ACCA的基础阶段难吗？

正确答案：
(a) Backflush accounting focuses upon output of an organisation and then works backwards when allocating costs between cost
of goods sold and inventories. It can be argued that backflush accounting simplifies costing since it ignores both labour
variances and work-in-progress. Whilst in a perfect just-in-time environment there would be no work-in-progress at all, there
will in practice be a small amount of work-in-progress in the system at any point in time. This amount, however, is likely to
be negligible in quantity and therefore not significant in terms of value. Thus, a backflush accounting system simplifies the
accounting records by avoiding the need to follow the movement of materials and work-in-progress through the manufacturing
process within the organisation.
The backflush accounting system is likely to involve the maintenance of a raw materials and work-in–progress account
together with a finished goods account. The use of standard costs and variances is likely to be incorporated into the
accounting entries. Transfers from raw materials and work-in-progress account to finished goods (or cost of sales) will probably
be made at standard cost. The difference between the actual inputs and the standard charges from the raw materials and
work-in-progress account will be recorded as a residual variance, which will be recorded in the profit and loss account. Thus,
it is essential that standard costs are a good surrogate for actual costs if large variances are to be avoided. Backflush
accounting is ideally suited to a just-in-time philosophy and is employed where the overall cycle time is relatively short and
inventory levels are low. Naturally, management will still be eager to ascertain the cause of any variances that arise from the
inefficient usage of materials, labour and overhead. However investigations are far more likely to be undertaken using nonfinancial
performance indicators as opposed to detailed cost variances.

正确答案：
(ii) A company has to apply IAS12 to the temporary differences between the carrying amount of the assets and liabilities in
its opening IFRS balance sheet (1 November 2003) and their tax bases (IFRS1 ‘First time adoption of IFRS’). The
deferred tax provision will be calculated using tax rates that have been enacted or substantially enacted by the balance
sheet date. The carrying values of the assets and liabilities at the opening balance sheet date will be determined by
reference to IFRS1 and will use the applicable IFRS in the first IFRS financial statements. Any adjustments required to
the deferred tax balance will be recognised directly in retained earnings.
Subsequent balance sheets (at 31 October 2004 and 31 October 2005) will be drawn up using the IFRS used in the
financial statements to 31 October 2005. The deferred tax provision will be adjusted as at 31 October 2004 and thenas at 31 October 2005 to reflect the temporary differences arising at those dates.

正确答案：
Costs incurred in extending network
The cost of an item of property, plant and equipment should be recognised when
(i) it is probable that future economic benefits associated with the item will flow to the entity, and
(ii) the cost of the item can be measured reliably (IAS16, ‘Property, plant and equipment’ (PPE))
It is necessary to assess the degree of certainty attaching to the flow of economic benefits and the basis of the evidence available
at the time of initial recognition. The cost incurred during the initial feasibility study ($250,000) should be expensed as incurred,
as the flow of economic benefits to Johan as a result of the study would have been uncertain.
IAS16 states that the cost of an item of PPE comprises amongst other costs, directly attributable costs of bringing the asset to the
location and condition necessary for it to be capable of operating in a manner intended by management (IAS16, para 16).
Examples of costs given in IAS16 are site preparation costs, and installation and assembly costs. The selection of the base station
site is critical for the optimal operation of the network and is part of the process of bringing the network assets to a working
condition. Thus the costs incurred by engaging a consultant ($50,000) to find an optimal site can be capitalised as it is part of
the cost of constructing the network and depreciated accordingly as planning permission has been obtained.
Under IAS17, ‘Leases’, a lease is defined as an agreement whereby the lessor conveys to the lessee, in return for a payment or
series of payments, the right to use an asset for an agreed period of time. A finance lease is a lease that transfers substantially all
the risks and rewards incidental to ownership of the leased asset to the lessee. An operating lease is a lease other than a finance
lease. In the case of the contract regarding the land, there is no ownership transfer and the term is not for the major part of the
asset’s life as it is land which has an indefinite economic life. Thus substantially all of the risks and rewards incidental to ownership
have not been transferred. The contract should be treated, therefore, as an operating lease. The payment of $300,000 should be
treated as a prepayment in the statement of financial position and charged to the income statement over the life of the contract on
the straight line basis. The monthly payments will be expensed and no value placed on the lease contract in the statement of
financial position