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Q1Draftanex natorynotetothedirectorsofMoyeswhichshouldinclude:acalculationofcashgeneratedfromusingtheindirectmethod;anex nationofthespecific tothegroupprofitbeforetaxtocalculatethecashgeneratedfromoperations.Note:Anyworkingscaneitherbeshowninthemainbodyoftheex natorynoteorinanappendixtothe natorynote.(12marks) inhow dividendwouldimpactupontheconsolidatedstatementofcashflowsat30September20X8fortheMoyesgroup.Youshouldnotattempttoalteryouranswertopart(a).(6marks)AdvisethedirectorsastowhethershouldbeclassifiedasheldforsaleandwhetherbothitandBarhamshouldbeclassifiedas(6AnswersInternationalFinancialReportingStandard(IFRS®)5Non-currentAssetsHeldforSaleandDis definesadis operationasacomponentofanentitywhicheitherhasbeendisposedoforisclassifiedasheldforsale,andrepresentsaseparatemajorlineofbusinessorgeographicalareaofoperations;isasingleco-ordinated ntodisposeofaseparatemajorlineorareaofoperations;isasubsidiaryacquiredexclusivelyforAnswersBothentitieswouldbecomponentsoftheMoyesgroupsincetheiroperationsandcashflowsareclearlydistinguishableforreportingpurposes.bBarhamhasbeensoldduringtheyearbutthereappearstobeothersubsidiarieswhichoperateinsimilargeographicalregionsandproducesimilarproducts.Littleguidanceisgivenastowhatwouldconstituteaseparatemajorlineofbusinessorgeographicalareaofoperations.Thedefinitionissubjectiveandthedirectorsshouldconsiderfactorssuch eforedeterminingwhetherBarhamshouldbepresentedasdis ornot.bAnswersTobeclassifiedasheldforsale,asalehastobehighlyprobableandtheentityshouldbeavailableforsaleinitspresentcondition.Atfacevalue,Watsonwouldnotappeartomeetthisdefinitionasnosalestransactionistotake AnswersIFRS5doesnotexplicitlyextendtherequirementsforheldforsaletosituationswherecontrolislost.However,theInternationalAccountingStandardsBoard(theBoard)haveconfirmedthatininstanceswherecontrolislost,thesubsidiaries'assetsandliabilitiesshouldbeLossofcontrolisasignificanteconomiceventandfundamentallychangestheinvestor–investeerelationship.Thereforesituationswheretheparentiscommittedtolosecontrolshouldtriggerareclassificationasheldforsale.Whetherthisshouldbeextendedtosituationswherecontrolislosttoothercauseswouldbejudgemental.Itis thereforethatWatsonshouldbeclassifiedasheldforsalebuttobeclassifiedasadis operation,Watsonwouldneedtorepresentaseparatemajorlineofbusinessorgeographicalareaofoperation.The2010versionoftheConceptualFrameworkforFinancialReporting(theConceptualFramework)oftheInternationalAccountingStandardsBoard(theBoard)specifiesthatitmustbethatanyfutureeconomicbenefitassociatedwithanassetorliabilitywillflowtofromanentityinorderfortheassetorliabilitytoqualifyforrecognition.Currentaccountingstandardshavebeencriticisedfornotnecessarilyapplyingtheprobabilitycriterionrelatingtofutureeconomicbenefitsonabasis.TheBoardissuedExposureDraftED/2015/3ConceptualFrameworkForFinancialReportinginwhichnewrecognitioncriteriawereproposedtoaddressthisissue. inhowtheprobabilitycriterionhasnotbeenappliedconsistentlyacrossaccountingstandards.Illustrateyouranswerwithreferencetohowtheremaybeinconsistencieswiththemeasurementofassetsheldforsale,provisionsandcontingentconsideration.YouranswershouldalsodiscusshowtheBoard’sproposedchangestotherecognitioncriteriaaddresstheissue.(6AnswersDifferentaccountingstandardsusedifferentlevelsofprobabilitiestodiscusswhenassetsandliabilitiesshouldberecognisedinthefinancialstatements.Forexample,economicbenefitsfromproperty, ntandequipmentandintangibleassetsneedtobeprobabletoberecognised;tobeclassifiedasheldforsale,thesalehastobehighlyprobable.AnswersUnderInternationalAccountingStandard(IAS®)37Provisions,ContingentLiabilitiesandContingentAssets,aprovisionshouldbeprobabletoberecognised.Uncertainassetsontheotherhandwouldhavetobevirtuallycertain.Thiscouldleadtoasituationwheretwosidesofthesamecourtcasehavetwodifferentaccountingtreatmentsdespitethelikelihoodofpayoutbeingidenticalforbothparties.Contingentconsiderationisrecognisedinthestatementsregardlessofthelevelofprobability.RatherthefairvalueisadjustedtoreflectthelevelofuncertaintyofthecontingentconsiderationAnswersTheBoardhasconfirmedanewapproachtorecognitioncriteriawhichrequiresdecisionstobemadewithreferencetothequalitativecharacteristicsoffinancialinformation.Anentityshouldnowrecogniseanassetorliabilityifsuchrecognitionprovidesusersoffinancialstatementswith:pmorerelevantinformationandfaithfulrepresentationoftheassetorpinformationwhichresultsinbenefitsexceedingthecostsoftheAkeychangehereistoremovetheprobabilitycriterion.Thismeansthatmoreassetsandliabilitieswithalowprobabilityofinfloworoutflowofeconomicresourcesarelikelytoberecognised.TheBoardacceptsthat ouldstillmeantherewillbeinconsistenciesintherecognitionofassetsandliabilitieswithinfinancialreportingstandardsbutmaybeanecessaryconsequenceofprovidingtheDiscusshowtheHalampropertyshouldhavebeenaccountedforandexintheimplicationsforthefinancialstatementsandthedebtcovenantofFiskerton.(7marks)InaccordancewithInternationalFinancialReportingStandards(IFRS®)15RevenuefromContractswithCustomers,discusswhetherrevenuearisingfromthesalescontractshouldberecognisedonastageofcompletionbasis.(4marks) inanyethicalissueswhichmayariseforthemanagingdirectorandtheaccountantfromeachofthescenarios.(7marks)Professionalmarkswillbeawardedinquestion2(c)forthequalityofthediscussion.(2marks)Q3a)Fillisacoalmining andsellsitscoalonthespotandfuturesmarkets.Onthespotmarket,thecommodityistradedforimmediatedeliveryand,ontheforwardmarket,thecommodityistradedforfuturedelivery.Theinventoryisdividedintodifferentgradesofcoal.Oneofthecategoriesincludedininventoriesat30November20X6iscoalwithalowcarboncontentwhichisofalowquality.Fillwillnotprocessthislowqualitycoaluntilallofothercoalhasbeenextractedfromthemine,whichislikelytobeinthreeyears’time.Basedonmarketinformation,Fillhascalculatedthatthethree-yearforecastpriceofcoalwillbe20%lowerthanthecurrentspotprice.QuestionsThedirectorsofFillwouldlikeadviceontwowhether affects;valuation;howtocalculatethenetrealisablevalueofthecoalinventory,includingthelowqualitycoal.(7AnswersTheFrameworkacknowledgesavarietyofincludinghistoricalcost,currentcost,netrealisablevalue(NRV)andpresentvalue.ItreferstoNRVasasettlementvaluewhichwillbedeterminedbyafuturetransaction.ThusinordertodetermineNRV,thedirectorswouldneedtorefertoforthedefinitionandEventsaftertheReportingDate.ThedirectorsshouldconsideranyadjustingeventswhichprovideevidenceofconditionswhichexistetheendofthereportingperiodinordertodetermineNRVIAS2definesNRVastheestimatedsellingpriceintheordinarycourseofbusinesslessthecostsofcompletionandcostsofsale.Inthiscase,theNRVwillbedeterminedonthebasisofconditionswhichexistedthedateofthestatementoffinancialposition.IFRS13FairValueMeasurementdoesnotapplytoIAS2asregardsNRVeventhoughthemeasurementmethodisveryAnyfuturepricemovementswillbeconsiderediftheyprovideinformationabouttheconditionsatthedateofthestatementoffinancialpositionbutnormallythesemovementswouldreflectchangesinthemarketconditionsthatdateandthereforewouldnotaffectthecalculationofNRV.TheNRVwillbebaseduponthemostreliableoftheamountswhichwillberealisedfortheTheyear-endspotpricewillprovidegoodevidenceoftherealisablevalueoftheinventoriesandwherethehasanexecutorycontracttosellcoalatafuturedate,thentheuseoftheforwardcontractpricemaybeappropriate.However,ifthecontractisnotexecutorybutisafinancialinstrumentunderIFRS9FinancialInstrumentsoranonerouscontractrecognisedasaprovisionunderIAS37Provisions,ContingentLiabilitiesandContingentAssets,itisunlikelytobeusedtocalculateNRVAnswersFillshouldcalculatetheNRVofthelowcarboncoalusingtheforecastmarketpricebaseduponwhentheinventoryisexpectedtobeprocessedandrealised.FuturechangesintheforecastmarketpriceortheprocessingandsaleofthelowcarboncoalmayresultinadjustmentstotheNRV.Astheseadjustmentsarechangesinestimates,IAS8AccountingPolicies,ChangesinAccountingEstimatesandErrorswillapplywiththeresultthatsuchgainsandlosseswillberecognisedinthestatementofprofitorlossintheperiodinwhichtheyarise. 就持有的乙原材料是应当计提的存货跌价准备是（）。=200×20+2.6×200=4520（万元），丙产成品的成本发生减值。200吨乙原材料的可变现净值=4240-2.6×200=3720（万元），甲公司持有的乙原材料应计提的存货跌价准备=200×20-3720=280（万元）。Q3b)BackgroundAt30November20X6,thedirectorsofFillestimatethatapieceofminingequipmentneedstobereconditionedeverytwoyears.Theyestimatethatthesecostswillamountto$2millionforpartsand$1millionforthelabourcostoftheirownemployees.Thedirectorsareproposingtocreateaprovisionforthenextreconditioningwhichisdueintwoyears’timein20X8,alongwithessentialmaintenancecosts.Thereisnolegalobligationtomaintaintheminingequipment.Asex inedabove,itisexpectedthattherewillbefuturereductionsinthesellingpricesofcoalwhichwillaffecttheforwardcontractsbeingsignedoverthenexttwoyearsbyFill.ThedirectorsofFillrequireadviceonhowtotreatthereconditioningcostsandwhetherthedeclineinthepriceofcoalisanimpairmentindicator.(8Answersb)IAS16Property, ntandEquipmentrequiresanentitytorecogniseinthecarryingamountofPPE,thecostofre cingpartofsuchanitem.Wheneachmajorinspectionisperformed,itscostisrecognisedinthecarryingamountoftheitemofPPEasare cementiftherecognitioncriteriaaresatisfied.Anyremainingcarryingamountofthecostofapreviousinspectionisderecognised.Thecostsofperformingamajorreconditioningarecapitalisedifitgivesaccesstofutureeconomicbenefits.Suchcostswillincludethelabourandmaterialscosts($3million)ofperformingthereconditioning.However,costswhichdonotrelatetothere cementofcomponentsortheinstallationofnewassets,suchasroutinemaintenancecosts,shouldbeexpensedasincurred.AnswersItisnotacceptabletoaccruethecostsofreconditioningequipmentasthereisnolegalorapparentconstructiveobligationtoundertakethereconditioning.Assetoutabove,thecostofthereconditioningshouldbeidentifiedasaseparatecomponentofthemineassetatinitialrecognitionanddepreciatedoveraperiodoftwoyears.ThiswillresultinthesameamountofexpensebeingrecognisedastheproposaltocreateaprovisionOverhaulsAnaircraftrequiresa nnedoverhauleachyearatacostof$5,000.Thisisaconditionofbeingallowedtofly.HowshouldthecostoftheoverhaulbetreatedinthefinancialpAccruedforovertheyearandchargedtomaintenanceexpensespProvidedforinadvanceandchargedtomaintenanceexpensespCapitalisedanddepreciatedovertheperiodtothenextoverhaulpChargedtoprofitorlosswhentheexpendituretakes Q3c)BackgroundFillalsojointlycontrolscoalmineswithotherentities.TheThetamineisownedbyfourparticipants.Fillowns28%,andtheotherthreeparticipantseachown24%ofthemine.Theoperatingagreementrequiresanymajordecisionstobeapprovedbypartiesrepresenting72%oftheinterestinthemine.Fillisconsideringpurchasingoneoftheparticipant’sinterestsof24%.ThedirectorsofFillwishadviceonwhethertheproposedrevisiontotheConceptualFrameworkwillaffectthedecisionastowhetherFillthemine.ThedirectorsarealsowonderingwhethertheacquisitionoftheinterestwouldbeconsideredabusinesscombinationunderIFRSStandards.(10marks)Answersstatesthatanentity neconomicresourceifithasthepresentabilitytodirecttheuseoftheeconomicresourceandobtaintheeconomicbenefitswhichflowfromit.Anentityhastheabilitytodirecttheuseofaneconomicresourceifithastherighttodeploythateconomicresourceinitsactivities.Althoughcontrolofaneconomicresourceusuallyarisesfromlegalrights,itcanalsoariseifanentityhasthepresentabilitytopreventallotherpartiesfromdirectingtheuseofitandobtainingthebenefitsfromtheeconomicresource.Foranentitytocontrolaresource,theeconomicbenefitsfromtheresourcemustflowtotheentityinsteadofanotherpartyAnswersAlthoughtheEDgivessomeguidanceonthedefinitionofcontrol,existingIFRSStandardsalsoprovidehelpindeterminingwhetherFillcontrolsthemineandthereforeshouldaccountforitasabusinesscombination.ConsolidatedFinancialStatementsstatesthataninvestorcontrolsaninvesteewhenitisexposed,orhasrights,tovariablereturnsfromitsinvolvementwiththeinvesteeandhastheabilitytoaffectthosereturnsthroughitspowerovertheinvestee.Further,IFRS15RevenuefromContractswithCustomerslistsindicatorsofthetransferofcontrolofanassettoacustomer.Oneoftheindicatorsisthatthecustomerhasthesignificantrisksandrewardsofownershipoftheassetwhichisbasicallyexposuretosignificantvariationsintheamountofeconomicbenefits.(积累、AnswersAbusinesscombinationisdefinedinIFRS3BusinessCombinationsasatransactionorothereventinwhichanacquirerobtainscontrolofoneormorebusinesses.Abusinessisfurtherdefinedas‘anintegratedsetofactivitiesandassetsthatiscapableofbeingconductedandmanagedforthepurposeofprovidingareturn…..’Thus,theproducingminerepresentsabusinessandFillnowownsamajorityoftheinterestinthebusiness.However,asFilldoesnothaveabilitytoaffectdecisionsunle