1、ACCA 考试 P2 公司报告（International）真题 2015 年 6 月及答案解析(总分：125.00，做题时间：180 分钟)一、Section A THIS ONE (总题数：1，分数：50.00)Kutchen, a public limited company, operates in the technology sector and has investments in other entities operatingin the sector. The draft statements of financial position at 31 March 2015 a
2、re as follows: （分数：50.01）(1).(a)Prepare the consolidated statement of financial position for the Kutchen Group as at 31 March 2015. (35 marks)（分数：16.67）_(2).(b) When Kutchen acquired the majority shareholding in Mach, there was an option on the remaining non-controlling interest (NCI), which could b
3、e exercised at any time up to 31 December 2015. On 30 April 2015, Kutchenacquired the remaining NCI which related to the purchase of Mach. The payment for the NCI was structured sothat it contained a fixed initial payment and a series of contingent amounts payable over the following two years.The co
4、ntingent payments were to be based on the future profits of Mach up to a maximum amount. Kutchen feltthat the fixed initial payment was an equity transaction. Additionally, Kutchen was unsure as to whether thecontingent payments were either equity, financial liabilities or contingent liabilities. Af
5、ter a board discussion which contained disagreement as to the accounting treatment, Kutchen is preparing todisclose the contingent payments in accordance with IAS 37 Provisions, Contingent Liabilities and ContingentAssets. The disclosure will include the estimated timing of the payments and the dire
6、ctors estimate of theamounts to be settled. Required: Advise Kutchen on the difference between equity and liabilities, and on the proposed accounting treatmentof the contingent payments on acquisition of the NCI of Mach. (8 marks)（分数：16.67）_(3).(c)The directors of Kutchen are considering the purchas
7、e of a company in the USA. They have heard that theaccounting standards in the USA are rules based and that there are significant differences of opinion as towhether rules based standards are superior to principles based standards. It is said that this is due toestablished national approaches and co
8、ntrasting regulatory philosophies. The directors feel that principles basedstandards are a greater ethical challenge to an accountant than rules based standards. Required: Discuss the philosophy behind rules based and principles based accounting standards, setting out theethical challenges which may
9、 be faced by accountants if there were a switch in a jurisdiction from rulesbased to principles based accounting standards. (7 marks)（分数：16.67）_二、Section B TWO quest(总题数：3，分数：75.00)The directors of Yanong, a public limited company, have seen many different ways of dealing with the measurementand dis
10、closure of the fair value of assets, liabilities and equity instruments. They feel that this reduces comparabilityamong different entities financial statements. They would like advice on several transactions where they currently usefair value measurement as they have heard that the introduction of I
11、FRS 13 Fair Value Measurement, while notinterfering with the scope of fair value measurement, will reduce the extent of any diversity and inconsistency.（分数：25.00）(1).(a)Yanong owns several farms and also owns a division which sells agricultural vehicles. It is considering selling this agricultural r
12、etail division and wishes to measure the fair value of the inventory of vehicles for the purposeof the sale. Three markets currently exist for the vehicles. Yanong has transacted regularly in all three markets.At 30 April 2015, Yanong wishes to find the fair value of 150 new vehicles, which are iden
13、tical. The currentvolume and prices in the three markets are as follows: （分数：6.25）_(2).(b)The company uses quarterly reporting for its farms as they grow short-lived crops such as maize. Yanong plantedthe maize fields during the quarter to 31 October 2014 at an operating cost of $10 million. The fie
14、lds originallycost $20 million. There is no active market for partly grown fields of maize and therefore Yanong proposes to usea discounted cash flow method to value the maize fields. As at 31 October 2014, the following were the cashflow projections relating to the maize fields: （分数：6.25）_(3).(c) O
15、n 1 May 2012, Yanong granted 500 share appreciation rights (SARs) to its 300 managers. All of the rights vested on 30 April 2014 but they can be exercised from 1 May 2014 up to 30 April 2016. At the grant date,the value of each SAR was $10 and it was estimated that 5% of the managers would leave dur
16、ing the vestingperiod. The fair value of the SARs is as follows: （分数：6.25）_(4).(d)Yanong uses the revaluation model for its non-current assets. Yanong has several plots of farmland which areunproductive. The company feels that the land would have more value if it were used for residential purposes.T
17、here are several potential purchasers for the land but planning permission has not yet been granted for use ofthe land for residential purposes. However, preliminary enquiries with the regulatory authorities seem to indicatethat planning permission may be granted. Additionally, the government has re
18、cently indicated that moreagricultural land should be used for residential purposes. Yanong has also been approached to sell the land for commercial development at a higher price than that forresidential purposes. Yanong would like advice on how to measure the fair value of the land in its financial
19、 statements. (5 marks) Required: Advise Yanong on how the above transactions should be dealt with in its financial statements with reference torelevant International Financial Reporting Standards. Note: The mark allocation is shown against each of the four issues above. Professional marks will be aw
20、arded in question 2 for clarity and quality of presentation.(2 marks) Note: Ignore any deferred tax implications of the transactions above.（分数：6.25）_Klancet, a public limited company, is a pharmaceutical company and is seeking advice on several financial reporting issues.（分数：24.99）(1).(a)Klancet pro
21、duces and sells its range of drugs through three separate divisions. In addition, there are two laboratories which carry out research and development activities. In the first of these laboratories, the research and development activity is funded internally and centrally for eachof the three sales di
22、visions. It does not carry out research and development activities for other entities. Each ofthe three divisions is given a budget allocation which it uses to purchase research and development activitiesfrom the laboratory. The laboratory is directly accountable to the division heads for this expen
23、diture. The second laboratory performs contract investigation activities for other laboratories and pharmaceuticalcompanies. This laboratory earns 75% of its revenues from external customers and these external revenuesrepresent 18% of the organisations total revenues. The performance of the second l
24、aboratorys activities and of the three separate divisions is regularly reviewed bythe chief operating decision maker (CODM). In addition to the heads of divisions, there is a head of the secondlaboratory. The head of the second laboratory is directly accountable to the CODM and they discuss the oper
25、atingactivities, allocation of resources and financial results of the laboratory. Klancet is uncertain as to whether the research and development laboratories should be reported as two separatesegments under IFRS 8 Operating Segments, and would like advice on this issue.(8 marks)（分数：8.33）_(2).(b)Kla
26、ncet has agreed to sell a patent right to another pharmaceutical group, Jancy. Jancy would like to use thepatent to develop a more complex drug. Klancet will receive publicly listed shares of the Jancy group in exchangefor the right. The value of the listed shares represents the fair value of the pa
27、tent. If Jancy is successful indeveloping a drug and bringing it to the market, Klancet will also receive a 5% royalty on all sales. Additionally, Klancet won a competitive bidding arrangement to acquire a patent. The purchase price was settledby Klancet issuing new publicly listed shares of its own
28、. Klancets management would like advice on how to account for the above transactions.(7 marks)（分数：8.33）_(3).(c)Klancet is collaborating with Retto Laboratories (Retto), a third party, to develop two existing drugs owned by Klancet. In the case of the first drug, Retto is simply developing the drug f
29、or Klancet without taking any risks during thedevelopment phase and will have no further involvement if regulatory approval is given. Regulatory approval hasbeen refused for this drug in the past. Klancet will retain ownership of patent rights attached to the drug. Rettois not involved in the market
30、ing and production of the drug. Klancet has agreed to make two non-refundablepayments to Retto of $4 million on the signing of the agreement and $6 million on successful completion of thedevelopment. Klancet and Retto have entered into a second collaboration agreement in which Klancet will pay Retto
31、 fordeveloping and manufacturing an existing drug. The existing drug already has regulatory approval. The new drugbeing developed by Retto for Klancet will not differ substantially from the existing drug. Klancet will have exclusivemarketing rights to the drug if the regulatory authorities approve i
32、t. Historically, in this jurisdiction, new drugsreceive approval if they do not differ substantially from an existing approved drug. The contract terms require Klancet to pay an upfront payment on signing of the contract, a payment on securingfinal regulatory approval, and a unit payment of $10 per
33、unit, which equals the estimated cost plus a profitmargin, once commercial production begins. The cost-plus profit margin is consistent with Klancets otherrecently negotiated supply arrangements for similar drugs. Klancet would like to know how to deal with the above contracts with Retto. (8 marks)
34、Required: Advise Klancet on how the above transactions should be dealt with in its financial statements with reference to relevant International Financial Reporting Standards. Note: The mark allocation is shown against each of the three issues above. Professional marks will be awarded in question 3
35、for clarity and quality of presentation.(2 marks) （分数：8.33）_IAS 1 Presentation of Financial Statementsdefines profit or loss and other comprehensive income. The purpose ofthe statement of profit or loss and other comprehensive income is to show an entitys financial performance in a waywhich is usefu
36、l to a wide range of users so that they may attempt to assess the future net cash inflows of an entity.The statement should be classified and aggregated in a manner which makes it understandable and comparable.However, the International Integrated Reporting Council (IIRC) is calling for a shift in t
37、hinking more to the long term,to think beyond what can be measured in quantitative terms and to think about how the entity creates value for itsowners. Historical financial statements are essential in corporate reporting, particularly for compliance purposes, butit can be argued that they do not pro
38、vide meaningful information. Preparers of financial statements seem to be unclearabout the interaction between profit or loss and other comprehensive income (OCI) especially regarding the notion ofreclassification, but are equally uncertain about whether the IIRCs Framework constitutes suitable crit
39、eria for reportpreparation. A Discussion Paper on the Conceptual Framework published by the International Accounting StandardsBoard (IASB) has tried to clarify what distinguishes recognised items of income and expense which are presented inprofit or loss from items of income and expense presented in
40、 OCI. Required:（分数：25.00）(1).(a) (i) Describe the current presentation requirements relating to the statement of profit or loss and othercomprehensive income.(4 marks) (ii)Discuss, with examples, the nature of a reclassification adjustment and the arguments for and againstallowing reclassification o
41、f items to profit or loss. Note: A brief reference should be made in your answer to the IASBs Discussion Paper on the ConceptualFramework.(5 marks) (iii)Discuss the principles and key components of the IIRCs Framework, and any concerns which couldquestion the Frameworks suitability for assessing the
42、 prospects of an entity.(8 marks)（分数：12.50）_(2).(b)Cloud, a public limited company, regularly purchases steel from a foreign supplier and designates a futurepurchase of steel as a hedged item in a cash flow hedge. The steel was purchased on 1 May 2014 and at thatdate, a cumulative gain on the hedgin
43、g instrument of $3 million had been credited to other comprehensiveincome. At the year end of 30 April 2015, the carrying amount of the steel was $8 million and its net realisablevalue was $6 million. The steel was finally sold on 3 June 2015 for $62 million. On a separate issue, Cloud purchased an
44、item of property, plant and equipment for $10 million on 1 May 2013.The asset is depreciated over five years on the straight line basis with no residual value. At 30 April 2014, theasset was revalued to $12 million. At 30 April 2015, the assets value has fallen to $4 million. The entity makesa trans
45、fer from revaluation surplus to retained earnings for excess depreciation, as the asset is used. Required: Show how the above transactions would be dealt with in the financial statements of Cloud from the date ofthe purchase of the assets. Note: Candidates should ignore any deferred taxation effects
46、. (6 marks) Professional marks will be awarded in question 4 for clarity and quality of presentation.(2 marks)（分数：12.50）_ACCA 考试 P2 公司报告（International）真题 2015 年 6 月答案解析(总分：125.00，做题时间：180 分钟)一、Section A THIS ONE (总题数：1，分数：50.00)Kutchen, a public limited company, operates in the technology sector and has investments in other entities operatingin the sector. The draft statements of financial posit
