• 阅读:2331
  • 回复:0

[P2]ACCA每日一练P2(INT) 答案回复可见

楼主#
更多 发布于:2010-10-20 08:57
3 Sirus is a large national public limited company (plc). The directors’ service agreements require each director to
purchase ‘B’ ordinary shares on becoming a director and this capital is returned to the director on leaving the
company. Any decision to pay a dividend on the ‘B’ shares must be approved in a general meeting by a majority of
all of the shareholders in the company. Directors are the only holders of ‘B’ shares.
Sirus would like advice on how to account under International Financial Reporting Standards (IFRSs) for the following
events in its financial statements for the year ended 30 April 2008:
(a) The capital subscribed to Sirus by the directors and shareholders is shown as follows in the statement of financial
position as at 30 April 2008:
Equity
$m
Ordinary ‘A’ shares 100
Ordinary ‘B’ shares 20
Retained earnings 30
––––
Total equity 150
––––
On 30 April 2008 the directors had recommended that $3 million of the profits should be paid to the holders of
the ordinary ‘B’ shares, in addition to the $10 million paid to directors under their employment contracts. The
payment of $3 million had not been approved in a general meeting. The directors would like advice as to whether
the capital subscribed by the directors (the ordinary ‘B’ shares) is equity or a liability and how to treat the
payments out of profits to them. (6 marks)
(b) When a director retires, amounts become payable to the director as a form of retirement benefit as an annuity.
These amounts are not based on salaries paid to the director under an employment contract. Sirus has
contractual or constructive obligations to make payments to former directors as at 30 April 2008 as follows:
(i) certain former directors are paid a fixed annual amount for a fixed term beginning on the first anniversary of
the director’s retirement. If the director dies, an amount representing the present value of the future payment
is paid to the director’s estate.
(ii) in the case of other former directors, they are paid a fixed annual amount which ceases on death.
The rights to the annuities are determined by the length of service of the former directors and are set out in the
former directors’ service contracts. (6 marks)
(c) On 1 May 2007 Sirus acquired another company, Marne plc. The directors of Marne, who were the only
shareholders, were offered an increased profit share in the enlarged business for a period of two years after the
date of acquisition as an incentive to accept the purchase offer. After this period, normal remuneration levels will
be resumed. Sirus estimated that this would cost them $5 million at 30 April 2008, and a further $6 million at
30 April 2009. These amounts will be paid in cash shortly after the respective year ends. (5 marks)
(d) Sirus raised a loan with a bank of $2 million on 1 May 2007. The market interest rate of 8% per annum is to
be paid annually in arrears and the principal is to be repaid in 10 years time. The terms of the loan allow Sirus
to redeem the loan after seven years by paying the full amount of the interest to be charged over the ten year
period, plus a penalty of $200,000 and the principal of $2 million. The effective interest rate of the repayment
option is 9·1%. The directors of Sirus are currently restructuring the funding of the company and are in initial
discussions with the bank about the possibility of repaying the loan within the next financial year. Sirus is
uncertain about the accounting treatment for the current loan agreement and whether the loan can be shown as
a current liability because of the discussions with the bank. (6 marks)
Appropriateness of the format and presentation of the report and quality of discussion (2 marks)
Required:
Draft a report to the directors of Sirus which discusses the principles and nature of the accounting treatment of
the above elements under International Financial Reporting Standards in the financial statements for the year
ended 30 April 2008.
(25 marks)
 
 
本部分内容设定了隐藏,需要回复后才能看到

喜欢0
17acca就是大家学习ACCA的乐园~~

返回顶部