2009年6月特许公认会计师（ACCA）P2考试真题及答案

Corporate Reporting
(International)
Tuesday 9 June 2009

(ii) On 1 June 2007, Bravado acquired 6% of the ordinary shares of Mixted. Bravado had treated this investment
as available-for-sale in the financial statements to 31 May 2008 but had restated the investment at cost on
Mixted becoming a subsidiary. On 1 June 2008, Bravado acquired a further 64% of the ordinary shares of
Mixted and gained control of the company. The consideration for the acquisitions was as follows:
Holding Consideration
$m
1 June 2007 6% 10
1 June 2008 64% 118
—– —-
70% 128
—– —-
Under the purchase agreement of 1 June 2008, Bravado is required to pay the former shareholders 30% of the
profits of Mixted on 31 May 2010 for each of the financial years to 31 May 2009 and 31 May 2010. The fair
value of this arrangement was estimated at $12 million at 1 June 2008 and at 31 May 2009 this value had not
changed. This amount has not been included in the financial statements.
At 1 June 2008, the fair value of the equity interest in Mixted held by Bravado before the business combination
was $15 million and the fair value of the non-controlling interest in Mixted was $53 million. The fair value of
the identifiable net assets at 1 June 2008 of Mixted was $170 million (excluding deferred tax assets and
liabilities), and the retained earnings and other components of equity were $55 million and $7 million
respectively. There had been no new issue of share capital by Mixted since the date of acquisition and the excess
of the fair value of the net assets is due to an increase in the value of property, plant and equipment (PPE).
The fair value of the PPE was provisional pending receipt of the final valuations for these assets. These valuations
were received on 1 December 2008 and they resulted in a further increase of $6 million in the fair value of the
net assets at the date of acquisition. This increase does not affect the fair value of the non-controlling interest.
PPE is depreciated on the straight-line basis over seven years. The tax base of the identifiable net assets of Mixted
was $166 million at 1 June 2008. The tax rate of Mixted is 30%.
(iii) Bravado acquired a 10% interest in Clarity, a public limited company, on 1 June 2007 for $8 million. The