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ACCA考试P1-P3模拟题及解析3

来源：高顿网校 2014-07-15

　　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) The International Accounting Standards Board has recently completed a joint project with the Financial

　　Accounting Standards Board (FASB) on fair value measurement by issuing IFRS 13 Fair Value Measurement.

　　HKICPA has since issued the corresponding HKFRS 13. HKFRS 13 Fair Value Measurement defines fair value,establishes a framework for measuring fair value and requires significant disclosures relating to fair value measurement.

　　The standard enhances the guidance available for assessing fair value in order that users can better gauge the valuation techniques and inputs used to measure fair value. There are no new requirements as to when fair value accounting is required, but the HKFRS gives guidance regarding fair value measurements in existing standards.

　　Fair value measurements are categorised into a three-level hierarchy, based on the type of inputs to the valuation techniques used. However, the guidance in HKFRS 13 does not apply to transactions dealt with by certain specific standards.

　　Required:

　　(i) Discuss the main principles of fair value measurement as set out in HKFRS 13. (7 marks)

　　(ii) Describe the three-level hierarchy for fair value measurements used in HKFRS 13. (6 marks)

　　(b) Jayach, a public limited company, is reviewing the fair valuation of certain assets and liabilities in light of the introduction of HKFRS 13.

　　It carries an asset that is traded in different markets and is uncertain as to which valuation to use. The asset has to be valued at fair value under Hong Kong Financial Reporting Standards. Jayach currently only buys and sells the asset in the Australasian market. The data relating to the asset are set out below:

　　Year to 30 November 2012 Asian European Australasian

　　Market Market Market

　　Volume of market – units 4 million 2 million 1 million

　　Price $19 $16 $22

　　Costs of entering the market $2 $2 $3

　　Transaction costs $1 $2 $2

　　Additionally, Jayach had acquired an entity on 30 November 2012 and is required to fair value a decommissioning liability. The entity has to decommission a mine at the end of its useful life, which is in three years’ time. Jayach has determined that it will use a valuation technique to measure the fair value of the liability.

　　If Jayach were allowed to transfer the liability to another market participant, then the following data would be used.

　　Input Amount

　　Labour and material cost $2 million

　　Overhead 30% of labour and material cost

　　Third party mark-up – industry average 20%

　　Annual inflation rate 5%

　　Risk adjustment – uncertainty relating to cash flows 6%

　　Risk-free rate of government bonds 4%

　　Entity’s non-performance risk 2%

　　Jayach needs advice on how to fair value the liability.

　　Required:

　　Discuss, with relevant computations, how Jayach should fair value the above asset and liability under

　　HKFRS 13. (10 marks)

　　Professional marks will be awarded in question 4 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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