1、2017 年 12 月 ACCA 考试 P2 公司报告真题及答案解析(总分：125.00，做题时间：195 分钟)案例分析题(总题数：4，分数：125.00)Section A THIS ONE question is compulsory and MUST be attempted1、(a) Moorland has investments in Lyndhurst and Tybull and all three are public limited companies. Tybull is located overseas and uses the dinar as its functi
2、onal and presentation currency.Draft statements of profit or loss and other comprehensive income for the year ended 30 June 2017The following information is relevant to the preparation of the group statement of profit or loss and other comprehensive income:1. Moorland had acquired 40% of the equity
3、interests in Lyndhurst for a cost of $100 million on 1 July 2015. On 1 July 2016, Moorland acquired a further 20% of the equity interests for $64 million and obtained control. The net assets of Lyndhurst had a carrying amount of $230 million and $250 million on 1 July 2015 and 1 July 2016 respective
4、ly. No fair value adjustments were required to the net assets at either date. The fair value of the original 40% equity interest at 1 July 2016 is deemed to be $115 million. This amount is also the fair value of the non-controlling interest at 1 July 2016. The only entries in Moorlands financial sta
5、tements in relation to this transaction have been to record the investment at cost including $2 million of legal fees which have been capitalised as part of the $64 million investment. Moorland has a policy of valuing the non-controlling interest at fair value for all subsidiaries.2. Moorland acquir
6、ed 100% of the equity interests in Tybull for a cost of dinar 990 million on 1 July 2016. The fair value of the net assets at acquisition were dinar 888 million. This differed from the carrying amount of the net assets at acquisition due to plant which had a fair value of dinar 48 million in excess
7、of its carrying amount. This plant had a remaining useful life of two years at 1 July 2016. It is group policy to classify depreciation on plant as a cost of sale. Tybull has not paid any dividends since Moorland gained control and has not reported any revaluation gains since acquisition.3. Goodwill
8、 was reviewed for impairment on 30 June 2017 and a charge of 25% should be applied to both Lyndhurst and Tybull. This is the first time that either investment has been impaired. Goodwill impairments should be included within other expenses.4. During the year ended 30 June 2017 Tybull sold goods to M
9、oorland for dinar 120 million. The mark-up on these goods was 60%. Moorland has 80% of these goods still within inventories as at 30 June 2017.Moorland and Tybull have recorded this transaction correctly within their financial statements but have not yet made any correcting adjustments required on c
10、onsolidation. Tax effects in respect of this adjustment can be ignored.5. The Moorland group has a presentation currency of the dollar ($). Exchange rates between the dollar and dinar are as follows:6. The group has a policy of revaluing its property on an annual basis and Lyndhurst has correctly ac
11、counted for a revaluation surplus on its property in its financial statements. Moorland owns property with the following details:Moorland has not yet provided for the revaluation gains and associated deferred tax for the year ended 30 June 2017. Moorland has a tax rate of 30% which is not expected t
12、o change in the foreseeable future. Revaluation gains are assumed to arise at the end of the year.7. The following information relates to Moorlands defined benefit pension scheme:The discount rate applicable to the pension scheme is 6%. No accounting entries for the pension have yet been included fo
13、r the year ended 30 June 2017. There are no temporary differences arising in relation to the defined benefit scheme.Required:Prepare the consolidated statement of profit or loss and other comprehensive income for the Moorland Group for the year ended 30 June 2017 (35 marks)(b) Tybull is the only sub
14、sidiary which is overseas and Moorland has always disclosed Tybull as an operating segment within the consolidated financial statements. The directors of Moorland are considering how the company identifies its operating segments and the rationale for disclosing segmental information. In particular,
15、they are interested in whether it is possible to reclassify their operating segments and whether this may impact on the usefulness of segmental reporting for the business.Required: Advise the directors as to how operating segments are identified and whether they can be reclassified. Include in your
16、discussion whether Tybull should be treated as a separate segment and how it may impact on the usefulness of the information if its results were not separately disclosed in accordance with IFRS 8 Operating Segments. (8 marks)(c) Tybull sold goods to Moorland during the year at a 60% mark-up. Similar
17、 goods are usually sold to other parties at a mark-up of 20%. The directors of Moorland believe that no ethical issues arise as such transactions will be eliminated within the consolidated financial statements. On 31 October 2017, Moorland announced its intention to sell its shareholding in Tybull t
18、o the highest bidder.Required: Identify the accounting principles which should be considered when accounting for intra-group transactions in the consolidated financial statements and identify any ethical issues which may arise from the scenario. (7 marks)（分数：50.00）_Section B TWO questions ONLY to be
19、 attempted2、(a) Formatt is a listed company with several investments in other entities. The directors currently misunderstand the nature of the control principle within certain International Financial Reporting Standards (IFRSs) and the Conceptual Framework.During the year ended 30 November 2017, Fo
20、rmatt entered into a joint venture, Font, with another entity, Loft. Font was structured in such a way that all business decisions were taken by the management committee of Formatt and the only decisions which needed the approval of both Formatt and Loft were those which were outside normal operatio
21、nal decisions. Font was financed initially through the issue of bonds whose return was based upon the performance of the joint venture. Formatt purchased the bonds from third parties during the year. As a bondholder, Formatt has the right to appoint the general manager of the joint venture. For the
22、year ended 30 November 2017, Formatt intends to account for Font under IFRS 11 Joint Arrangements.Formatt also holds 491% of Protects voting shares and accounts for Protect as an associate. Protect has 20 other shareholders, the largest of which has a shareholding of 20% and the smallest a holding o
23、f 1% of the voting shares. The shareholders have an agreement which gives the largest shareholder a right of first refusal if one of them wishes to sell its shareholding in Protect. The management committee of Protect consisted of six members of whom four were representatives of Formatt. There has n
24、ot been complete shareholder representation at the last four annual general meetings of Protect.The directors of Formatt wish to know how to account for Font and Protect in the financial statements for the year ended 30 November 2017. (8 marks)(b) Formatt has entered into a contract with a customer
25、to supply specialised medical equipment. Formatt has developed the equipment in conjunction with the customer but has contracted with a supplier for its manufacture. The supplier delivers the equipment to the customer. Formatt pays the supplier directly and invoices the customer with the agreed sell
26、ing price which is cost plus 25%. Any equipment defects are the responsibility of Formatt.The directors of Formatt are unsure as to whether they should account for the whole transaction as a principal or just the profit margin as if an agent. (7 marks)(c) On 30 November 2017, Formatt loaned $8 milli
27、on to a third party at an agreed interest rate. At the same time, it sold the third party loan to Window whereby, in exchange for an immediate cash payment of $7 million, Formatt agreed to pay to Window the first $7 million plus interest collected from the third party loan. Formatt retained the righ
28、t to $1 million plus interest. The 12-month expected credit losses are $300,000 and Formatt has agreed to suffer all credit losses. A receivable of $1m has been recognised in the financial statements at 30 November 2017.As a result of the agreement with Window, the directors of Formatt are unsure as
29、 to whether they should recognise any part of the interest bearing loan of $8 million in the statement of financial position at 30 November 2017. They understand that the Conceptual Framework and the Exposure Draft: Conceptual Framework for Financial Reporting both mention control as one of the crit
30、eria for recognition of an asset but do not understand the interaction between the Conceptual Framework and IFRS 9 Financial Instruments as regards the recognition of a financial asset. (8 marks)Required:Advise the directors of Formatt on how the above elements should be dealt with in its financial
31、statements with reference to relevant IFRSs and, where necessary, pronouncements on the Conceptual Framework.Note: The mark allocation is shown against each of the three issues above.Professional marks will be awarded in question 2 for clarity and quality of presentation. (2 marks)（分数：25.00）_3、(a) D
32、arlatt is a public limited company with a year end of 31 August 2017. It sells wind turbines as part of a combined contract which includes a standard two-year warranty term and maintenance services for a ten-year period. In addition, Darlatt offers the option of a ten-year extension to the warranty
33、for an additional fee which is paid at the time of the initial sale. The sales price for the combined contract is $36 million and the customer will pay an additional fee of $08 million for the extended warranty. If sold separately, the selling price of the wind turbine would be $32 million and the s
34、elling price of the two-year warranty and ten-year maintenance service contract would be $09 million. The extended warranty has a separate selling price of $1 million.The directors of Darlatt would like to know how the above transactions should be accounted for under IFRS 15 Revenue from Contracts w
35、ith Customers. (8 marks)(b) On 1 September 2016, Darlatt entered into a fixed price forward contract to purchase 2,000 tonnes of steel at 400 euros () per tonne. The local currency is the dollar ($). This purchase is in accordance with its normal usage requirements.The contract allows Darlatt to tak
36、e delivery of the steel on 31 August 2018 or to pay or receive net settlement in cash, based upon the change in the value of steel but not on the change in the foreign currency exchange rate. Darlatt has not settled similar contracts in the past before delivery of the steel. Darlatt does not have a
37、foreign currency contract to hedge against any risk caused by any movement in the dollar/euro exchange rate and has paid a non-refundable deposit of 100,000 at 1 September 2016. The following exchange rates are relevant:There had been no change in the contract price of steel at 31 August 2017 and it
38、 is felt that the decline in the dollar/euro exchange rate is unlikely to be reversed.The directors of Darlatt would like to know how to account for the above contract at 31 August 2017 and whether it is within the scope of IFRS 9 Financial Instruments, together with any implications of the change i
39、n the dollar/euro exchange rate. (7 marks)(c) Darlatt has built an offshore wind farm with the purpose of testing the efficiency of its prototype wind turbines. Darlatt has applied to the regulators for approval for production of its new prototype but has only received permission to test the prototy
40、pe wind turbine. The wind farm development will enable Darlatt to test the reliability of the new wind turbines which should assist in developing more efficient and cost effective offshore wind turbines but as yet, there has not been any commercial production of the prototype wind turbines as there
41、is still some slight doubt over the wind turbines durability in extreme weather conditions. The renewable energy generated during the testing phase of the wind turbines is sold to the national regulator of electricity. There is sufficient resource to complete the wind farm project but the energy inc
42、ome has not been included in managements resource planning.The directors of Darlatt wish to know how the expenditure on the wind farm and the income from the sale of energy should be treated in the financial statements. (8 marks)Required: Advise the directors of Darlatt on how the above elements sho
43、uld be dealt with in its financial statements with reference to relevant International Financial Reporting Standards (IFRSs).Note: The mark allocation is shown against each of the three issues above.Professional marks will be awarded in question 3 for clarity and quality of presentation. (2 marks)（分
44、数：25.00）_4、When an entity issues a financial instrument, it has to determine its classification either as debt or as equity. The result of the classification can have a significant effect on the entitys reported results and financial position. An understanding of what an entity views as capital and
45、its strategy for capital management is important to all companies and not just banks and insurance companies. There is diversity in practice as to what different companies see as capital and how it is managed.Required:(a) (i) Discuss why the information about the capital of a company is important to
46、 investors, setting out the nature of the published information available to investors about a companys capital. Note: Your answer should briefly set out the nature of financial capital in integrated reports. (8 marks) (ii) Discuss the importance of the classification of equity and liabilities under
47、 International Financial Reporting Standards and how this classification has an impact on the information disclosed to users in the statement of profit or loss and other comprehensive income and the statement of financial position. (6 marks)(b) Amster has issued two classes of preference shares. The
48、 first class was issued at a fair value of $50 million on 30 November 2017. These shares give the holder the right to a fixed cumulative cash dividend of 8% per annum of the issue price of each preferred share. The company may pay all, part or none of the dividend in respect of each preference share
49、. If the company does not pay the dividend after six months from the due date, then the unpaid amount carries interest at twice the prescribed rate subject to approval of the management committee. The preference shares can be redeemed but only on the approval of the management committee.The second cla
