Metalic, the contingent consideration has
been paid in the post-balance sheet period and the value of such consideration can be determined ($11 per share). Thus
an accurate calculation of the goodwill arising on the acquisition of Metalic can be made in the period to 31 October 2005.
Prior to the issue of the shares on 12 November 2005, a value of $10 per share would have been used to value the
contingent consideration. The payment of the contingent consideration was probable because the average profits of Metalic
averaged over $7 million for several years. At 31 October 2005 the value of the contingent shares would be included in a
separate category of equity until they were issued on 12 November 2005 when they would be transferred to the share capital
and share premium account. Goodwill will increase by 300,000 x ($11 – $10) i.e. $300,000.
(iv) Property
IFRS5 (paragraph 7) states that for a non-current asset to be classified as held for sale, the asset must be available for
immediate sale in its present condition subject to the usual selling terms, and its sale must be highly probable. The delay in
this case in the selling of the property would indicate that at 31 October 2005 the property was not available for sale. The
property was not to be made available for sale until the repairs were completed and thus could not have been available for
sale at the year end. If the criteria are met after the year end (in this case on 30 November 2005), then the non-current
asset should not be classified as held for sale in the previous financial statements. However, disclosure of the event should
be made if it meets the criteria before the financial statements are authorised (IFRS5 paragraph 12). Thus in this case,
disclosure should be made.
The property on the application of IFRS5 should have been carried at the lower of its carrying amount and fair value less
costs to sell. However, the company has simply used fair value less costs to sell as the basis of valuation and shown the
property at $27 million in the financial statements.
The carrying amount of the property would have been $20 million less depreciation $1 million, i.e. $19 million. Because
the property is not held for sale under IFRS5, then its classification in the balance sheet will change and the property will be
valued at $19 million. Thus the gain of $7 million on the wrong application of IFRS5 will be deducted from reserves, and
the property included in property, plant and equipment. Total equity will therefore be reduced by $8 million.
(v) Share appreciation rights
IFRS2 ‘Share-based payment’ (paragraph 30) requires a company to re-measure the fair value of a liability to pay cash-settled
share based payment transactions at each reporting date and the settlement date, until the liability is settled. An example of
such a transaction is share appreciation rights. Thus the company should recognise a liability of ($8 x 10 million shares),
i.e. $80 million at 31 October 2005, the vesting date. The liability recognised at 31 October 2005 was in fact based on the
share price at the previous year end and would have been shown at ($6 x 1/2) x 10 million shares, i.e. $30 million. This
liability at 31 October 2005 had not been changed since the previous year end by the company. The SARs vest over a twoyear
period and thus at 31 October 2004 there would be a weighting of the eventual cost by 1 year/2 years. Therefore, an
additional liability and expense of $50 million should be accounted for in the financial statements at 31 October 2005. The
SARs would be settled on 1 December 2005 at $9 x 10 million shares, i.e. $90 million. The increase in the value of the
SARs since the year end would not be accrued in the financial statements but charged to profit or loss in the year ended31 October 2006.

正确答案：
(c) Accounting and ethical implications of sale of inventory
Manipulation of financial statements often does not involve breaking laws but the purpose of financial statements is to present
a fair representation of the company’s position, and if the financial statements are misrepresented on purpose then this could
be deemed unethical. The financial statements in this case are being manipulated to show a certain outcome so that Hall
may be shown to be in a better financial position if the company is sold. The retained earnings of Hall will be increased by
$4 million, and the cash received would improve liquidity. Additionally this type of transaction was going to be carried out
again in the interim accounts if Hall was not sold. Accountants have the responsibility to issue financial statements that do
not mislead the public as the public assumes that such professionals are acting in an ethical capacity, thus giving the financial
statements credibility.
A profession is distinguished by having a:
(i) specialised body of knowledge
(ii) commitment to the social good
(iii) ability to regulate itself
(iv) high social status
Accountants should seek to promote or preserve the public interest. If the idea of a profession is to have any significance,
then it must make a bargain with society in which they promise conscientiously to serve the public interest. In return, society
allocates certain privileges. These might include one or more of the following:
– the right to engage in self-regulation
– the exclusive right to perform. particular functions
– special status
There is more to being an accountant than is captured by the definition of the professional. It can be argued that accountants
should have the presentation of truth, in a fair and accurate manner, as a goal.

正确答案：
(a) The IASB wish their standards to be ‘principles-based’ and in order for this to be the case, the standards must be based on
fundamental concepts. These concepts need to constitute a framework which is sound, comprehensive and internally
consistent. Without agreement on a framework, standard setting is based upon the personal conceptual frameworks of the
individual standard setters which may change as the membership of the body changes and results in standards that are not
consistent with each other. Such a framework is designed not only to assist standard setters, but also preparers of financial
statements, auditors and users.
A common goal of the IASB is to converge their standards with national standard setters. The IASB will encounter difficulties
converging their standards if decisions are based on different frameworks. The IASB has been pursuing a number of projects
that are aimed at achieving short term convergence on certain issues with national standard setters as well as major projects
with them. Convergence will be difficult if there is no consistency in the underlying framework being used.
Frameworks differ in their authoritative status. The IASB’s Framework requires management to expressly consider the
Framework if no standard or interpretation specifically applies or deals with a similar and related issue. However, certain
frameworks have a lower standing. For example, entities are not required to consider the concepts embodied in certain
national frameworks in preparing financial statements. Thus the development of an agreed framework would eliminate
differences in the authoritative standing of conceptual frameworks and lead to greater consistency in financial statements
internationally.
The existing concepts within most frameworks are quite similar. However, these concepts need revising to reflect changes in
markets, business practices and the economic environment since the concepts were developed. The existing frameworks need
developing to reflect these changes and to fill gaps in the frameworks. For example, the IASB’s Framework does not contain
a definition of the reporting entity. An agreed international framework could deal with this problem, especially if priority was
given to the issues likely to give short-term standard setting benefits.
Many standard setting bodies attempted initially to resolve accounting and reporting problems by developing accounting
standards without an accepted theoretical frame. of reference. The result has been inconsistency in the development of
standards both nationally and internationally. The frameworks were developed when several of their current standards were
in existence. In the absence of an agreed conceptual framework the same theoretical issues are revisited on several occasions
by standard setters. The result is inconsistencies and incompatible concepts. Examples of this are substance over form. and
matching versus prudence. Some standard setters such as the IASB permit two methods of accounting for the same set of
circumstances. An example is the accounting for joint ventures where the equity method and proportionate consolidation are
allowed.
Additionally there have been differences in the way that standard setters have practically used the principles in the framework.
Some national standard setters have produced a large number of highly detailed accounting rules with less emphasis on
general principles. A robust framework might reduce the need for detailed rules although some companies operate in a
different legal and statutory context than other entities. It is important that a framework must result in standards that account
appropriately for actual business practice.
An agreed framework will not solve all accounting issues, nor will it obviate the need for judgement to be exercised in resolving
accounting issues. It can provide a framework within which those judgements can be made.
A framework provides standard setters with both a foundation for setting standards, and concepts to use as tools for resolving
accounting and reporting issues. A framework provides a basic reasoning on which to consider the merits of alternatives. It
does not provide all the answers, but narrows the range of alternatives to be considered by eliminating some that are
inconsistent with it. It, thereby, contributes to greater efficiency in the standard setting process by avoiding the necessity of
having to redebate fundamental issues and facilitates any debate about specific technical issues. A framework should also
reduce political pressures in making accounting judgements. The use of a framework reduces the influence of personal biases
in accounting decisions.
However, concepts statements are by their nature very general and theoretical in their wording, which leads to alternative
conclusions being drawn. Whilst individual standards should be consistent with the Framework, in the absence of a specific
standard, it does not follow that concepts will provide practical solutions. IAS8 ‘Accounting Policies, Changes in Accounting
Estimates and Errors’ sets out a hierarchy of authoritative guidance that should be considered in the absence of a standard.
In this case, management can use its judgement in developing and applying an accounting policy, albeit by considering the
IASB framework, but can also use accounting standards issued by other bodies. Thus an international framework may nottotally provide solutions to practical accounting problems.