CIMA—F2模拟题及分析(6)

CIMA—F2模拟题及分析（6）1. The International Accounting Standards Board (IASB) and the standard-setter in the USA, the Financial Accounting Standards Board (FASB), have been working together towards convergence of their respective accounting standards. Part of this process has been the review of the IASB’s Framework for the Preparation and Presentation of Financial Statements.Required:(a) (i) Explain why it is viewed as a significant step towards convergence that the bodies are working jointly on a conceptual framework for accounting.(ii) Explain the potential benefits that a common conceptual framework could bring to the standard-setting process.(b) (i) Discuss the potential benefits of convergence to investors.(5 marks)(ii) Discuss the potential impact of convergence on entities that operate globally.(5 marks) (Total for Question Five = 10 marks)(Total for Section A = 50 marks)2. The statements of financial position for AB and XY as at 31 December 2011 are provided below: ASSETS AB$000 XY$000Non-current assetsProperty, plant and equipment9,5173,800Investment in XY 3,300 -Current assets 12,817 3,800Inventories 980 400Receivables 900 600Cash and cash equivalents 320 2002,200 1,200Total assets 15,017 5,000EQUITY AND LIABILITIESEquityShare capital ($1 equity shares)3,2001,000Share premium 1,800 -Retained earnings 4,800 3,600Total equity 9,800 4,600Non-current liabilitiesLong term borrowings3,200 -Deferred consideration 917 -Current liabilities 1,100 400Total liabilities 5,217 400Total equity and liabilities 15,017 5,000Additional information:1. AB acquired an 80% investment in XY on 1 January 2011. The consideration consisted of the following:•the transfer of 500,000 shares in AB with a nominal value of $1.00 each and a market value on the date of acquisition of $3.50 each;•$408,000 of cash paid on 1 January 2011; and•$1,000,000 of cash, payable on 1 January 2013 (a discount rate of 9% has been used to value the liability in the financial statements of AB).At the date of acquisition XY had retained earnings of $2,300,000. The investment in XY was classified as available for sale in the books of AB and is held at fair value. The gains earned to date are included in the retained earnings of AB.It is the group policy to value non-controlling interest at fair value at the date of acquisition. The fair value of the non-controlling interest at 1 January 2011 was$750,000.2. As at 1 January 2011 the fair value of the net assets acquired was the same as the book value with the following exceptions:•The fair value of property, plant and equipment was $300,000 higher than the book value. These assets were assessed to have a remaining useful life of 6 years from the date of acquisition.A full year’s depreciation is charged in the year of acquisition and none in the year of sale. •The fair value of inventories was estimated to be $100,000 higher than the book value. All of these inventories were sold by 31 December 2011.• A contingent liability, which had a fair value of $150,000 at the date of acquisition, hada fair value of $70,000 at 31 December 2011.3. XY sold goods to AB in the year to 31 December 2011 for $300,000. Goods with a sales value of $40,000 remain in AB’s inventories at 31 December 2011. XY makes 20% margin on all sales.4. AB issued a long-term debt instrument on 1 January 2011 raising $3,400,000. The transaction costs associated with the issue of $200,000 have been correctly recorded. The debt instrument has a nominal rate of interest payable of 6% and the interest due for 2011 was paid and recorded on 31 December 2011, however no further accounting entries have been made in respect of the liability. The effective interest rate is approximately 7.05%.5. No dividends were paid by either entity in the year ended 31 December 2011.Required:(a) Prepare the consolidated statement of financial position for the AB Group as at 31 December 2011.(20 marks)On 1 January 2012 AB issued 400,000 5% redeemable preference shares 2015 at their nominal value of $1.00 each. The shares have been recorded within equity and the preference dividend is payable on 31 December 2012.Required:(b) (i) Explain how the issue of the preference shares should be recorded, with specific reference to the relevant provisions of IAS 32 Financial instruments: presentation.(ii) Prepare the journal entry required to correct the initial recording of the share issue AND the journal entry that will be processed to record the dividend paid.(5 marks) (Total for Question Six = 25 marks)3. RT operates in the technology sector and due to the nature of its products, RT takes research and development very seriously. It is looking for ways to improve its products in terms of specification and cost. RT prepares its financial statements in accordance with International Financial Reporting Standards and is listed on its local stock exchange.RT is considering acquiring one of its key suppliers to secure consistent and quality supplies and to capitalise on any research and development activities undertaken by it relating to new products or parts. Two entities are being investigated, X and Y. Each entity operates in a different country and is listed on its local stock exchange. Y supplies parts to a number of RT’s competitors as well as RT and has a worldwide distribution network. X is known as an innovative entity and has had some recent publicity surrounding an innovative new product developed by a newly formed team of IT graduates.RT’s board has been presented with key financial data for RT, X and Y for the last trading period to facilitate its decision making.RT X YRevenue $700m $220m $460mGross profit margin 23% 19% 26%Profit for the year/revenue 10% 11% 12%Gearing (debt/equity) 68% 25% 40%Non-current asset turnover 0.7 1.2 0.6Price/earnings ratio 15.2 11.4 13.8Required:(a) Prepare a report that:•analyses the information provided by the key financial indicators above; and•explains the impact that acquiring either of these entities could have on the RT group’s business and financial statements.(16 marks)(b) Explain what further financial information might assist RT in its assessment of potential targets, X and Y.(4 marks)(c) Explain the limitations of using the financial ratios above as a means to compare X and Y.(5 marks) (Total for Question Seven = 25 marks)试题答案：1、【答案】RationaleSection D of the syllabus has limited content, but a key development in accounting is the convergence project. This question tested the candidates’ ability to appreciate its importance and considerthe impact on affected user groups.This question tested learning outcome D1(e).Suggested ApproachThe only approach necessary to ensure that all comments were made to specifically answer the question – the focus of the question parts were in bold to assist candidates.(a) The development of the framework(i) Process of consolidationThe IASB has historically relied on the Framework to underpin its standard setting process, being used to highlight the principles of classification, recognition and measurement that are key to the preparation of financial information. Conversely, FASB’s accounting standards have traditionally been rules-based. The move by FASB to recognise the value of a principles-based system and show willingness to adopt a conceptual framework is seen as the most significant step towards achieving convergence.(ii) Having an agreed conceptual framework, which includes the principles of recognition and measurement, will ensure that any new accounting standards are developed on a consistent basis and in accordance with an agreed set of principles. It potentially also speeds up the process of standard setting as the key principles will already be established – this obviously has a cost implication for the standard setting bodies.In an increasingly dynamic global business environment, it can provide guidance on transactions and balances that are not specifically covered by an accounting standard – providing a stop-gap until appropriate specific guidance is developed. This therefore reduces the need for accounting standards to be issued in a hurry and should ensure that all new standards are well researched, complete and robust in nature.(b) Benefits and impacts(i) Financial statements prepared using accounting standards that follow the same principles can easily be compared. Prior to convergence, it would have been necessary to adjust certain figures in the accounts that would have been recognised or measured on different bases. Increased comparability and transparency should result in greater liquidity in investment markets and promote cross-border investment. This is all positive for investors, as it is easier to trade investments and realise capital gains.(ii) Entities that operate globally are likely to be reviewing financial statements of suppliers, customers, investment targets, etc. There would be a time-saving benefit if all these financial statements were being prepared on a consistent basis – less need to compare the accounting policies of different entities and make adjustments to be able to assess them on a consistent basis. Convergence could have a negative impact regarding the cost of changing/updating its accounting reporting systems as convergence is producing change at a faster pace. However, increased convergence does mean less need to adjust the financial statements of overseas investments for accounting policy differences which potentially has a cost saving.2、【答案】RationaleThe question was the main consolidation question and required the preparation of the statement of financial position for a group. The complex areas included fair value adjustments and a mix of consideration for the investment. The question also included an element of financial ins truments, a key area within section B.This question tested learning outcomes A1 (a) and (b) and B1(d) and (e).Suggested ApproachThe aggregation element of this question was straightforward and there were fair value adjustments that should have formed the early part of the workings with any adjustments being carried forward to the face of the statement (normally within brackets). Candidates would have spent more time on the goodwill calculation in this question as it contained most of the complex issues.(a) Consolidated statement of financial position as at 31 December 2011 for the AB Group All workings in $000ASSETS $000Non-current assetsProperty, plant and equipment (9,517 + 3,800 + 250(W1)) 13,567Goodwill (W2) 20013,767Current assetsInventories (980 + 400 - 8 (W3)) 1,372Receivables (900 + 600) 1,500Cash and cash equivalents (320 + 200) 5203,392Total assets 17,159EQUITY AND LIABILITIESEquityShare capital ($1 equity shares) 3,200Share premium 1,800Retained reserves (W4) 5,456Total equity attributable to parent 10,456Non-controlling interest (W5) 994Total equity 11,450Non-current liabilitiesLong term borrowings (3,200 + 22 (W6)) 3,222Deferred consideration (1,000 x 0.917) 917Current liabilities (1,100 + 400 + 70 (W1)) 1,570Total liabilities 5,709Total equity and liabilities 17,159Workings1. Fair value adjustmentsAt acquisition date Movement 31 December2011$000 $000 $000PPE 300 (50) 250Inventories 100 (100) -Liabilities (150) 80 (70)250 (70) 1802. Goodwill$000 $000Consideration transferred:Shares 500,000 x $3.50 1,750Cash paid 1 January 2011 408Deferred consideration 1,000 x 0.842 842 3,000NCI at fair value 7503,750Net assets at fair value:Share capital 1,000Retained earnings 2,300Fair value adjustments (W1) 2503,550Goodwill on acquisition 2003. Unrealised profit on inventories$40,000 of goods in inventories at y/e x 20% profit margin = $8,000.4. Retained reserves$000 $000As per SOFP 4,800 3,600Pre-acquisition reserves (2,300)Adjustments arising from movement in FV adjustments (W1) (70)Unrealised profit on inventory transfer(W3) (8)Group share 80% 978 1,222Additional finance cost on LT liabilities(W6) (22)Less gain on XY investment in AB’s individual accounts (3,300 – 3,000(W2))(300)Consolidated reserves 5,4565. Non-controlling interests$000NCI at acquisition (at fair value) 75020% x post acquisition retained earnings 1,222 (W4) 2449946. Finance cost on LT borrowingsTotal finance cost based on effective interest rate = 7.05% x ($3,400,000 – $200,000) = $226,000.Interest paid, already recorded = 6% x $3,400,000 = $204,000.Therefore, additional interest to be charged in 2011 = $22,000 ($226,000 -$204,000).(b) Preference share issue(i) The preference shares have a redemption date and so include an obligation to transfer future economic benefit (by virtue of the redemption in 2015). The 5% return may be further evidence of obligation, however there is insufficient evidence to conclude on the substance of the dividend payout, and whether or not it is obligatory or at the directors’ discretion. However, there is no indication that these preference shares carry any residual interest in the assets of AB afterall liabilities have been settled and thus it is very unlikely that these shares can be classified as equity.The shares will be reclassified as a liability and the dividend paid will be a finance cost charged in arriving at profit for the year.(ii) To correct the initial recording of the share issue:To record the dividend when paid:Dr Finance costs $20,000Cr Bank $20,0003、【答案】RationaleQuestion 7 tested financial analysis, as would have been expected. The question was structured with a slightly different focus and Q3 had already required the calculation and analysis of working capital ratios. Key financial data was provided in this case and candidates were then expected to analyse it and prepare a report. There were then marks available for further information that would be beneficial and limitations of ratio analysis, however these requirements were intended to still be specific to this scenario.This question tested learning outcomes C1(b), C2(d) and C2(b).Suggested ApproachThe question was deliberately shorter to assist candidates in staying specific to the details of the scenario. The key was considering the financial data for one entity against the other and then considering the impact that each target entity might have on RT. Staying specific to the scenario and answering the specific requirement of the question was essential in achieving a pass in this question.Report on RT and its takeover targets X and Y (Date)(a) Entity Y operates on a considerably larger scale than entity X and could increase RT’s revenue and business operations by up to 50% (before any economies of scale impact). RT, however may struggle to maintain Y’s revenue as it is selling to RT’s competitors and those competitors may not wish to continue to trade with an entity controlled by RT. Entity X’s revenue would still have a major impact, although since both entities are suppliers there would be an element of revenue that would be eliminated on consolidation.Entity Y is earning a GP margin of 26% as compared with RT at 23% which either indicates an efficient management of costs or perhaps indicates that Y has been able to secure discount on purchases that RT could benefit from should the two operations be combined. Entity X has earned a gross margin of 19% which may have a negative impact on the combined entity to a significant degree. Although in contrast, X has earned a net profit percentage of 11% from the GP margin of 19%, whereas Y has only earned 12% NP from a gross margin of 26%, which could be due to high fixed costs of Y or poor cost control resulting from an inefficient management team. Given that we know that Y has a worldwide distribution network, distribution costs are likely to be high compared to both RT and X, which would be another reason for the differential. It also could be that the two entities classify costs differently, with Y including expenses in operating costs that X classifies within cost of sales.It could also be as a result of the impact of finance costs. Y has significantly higher gearing and is therefore likely to be incurring more interest expense than X. Both entities would offeran improvement based on the information provided as RT is earning 10% net profit.RT is highly geared in comparison to entities X and Y, with gearing of 68%. RT may be subjectto higher lending rates or more restrictive lending terms as a result of this high gearing andit has still to fund the acquisition. However both X and Y have low gearing and may offer RT much needed borrowing capacity, especially X with gearing of just 25%. In saying that, it may be thatX is finding it difficult to raise external finance as it conducts a lot of research and may havea small asset base or intangible assets that lenders don’t recognise as valid security. This argument is strengthened by the non-current asset turnover ratio of X which is significantly higher than RT and Y, indicating either a small or old (and therefore written- down) value for non-current assets.The NCA turnover for RT and Y are lower than X but then both these entities have higher gearing which may suggest that the entities have recently invested in assets. Y would clearly have the more significant impact on group assets, bringing an additional $767 million (working- $460,000,000 / 0.6) of non-current assets.The P/E ratio is an important ratio for investors and gives an indication of the market view of an entity in terms of how risky the entity is perceived to be and how confident the market is about the future profitability of that entity. RT has the strongest P/E ratio but is closely followedby Y. X’s P/E appears weaker in comparison which could be because the market judges that an entity heavily engaged in research is risky. In terms of the impact on RT’s P/E ratio after acquisitionit is difficult to quantify as it will depend upon how the acquisition is financed and how the market views the acquisition.(b) Other considerationsThe entities are clearly different in nature; Y offers a worldwide distribution network and RT would need to assess if it could take full advantage of this longer term. RT would also need to establish how much of the revenue of each entity is from sales to RT, in order to assess the additional customers/revenue each of the entities offers. The activities of X are clearly driven by research and a full assessment of the potentially unrecognised assets (know-how, technical skill of researchers, etc) would be an essential part of the acquisition criteria. RT would also need to assess the impact of the graduate team and establish if the team is still contracted in any way to the entity for future projects, as there is potential future value in its activities. The entities operate in different countries and so RT would need to know the relevant tax ra tes and economic environments each was operating in. For potential takeover it is likely that RT would need more than just two years of comparison. Operating margins for both entities would be important as there is a significant disparity between the gross and net profit margins of the two entities. RT would also have to consider the conditions for acquisition, and if either entity would be a hostile target.(c) LimitationsThe entities are listed on different exchanges and so the P/E ratios might not be comparable.In addition, their financial statements could have been prepared using different accounting standards which would reduce the comparability of the key ratios provided.Even if X and Y adopt IFRS, the policy could differ for, say, non-current assets; using either depreciated cost or valuation. If one entity has chosen to revalue NCA then the NCA turnover would be lower and any additional depreciation resulting from the revaluation would reduce th e profit margins. A difference in an accounting policy such as this would also impact gearing by boostingequity with the revalued amount.There is no indication as to how old the information is. The ratios are based on the entities’ last trading period but they could be as much as 11 months apart and changing economic conditions could impact the key financial highlights significantly.Given that X and Y operate in different countries, the tax rates and cost of borrowing are likely to be different – which again reduces the comparability of the information.参与CIMA的考生可按照复习计划有效进行，另外高顿网校官网CIMA考试辅导高清课程已经开通，还可索取CIMA考试通关宝典，针对性地讲解、训练、答疑、模考，对学习过程进行全程跟踪、分析、指导，可以帮助考生全面提升备考效果。