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ACCA考试P1-P3模拟题及解析16

来源：高顿网校 2014-07-21

　　以下是高顿网校小编为学员整理的：ACCA P1-P3模拟题及解析。

　　William is a public limited company and would like advice in relation to the following transactions.

　　(a) William owned a building on which it raised finance. William sold the building for $5 million to a finance company on 1 June 2011 when the carrying amount was $3·5 million. The same building was leased back from the finance company for a period of 20 years, which was felt to be equivalent to the majority of the asset’s economic life. The lease rentals for the period are $441,000 payable annually in arrears. The interest rate implicit in the lease is 7%. The present value of the minimum lease payments is the same as the sale proceeds.

　　William wishes to know how to account for the above transaction for the year ended 31 May 2012.

　　(7 marks)

　　(b) William operates a defined benefit scheme for its employees. At June 2011, the net pension liability recognized in the statement of financial position was $18 million, excluding an unrecognised actuarial gain of $15 million which William wishes to spread over the remaining working lives of the employees. The scheme was revised on 1 June 2011. This resulted in the benefits being enhanced for some members of the plan and because benefits do not vest for these members for five years, William wishes to spread the increased cost over that period.

　　However, part of the scheme was to be closed, without any redundancy of employees.

　　William requires advice on how to account for the above scheme under HKAS 19 Employee Benefits including the presentation and measurement of the pension expense. (7 marks)

　　(c) On 1 June 2009, William granted 500 share appreciation rights to each of its 20 managers. All of the rights vest after two years service and they can be exercised during the following two years up to 31 May 2013. The fair value of the right at the grant date was $20. It was thought that three managers would leave over the initial two-year period and they did so. The fair value of each right was as follows:

　　Year Fair value at year end $

　　31 May 2010 23

　　31 May 2011 14

　　31 May 2012 24

　　On 31 May 2012, seven managers exercised their rights when the intrinsic value of the right was $21.William wishes to know what the liability and expense will be at 31 May 2012. (5 marks)

　　(d) William acquired another entity, Chrissy, on 1 May 2012. At the time of the acquisition, Chrissy was being sued as there is an alleged mis-selling case potentially implicating the entity. The claimants are suing for damages of $10 million. William estimates that the fair value of any contingent liability is $4 million and feels that it is more likely than not that no outflow of funds will occur.

　　William wishes to know how to account for this potential liability in Chrissy’s entity financial statements and whether the treatment would be the same in the consolidated financial statements. (4 marks)

　　Required:

　　Discuss, with suitable computations, the advice that should be given to William in accounting for the above events.

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

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

　　(25 marks)

　　Answer:

　　(a) A lease is classified as a finance lease if it transfers substantially the entire risks and rewards incident to ownership. All other leases are classified as operating leases. Classification is made at the inception of the lease. Whether a lease is a finance lease or an operating lease depends on the substance of the transaction rather than the form. Situations that would normally lead to a lease being classified as a finance lease include the following:

　　– the lease transfers ownership of the asset to the lessee by the end of the lease term;

　　– the lessee has the option to purchase the asset at a price which is expected to be sufficiently lower than fair value at the date the option becomes exercisable that, at the inception of the lease, it is reasonably certain that the option will be exercised;

　　– the lease term is for the major part of the economic life of the asset, even if title is not transferred;

　　– at the inception of the lease, the present value of the minimum lease payments amounts to at least substantially all of the fair value of the leased asset;

　　– the lease assets are of a specialised nature such that only the lessee can use them without major modifications being made.

　　In this case the lease back of the building is for the major part of the building’s economic life and the present value of the minimum lease payments amounts to all of the fair value of the leased asset. Therefore the lease should be recorded as a finance lease.

　　The building is derecognised at its carrying amount and then reinstated at its fair value with any disposal gain, in this instance $1·5 million ($5m – $3·5m) being deferred over the new lease term. The building is depreciated over the shorter of the lease term and useful economic life, so 20 years. Finance lease accounting results in a liability being created, finance charge accruing at the implicit rate within the lease, in this case 7%, and the payment reducing the lease liability in arriving at the year-end balance. The associated double entry for the lease is as follows:

　　$000 $000

　　Sale of building

　　Dr cash 5,000

　　Cr building 3,500

　　deferred income 1,500

　　Leased asset and liability

　　Dr asset – finance lease 5,000

　　Cr finance lease creditor 5,000

　　Deferred income release

　　Dr deferred income 75

　　Cr profit or loss 75

　　Depreciation of asset

　　Dr depreciation 250

　　Cr assets under finance lease 250

　　Rentals paid

　　Dr interest 350

　　finance lease creditor 91

　　Cr cash 441

　　(b) Under HKAS 19 Employee Benefits, the accounting procedures would be:

　　Recognition of actuarial gains and losses (remeasurements):

　　Actuarial gains and losses are renamed ‘remeasurements’ and will be recognised immediately in ‘other comprehensive income’ (OCI). Actuarial gains and losses cannot be deferred or recognised in profit or loss; this is likely to increase volatility in the statement of financial position and OCI. Remeasurements recognised in OCI cannot be recycled through profit or loss in subsequent periods. Thus William will not be able to spread these gains and losses over the remaining working life of the employees.

　　Recognition of past service cost:

　　Past-service costs are recognised in the period of a plan amendment; unvested benefits cannot be spread over a future-service period. The plan benefits which were enhanced on 1 June 2011 would have to be immediately recognised and the unvested benefits would not be spread over five years from that date. A curtailment occurs only when an entity reduces significantly the number of employees. Curtailment gains/losses are accounted for as past-service costs. Thus William will need to realize that any curtailment is only recognised in these circumstances and will result in immediate recognition of any gain or loss.

　　Measurement of pension expense:

　　Annual expense for a funded benefit plan will include net interest expense or income, calculated by applying the discount rate to the net defined benefit asset or liability. The discount rate used is a high-quality corporate bond rate where there is a deep market in such bonds, and a government bond rate in other markets.

　　Presentation in the income statement:

　　The benefit cost will be split between

　　(i) the cost of benefits accrued in the current period (service cost) and benefit changes

　　(past-service cost, settlements and curtailments)

　　(ii) finance expense or income. This analysis can be in the income statement or in the notes.

　　(c) Expenses in respect of cash-settled share-based payment transactions should be recognised over the period during which goods are received or services are rendered, and measured at the fair value of the liability. The fair value of the liability should be remeasured at each reporting date until settled. Changes in fair value are recognised in the statement of comprehensive income.

　　The credit entry in respect of a cash-settled share-based payment transaction is presented as a liability. The fair value of each share appreciation right (SAR) is made up of an intrinsic value and its time value. The time value reflects the fact that the holders of each SAR have the right to participate in future gains. At 31 May 2012, the expense will comprise any increase in the liability plus the cash paid based on the intrinsic value of the SAR.

　　Liability 31 May 2012 (10 x 500 x $24) $120,000

　　Liability 31 May 2011 (17 x 500 x $14) ($119,000)

　　Cash paid (7 x 500 x $21) $73,500

　　Expense year ending 31 May 2012 $74,500

　　Therefore the expense for the year is $74,500 and the liability at the year end is $120,000.

　　(d) HKAS 37 Provisions, Contingent Liabilities and Contingent Assets describes contingent liabilities in two ways. Firstly, as reliably possible obligations whose existence will be confirmed only on the occurrence or non-occurrence of uncertain future events outside the entity’s control, or secondly, as present obligations that are not recognised because: (a) it is not probable that an outflow of economic benefits will be required to settle the obligation; or (b) the amount cannot be measured reliably.

　　In Chrissy’s financial statements contingent liabilities are not recognised but are disclosed and described in the notes to the financial statements, including an estimate of their potential financial effect and uncertainties relating to the amount or timing of any outflow, unless the possibility of settlement is remote.

　　However, in a business combination, a contingent liability is recognised if it meets the definition of a liability and if it can be measured. The first type of contingent liability above under HKAS 37 is not recognised in a business combination. However,the second type of contingency is recognised whether or not it is probable that an outflow of economic benefits takes place but only if it can be measured reliably. This means William would recognise a liability of $4 million in the consolidated accounts. Contingent liabilities are an exception to the recognition principle because of the reliable measurement criteria.

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