旧课选看p7vicky2020秋季讲义线上41audit of ppe

ntandEquipmentBy.VickyXu EvidenceaMatterstoPPE–DismantlingIAS16PPEInitialmeasurement=Purchaseprice:trade/cashdiscount,importduty,Directcost:incurredtobringthePPEtocurrentlocation,condition,beforeoperationBorrowingcost(IASDismantlingcost(IASPPE–DismantlingThereispresentobligation(couldbelegalorTobeincurredattheendofusefuleconomiclife,whichresultinfutureeconomicbenefitoutflow,andamountcanbereliablymeasuredAccountingestimates:Amount,UEL,DF–inherentlyDetaileddisclosureisPPE–Dismantling2011/12Q3a(y.e.FirCoisa involvedinenergyproduction.Itownsseveralnuclearpowerstations,whichhavearemainingestimatedusefullifeof20years.FirCointendstomissionthepowerstationsattheendoftheirusefullifeandthestatementoffinancialpositionat31July2011recognisesamaterialprovisioninrespectofmissioningcostsof$97million(2010–$110million).Abriefnotetothefinancialstatementsdisclosestheopeningandclosingvalueoftheprovisionbutnootherinformationisprovided.Required:Commentonthemattersthatshouldbeconsidered,andexintheauditevidenceyoushouldexpecttofindinyourfilereviewinrespectofthemissioningprovision.(8marks)PPE–Dismantlingclosingvalueoftheprovisionbutnootherinformationisprovided.However,FirCoshoulddisclosenature,movementPPE–DismantlingInspect,contract/agreementawardedby FirCo’soperationofthepowerstations,toconfirmobligationexist.有义务Review,quotationfromcontractor,toconfirmamountattheendof20yearslifeisreasonableObtain,managementcalculationofmissioningprovision,assessassumptiononremainingusefullifediscountfactor,andrecalculatetoensureaccuracy.折现正确ReviewthedisclosurenotetoFStoensurethemissioningisdisclosedadequayincompliancewithIAS37andIAS1披Discusswithmanagementaboutreasonofchangein**获取审 的主要方法

PPE–Dismantling2017/9&12Q2a(y.e.Aprovisionof$430million(2016–$488million)isrecognisedasalong-termliability.Theprovisionisinrespectofmissioninganumberofgasproductionandstoragefacilitieswhentheyareattheendoftheirusefullives.Theestimateofthemissioningcostshasbeenbasedonpricelevelsandtechnologyatthereportingdate,anddiscountedtopresentvalueusinganinterestrateof8%(2016–6%).Thetimingofmissioningpaymentsisdependentontheestimatedusefullivesofthefacilitiesbutisexpectedtooccurby2046,withthemajorityoftheprovisionbeingutilisedbetween2025andPPE–Dismantling2017/9&12Q2a(y.e.Theaccounting notediscussesthemethodologyusedbymanagementfordeterminingthevalueofthemissioningprovisionandstatesthatthisisanareaofcriticalaccountingjudgementsincludingkeyareasofestimationuncertainty.Theestimatehasbeenmadebymanagement.Inpreviousyears,amanagementexpertwasengagedtoprovidetheestimatebutasthiswasexpensive,managementdecidedtoproducetheirownestimatefortheyearended30June2017.Required:Commentonthematterstobeconsidered,andexintheauditevidenceyoushouldexpecttofindduringyourfilereviewinrespectofeachoftheissuesdescribedabove.(10marks)PPE–DismantlingPPE–DismantlingPPE–DismantlingPPE–DismantlingPPE–DismantlingPPE–BorrowingAtdateofRisk=Continuecapitalisation,overstateassetandEvidence=BuildingPPE–Borrowing2012/6Q5a(y.e.DuringtheyearSnipeCo’sfactorywasextendedbytheself-constructionofanewprocessingarea,atatotalcostof$5million.Includedinthecostscapitalisedareborrowingcostsof$100,000,incurredduringthesix-monthperiodofconstruction.Aloanof$4millioncarryinganinterestrateof5%wastakenoutinrespectoftheconstructionon1March2011,whenconstructionstarted.Thenewprocessingareawasreadyforuseon1September2011,andbegantobeusedon1December2011.Itsestimatedusefullifeis15years.Required:Commentonthemattersthatshouldbecon