6月ACCA考試F7財務匯報（International）真題（SectionB部分）(總分：60.00，做題時間：195分鐘)一、SectionB(總題數：3，分數：60.00)1.On1October,ZandaCoacquired60%ofMeddaCo'sequitysharesbymeansofashareexchangeofonenewshareinZandaCoforeverytwoacquiredsharesinMeddaCo.Inaddition,ZandaCowillpayafurther$0·54peracquiredshareon30September.

ZandaCohasnotrecordedanyofthepurchaseconsiderationanditscostofcapitalis8%perannum.

ThemarketvalueofZandaCo'ssharesat1Octoberwas$3·00each.

Thesummarisedstatementsoffinancialpositionofthetwocompaniesasat31Marchare:

Thefollowinginformationisrelevant:

(i)Atthedateofacquisition,ZandaCoconductedafairvalueexerciseonMeddaCo'snetassetswhichwereequaltotheircarryingamounts(includingMeddaCo'sfinancialassetequityinvestments)withtheexceptionofanitemofplantwhichhadafairvalueof$2·5millionbelowitscarryingamount.Theplanthadaremainingusefullifeof30monthsat1October.

ThedirectorsofZandaCoareoftheopinionthatanunrecordeddeferredtaxassetof$1·2millionat1October,relatingtoMeddaCo'slosses,canberelievedinthenearfutureasaresultoftheacquisition.At31March,thedirectors'opinionhasnotchanged,norhasthevalueofthedeferredtaxasset.

(ii)ZandaCo'spolicyistovaluethenon-controllinginterestatfairvalueatthedateofacquisition.Forthispurpose,asharepriceforMeddaCoof$1·50eachisrepresentativeofthefairvalueofthesharesheldbythenoncontrollinginterest.

(iii)At31March,MeddaCoheldgoodsininventorywhichhadbeensuppliedbyZandaCoatamark-uponcostof35%.ThesegoodshadcostMeddaCo$2·43million.

(iv)ThefinancialassetequityinvestmentsofZandaCoandMeddaCoarecarriedattheirfairvaluesat1April.At31March,thesehadfairvaluesof$6·1millionand$1·8millionrespectively,withthechangeinMeddaCo'sinvestmentsalloccurringsincetheacquisitionon1October.

(v)Thereisnoimpairmenttogoodwillat31March.

Required:

PreparethefollowingextractsfromtheconsolidatedstatementoffinancialpositionofZandaCoasat31March:

(i)Goodwill;

(ii)Retainedearnings;

(iii)Non-controllinginterest.

（分數：15.00）__________________________________________________________________________________________

對的答案：(ZandaCo–Extractsfromtheconsolidatedstatementoffinancialpositionasat31March

(ii)Consolidatedretainedearnings

MeddaCo'sinventoryat31Marchis$2·43million,atamark-uponcostof35%therewouldbe$630,000ofunrealisedprofit(URP)(2,430×35/135)ininventory.

(iii)Non-controllinginterest

)解析：NonatCoisamanufacturerofdomesticappliances.Itschairmanispleasedwiththeresultsfortheyearended31Decemberastheyshowacontinuingimprovementoverrecentpastperformance.However,thefinancedirectorsaysthatabetterassessmentofthecompany'sperformancewouldbemadebyacomparisontoothercompaniesinthesamesector.ThefinancedirectorhasobtainedsomeratiosforNonatCo'sbusinesssector,basedonayearendof31December,whichare:

ThesummarisedfinancialstatementsofNonatCoare:

Statementofprofitorlossfortheyearended31December

Statementoffinancialpositionasat31December

Required:（分數：15）(1).(a)

PrepareforNonatCotheequivalentratiostothoseofitssector.

Note:ThefinanceleaseobligationsshouldbetreatedasdebtintheROCEandgearingcalculations.（分數：6）__________________________________________________________________________________________

對的答案：(EquivalentratiosforNonatCo

)解析：(2).(b)AnalysethefinancialperformanceandpositionofNonatCofortheyearto31Decemberincomparisontothesectoraverages.（分數：9）__________________________________________________________________________________________

對的答案：(Analysisofcomparativefinancialperformanceandposition

Financialperformance

Asmeasuredbythereturnoncapitalemployed(ROCE),NonatCo'soverallprofitabilitydoesnotcomparewellwithitscompetitors,underperformingthesectoraverageprofitabilitybyover37%((18·5%–11·6%)18·5%).Thecomponentpartsofoverallprofitabilityareassetturnoverandprofitmarginsand,onbothofthese,NonatCoconsiderablyunderperformsthesectoraverage.Theunderperformanceisworseforprofitmarginsthanforassetutilisationandindeeditisthegrossmarginwhichisthemaincauseoftheunfavourablecomparison.Thismaybeduetoadeliberatepolicyofunderpricingcompetitors(toincreasesales)oritmaybeduetoinefficientmanufacturing.NonatCo'scontrolofoperatingexpenses,asshownbythedifferencebetweengrossandoperatingprofitmargins,isrelativelygood(at9·3%ofrevenuecomparedto10·7%forthesector)whichconfirmsthatitisgrossprofitmarginwhichistheproblemarea,assumingtherearenodifferencesincostclassification.

NonatCoisgeneratingapproximately11%((1·8–1·6)/1·8)lessrevenuefromitsassetscomparedtothesectoraveragewhich(asalreadynoted)isalsocontributingtooveralllowerprofitability(ROCE).ApartfromtheobviousimplicationthatNonatComaybealessefficientmanufacturer,therecouldalsobeanumberofotherreasonsforthelowerassetutilisation.NonatCohasrevalueditsproperty,whereasitisnotknownifitscompetitorshave(withouttherevaluationNonatCo'sROCEwouldbe12·9%ignoringadditionaldepreciation).SomeofNonatCo'splantmayhavebeenrecentlyacquiredandthereforemaynotbeuptofullproductioncapacity,meaningthecurrentyear'srevenuedoesnotcontainsalesforafullyearinrespectofproductionfromthisplant.Theleasingofplantisusuallymoreexpensivethanoutrightpurchase(althoughthefinancecostswouldnotaffectROCE).Ofcourseothercompetitorsmayalsoexperiencesomeoftheseissues,theeffectsofwhichwouldbeincludedinthesectoraveragefigures.

Financialposition

ThecurrentratioshowsthattheliquidityofNonatCoiswithinexpectednormsandcompareswellwithitscompetitors.Theremaybeanargumenttoexcludethecurrentfinanceleaseliabilityfromthecurrentratiowhichwouldthenputitat2·3:1(16,400:7,200)whichisperhapsalittlehigherthanexpectednorms(usuallyanupperlimitof2).

NonatCo'sgearingisquitehighatmorethandoublethatofitscompetitors.Thisobviouslyincreasesfinancecostsandwithaninterestcoverofonly2·7times(4,900/1,800),anydownturninprofitmayplaceNonatCoinadifficultposition.Thatsaid,afinancecostof10%ontheloannotes(plusthefinancecostsoftheleaseobligations)isalowerpercentagethantheROCEsoshareholdersaregettinga(slight)benefitfromthedebt,butthisisatconsiderablerisk.

ItistemptingtosaythatifNonatCohadnotleasedsomeofitsplantitsgearingwouldbemoreinlinewiththesectoraverage,butthisbegsthequestionofhowelsewouldithavefinancedtheplant.IssuingafurtherloannotewouldleaveNonatCoinasimilardebtpositionasnow;onlyacashinjectionfromanewshareissuewouldreducethegearing.AnotherpossibilityisthatNonatCocouldstructureitsplantleasessuchthattheyqualifiedasoperatingratherthanfinanceleases.Indeed,itmaybethatNonatCoalreadyhassomeoperatingleasedplant,butthiscannotbedeterminedfromtheinformationprovided.

Conclusion

NonatCoisconsiderablyunderperformingitssectoraveragesandthefinancedirectoriscorrecttosaythatacomparisonwithitscompetitorsisabetterindicationofNonatCo'scurrentperformancethanlookingatthepasttrendofitsownperformance,subjecttothedefinitionsandaccountingpoliciesusedbyothercompaniesinthesector.

TheanalysisindicatesNonatComayneedtolookatitspricingpolicyormanufacturingefficiencyandalsoneedstoinvestigateastrategyofreducingitsgearing.)解析：2.ThefollowingtrialbalancerelatestoDowningCoasat31March:

Thefollowingnotesarerelevant:

(i)Revenueincludesanamountof$16millionforasalemadeon1April.ThesalerelatestoasingleproductandincludesongoingservicingfromDowningCoforfouryears.Thenormalsellingpriceoftheproductandtheservicingwouldbe$18millionand$500,000perannum($2millionintotal)respectively.

(ii)Thecontractassetiscomprisedofcontractcostsincurredat31Marchof$15millionlessapaymentof$10millionfromthecustomer.Theagreedtransactionpriceforthetotalcontractis$30millionandthetotalexpectedcostsare$24million.DowningCousesaninputmethodbasedoncostsincurredtodaterelativetothetotalexpectedcoststodeterminetheprogresstowardscompletionofitscontracts.

(iii)DowningCoissued300,000$1005%convertibleloannoteson1April.Theloannotescanbeconvertedtoequitysharesonthebasisof25sharesforeach$100loannoteon31Marchorredeemedatparforcashonthesamedate.Anequivalentloannotewithouttheconversionrightswouldhaverequiredaninterestrateof8%.

Thepresentvalueof$1receivableattheendofeachyear,basedondiscountratesof5%and8%,are:

(iv)Non-currentassets:

Duetorisingpropertyprices,DowningCodecidedtorevalueitslandandbuildingson1Apriltotheirmarketvalue.Thevalueswereconfirmedatthatdateasland$16millionandbuildings$52·2millionwiththebuildingshavinganestimatedremaininglifeof18yearsatthedateofrevaluation.DowningCointendstomakeatransferfromtherevaluationsurplustoretainedearningsinrespectoftheannualrealisationoftherevaluationsurplus.Ignoredeferredtaxontherevaluation.

Plantandequipmentisdepreciatedat15%perannumusingthereducingbalancemethod.

Duringthecurrentyear,theincomefromroyaltiesrelatingtothepatenthaddeclinedconsiderablyandthedirectorsareconcernedthatthevalueofthepatentmaybeimpaired.Astudyattheyearendconcludedthatthepresentvalueofthefutureestimatednetcashflowsfromthepatentat31Marchis$3·25million;however,DowningCoalsohasaconfirmedofferof$3·4milliontosellthepatentimmediatelyatthatdate.

Nodepreciation/amortisationhasyetbeenchargedonanynon-currentassetfortheyearended31March.Alldepreciation/amortisationischargedtocostofsales.

Therewerenoacquisitionsordisposalsofnon-currentassetsduringtheyear.

(v)Thedirectorsestimateaprovisionforincometaxfortheyearended31Marchof$11·4millionisrequired.Thebalanceoncurrenttaxinthetrialbalancerepresentstheunder/overprovisionofthetaxliabilityfortheyearended31March.At31March,DowningCohadtaxabletemporarydifferencesof$18·5millionrequiringaprovisionfordeferredtax.Anydeferredtaxmovementshouldbereportedinprofitorloss.TheincometaxrateapplicabletoDowningCois20%.

Required:

(a)PreparethestatementofprofitorlossandothercomprehensiveincomeforDowningCofortheyearended31March.

(b)PreparethestatementofchangesinequityforDowningCofortheyearended31March.

(c)PreparethestatementoffinancialpositionofDowningCoasat31March.

Notestothefinancialstatementsarenotrequired.Worktothenearest$1,000.

(d)ThefinancedirectorofDowningCohascorrectlycalculatedthecompany'sbasicanddilutedearningspershare(EPS)tobedisclosedinthefinancialstatementsfortheyearended31Marchat148·2centsand119·4centsrespectively.

Onseeingthesefigures,thechiefexecutiveofficer(CEO)isconcernedthatthemarketwillreactbadlyknowingthatthecompany'sEPSinthenearfuturewillbeonly119·4cents,afallofover19%onthecurrentyear'sbasicEPS.

Required:

ExplainwhyandwhataspectofDowningCo'scapitalstructureiscausingthebasicEPStobedilutedandcommentonthevalidityoftheCEO'sconcerns.

（分數：30.00）__________________________________________________________________________________________

對的答案：((a)DowningCo–Statementofprofitorlossandothercomprehensiveincomefortheyearended31March

(b)DowningCo–Statementofchangesinequityfortheyearended31March

(c)DowningCo–Statementoffinancialpositionasat31March

Workings(figuresinbracketsin$'000)

(i)Productandservicingsale

UnderIFRS15RevenuefromContractswithCustomers,salesmadewhichincluderevenueforon-goingservicingworkmusthavepartoftherevenuedeferredandanydiscountofferedtostand-alonesellingpricesmust(normally)beallocatedtoeachcomponentproratatothestand-alonesellingprices.

Thestand-alonesellingpriceoftheproductandtheservicingworkwouldbe$20million($18millionand$2million(500×4years)respectively).Theactualcombinedsellingpriceof$16millionrepresentsa20%discountonthestand-alonesellingprices((20,000–16,000)/(18,000+2,000)).Thusthesalesrevenueof$16millionwouldbeallocated$14·4million(18,000×80%)totheproductand$1·6million(2,000×80%)totheservicing.At31Marchtherearethreemoreyearsofservicingwork,thus$1·2million(1,600×3years/4years)mustbetreatedasdeferredrevenue,split$400,000asacurrentliabilityand$800,000asanon-currentliability.

(ii)Contractwithcustomer

Basedonaninputmethod(cost)basistodeterminethecompletionofthecontract,itis62·5%complete(15,000/24,000×100).Thustheprofitfortheyearto31Marchis$3·75million(6,000×62·5%);$18·75million(15,000+3,750)willberecognisedasrevenue;and$15millionascostofsales.

Thecontractassetwillbe$8·75million(18,750–10,000)received.

(iii)Costofsales

(iv)Non-currentassets

Landandbuildings:

Thegainonrevaluationandcarryingamountofthelandandbuildingsis:

Thecarryingamountoflandandbuildingsat31Marchis$65·3million(16,000+(52,200–2,900)).

Thetransferfromtherevaluationsurplustoretainedearningsinrespectoftheannualrealisationofthesurplusis$400,000(7,200/18years).

Thecarryingamountofplantandequipmentat31Marchis$39·1million(82,700–(36,700+6,900)).

Thecarryingamountofthepatentatthedateoftheimpairment(31March)is$3·75million(7,500–(3,000+750)),thehigherofitsfairvalue(3,400)anditsvalueinuse(3,250)is$3·4million,thusthepatentisimpairedby$350,000(3,750–3,400).

(v)5%convertibleloannote

Theconvertibleloannotesareacompoundfinancialinstrumenthavingadebtandanequitycomponentwhichmustbothbequantifiedandaccountedforseparately:

Thefinancecostfortheyearwillbe$2,206,000(27,570×8%)andthecarryingamountoftheloanat31Marchwillbe$28,276,000(27,570+(2,206–1,500)).

(vi)Deferredtax

(d)Theissueofthe5%convertibleloannotesisthereasonwhyDowningCohastodiscloseafigurefordilutedEPSinadditiontoitsbasicEPS.Whentheconvertibleloannotesaredueforredemptionon31March,thereisthepotentialthatthey