案例分析题3、(a) Darlatt 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 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 selling 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 $1 million. The directors of Darlatt would like to know how the above transactions should be accounted for under IFRS 15 Revenue from Contracts with Customers. (8 marks) (b) On 1 September 2016, Darlatt entered into a fixed price forward contract to purchase 2,000 tonnes of steel at 400 euros () per tonne. The local currency is the dollar ($). This purchase is in accordance with its normal usage requirements. The contract allows Darlatt to take 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 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 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 in 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 prototype 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 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 income 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 should 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)

案例分析题(a) Toobasco is in the retail industry

案例分析题(a) Skizer is a pharmaceutical company which develops new products with other pharmaceutical companies that have the appropriate production facilities

案例分析题4、When an entity issues a financial instrument

案例分析题Section B TWO questions ONLY to be attempted 2、(a) Formatt is a listed company with several investments in other entities

案例分析题(a) Emcee, a public limited company, is a sports organisation which owns several football and basketball teams

案例分析题Section B TWO questions ONLY to be attempted 2、Canto Co is a company which manufactures industrial machinery and has a year end of 28 February 2017. The directors of Canto require advice on the following issues: (a) On 1 March 2014, Canto acquired a property for $15 million, which was used as an office building. Canto measured the property on the cost basis in property, plant and equipment. The useful life of the building was estimated at 30 years from 1 March 2014 with no residual value. Depreciation is charged on the straight-line basis over its useful life. At acquisition, the value of the land content of the property was thought to be immaterial. During the financial year to 28 February 2017, the planning authorities approved the land to build industrial units and retail outlets on the site. During 2017, Canto ceased using the property as an office and converted the property to an industrial unit. Canto also built retail units on the land during the year to 28 February 2017. At 28 February 2017, Canto wishes to transfer the property at fair value to investment property at $20 million. This valuation was based upon other similar properties owned by Canto. However, if the whole site were sold including the retail outlets, it is estimated that the value of the industrial units would be $25 million because of synergies and complementary cash flows. The directors of Canto wish to know whether the fair valuation of the investment property is in line with International Financial Reporting Standards and how to account for the change in use of the property in the financial statements at 28 February 2017. (8 marks) (b) On 28 February 2017, Canto acquired all of the share capital of Binlory, a company which manufactures and supplies industrial vehicles. At the acquisition date, Binlory has an order backlog, which relates to a contract between itself and a customer for 10 industrial vehicles to be delivered in the next two years. In addition, Binlory requires the extensive use of water in the manufacturing process and can take a pre-determined quantity of water from a water source for industrial use. Binlory cannot manufacture vehicles without the use of the water rights. Binlory was the first entity to use water from this source and acquired this legal right at no cost several years ago. Binlory has the right to continue to use the quantity of water for manufacturing purposes but any unused water cannot be sold separately. These rights can be lost over time if non-use of the water source is demonstrated or if the water has not been used for a certain number of years. Binlory feels that the valuation of these rights is quite subjective and difficult to achieve. The directors of Canto wish to know how to account for the above intangible assets on the acquisition of Binlory. (7 marks) (c) Canto acquired a cash-generating unit (CGU) several years ago but, at 28 February 2017, the directors of Canto were concerned that the value of the CGU had declined because of a reduction in sales due to new competitors entering the market. At 28 February 2017, the carrying amounts of the assets in the CGU before any impairment testing were: The fair values of the property, plant and equipment and the other assets at 28 February 2017 were $10 million and $17 million respectively and their costs to sell were $100,000 and $300,000 respectively. The CGUs cash flow forecasts for the next five years are as follows: Date year ended Pre-tax cash flow Post-tax cash flow The pre-tax discount rate for the CGU is 8% and the post-tax discount rate is 6%. Canto has no plans to expand the capacity of the CGU and believes that a reorganisation would bring cost savings but, as yet, no plan has been approved. The directors of Canto need advice as to whether the CGUs value is impaired. The following extract from a table of present value factors has been provided. (8 marks) Required: Advise the directors of Canto 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 2 for clarity and quality of presentation. (2 marks)

案例分析题(a) The IFRS Practice Statement Management Commentary provides a broad, non-binding framework for the presentation of management commentary which relates to financial statements which have been prepared in accordance with IFRS Standards. The management commentary is within the scope of the Conceptual Framework and, therefore, the qualitative characteristics will be applied to both the financial statements and the management commentary. Required: (i) Discuss briefly the arguments for and against issuing the IFRS Practice Statement Management Commentary as a non-binding framework or as an IFRS Standard. (4 marks) (ii) Discuss how the qualitative characteristics of understandability, relevance and comparability should be applied to the preparation of the management commentary. (5 marks) (b) Holls Group is preparing its financial statements for the year ended 30 November 20X7. The directors of Holls have been asked by an investor to explain the accounting for taxation in the financial statements. The Group operates in several tax jurisdictions and is subject to annual tax audits which can result in amendments to the amount of tax to be paid. The profit from continuing operations was $300 million in the year to 30 November 20X7 and the reported tax charge was $87 million. The investor was confused as to why the tax charge was not the tax rate multiplied by the profit from continuing operations. The directors have prepared a reconciliation of the notional tax charge on profits as compared with the actual tax charge for the period. The amount of income taxes paid as shown in the statement of cash flows is $95 million but there is no current explanation of the tax effects of the above items in the financial statements. The tax rate applicable to Holls for the year ended 30 November 20X7 is 22%. There is a proposal in the local tax legislation that a new tax rate of 25% will apply from 1 January 20X8. In the country where Holls is domiciled, tax laws and rate changes are enacted when the government approves the legislation. The government approved the legislation on 12 November 20X7. The current weighted average tax rate for the Group is 27%. Holls does not currently disclose its opinion of how the tax rate may alter in the future but the government is likely to change with the result that a new government will almost certainly increase the corporate tax rate. At 30 November 20X7, Holls has deductible temporary differences of $45 million which are expected to reverse in the next year. In addition, Holls also has taxable temporary differences of $5 million which relate to the same taxable company and the tax authority. Holls expects $3 million of those taxable temporary differences to reverse in 20X8 and the remaining $2 million to reverse in 20X9. Prior to the current year, Holls had made significant losses. Required: With reference to the above information, explain to the investor, the nature of accounting for taxation in financial statements. Note: Your answer should explain the tax reconciliation, discuss the implications of current and future tax rates, and provide an explanation of accounting for deferred taxation in accordance with relevant IFRS Standards.(14 marks) Professional marks will be awarded in question 4(b) for clarity and quality of discussion. (2 marks)

问答题(b) Jocatt operates in the energy industry and undertakes complex natural gas trading arrangements, which involve exchanges in resources with other companies in the industry. Jocatt is entering into a long-term contract for the supply of gas and is raising a loan on the strength of this contract. The proceeds of the loan are to be received over the year to 30 November 2011 and are to be repaid over four years to 30 November 2015. Jocatt wishes to report the proceeds as operating cash flow because it is related to a long-term purchase contract. The directors of Jocatt receive extra income if the operating cash flow exceeds a predetermined target for the year and feel that the indirect method is more useful and informative to users of financial statements than the direct method. (i) Comment on the directors’ view that the indirect method of preparing statements of cash flow is more useful and informative to users than the direct method. (7 marks) (ii) Discuss the reasons why the directors may wish to report the loan proceeds as an operating cash flow rather than a financing cash flow and whether there are any ethical implications of adopting this treatment. (6 marks) Professional marks will be awarded in part (b) for the clarity and quality of discussion. (2 marks)