ACCA P2 一日一练
The following draft group financial statements relate to Jocatt, a public limited company:
Jocatt Group: Statement of financial position as at 30 November 2010 2009 $m $m Assets Non-current assets Property, plant and equipment 327 254 Investment property 8 6 Goodwill 48 68 Intangible assets 85 72 Investment in associate 54 – Available-for-sale financial assets 94 90 –––––– ––––– 616 490 –––––– ––––– Current assets Inventories 105 128 Trade receivables 62 113 Cash and cash equivalents 232 143 –––––– ––––– 399 384 –––––– ––––– Total assets 1,015 874 –––––– ––––– Equity and Liabilities Equity attributable to the owners of the parent: Share capital 290 275 Retained earnings 351 324 Other components of equity 15 20 –––––– ––––– 656 619 –––––– ––––– Non-controlling interest 55 36 –––––– ––––– Total equity 711 655 –––––– ––––– Non-current liabilities: Long-term borrowings 67 71 Deferred tax 35 41 Long-term provisions-pension liability 25 22 –––––– ––––– Total non-current liabilities 127 134 –––––– ––––– Current liabilities: Trade payables 144 55 Current tax payable 33 30 –––––– ––––– Total current liabilities 177 85 –––––– ––––– Total liabilities 304 219 –––––– ––––– Total equity and liabilities 1,015 874 –––––– ––––– Jocatt Group: Statement of comprehensive income for the year ended 30 November 2010 $m Revenue 432 Cost of sales (317) ––––––– Gross profit 115 Other income 25 Distribution costs (55·5) Administrative expenses (36) Finance costs paid (6) Gains on property 10·5 Share of profit of associate 6 ––––––– Profit before tax 59 Income tax expense (11) ––––––– Profit for the year 48 ––––––– ––––––– Other comprehensive income after tax: Gain on available for sale financial assets (AFS) 2 Losses on property revaluation (7) Actuarial losses on defined benefit plan (6) ––––––– Other comprehensive income for the year, net of tax (11) ––––––– Total comprehensive income for the year 37 ––––––– ––––––– Profit attributable to: Owners of the parent 38 Non-controlling interest 10 ––––––– 48 ––––––– Total comprehensive income attributable to: $m Owners of the parent 27 Non-controlling interest 10 ––––––– 37 ––––––– Jocatt Group: Statement of changes in equity for the year ended 30 November 2010 Share Retained AFS Revaluation Total Non- Total Capital Earnings financial Surplus controlling equity assets (PPE) Interest $m $m $m $m $m $m $m Balance at 1 December 2009 275 324 4 16 619 36 655 Share capital issued 15 15 15 Dividends (5) (5) (13) (18) Rights issue 2 2 Acquisitions 20 20 Total comprehensive income for the year 32 2 (7) 27 10 37 –––– –––– –––– –––– –––– –––– –––– Balance at 30 November 2010 290 351 6 9 656 55 711 –––– –––– –––– –––– –––– The following information relates to the financial statements of Jocatt: (i) On 1 December 2008, Jocatt acquired 8% of the ordinary shares of Tigret. Jocatt had treated this investment as available-for-sale in the financial statements to 30 November 2009. On 1 December 2009, Jocatt acquired a further 52% of the ordinary shares of Tigret and gained control of the company. The consideration for the acquisitions was as follows: Holding Consideration $m 1 December 2008 8% 4 1 December 2009 52% 30 ––––– –––– 60% 34 ––––– –––– At 1 December 2009, the fair value of the 8% holding in Tigret held by Jocatt at the time of the business combination was $5 million and the fair value of the non-controlling interest in Tigret was $20 million. No gain or loss on the 8% holding in Tigret had been reported in the financial statements at 1 December 2009. The purchase consideration at 1 December 2009 comprised cash of $15 million and shares of $15 million. The fair value of the identifiable net assets of Tigret, excluding deferred tax assets and liabilities, at the date of acquisition comprised the following: $m Property, plant and equipment 15 Intangible assets 18 Trade receivables 5 Cash 7 The tax base of the identifiable net assets of Tigret was $40 million at 1 December 2009. The tax rate of Tigret is 30%. (ii) On 30 November 2010,Tigret made a rights issue on a 1 for 4 basis. The issue was fully subscribed and raised $5 million in cash. (iii) Jocatt purchased a research project from a third party including certain patents on 1 December 2009 for $8 million and recognised it as an intangible asset. During the year, Jocatt incurred further costs, which included $2 million on completing the research phase, $4 million in developing the product for sale and $1 million for the initial marketing costs. There were no other additions to intangible assets in the period other than those on the acquisition of Tigret. (iv) Jocatt operates a defined benefit scheme. The current service costs for the year ended 30 November 2010 are $10 million. Jocatt enhanced the benefits on 1 December 2009 however, these do not vest until 30 November 2012. The total cost of the enhancement is $6 million. The expected return on plan assets was $8 million for the year and Jocatt recognises actuarial gains and losses within other comprehensive income as they arise. (v) Jocatt owns an investment property. During the year, part of the heating system of the property, which had a carrying value of $0·5 million, was replaced by a new system, which cost $1 million. Jocatt uses the fair value model for measuring investment property. (vi) Jocatt had exchanged surplus land with a carrying value of $10 million for cash of $15 million and plant valued at $4 million. The transaction has commercial substance. Depreciation for the period for property, plant and equipment was $27 million. (vii) Goodwill relating to all subsidiaries had been impairment tested in the year to 30 November 2010 and any impairment accounted for. The goodwill impairment related to those subsidiaries which were 100% owned. (viii) Deferred tax of $1 million arose on the gains on available-for-sale investments in the year. (ix) The associate did not pay any dividends in the year. Required: (a) Prepare a consolidated statement of cash flows for the Jocatt Group using the indirect method under IAS 7 ‘Statement of Cash Flows’. Note: Ignore deferred taxation other than where it is mentioned in the question. (35 marks) (b) Jocatt operates in the energy industry and undertakes complex natural gas trading arrangements, which involve exchanges in resources with other companies in the industry. Jocatt is entering into a long-term contract for the supply of gas and is raising a loan on the strength of this contract. The proceeds of the loan are to be received over the year to 30 November 2011 and are to be repaid over four years to 30 November 2015. Jocatt wishes to report the proceeds as operating cash flow because it is related to a long-term purchase contract. The directors of Jocatt receive extra income if the operating cash flow exceeds a predetermined target for the year and feel that the indirect method is more useful and informative to users of financial statements than the direct method. (i) Comment on the directors’ view that the indirect method of preparing statements of cash flow is more useful and informative to users than the direct method. (7 marks) (ii) Discuss the reasons why the directors may wish to report the loan proceeds as an operating cash flow rather than a financing cash flow and whether there are any ethical implications of adopting this treatment. (6 marks) Professional marks will be awarded in part (b) for the clarity and quality of discussion. |
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