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2011年6月ACCA考试F7考试真题(1)

2013-02-28 15:01来源:打印订阅
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The following information is relevant:

(i)   Prodigal’s policy is to revalue the group’s land to market value at the end of each accounting period. Prior to its acquisition Sentinel’s land had been valued at historical cost. During the post acquisition period Sentinel’s land had   increased   in   value   over   its   value   at   the   date   of   acquisition   by   $1   million.   Sentinel   has   recognised   the revaluation within its own financial statements.

(ii)  Immediately after the acquisition of Sentinel on 1 October 2010, Prodigal transferred an item of plant with a carrying amount of $4 million to Sentinel at an agreed value of $5 million. At this date the plant had a remaining life of two and half years. Prodigal had included the profit on this transfer as a reduction in its depreciation costs.All depreciation is charged to cost of sales.

(iii) After the acquisition Sentinel sold goods to Prodigal for $40 million. These goods had cost Sentinel $30 million.$12 million of the goods sold remained in Prodigal’s closing inventory.

(iv)  Prodigal’s policy is to value the non-controlling interest of Sentinel at the date of acquisition at its fair value which the directors determined to be $100 million.

(v)   The goodwill of Sentinel has not suffered any impairment.

(vi)  All items in the above statements of comprehensive income are deemed to accrue evenly over the year unless otherwise indicated.

Required:

(a)  (i)   Prepare the consolidated statement of comprehensive income of Prodigal for the year ended 31 March 2011;

(ii)  Prepare   the   equity   section   (including   the   non-controlling   interest)   of   the   consolidated   statement   of financial position of Prodigal as at 31 March 2011.

Note: you are NOT required to calculate consolidated goodwill or produce the statement of changes in equity. The following mark allocation is provided as guidance for this requirement:

(b)   IFRS 3 Business combinations permits a non-controlling interest at the date of acquisition to be valued by one of two methods:

(i)  at its proportionate share of the subsidiary’s identifiable net assets; or

(ii) at its fair value (usually determined by the directors of the parent company).

Required:

Explain   the   difference   that   the   accounting   treatment   of   these   alternative   methods   could   have   on   the consolidated financial statements, including where consolidated goodwill may be impaired.                            

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