ACCA考试P1-P3模拟题及解析1

　　以下是高顿网校小编为学员整理的：ACCA P1-P3模拟题及解析。
 

　　(a) Coate, a public limited company, is a producer of ecologically friendly electrical power (green electricity). Coate’s revenue comprises mainly the sale of electricity and green certificates. Coate obtains green certificates under a national government scheme. Green certificates represent the environmental value of green electricity. The national government requires suppliers who do not produce green electricity to purchase a certain number of green certificates. Suppliers who do not produce green electricity can buy green certificates either on the market on which they are traded or directly from a producer such as Coate. The national government wishes to give incentives to producers such as Coate by allowing them to gain extra income in this way.

　　Coate obtains the certificates from the national government on satisfactory completion of an audit by an independent organisation, which confirms the origin of production. Coate then receives a certain number of green certificates from the national government depending on the volume of green electricity generated. The green certificates are allocated to Coate on a quarterly basis by the national government and Coate can trade the green certificates.

　　Coate is uncertain as to the accounting treatment of the green certificates in its financial statements for the period ended 30 November 2012 and how to treat the green certificates which were not sold at the end of the reporting period. (7 marks)
 

　　(b)During the year ended 30 November 2012, Coate acquired an overseas subsidiary whose financial statements are prepared in a different currency to Coate. The amounts reported in the consolidated statement of cash flows included the effect of changes in foreign exchange rates arising on the retranslation of its overseas operations.

　　Additionally, the group’s consolidated statement of cash flows reported as a loss the effect of foreign exchange rate changes on cash and cash equivalents as Coate held some foreign currency of its own denominated in cash.(5 marks)
 

　　(c)Coate also sold 50% of a previously wholly owned subsidiary, Patten, to a third party, Manis. Manis is in the same industry as Coate. Coate has continued to account for the investment in Patten as a subsidiary in its consolidated financial statements. The main reason for this accounting treatment was the agreement that had been made with Manis, under which Coate would exercise general control over Patten’s operating and financial policies. Coate has appointed three out of four directors to the board. The agreement also stated that certain decisions required consensus by the two shareholders.

　　Under the shareholder agreement, consensus is required with respect to:

　　– significant changes in the company’s activities;

　　– plans or budgets that deviate from the business plan;

　　– accounting policies; acquisition of assets above a certain value; employment or dismissal of senior employees; distribution of dividends or establishment of loan facilities

　　Coate feels that the consensus required above does not constitute a hindrance to the power to control Patten, as it is customary within the industry to require shareholder consensus for decisions of the types listed in the shareholders’ agreement. (6 marks)
 

　　(d)In the notes to Coate’s financial statements for the year ended 30 November 2012, the tax expense included an amount in respect of ‘Adjustments to current tax in respect of prior years’ and this expense had been treated as a prior year adjustment. These items related to adjustments arising from tax audits by the authorities in relation to previous reporting periods.

　　The issues that resulted in the tax audit adjustment were not a breach of tax law but related predominantly to transfer pricing issues, for which there was a range of possible outcomes that were negotiated during 2012 with the taxation authorities. Further at 30 November 2011, Coate had accounted for all known issues arising from the audits to that date and the tax adjustment could not have been foreseen as at 30 November 2011, as the audit authorities changed the scope of the audit. No penalties were expected to be applied by the taxation authorities. (5 marks)
 

　　Discuss how the above events should be accounted for in the individual or, as appropriate, the consolidated financial statements of Coate.

　　Note: The mark allocation is shown against each of the four events above.

　　Professional marks will be awarded in question 2 for the clarity and quality of the presentation and discussion.(2 marks)(25 marks)
 

　　高顿网校小编寄语：羡慕别人得到的，不如珍惜自己拥有的。

 　　　　　　

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