CIMA—F2模拟题及分析(3)11935.pdf

财经网络教育领导品牌 _ 高顿网校 All Rights Reserved 版权所有 复制必究 1 CIMAF2 模拟题及分析（3）1.Share-based Payment RT granted 1,000 share appreciation rights(SARs)to each of its 500 employees on 1 July 2010.To be eligible for the rights,employees must remain employed by RT for 3 years from the date of grant.The rights must be exercised in July 2013,with settlement due in cash.In the year to 30 June 2011,42 employees left and a further 75 were expected to leave over the following two years.In the year to 30 June 2012,28 employees left and a further 25 were expected to leave in the following year.The fair value of each SAR was$9 at 30 June 2011 and$11 at 30 June 2012.Required:(a)(i)Prepare the journal entry to record the expense associated with the SARs for the year ended 30 June 2012,in accordance with IFRS 2 Share-based payment.(ii)Explain,in accordance with IFRS 2 Share-based payment,how the recognition and measurement of a share-based payment would differ,if it was to be settled in equity rather than cash.(5 marks)Retirement benefits RT operates a defined benefit pension plan for its employees.At 1 July 2011 the fair value of the pension plan assets was$2,200,000 and the present value of the pension plan liabilities was$2,400,000.The interest cost on the pension plan liabilities was estimated at 8%and the expected return on pension plan assets at 5%.The actuary estimates that the current service cost for the year ended 30 June 2012 is$500,000.RT made contributions into the pension plan of$300,000 and the pension plan paid$450,000 to retired members in the year to 30 June 2012.At 30 June 2012 the fair value of the pension plan assets was$2,300,000 and the present value of the pension plan liabilities was$2,700,000.Actuarial gains and losses are included within the other comprehensive income of RT as incurred.The question requirement for part b)is on the opposite page Required:(b)(i)Calculate the net expense that will be included in RTs profit or loss for the year ended 30 June 2012,in accordance with IAS 19 Employee benefits.(ii)Calculate the amount that will be included in RTs other comprehensive income for the year ended 30 June 2012,in accordance with IAS 19 Employee benefits.(5 marks)Total for Question One=10 marks 2.GH has a number of investments in subsidiary and associate entities.During the year to 30 June 2012 GH acquired an investment in AB.The statement of financial position of the GH group for the year ended 30 June 2012 and its comparative are shown below:2012 2011 ASSETS Non-current assets 财经网络教育领导品牌 _ 高顿网校 All Rights Reserved 版权所有 复制必究 2 Property,plant and equipment$000 25,500$000 22,200 Goodwill 6,800 6,000 Investment in associate 6,200 5,700 38,500 33,900 Current assets 42,500 42,950 Total assets 81,000 76,850 EQUITY AND LIABILITIES Equity attributable to owners of the parent Share capital($1 shares)18,000 15,000 Share premium 4,200-Revaluation reserve 1,000-Retained earnings 10,550 10,050 33,750 25,050 Non-controlling interests 9,750 9,100 Total equity 43,500 34,150 Non-current liabilities Long-term borrowings 20,550 26,200 Current liabilities 16,950 16,500 Total liabilities 37,500 42,700 Total equity and liabilities 81,000 76,850 Additional information:1.There were no disposals of property,plant and equipment in the year.Depreciation charged in the year ended 30 June 2012 was$1,200,000.2.GHs share of the associates profit for the year ended 30 June 2012 was$1,800,000.3.The total comprehensive income attributable to non-controlling interests for the year ended 30 June 2012 was$350,000.4.GH acquired 75%of the equity share capital of AB on 1 January 2012 for a cash consideration of$300,000 plus the issue of 1 million$1 equity shares in GH,which had a deemed value of$2.15 per share at the date of acquisition.The fair values of the net assets of AB acquired on 1 January 2012 were as follows:$000 Property,plant and equipment 1,200 Inventories 1,700 Receivables 900 Cash and cash equivalents 200 Payables(1,800)2,200 5.GH did not acquire or dispose of any other investments in the year.The group policy is to 财经网络教育领导品牌 _ 高顿网校 All Rights Reserved 版权所有 复制必究 3 value non-controlling interests at acquisition at its proportionate share of the fair value of the net assets acquired.6.AB paid a dividend in the year but GH did not.Required:Prepare the extracts from the consolidated statement of cash flows for GH for:(i)Cash flows from investing activities for the year ended 30 June 2012;and(ii)Cash flows from financing activities for the year ended 30 June 2012.Total for Question Two=10 marks 3.MLR prepares its financial statements in accordance with International Financial Reporting Standards and is listed on its local stock exchange.MLR is considering the acquisition of overseas operations.Two geographical areas have been targeted,A-land and B-land.Entity A operates in A-land and entity B operates in B-land.Each entity is listed on its local stock exchange.The most recent financial statements of entities A and B have been converted into MLRs currency for ease of comparison.The financial indicators from these financial statements and those of MLR are provided below.MLR A B Revenue$600m$210m$400m Gross profit margin 32%28%19%Profit after tax/revenue x 100 18%10%11%Gearing 37%66%26%Approximate rate of interest available in the respective markets 8%5%10%P/E ratio 17.3 12.1 16.6 Required:(a)Analyse the information provided by the key financial indicators above and explain the impact that each entity would have on the financial indicators of MLR.(7 marks)(b)Explain the limitations,to MLR,of using this type of analysis to decide on a potential takeover target.(3 marks)Total for Question Three=10 marks 试题答案：1、【答案】Rationale This question was intended to test two of the key areas in Syllabus Section B,being retirement benefits and share-based payments.The share-based payment involves the calculation of a cash-settled share-based payment in year two of recognition plus requires an explanation of the measurement and recording of an equity-settled share-based payment.In part(b)the actuarial gains and losses were to be calculated and it was important that candidates demonstrated an understanding of how each element of pensions affects the assets and liabilities of the plan,in addition to the calculation of the net expense recorded in the income statement.财经网络教育领导品牌 _ 高顿网校 All Rights Reserved 版权所有 复制必究 4 This question examined learning outcome B1(f).Suggested Approach Candidates should have been familiar with the format of the answer provided and those who have completed past paper questions are likely to have prepared their workings in this format.(a)Share-based payment (i)2011 Eligible employees(500-42-75)=383 Equivalent cost of SARs=383 employees x 1,000 rights x FV$9=$3,447,000 Allocate over 3 year vesting period$3,447,000/3=$1,149,000 equivalent charge to the income statement in the first year.2012 Eligible employees(500-42-28-25)=405 Equivalent cost of SARs=405 employees x 1,000 rights x FV$11=$4,455,000 Cumulative amount to be recognised as a liability=$4,455,000 x 2/3 years=$2,970,000 Less amount previously recognised=$2,970,000-$1,149,000=$1,821,000 equivalent charge for the second year.The expense will be recorded as:Dr staff costs$1,821,000 Cr liability$1,821,000 (ii)If a share-based payment was settled in equity rather than cash the implications would be:Recognition:There would be a credit to other reserves within equity in the statement of financial position,rather than a liability.However the debit would still be to staff costs.Measurement:The amount would be initially and subsequently measured using the fair value of the rights at the grant date rather than re-measured at each year end.(b)Pension plan(i)Income statement expense$000 Service cost 500 Interest cost(8%x$2,400,000)192 Expected return(5%x$2,200,000)(110)Net expense in profit or loss 582(ii)Other comprehensive income Actuarial gain on plan assets(W1)(140)Actuarial loss on plan liabilities(W1)Net actuarial gain in OCI 58(82)Working 1 FV of assets PV of liabilities$000$000 Opening balance 2,200 2,400 Service cost 500 Interest cost(8%x$2,400,000)192 Expected return(5%x$2,200,000)110 Contributions paid in 300 财经网络教育领导品牌 _ 高顿网校 All Rights Reserved 版权所有 复制必究 5 Paid to retired members(450)(450)Actuarial gain on plan assets 140 Actuarial loss on plan liabilities 58 Closing balance 2,300 2,700 2、【答案】Rationale This question was intended to test the principles of consolidation.Only the workings for the cash flows for the investing and financing activities section were asked for and the marks were therefore able to be focussed on the areas that are specific to consolidated cash flows,including dividend paid to NCI,dividend from associate,acquisition of a subsidiary in the period,etc.This question examined leaning outcomes A1(a)and A2(b).Suggested Approach The most logical approach to preparing a cash flow statement(or parts thereof)is to annotate the statements provided in the question and the additional information,marking each with the section of the cash flow that it will affect,eg share capital and share premium will affect cash flows from financing.Candidates could have drafted the pro-forma headings and worked through the annotated question paper inserting or calculating the cash flow from each.All workings are in$000 (i)Cash flows from investing activities$000$000 Acquisition of property,plant and equipment(W1)(2,300)Acquisition of subsidiary,net of cash acquired(300 200)(100)Dividend received from associate(W2)Cash outflow from investing activities 1,300 (1,100)(ii)Cash flows from financing activities Proceeds of share issue(W3)5,050 Dividend paid to non-controlling interest(W4)(250)Repayment of long term borrowings(26,200 20,550)Cash outflow from financing activities(5,650)(850)1.Acquisition of PPE$000 Opening net book value 22,200 On acquisition 1,200 23,400 Revaluation 1,000 Depreciation(1,200)23,200 Additions(balancing figure)2,300 Closing balance 25,500 2.Dividend received from associate$000 Opening balance 5,700 财经网络教育领导品牌 _ 高顿网校 All Rights Reserved 版权所有 复制必究 6 Share of associates profit 1,800 7,500 Dividend received from associate(balancing figure)(1,300)Closing balance 6,200 3.Proceeds of share issue$000 Opening balance 15,000 Issued on acquisition(1 million x$2.15)2,150 17,150 Issue for cash(balancing figure)5,050 Closing balance(18,000+4,200)22,200 4.Dividend paid to non-controlling interest$000 Opening balance NCI 9,100 On acquisition(25%x net assets of$2.2m)550 NCI share of TCI for year 350 10,000 Dividend paid to NCI(balancing figure)(250)Closing balance NCI 9,750 3、【答案】Rationale This question was intended to test candidates ability to analyse key financial data.The key financial indicators in this case were provided and so candidates were then tested on their ability to draw conclusions about the 3 entities from the ratios given.The limitations were intended to be specific to the acquiring entity in a takeover situation rather than a recall of knowledge.The question tested learning outcome C2(a)and C2(d).Suggested Approach Candidates should have commented on each of the key indicators and draw conclusions about the type of business or environment in which each is operating and comment on the impact that A and B could have on MLR.The limitations should have been specific to the scenario,as per the requirement.(a)Entity B has almost double the revenue of A and would result in a considerable increase in the size of the combined MLR.Entity A earns a better gross margin than B,28%as opposed to 19%.Entity Bs gross margin would have a highly negative impact on MLRs margin.Further investigation would help establish whether the gross margins were as a result of the two entities operating in quite different market conditions,as entity Bs strategy may be for low margin and high volume.Both A and B have similar net profit margins,although significantly below that achieved by MLR.A combination with either entity would have a negative impact on MLR.Entity A earns only a 10%net margin from a 28%gross margin,suggesting that it is subject to significant overheads.It may be,as a smaller entity,it is not able to take advantage of economies of scale or has a high level of fixed costs.Alternatively,it could be an indicator of poor cost control by management.The net profit of A will also have been affected by the finance costs incurred.Although paying a lower rate of interest,entity A is highly geared and hence is likely to have a significant 财经网络教育领导品牌 _ 高顿网校 All Rights Reserved 版权所有 复制必究 7 level of finance costs which will lower the net profit.The smaller differential between gross and net margins for B may well be the result of managements efforts to keep costs under control and such efficient management strategies may be a positive sign for MLR.The differences between the gross and net margins could also be an indication that the entities are operating in countries with different tax regimes to each other and indeed to MLR.The gearing of A will have a negative impact on the financials of MLR.Normally such high gearing would suggest the entity is high risk.However,entity A is able to borrow at much lower rates than the other entities and so this could be a deliberate strategy to take advantage of relatively cheap financing.In contrast,entity Bs low gearing could provide MLR with the opportunity to take advantage of the additional borrowing capacity of B.However,the average rate of interest of 10%may be a deterrent.The P/E ratio is an important ratio for investors and MLRs P/E would be adversely affected by acquisition of either entity,with entity B minimising the negative impact.Entity As risk profile may be affected by the level of gearing but until the markets are investigated further it is difficult to assess the relative risk of either entity.(b)The limitations of using this form of analysis to MLR include the following:The entities are listed on different stock exchanges and so may prepare their financial statements using different accounting standards.This will reduce the comparability of the financial indicators.The ratios provided do not cover the relative efficiency of the entities and whether or not their management styles would complement MLR.The entities might apply different accounting policies that could impact on the ratios,eg equity could be boosted by a revaluation of non-current assets which would reduce the gearing ratio and could mask an increase in borrowings.Using only one years worth of data gives no indication of whether the entities are in a growth phase or in decline.参与 CIMA 的考生可按照复习计划有效进行，另外高顿网校官网 CIMA 考试辅导高清课程已经开通，还可索取 CIMA 考试通关宝典，针对性地讲解、训练、答疑、模考，对学习过程进行全程跟踪、分析、指导，可以帮助考生全面提升备考效果。更多详情可登录高顿网校官网或关注高顿网校微信咨询进行咨询。