F7_2015_六月答案

Fundamentals Level – Skills Module, Paper F7

Financial Reporting June 2015 Answers Section A

1D

The substance is that there is no ‘free’ finance; its cost, as such, is built into the selling price.

2B

A new process may produce benefits (and therefore be recognised as an asset) other than increased revenues, e.g. it may reduce

costs.

3A

A board decision to discontinue an operation does not create a liability. A provision can only be made on the announcement of a

formal plan (as it then raises a valid expectation that the discontinuance will be carried out). As this announcement occurs during the year ended 31 March 2016, this a non-adjusting event for the year ended 31 March 2015.

4C

Is the lower of its carrying amount ($217,000) and recoverable amount ($214,600) at 31 March 2015.

Recoverable amount is the higher of value in use ($214,600) and fair value less (any) costs of disposal ($200,000)).

Carrying amount = $217,000 (248,000 – (248,000 x 12·5%))

Value in use is based on present values = $214,600

5C

Market price of Sact’s shares at acquisition was $2·50 (3·00 – (3·00 x 20/120)), therefore NCI at acq was $50,000 (100,000 x 20% x $2·50). NCI share of the post-acq profit is $6,000 (40,000 x 9/12 x 20%). Therefore non-controlling interest as at

31 March 2015 is $56,000.

6B

By definition irredeemable preference shares do not have a contractual obligation to be repaid and thus do not meet the definition of a liability; they are therefore classed as equity.

7D

Is correct as it will increase debt but have no effect on equity.

8C

9A

Six months’ depreciation is required on the building structure and air conditioning system.

$’000

Land (not depreciated) 2,000

Building structure (10,000 – (10,000/25 x 6/12))9,800

Air conditioning system (4,000 – (3,500/10 x 6/12))3,825

–––––––

15,625

–––––––

10B

Retained earnings:

$

Wilmslow450,000

Post acq Zeta ((340 – 200) x 80%)112,000

URP in inventory (320,000 x ?x 25/125)(16,000)

––––––––

546,000

––––––––

12C

The fair value of deferred consideration is its present value (i.e. discounted).

13C

Six months’ depreciation to the date of the revaluation will be $300,000 (12,000/20 years x 6/12); six months’ depreciation from the date of revaluation to 31 March 2015 would be $400,000 (10,800/13·5 years remaining life x 6/12). T otal depreciation is $700,000.

14A

(i)is the only correct elimination required by IFRS.

15B

16D

(iv)deferred tax relating to the revaluation of an asset must be provided for even if there is no intention to sell the asset in accordance with IAS 12.

17A

The property would be depreciated by $25,000 (800,000/16 x 6/12) for six months giving a carrying amount of $775,000 (800,000 – 25,000) before being classified as held-for-sale. This would also be the value at 31 March 2015 as it is no longer depreciated and is lower than its fair value less cost to sell.

18A

$’000

Investment at cost1,200

Share of post-acq profit150(750 x 8/12 x 30%)

URP in inventory(15)(300 x 20/120 x 30%)

––––––

1,335

––––––

19D

At 31 March 2015, the deferred consideration of $12,650 would need to be discounted by 10% for one year to $11,500 (effectively deferring a finance cost of $1,150). The total amount credited to profit or loss would be $24,150 (12,650 + 11,500).

20C

Is correct as use of average cost gives a higher cost of sales (and in turn lower operating profit) than FIFO during rising prices.

1(a)Bycomb: Goodwill on acquisition of Cyclip as at 1 July 2014

$’000$’000 Investment at cost:

Shares (12,000 x 80% x 2/3 x $3·00) 19,200

Deferred consideration (12,000 x 80% x $1·54/1·1) 13,440

Non-controlling interest (12,000 x 20% x $2·50)6,000

–––––––

38,640 Net assets (based on equity) of Cyclip as at 1 July 2014

Equity shares12,000

Retained earnings b/f at 1 April 201413,500

Earnings 1 April to acquisition:

(2,400 + 100 x 3/12) –see note below625

Fair value adjustment to plant720

–––––––

Net assets at date of acquisition(26,845)

–––––––Consolidated goodwill11,795

–––––––Note:The profit for the year for Cyclip would be increased by $100,000 due to interest capitalised, in accordance with IAS 23 Borrowing Costs. Alternatively, this could have been calculated as: 2400 x 3/12 + 25. As the interest to be capitalised has accrued evenly throughout the year, $25,000 would relate to pre-acquisition profits and $75,000 to post-acquisition profits.

(b)Bycomb: Extracts from consolidated statement of profit or loss for the year ended 31 March 2015

$’000

(i)Revenue (24,200 + (10,800 x 9/12) – 3,000 intra-group sales)29,300

(ii)Cost of sales (w(i))(20,830)

(iii)Finance costs (w(ii))(1,558)

(iv)Profit for year attributable to non-controlling interest (1,015 x 20% (w(iii)))203

Workings in $’000

(i)Cost of sales

Bycomb 17,800

Cyclip (6,800 x 9/12)5,100

Intra-group purchases (3,000)

URP in inventory (420 x 20/120)70

Impairment of goodwill per question500

Additional depreciation of plant (720 x 9/18 months) 360

–––––––

20,830

–––––––(ii)Finance costs

Bycomb per question400

Unwinding of deferred consideration (13,440 x 10% x 9/12)1,008

Cyclip ((300 – 100 see below) x 9/12) 150

––––––

1,558

––––––The interest capitalised in accordance with IAS 23 of $100,000 would reduce the finance costs of Cyclip for

consolidation purposes.

(iii)Post-acquisition profit of Cyclip

Profit plus interest capitalised and time apportioned ((2,400 + 100) x 9/12) –see note below1,875

Impairment of goodwill (per question)(500)

Additional depreciation of plant (w(i)) (360)

––––––

1,015

––––––Note:This could also have been calculated as (2,400 x 9/12) + 75 (see 1(a) above).

2Note: References to 2015 and 2014 refer to the periods ended 31 March 2015 and 2014 respectively.

(a)Calculation of equivalent ratios (figures in $’000):

(i)2014(ii)20152014

excluding division as reported per question Gross profit margin ((20,000 – 8,000)/(50,000 – 18,000) x 100)37·5%33·3%40·0%

Operating profit margin ((11,800 – 5,800)/32,000 x 100)18·8%10·3%23·6%

Return on capital employed (ROCE)

((11,800 – 5,800)/(29,200 –7,200 – 7,000 see below) x 100)40·0%21·8%53·6%

Net asset turnover (32,000/15,000)2·13 times2·12 times2·27 times Note:The capital employed in the division sold at 31 March 2014 was $7 million ($8 million sale proceeds less $1 million profit on sale).

The figures for the calculations of 2014’s adjusted ratios (i.e. excluding the effects of the sale of the division) are given in brackets; the figures for 2015 are derived from the equivalent figures in the question, however, the operating profit margin and ROCE calculations exclude the profit from the sale of the division (as stated in the requirement) as it is a ‘one off’ item.

(b)The most relevant comparison is the 2015 results (excluding the profit on disposal of the division) with the results of 2014

(excluding the results of the division), otherwise like is not being compared with like.

Profitability

Although comparative sales have increased (excluding the effect of the sale of the division) by $4 million (36,000 – 32,000), equivalent to 12·5%, the gross profit margin has fallen considerably (from 37·5% in 2014 down to 33·3% in 2015) and this deterioration has been compounded by the sale of the division, which was the most profitable part of the business (which earned a gross profit margin of 44·4% (8/18)). The deterioration of the operating profit margin (from 18·8% in 2014 down to 10·3% in 2015) is largely due to poor gross profit margins, but operating expenses are proportionately higher (as a percentage of sales) in 2015 (23·0% compared to 18·8%) which has further reduced profitability. This is due to higher administrative expenses (as distribution costs have fallen), perhaps relating to the sale of the division.

Yogi’s performance as measured by ROCE has deteriorated dramatically from 40·0% in 2014 (as adjusted) to only 21·8% in 2015. As the net asset turnover has remained broadly the same at 2·1 times (rounded), it is the fall in the operating profit which is responsible for the overall deterioration in performance. Whilst it is true that Yogi has sold the most profitable part of its business, this does not explain why the 2015 results have deteriorated so much (by definition the adjusted 2014 figures exclude the favourable results of the division). Consequently, Yogi’s management need to investigate why profit margins have fallen in 2015; it may be that customers of the sold division also bought (more profitable) goods from Yogi’s remaining business and they have taken their custom to the new owners of the division; or it may be related to external issues which are also being experienced by other companies such as an economic recession. A study of industry sector average ratios could reveal this.

Other issues

It is very questionable to have offered shareholders such a high dividend (half of the disposal proceeds) to persuade them to vote for the disposal. At $4 million (4,000 + 3,000 – 3,000, i.e. the movement on retained earnings or 10 million shares at 40 cents) the dividend represents double the profit for the year of $2 million (3,000 – 1,000) if the gain on the disposal is excluded. Another effect of the disposal is that Yogi appears to have used the other $4 million (after paying the dividend) from the disposal proceeds to pay down half of the 10% loan notes. This has reduced finance costs and interest cover;

interestingly, however, as the finance cost at 10% is much lower than the 2015 ROCE of 21·8%, it will have had a detrimental effect on overall profit available to shareholders.

Summary

In retrospect, it may have been unwise for Yogi to sell the most profitable part of its business at what appears to be a very low price. It has coincided with a remarkable deterioration in profitability (not solely due to the sale) and the proceeds of the disposal have not been used to replace capacity or improve long-term prospects. By returning a substantial proportion of the sale proceeds to shareholders, it represents a downsizing of the business.

3(a)Clarion – Statement of profit or loss for the year ended 31 March 2015

$’000 Revenue 132,000

Cost of sales (w(i))(106,550)

––––––––Gross profit25,450

Distribution costs (7,400)

Administrative expenses(8,000)

Finance costs (w(ii))(2,790)

Investment income (w(iii)) 1,000

––––––––Profit before tax8,260

Income tax expense (3,500 – 400 + 300 (w(iv)))(3,400)

––––––––Profit for the year4,860

––––––––

(b)Clarion – Statement of changes in equity for the year ended 31 March 2015

Share Share Retained Total

capital premium earnings equity

$’000$’000$’000$’000 Balance at 1 April 2014 25,0002,0008,60035,600

Rights issue (see below)5,0003,0008,000

Dividends paid (3,900)(3,900)

Profit for the year4,8604,860

––––––––––––––––––––––––––Balance at 31 March 201530,0005,0009,56044,560

––––––––––––––––––––––––––Prior to the 1 for 5 rights issue there were 25 million (30,000 x 5/6) shares in issue. Therefore the rights issue was 5 million shares at $1·60 each ($8 million), giving additional share capital of $5 million and share premium of $3 million (5 million x 60 cents).

(c)Clarion – Statement of financial position as at 31 March 2015

Assets$’000$’000

Non-current assets

Property, plant and equipment (85,000 – 19,000 – 17,000) 49,000

Investments through profit or loss6,500

Unamortised lease premium (1,000 – 250 (w(i)) –250 current asset below)500

–––––––

56,000 Current assets

Inventory11,700

T rade receivables 18,500

Lease premium prepayment25030,450

––––––––––––––T otal assets86,450

–––––––Equity and liabilities

Equity (see (b) above)

Equity shares of $1 each30,000

Other equity component – share premium5,000

Retained earnings 9,560

–––––––

44,560 Non-current liabilities

8% loan notes15,000

Deferred tax (w(iv))3,000

Environmental provision (4,000 + 320 (w(ii)))4,320

Finance lease obligation (w(v))3,74726,067

–––––––

Current liabilities

T rade payables 9,400

Finance lease obligation (4,770 – 3,747 (w(v)))1,023

Bank overdraft1,900

Current tax payable3,50015,823

––––––––––––––T otal equity and liabilities86,450

–––––––

(d)Clarion – Basic earnings per share for the year ended 31 March 2015

Profit per statement of profit or loss$4·86 million Weighted average number of shares (w(vi))28·3 million Earnings per share17·2 cents

(e)Clarion – Extracts from the statement of cash flows for the year ended 31 March 2015

$’000 Cash flows from investing activities

Purchase of plant and equipment (14,000) Sale of investments1,600 Cash flows from financing activities

Issue of shares (see part (b))8,000 Redemption of loan notes (w(vii))(5,000) Repayment of finance lease (2,300 + (1,500 – 570))(3,230) Equity dividends paid (3,900) Workings (figures in brackets in $’000)

(i)$’000

Cost of sales (per question)88,300 Property rental (1,000 + (1,000/4 years) – see below)1,250 Depreciation of plant and equipment (85,000 x 20%) 17,000

––––––––

106,550

––––––––The lease premium must be amortised, on a straight-line basis, over the length of the lease (four years).

(ii)Finance costs

8% loan notes (800 trial balance + 800 suspense account (w(vii))) 1,600 Finance lease (w(v))570 Bank interest300 Environmental provision (4,000 x 8%)320

––––––

2,790

––––––(iii)Investment income

Dividends received (500 – 200 profit on sale)300 Profit on sale200 Gains on fair value (6,500 – 6,000)500

––––––

1,000

––––––(iv)Deferred tax

Provision required as at 31 March 2015 (12,000 x 25%)3,000 Balance at 1 April 2014 (2,700)

––––––Charge to profit or loss300

––––––(v)Leased plant/finance lease obligation

Fair value of plant/initial obligation (4,200 + 2,300 + 1,500)8,000 Less deposit(2,300)

––––––

5,700 Interest at 10% to 31 March 2015570 Less first annual payment(1,500)

––––––Liability at 31 March 20154,770 Interest at 10% to 31 March 2016477 Less second annual payment(1,500)

––––––Liability at 31 March 20163,747

––––––

(vi)Theoretical ex-rights value

Shares$$ Holding (say) 100 2·50250 Rights take up (1 for 5)20 1·6032

––––––––

120282

––––––––Theoretical ex-rights value 2·35($282/120)

–––––

Weighted average number of shares:

1 April 2014 to 30 September 2014 25 million x $2·50/$2·35 x 6/1

2 =13·

3 million

1 October 2014 to 31 March 201530 million x 6/1

2 =15·0 million

–––––Weighted average for year28·3 million

–––––(vii)Elimination of suspense account

$’000 Cash cost of loan note redemption (20,000 x 25%)5,000 Six months’ interest on loan note (20,000 x 8% x 6/12)800

––––––

5,800

––––––

Fundamentals Level – Skills Module, Paper F7

Financial Reporting June 2015 Marking Scheme

This marking scheme is given as a guide in the context of the suggested answers. Scope is given to markers to award marks for alternative approaches to a question, including relevant comment, and where well-reasoned conclusions are provided. This is particularly the case for written answers where there may be more than one acceptable solution.

Marks

Section B

1(a)Goodwill at acquisition 6

(b)(i)Revenue1

(ii)Cost of sales3

(iii)Finance costs2?

(iv)Profit or loss attributable to non-controlling interests.2?

9

Total for question15

2(a)(i)and (ii)Gross profit margin 1

Operating profit margin 1?

Return on capital employed 1?

Net asset turnover1

5

(b) 1 mark per point (a good answer must consider the effect of the sale of the division)10

Total for question15

Marks 3(a)Statement of profit or loss

revenue?

cost of sales2

distribution costs?

administrative expenses ?

investment income1?

finance costs3

income tax expense2

10

(b)Statement of changes in equity

balances b/f1

rights issue1

equity dividends paid?

profit for the year ?

3

(c)Statement of financial position

property, plant and equipment1

investments through profit or loss1

unamortised lease premium 1

inventory ?

trade receivables?

8% loan notes1

deferred tax1

environmental provision1

non-current lease obligation?

trade payables?

current lease obligation 1

bank overdraft?

current tax payable?

10

(d)Basic earnings per share

earnings per statement of profit or loss?

theoretical ex-rights value1

calculation of weighted average number of shares1?

3

(e)Extracts from statement of cash flows

purchase of property, plant and equipment 1

sale of investments?

issue of shares?

redemption of loan notes?

repayment of finance lease1

equity dividends paid?

4

Total for question30

2015年6月大学英语六级真题及答案(第三套)

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2014年6月六级翻译真题答案及解析

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2014年6月至2015年6月英语六级完形填空真题及答案【9套卷全】

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2014年6月大学英语六级真题及答案最全.doc

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