provisions是什么意思visions在线翻译读音

RELEVANTTOACCAQUALIFICATIONPAPERP2

2011ACCA

Provisions

ThePaperP2examineroftenfeaturesonequestionperexamthatfocusesona

singleInternationalFinancialReportingStandard(IFRS).Butbewarned–while

thesequestionstaketheirleadfromasingleIFRS,theexamineralsobringsin

otherissuesfromotherIFRS.

TheDecember2010examincludedashare-basedpaymentquestioncalled

that,intheDecember2009exam,therewasaquestionon

impairmentand,inJune2009,anotheronfinancialinstruments.

Inthelastexam,theMargiequestionwasnotjustaboutshare-basedpayment.

Italsoincludedfinancialinstruments,,

erefewmarksforregurgitationof

kofthemarkswerereservedforanalysis.

Sotogiveyouanideaofhowthesequestionswork,andtorevisitasubject

thathasnotbeenthesubjectoffocusforawhile,Iamgoingtoresurrectan

ocusquestionthatlooksat

provisions,

course,Ihavehadtochangethequestionslightlytobringituptodate.

Thepurposeofthisarticleistogiveyouafeelastohowtotacklesuch

questions.

Satellite

Satellite,apubliclimitedcompany,hasproduceddraftconsolidatedfinancial

upaccountanthasaskedyouradvice

ssuesaresetoutbelowandhavenotbeendealt

withinthedraftgroupfinancialstatements:

rementofthe

operatingleaseforthecorporateofficesisthattheassetisreturnedin

ratingleasewassignedinthecurrentyearand

iteintendstorefurbishthebuildinginsixyears’

timeatacostof$6minordertomeettherequirementsofthelease.

Thisamountincludesthecostofreno异的多义词组词 vatingtheexteriorofthebuilding

tly,thereisevidencethatdue

tosevereandexceptionalweatherdamagethecompanywillhaveto

spend$1.2minthenextyearonhavingtheex我自横刀向天笑的下一句 teriorofthebuilding

panyfeelsthatthisexpenditurewillreducethe

refurbishmentcostattheendoftheleasebyanequivalentamount.

Thereisnoprovisionfortheaboveexpenditureinthefinancial

statements.(3marks)

2

PROVISIONS

APRIL2011

2011ACCA

2An80%ownedsubsidiarycompany,Universe,hasaleaseholdproperty

(historicalcost$8m,acquiredattheyearstart).Ithasbeenmodifiedto

hetermsofthelease,

thewarehousemustberestoredtoitsoriginalstatewhenthelease

expiresin10years’sentvalueofthe

costsofreinstatementarelikelytobe$2mmeasuredattheyearstart

andthedirectorswishtoprovidefor$200,000perannumfor10years.

Theleasewassignedandoperatedfromthecurrentyearstartandthe

e论语原文全文及译文 ctorsestimatethat

theleasehasarecoverablevalueof$9.5mat30Novemberyear-endand

havenotprovidedforanyoftheaboveamounts.(9marks)

3Additionally,Satelliteownsbuildingsatacarryingvalueof$20m,which

willrequirerepairexpenditureofapproximately$6moverthenextfive

isionhasbeenmadeforthisamountinthefinancial

statementsanddepreciationischargedonleaseholdbuildingsat10%

perannumandonownedbuildingsat5%perannum,onthestraight-

linebasis.(3marks)

4Universehasdevelopedadatabaseduringtheyearto30Novemberand

itisincludedinintangiblenon-currentassetsatacostof$et

comprisestheinternalandexternalcostsofdevelopingthedatabase.

Thecostofsuchintangibleassetsisamortisedoverfiveyearsandone

year’abaseisusedtoproduce

atechnicalaccountingmanual,whichisusedbythewholegroupand

enueof$2misexpectedfromsalesofthe

uicklybecomeamarketleaderin

tsofmaintainingthedatabaseandthetechnical

hnicalmanualrequires

ore,Universeisconsidering

providingforthecostofrevision.(2m倚楼听风雨 arks)

5Satellitepurchasedawhollyownedsubsidiarycompany,Globe,on1

December,dorscommencedalegalaction

on31Marchduringthecurrentyearovertheamountofthepurchase

consideration,

amounthadbeenpaidtothevendorsandincludedinthecalculationof

rt

madeadecisionon30Novemberatthecurrentyear-endthatrequires

Satellitetopayanadditional$8mtothevendorswithinthreemonths.

Thedirectorsdonotknowhowtotreattheadditionalpurchase

considerationandhavenotaccountedfortheitem.(3marks)

3

PROVISIONS

APRIL2011

2011ACCA

Required

(a)Discusstherecognitioncriteriafortherecognitionofaprovision(IAS

37).(5marks)

(b)Discusshowtheabovefiveissuesshouldbedealtwithinthegroup

financialstatementsofSatellite.(20marks)

(Total:25marks)

Possibleanswer

Themarkingguidewasbasedontheusualonemarkperideawellexpressed.

Sothefollowingwouldlookgoodonamarker’sscreen.

(a)

Three

Therearethreerecognitioncriteri赫然而出的意思 a.

Reasonablyreliableestimate

Itmustbepossibletomakeareasonablyreliableestimateoftheoutflowthat

willresultfromtheobligationbeforeaprovisionispermitted.

Obligation

Theremustbeapresentlegalorconstructiveobligationattheyear-endbefore

aprovisionispermitted.

Transfer

Theremustbeanexpectationthateconomicbenefitwillflowoutinthefuture

asaresultoftheobligation.

Comment

Frankly,theIASarguesitisalwayspossibletoestimatetheoutflowanditis

,inpractice,theaccountantcan

focuspurelyontheobligationcriteria.

Framework

Perhapsitshouldbenotedhowtheabovecloselyfollowsthefocusofthe

meworkalsodefinesaliabilityin

termsofpresentobligations.

4

PROVISIONS

APRIL2011

2011ACCA

(b)

1Operatinglease

Actually,itisirrelevantwhethertheaboveisoperatingorfinanceleaseinthe

typeofleasecreatesan

obligation.

Presentobligation

itedoeshavea

presentobligationforthedamagedoneduringthetenure($1.2m)butnotfor

thedamagethatmightbedoneinthefuture(maybe$4.8m).

Conclusion

SoSatelliteshouldprovide$1.2mandshouldprobablyrecognisethechargeto

thep/lassuper-exceptionalonthefaceoftheincomestatementgivenits

unusualnature.

2Universe

e

canlookat

theeffectonthegroup.

Modification

Thekeyterminthisparagraphis‘modify’.WecanseethatUniversealready

hasmadethemodificationsandthereforehasapresentobligationasaresult

ofthispastobligingevent.

Provision

visionisrequired

ificationoccurredattheyearstart.

Measurement

However,therestorationwillnottakeplaceuntiltheendofthelease;sothe

eedtobecarefulhere,as

the$2misalreadydiscounted.

Doubleentry

Sotheyearstartdoubleentryis:

DrNon-currentasset$2m

CrProvision$2m

5

PROVISIONS

APRIL2011

2011ACCA

Non-currentasset

Infact,theabovenon-currentassetentrygoesontopoftheinitialpremium:

Premium$8m

Restoration$2m

_____

Initialcost$10m

Depre喧闹的近义词 ciation

Then,ofcourse,theaboveisdepreciatedoveritslife,whichis10years.

Depreciationdoubleentry

Thisisthesameeveryyear:

Dri/描写雨的诗歌 s$1m

CrNCA$1m

Unwinding

And,ofcourse,nariodoesnottell

usthediscountrate,soIhaveassumed10%.

Unwindingdoubleentry

Thissnowballseveryyear(growsexponentially),butthefirstyearjournalwould

beasfollows:

Dri/s$0.2m

CrProv($2m)(10%)$0.2m

Impairmenttest

r,thereisnoimpairmentas

thecarryingvalueoftheassetattheyear-end($9m)islessthanthe

recoverablevalue($9.5m).

Groupeffect

r,because

thisisapartiallyownedsub,thegroup/non-controllinginteresteffectwillbe

80%/20%.

3Repairs

intenttorepair

sometimeinthefuture.

Conclusion

SoIsuggesttherecanbenoprovisionfortherepairs.

6

PROVISIONS

APRIL2011

2011ACCA

Depreciation

Buildingsshouldbedepreciatedovertheirusefullivesregardlessofbeing

ownedorotherwise.

4Intangible

,developmentisrecognised

dsliketheexternalcostsaretheformerandthe

internalcostsarethelatter.

Conclusion

Soitappearstobereasonabletocapitaliseanddepreciatetheasset.

However,IwouldadviseSatellitetoadjustthelifedowntofouryears,asthat

,

provisionispossible.

5Goodwill

Clearly,ifSatellitehadpredictedtheextra$8m,itwouldhaveputitinthe

considerationandtheacquisitiongoodwillwouldhavebeenhigher.

Priorperiodadjustment(PPA)

Buttheonlywaytoadjustlastyear’sgoodwillisviaaPPA(restatement).This

isonlypermissibleifthe$eitsoundslikea欢乐的近义词

$8mwillsimplyhavetobecostedtothei/s.

IFRS3

IFRS3supportst林暗草惊风下一句 hisview,bygivinga12months’limitonplayingwithgoodwill

afteracquisition.

Conclusion

Ihopetheabovegaveyouafeelforhowyoucanthinkaboutaddressinga

focusquestionandhowtoaddresswiderissuessothatyoucanbroadenyour

analysis.

MartinJonesisalecturerattheLondonSchoolofBusinessandFinance