ACCA题库SBR考试试题答案1

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acca题库SBR考试试题答案1,本试卷是为参加ACCA SBR考试的考生准备复习试题。
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Section A – BOTH questions are compulsory and MUST be attempted 1BackgroundPension schemeMoyes operates a defined benefit scheme. A service cost component of $24 million has been included within operating expenses. The remeasurement component for the year was a gain of $3 million. Benefits paid out of the scheme were $31 million. Contributions into the scheme by Moyes were $15 million.GoodwillGoodwill was reviewed for impairments at the reporting date. Impairments arose of $10 million in the current year.Property, plant and equipmentProperty, plant and equipment (PPE) at 30 September 20X8 included cash additions of $134 million. Depreciation charged during the year was $99 million and an impairment loss of $43 million was recognised. Prior to the impairment, the group had a balance on the revaluation surplus of $50 million of which $20 million related to PPE impaired in the current year.InventoryGoods were purchased for Dinar 80 million cash when the exchange rate was $1:Dinar 5. Moyes had not managed to sell the goods at 30 September 20X8 and the net realisable value was estimated to be Dinar 60 million at 30 September 20X8. The exchange rate at this date was $1:Dinar 6. The inventory has been correctly valued at 30 September 20X8 with both the exchange difference and impairment correctly included within cost of sales. Changes to group structureDuring the year ended 30 September 20X8, Moyes acquired a 60% subsidiary, Davenport, and also sold all of its equity interests in Barham for cash. Theconsideration for Davenport consisted of a share for share exchange together with some cash payable in two years. 80% of the equity shares of Barham had been acquired several years ago but Moyes had decided to sell as the performance of Barham had been poor for a number of years. Consequently, Barham had a substantial overdraft at the disposal date. Barham was unable to pay any dividends during the financial year but Davenport did pay an interim dividend on 30 September 20X8.Discontinued operationsThe directors of Moyes wish advice as to whether the disposal of Barham should be treated as a discontinued operation and separately disclosed within the consolidated statement of profit or loss. There are several other subsidiaries which all produce similar products to Barham and operate in a similar geographical area. Additionally, Moyes holds a 52% equity interest in Watson. Watson has previously issued share options to other entities which are exercisable in the year ending 30 September 20X9. It is highly likely that these options would be exercised which would reduce Moyes’ interest to 35%. The directors of Moyes require advice as to whether this loss of control would require Watson to be classified as held for sale and reclassified as discontinued.Required:
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  1. Draft an explanatory note to the directors of Moyes which should include: (i) a calculation of cash generated from operations using the indirect method; and (ii) an explanation of the specific adjustments required to the group profit before tax to calculate the cash generated from operations. Note: Any workings can either be shown in the main body of the explanatory note or in an appendix to the explanatory note. 
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2.Explain how the changes to the group structure and dividend would impact upon the consolidated statement of cash flows at 30 September 20X8 for the Moyes group. You should not attempt to alter your answer to part (a).
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3. Advise the directors as to whether Watson should be classified as held for sale and whether both it and Barham should be classified as discontinued operations.
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4. The 2010 version of the Conceptual Framework for Financial Reporting (the Conceptual Framework) of the International Accounting Standards Board (the Board) specifies that it must be probable that any future economic benefit associated with an asset or liability will flow to or from an entity in order for the asset or liability to qualify for recognition.Current accounting standards have been criticised for not necessarily applying the probability criterion relating to future economic benefits on a consistent basis. The Board issued Exposure Draft ED/2015/3 Conceptual Framework For Financial Reporting in which new recognition criteria were proposed to address this issue.Required: Explain how the probability criterion has not been applied consistently across accounting standards. Illustrate your answer with reference to how there may be inconsistencies with the measurement of assets held for sale, provisions and contingent consideration. Your answer should also discuss how the Board’s proposed changes to the recognition criteria address the issue.