2008年6月、12月特许公认会计师（ACCA）P2（International）考试真题及答案

Corporate Reporting
(International)
Tuesday 10 June 2008

Section A – This ONE question is compulsory and MUST be attempted
1 The following draft statements of financial position relate to Ribby, Hall, and Zian, all public limited companies, as at
31 May 2008:
Ribby Hall Zian
$m $m Dinars m
Assets
Non-current assets:
Property, plant and equipment 250 120 360
Investment in Hall 98 – –
Investment in Zian 30 – –
Financial assets 10 5 148
Current assets 22 17 120
—- —- —-
Total assets 410 142 628
—- —- —-
Ordinary shares 60 40 209
Other reserves 30 10 –
Retained earnings 120 80 299
—- —- —-
Total equity 210 130 508
Non-current liabilities 90 5 48
Current liabilities 110 7 72
—- —- —-
Total equity and liabilities 410 142 628
—- —- —-
The following information needs to be taken account of in the preparation of the group financial statements of Ribby:
(i) Ribby acquired 70% of the ordinary shares of Hall on 1 June 2006 when Hall’s other reserves were $10 million
and retained earnings were $60 million. The fair value of the net assets of Hall was $120 million at the date of
acquisition. Ribby acquired 60% of the ordinary shares of Zian for 330 million dinars on 1 June 2006 when
Zian’s retained earnings were 220 million dinars. The fair value of the net assets of Zian on 1 June 2006 was
495 million dinars. The excess of the fair value over the net assets of Hall and Zian is due to an increase in the
value of non-depreciable land. There have been no issues of ordinary shares since acquisition and goodwill on
acquisition is not impaired for either Hall or Zian.
(ii) Zian is located in a foreign country and imports its raw materials at a price which is normally denominated in
dollars. The product is sold locally at selling prices denominated in dinars, and determined by local competition.
All selling and operating expenses are incurred locally and paid in dinars. Distribution of profits is determined by
the parent company, Ribby. Zian has financed part of its operations through a $4 million loan from Hall which
was raised on 1 June 2007. This is included in the financial assets of Hall and the non-current liabilities of Zian.
Zian’s management have a considerable degree of authority and autonomy in carrying out the operations of Zian
and other than the loan from Hall, are not dependent upon group companies for finance.
(iii) Ribby has a building which it purchased on 1 June 2007 for 40 million dinars and which is located overseas.
The building is carried at cost and has been depreciated on the straight-line basis over its useful life of 20 years.
At 31 May 2008, as a result of an impairment review, the recoverable amount of the building was estimated to
be 36 million dinars.
(iv) Ribby has a long-term loan of $10 million which is owed to a third party bank. At 31 May 2008, Ribby decided
that it would repay the loan early on 1 July 2008 and formally agreed this repayment with the bank prior to the
year end. The agreement sets out that there will be an early repayment penalty of $1 million.