CIMA—F2模拟题及分析(4)

CIMA—F2模拟题及分析（4）

1.EMR made an investment in a debt instrument on 1 July 2010 at its nominal value of $4,000,000. The

instrument carries a fixed coupon interest rate of 7%, which is receivable annually in arrears. The instrument will be redeemed for $4,530,000 on 30 June 2014. Transaction costs associated with the investment were $200,000 and were paid on 1 July 2010. The effective interest rate applicable to this instrument has been calculated at approximately 8.4%. EMR intends to hold this investment until its redemption date.

Required:

(a) (i) Explain how this investment should be classified and prepare the journal entry to initially record it in accordance with relevant accounting standards.

(ii) Calculate the carrying value of the investment to be included in EMR’s statement of financial position as at 30 June 2012, in accordance with IAS 39 Financial instruments: recognition and measurement.

(5 marks)

EMR’s main business risk is the price of raw materials. As a manufacturer of jewellery, its profits can be significantly affected by the price of precious metals. Therefore, in order to minimise the risk of future price increases adversely affecting its future profits, EMR entered into a forward contract on 1 May 2012, at nil cost, to purchase 100,000 units of metal A at $105 per unit on 1 August 2012.

At 30 June 2012, the forward rate for purchasing 100,000 units of metal A was $101 per unit. EMR adopts hedge accounting where permitted by IAS 39 Financial instruments: recognition and measurement.

Required:

(b) Explain how this forward contract should be accounted for by EMR in its financial statements for the year ended 30 June 2012, in accordance with IAS 39 Financial instruments: recognition and measurement.

(5 marks) Total for Question Four = 10 marks

2.SR is a service-based entity, listed on its local stock exchange, which relies on its human resources to generate

revenue. The directors believe that the information provided by the annual financial report fails to provide a complete picture of the resources available to the entity. They are keen to ensure that current and potential investors are aware of the investment the entity has made in its employees and are considering including a narrative report in respect of human capital.

Required:

(a) Discuss, referring specifically to the recognition principles of the IASB’s Framework for the Preparation and Presentation of Financial Statements, why human resources cannot be recognised as an asset in the financial statements of SR.

(3 marks)

(b) Discuss the pressures in the current economic climate to extend narrative reporting in corporate reports AND the potential advantages that could be gained by investors if SR included voluntary narrative disclosures specifically in respect of human capital.

(4 marks)

(c) Discuss the potential drawbacks to investors of relying on voluntary disclosures as part of their investment appraisal.

(3 marks) Total for Question Five = 10 marks

3.The statements of financial position for AB and CD as at 30 June 2012 are provided below:

ASSETS AB

$000 CD

$000

Non-current assets

Property, plant and equipment

58,000

8,500

Available for sale investment (note 1) 7,000 -

Current assets 65,000 8,500

Inventories 15,500 2,000

Receivables 16,500 4,750

Cash and cash equivalents 3,000 750

35,000 7,500

Total assets 100,000 16,000

EQUITY AND LIABILITIES

Equity

Share capital ($1 equity shares)

50,000

2,500

Retained earnings 18,975 6,500

Other components of equity 1,025 -

Total equity 70,000 9,000

Non-current liabilities 9,750 2,000

Current liabilities 20,250 5,000

Total liabilities 30,000 7,000

Total equity and liabilities 100,000 16,000

Additional information:

1. AB acquired a 10% investment in CD on 1 February 2009 for $800,000. The investment was classified as available for sale with any associated gains or losses recorded within other components of equity in AB’s individual financial statements.

On 1 January 2012, AB acquired an additional 60% of the equity share capital of CD at a cost of

$5,175,000. The fair value of the original 10% investment at 1 January 2012 was $1,000,000. In its own financial statements, AB continues to hold the investment in CD as an available for sale asset and it is recorded at its fair value of $7,000,000 as at 30 June 2012.

At 1 January 2012, the fair value of the net assets acquired was assessed to be the same as their carrying value, with one exception, property, plant and equipment (PPE). Property, with a carrying value of $3,200,000, had a fair value of $4,000,000. The remaining useful life of this asset is 10 years from the date of acquisition. Depreciation on PPE is charged on a monthly straight line basis.

2. 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 2012 was $2,700,000.

3. The profit for the year of CD was $2,500,000 and profits are assumed to accrue evenly throughout the year.

4. CD sold goods to AB for $1,000,000. Half of these goods remained in AB’s inventories at 30 June 2012. CD earns

a 25% margin on all sales.

5. Neither entity paid a dividend in the year ended 30 June 2012.

Required:

(a) Prepare the consolidated statement of financial position as at 30 June 2012 for the AB Group.

(20 marks)

AB purchased a further 10% of the ordinary share capital of CD on 1 July 2012 for $1,172,000.

Required:

(b) (i) Explain how the acquisition of this additional investment will be accounted for in the consolidated financial statements of AB for the year to 30 June 2013.

(ii) Prepare the journal entry that records the purchase of the additional 10% of CD’s share capital in the consolidated financial statements of AB.

(5 marks) Total for Question Six = 25 marks

4.TYU is a listed entity that operates in a highly competitive market. A new entrant to this market (entered on 1

May 2011) has created pressure amongst the competitive entities by developing a marginally lower quality product and selling it at a lower price. The result has been a shift in market share to this new entrant in the last few months.

You have been asked to review the financial performance and position of TYU for a large institutional investor who had identified TYU as a potential investment for 2012.

TYU’s share price had fallen significantly due partly to a downturn in the stock market that TYU is listed on and partly to the poor interim results that TYU posted in November 2011. The share price recovered slightly following the announcement of a final dividend shortly before the year-end. The share price at 31 March 2012 was $2.50 (31 March 2011 $4.34).

The financial statements for TYU are provided below:

Consolidated statement of financial position at 31 March 2012 2011 ASSETS $m $m

Non-current assets

Property, plant and equipment 393 353

Investment in associate 21 24

Current assets

414

377

Inventories 210 110

Trade and other receivables 118 103

Cash and cash equivalents - 24

328

237

Total assets

742 614

EQUITY AND LIABILITIES

Equity attributable to owners of the parent

Share capital ($1 shares) 20 20

Share premium 67 67

Revaluation reserve (Note 4) 20 -

Retained earnings (Note 3) 278 298

385 385

Non-controlling interest 24 19

Total equity

Non-current liabilities

409

404

Long-term borrowings (Note 1) 90 90

Current liabilities

Trade and other payables 196 120

Short-term borrowings (Note 2)

Total liabilities

47

243

333

- 120

210

Total equity and liabilities

742614

Notes:

1. The long-term borrowings are repayable in 2015.

2. TYU has a facility in place permitting short-term borrowings up to a maximum of $50 million.

3. TYU and its subsidiary both paid a dividend in the year.

4. TYU changed its group policy on Property, plant and equipment in the year to 31 March 2012 and now hold these assets at valuation.

Required:

(a) Calculate the earnings per share AND the price/earnings ratio for TYU for the year ended 31 March 2012 and the comparatives for 2011.

(2 marks)

(b) Analyse the financial performance and financial position of TYU and make a recommendation as to TYU’s suitability for investment based upon the information that has been presented to you.

(6 marks are available for the calculation of relevant ratios which are additional to those calculated in part (a) above.)

(20 marks)

(c) Discuss what post year-end information might be available that would provide your client with additional information before making an investment decision.

(3 marks) Total for Question Seven = 25 marks

试题答案：

1、【答案】

Rationale

This question tested the classification and measurement of a held to maturity investment and the ability of the candidates to calculate amortised cost. The second part tested the treatment of

a derivative instrument where hedge accounting is adopted.

The question tested learning outcomes B1(d) and B1(e).

Suggested approach

Candidates should have been able to identify a held to maturity investment from the information given in the question. The calculation of amortised cost should have been straightforward provided candidates realised that it was an investment and not a liability.

For part (b), provided candidates understand that hedge accounting is largely about changing the rules of recognition for a derivative that is linked to another item, the first few marks should have been easy to attain.

(a) (i) The investment should be classified as held to maturity investment because EMR intends to hold the investment until its redemption date. Initially the investment will be measured at its fair value (which in this case is its cost), plus any associated issue costs. The initial journal entry required is therefore:

DR: Investment in HTM investment $4,200,000

CR: Cash $4,200,000

(ii) Subsequent measurement

Year end 30 June Opening balance Effective interest 8.4% Interest received 7% x $4m Closing balance

$000 $000 $000 $000

2011 4,200 353 (280) 4,273

2012 4,273 359 (280) 4,352

The investment will be held at $4,352,000 in the statement of financial position at 30 June 2012.

(b) This forward contract is an example of a derivative and in accordance with IAS 39 such derivative contracts are classified as an asset or liability held at fair value through profit and loss. This would mean that at each year end the contract would need to be re-valued to its fair value (being the difference between the derivative price and the market price of the underlying asset under the contract). Any gains or losses would usually then be recorded in profit or loss. However this contract is specifically intended to mitigate the risk of future adverse cash flows as a result of potential increases in raw material prices. This contract is therefore being used as a cash flow hedge (because it’s being used to fix the price of material to be acquired in the future on 1 August). In such circumstances IAS 39 has some special hedge accounting rules. Hedge accounting allows the gains or losses on a derivative contract being used in a cash flow hedge to be taken to reserves until the cash flow it is designed to hedge against is recognised in the financial statements. In this case, the gains or losses will be held in reserves until the year ended 30 June 2013, which is the year in which the cash flow is actually incurred, and then released to the profit or loss.

In this case, a loss on the derivative of $400,000 (100,000 x $(105-101)) will be included in reserves at 30 June 2012.

2、【答案】

Rationale

This question tested Section D of the syllabus, and required an element of application by candidates. Human capital accounting and intellectual property are areas that candidates should be aware of as there has been much debate in recent years about the reasons for and against their recognition.

This question tested learning outcome D1 (a) and (d).

Suggested Approach

Candidates will have seen questions testing this area in previous diets, however it was intended to require them to focus on the specifics of the question. The key element being the recognition principles of IFRS. Part (b) focussed on the increasing voluntary disclosures and the benefits to investors and part (c) asked for limitations of these voluntary disclosures.

(a) Recognition

The framework defines an asset as a resource controlled by an entity and from which economic benefits will flow. The amount also has to be measured with sufficient reliability to be recognised in the financial statements. The value associated with human capital cannot be controlled as employees are free to leave, taking their skills elsewhere. In addition, the amount of potential value created is uncertain. There is no way of measuring this with sufficient reliability. Therefore human capital is not recognised in the financial statements.

(b) Pressure to extend narrative reporting and advantages to investors

Financial statements are by their nature backward-looking, based primarily on historical information and are therefore limited in their usefulness for decision-making by investors. In addition, this entity is service-based and as the main resource is not included on the financial statements it is difficult for users to estimate future revenue streams. This has led to general pressure by the markets and investors for entities to provide additional information to that contained in the financial statements.

Investors in SR would benefit in this case from additional information on the resources available to the entity in order to generate future revenue. This information could be useful for users in estimating future profits and returns. It would also help users identify any key personnel or skills that the entity relies on and this helps users determine the risks that threaten the future income streams of SR. In addition, it would help show the hidden assets of the business without which traditional ratios like ROCE are meaningless, preventing comparison with other entities.

(c) Potential drawbacks

The absence of formal guidance on the content and structure of voluntary disclosures does reduce the level of comparability between entities. In addition, reporting entities are free to choose the information they wish to report which often results in the voluntary disclosures being more of a PR exercise by only reporting the positive aspects.

Voluntary information is not likely to be audited and therefore may not be reliable. This reduces the usefulness of the information.

The inclusion of voluntary disclosures will incur additional costs of preparation and therefore reduces the future returns available to shareholders.

3、【答案】

Rationale

This question tested consolidation. The first section tested the basics of preparing a s tatement of financial position for a group, including the calculation of goodwill, NCI and group retained earnings. The complex area tested in part (a) was acquiring a controlling interest in the year but the basic consolidation techniques accounted for more than 80% of the marks.

Part (b) dealt specifically with an acquisition (control to control) and an adjustment to parent’s

equity.

This question tested learning outcomes A1(a) and (b).

Suggested Approach

The most time-efficient method would have been to set up the pro-formas for the SOFP and then systematically work through the headings, preparing consolidation adjustments where required. Annotating the additional information highlighting the balances that require adjustment is always a worthwhile exercise.

(a) Consolidated statement of financial position for the AB Group as at 30 June 2012: All workings in $000

ASSETS AB

$000

Non-current assets

Property, plant and equipment (58,000+8,500+760(W1))

67,260

Goodwill (W2) 325

Current assets 67,585

Inventories (15,500 +2,000 - 125 (W3)) 17,375

Receivables (16,500 + 4,750) 21,250

Cash and cash equivalents (3,000+ 750) 3,750

42,375

Total assets 109,960

EQUITY AND LIABILITIES

Equity

Share capital ($1 equity shares)

50,000

Retained earnings (W4)

Other components of equity (W5) 19,935

- 69,935

Non-controlling interest (W6) 3,025

Total equity 72,960

Non-current liabilities (9,750 + 2,000) 11,750

Current liabilities (20,250+ 5,000) 25,250

Total liabilities 37,000

Total equity and liabilities 109,960

Working 1 FV adjustments $000 $000 $000

Uplift in PPE 800

Additional dep’n (800/10 yrs x 6/12) (40) 760

Working 2 Goodwill $000 $000

Consideration transferred for the 60% 5,175

Fair value of 10% holding at 1 January 2012 1,000

Fair value of non-controlling interest 2,700

8,875

Net assets acquired:

Share capital 2,500

Retained earnings (6,500 – (2,500 x 6/12)) 5,250

FV adjustment (W1) 800 (8,550)

Goodwill at acquisition 325

Working 3 Unrealised profit on inventories $000

Sales from CD to AB 1,000

50% in inventories 500

Profit margin 25% 125

Working 4 Retained earnings AB CD

$000 $000

As at 30 June 2012 18,975 6,500

Pre-acquisition (W2) (5,250)

Less unrealised profit of CD (W3) (125)

FV adjustment (W1) (40)

Group share 70% 760 1,085

Group profit on derecognition of AFS Investment – to deemed disposal date, 1 January 2012 (1,000 – 800)

200

Consolidated retained earnings 19,935

Working 5 Other components of equity and AFS investments $000

Cost of 60% investment (1 Jan 2012) 5,175

Cost of 10% investment (1 Feb 2009) 800

Therefore, cost of 70% investment 5,975

Compared with fair value of 70% investment (30 June 2012) 7,000

Resultant gain recognised by AB in individual accounts since 1 Feb 2009 and balance in other reserves of AB 1,025

This gain will be removed from the consolidated accounts as the group gain on derecognition of the original investment is the relevant figure for the consolidated accounts, leaving a balance of NIL in the group accounts for other reserves.

Working 6 Non-controlling interest $000

Fair value at 1 January 2012 2,700

Plus 30% adjusted post-acquisition reserves of 1,085 (W4) 325

NCI at 30 June 2012 3,025

(b) (i) Additional acquisition of shares

The purchase of the additional 10% of CD’s share capital is treated as a transaction between owners of the entity, as NCI reduces and parent’s share increases. No additional goodwill is calculated as AB already controls CD and goodwill is only calculated when control is attained. Any difference between the consideration paid by AB and the reduction in the NCI is adjusted through group retained earnings.

(ii) Adjustment to parent’s equity $000 $000

Dr Reduction in NCI at 1 July 2012 (10/30% x $3,025,000) 1,008

Dr Retained earnings 164

Cr Bank - consideration transferred 1,172

Being adjustment to parent’s equity

4、【答案】

The question was a standard-style analysis question covering Section C of the syllabus. Candidates were required to calculate EPS and P/E and then select and calculate a further 6 ratios in order to analyse the financial performance and position of the entity.

This question tested learning outcomes C1(a), C2(a) and C2(b).

Suggested Approach

Candidates should have calculated ratios and then considered the results in conjunction with the opening scenario. The analysis should have included the candidates’ recommendations based on the information available and then highlighted the post-year end info that could be available to investors.

(a) Earnings per share 2012 2011

Profit attributable to parent $8,000,000 $14,000,000

Equity shares in issue 20,000,000 20,000,000

Eps 40 cents 70 cents

P/E ratio

Share price $2.50 $4.34

Eps 40 cents 70 cents

P/E (share price/eps) 6.25 6.2

(b) Report to client Re TYU

Gross profit margin has fallen from 35% to 32.4%, which is likely to be a direct impact of the pressure on selling prices from the new market entrant. TYU appears to have reacted well to this and has controlled expenses resulting in an increase in operating profit margin from 4.9% to 5.2%. This indicates TYU management are reasonably able to react quickly and positively to changes in economic conditions. The profit for the year has reduced but largely due to the loss making activities of the associate. The attention to cost control has resulted in ROCE increasing, despite the increase in capital employed from the revaluation of PPE.

The current ratio has fallen significantly although still offers sufficient cover of liabilities, however the quick ratio shows that TYU have an immediate problem that threatens going concern. The quick ratio has fallen from 1.1 to 0.5 at the year-end. This is due to issues with all the component parts of working capital. Cash has fallen from a positive $24m to an overdraft of $47m and is dangerously close to breaching the agreed banking terms for short-term borrowings. This may have been the motivation for holding back on payments to creditors, resulting in an increase in payables days from 109 days to 156 days. This increase is unlikely to have been authorised as TYU was already being extended 3 months of credit. This is likely to put TYU in an unfavourable position with its suppliers, not a good position when the suppliers have a new entrant to switch to. Despite the cash crisis, TYU has failed to collect its debts timeously, with receivables days sliding from 61 days to 64 days. Inventories days have also increased significantly from 100 days to 167 days at the year-end. This may indicate TYU has an issue with obsolete inventory resulting from the inflow of cheaper products in the market.

Conversely, it could mean that TYU has been stocking up at the year-end for a concerted sales promotion to combat the competition.

Gearing has increased during the year due to the increase in short-term borrowings, despite the

fact that there has been a revaluation in the year. The change in revaluation policy may be a deliberate attempt to boost equity and make the gearing level appear more attractive, to enable TYU to raise additional long-term finance. Although this is sometimes seen as misleading, it is a commercially valid adjustment as the property is likely to act as security for any loan and having an updated valuation makes good business sense. The interest cover however has dropped from 3.8 to 1.8 and shows an increased risk. This increased risk is reflected in the average rate of borrowing which has increased from 8.9% to 13.9%. The short- term borrowings are being charged at a much higher rate and it is imperative that TYU secures longer-term finance to ease the cash flow issue, pay suppliers and hopefully lower interest payable.

TYU announced a final dividend despite the cash crisis suggesting that it is under significant pressure from shareholders to provide a return. The P/E ratio has remained constant despite the reduction in earnings per share, which suggests that investors still have confidence in the management of TYU.

Conclusion

Despite the current cash crisis the management team appears to have reacted positively to the market pressures, by reducing prices to be more competitive and by actively cutting costs to maintain margins. Provision of longer-term finance would enable TYU to pay suppliers and meet interest payments which must be seen as a priority. TYU remains a possible target for investment, although some additional information is required.

(c) Additional information

The post-year-end situation will, to a certain extent, answer the main questions raised about cash availability. If the dividend has been paid, then this suggests that finance has in fact been raised. Corporate research will highlight if the entity’s suppliers have taken action to recover amounts due – if not, then it is likely again that finance has been raised/generated and supplier accounts settled. It must be remembered that there will be limited information in the public domain, but if TYU has survived this cash crisis then it indicates a strong management team and an investment that is worth pursuing.

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