ACCA Corporate ReportingP2考题解析 section B.docx
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ACCACorporateReportingP2考题解析sectionB
SectionB–TWOquestionsONLYtobeattempted
2．Macaljoy,apubliclimitedcompany,isaleadingsupportservicescompanywhichfocusesonthebuildingindustry.ThecompanywouldlikeadviceonhowtotreatcertainitemsunderIAS19,‘EmployeeBenefits’andIAS37‘Provisions,ContingentLiabilitiesandContingentAssets’.ThecompanyoperatestheMacaljoy（2006）PensionPlanwhichcommencedon1November2006andtheMacaljoy（1990）PensionPlan,whichwasclosedtonewentrantsfrom31October2006,butwhichwasopentofutureserviceaccrualfortheemployeesalreadyinthescheme.Theassetsoftheschemesareheldseparatelyfromthoseofthecompanyinfundsunderthecontroloftrustees.Thefollowinginformationrelatestothetwoschemes:
Macaljoy（1990）PensionPlan
Thetermsoftheplanareasfollows:
（i）employeescontribute6%oftheirsalariestotheplan
（ii）Macaljoycontributes,currently,thesameamounttotheplanforthebenefitoftheemployees
（iii）Onretirement,employeesareguaranteedapensionwhichisbaseduponthenumberofyearsservicewiththecompanyandtheirfinalsalary
Thefollowingdetailsrelatetotheplanintheyearto31October2007:
$m
Presentvalueofobligationat1November2006200
Presentvalueofobligationat31October2007240
Fairvalueofplanassetsat1November2006190
Fairvalueofplanassetsat31October2007225
Currentservicecost20
Pensionbenefitspaid19
Totalcontributionspaidtotheschemeforyearto31October200717
Actuarialgainsandlossesarerecognisedinthe‘statementofrecognisedincomeandexpense’.
Macaljoy（2006）PensionPlan
Underthetermsoftheplan,Macaljoydoesnotguaranteeanyreturnonthecontributionspaidintothefund.Thecompany’slegalandconstructiveobligationislimitedtotheamountthatiscontributedtothefund.Thefollowingdetailsrelatetothisscheme:
$m
Fairvalueofplanassetsat31October200721
Contributionspaidbycompanyforyearto31October200710
Contributionspaidbyemployeesforyearto31October200710
Thediscountratesandexpectedreturnonplanassetsforthetwoplansare:
1November200631October2007
Discountrate
5%
6%
Expectedreturnonplanassets
7%
8%
Thecompanywouldlikeadviceonhowtotreatthetwopensionplans,fortheyearended31October2007,togetherwithanexplanationofthedifferencesbetweenadefinedcontributionplanandadefinedbenefitplan.
Warranties
Additionallythecompanymanufacturesandsellsbuildingequipmentonwhichitgivesastandardoneyearwarrantytoallcustomers.Thecompanyhasextendedthewarrantytotwoyearsforcertainmajorcustomersandhasinsuredagainstthecostofthesecondyearofthewarranty.Thewarrantyhasbeenextendedatnilcosttothecustomer.TheclaimsmadeundertheextendedwarrantyaremadeinthefirstinstanceagainstMacaljoyandthenMacaljoyinturnmakesacounterclaimagainsttheinsurancecompany.Pastexperiencehasshownthat80%ofthebuildingequipmentwillnotbesubjecttowarrantyclaimsinthefirstyear,15%willhaveminordefectsand5%willrequiremajorrepair.Macaljoyestimatesthatinthesecondyearofthewarranty,20%oftheitemssoldwillhaveminordefectsand10%willrequiremajorrepair.
Intheyearto31October2007,thefollowinginformationisrelevant:
Standardwarranty（units）
Extendedwarranty（units）
Sellingpriceperunit（both）（$）
Sales
2,000
5,000
1,000
Majorrepair$
Minordefect$
Costofrepair（average）
500
100
Assumethatsalesofequipmentareon31October2007andanywarrantyclaimsaremadeon31Octoberintheyearoftheclaim.Assumeariskadjusteddiscountrateof4%.
Required:
DraftareportsuitableforpresentationtothedirectorsofMacaljoywhich:
（a）（i）Discussesthenatureofanddifferencesbetweenadefinedcontributionplanandadefinedbenefitplanwithspecificreferencetothecompany’stwoschemes.（7marks）
（ii）ShowstheaccountingtreatmentforthetwoMacaljoypensionplansfortheyearended31October2007underIAS19‘EmployeeBenefits’.（7marks）
（b）（i）Discussestheprinciplesinvolvedinaccountingforclaimsmadeundertheabovewarrantyprovision.（6marks）
（ii）ShowstheaccountingtreatmentfortheabovewarrantyprovisionunderIAS37‘Provisions,ContingentLiabilitiesandContingentAssets’fortheyearended31October2007.（3marks）
Appropriatenessoftheformatandpresentationofthereportandcommunicationofadvice.（2marks）（25marks）
试题解析：
题目要求答案以报告的形式呈现。
报告的几个要素必须要有：
To：
From:
Subject
Date:
Introduction
Body
Conclusion
对于缺失的prepareranddate等大家虚拟一个就可以了。
题目分成两个问题，（a）是关于IAS19EmployeeBenefits，（b）是关于IAS37Provisions,ContingentLiabilitiesandContingentAssets。
里面既有文字的讨论也有具体的会计处理。
每一个问题的两个方面先做哪一个都可以。
就中国学员而言，大家对计算都很熟练，我建议从数字入手，逐渐建立信心最后完成文字部分。
（a）（ii）两项pensionplans的会计处理
1990PensionPlan,从（iii）Onretirement,employeesareguaranteedapensionwhichisbaseduponthenumberofyearsservicewiththecompanyandtheirfinalsalary可以看出这是一项definedbenefitplan。
原因在于definedcontributionplan不具备这样的特征。
另外大家在考前也做了很多IAS19EmployeeBenefits的题目，由相似的题目信息也可以知这是definedbenefitplan。
题目中给了期初的和期末的discountrateandexpectedreturnonplanassets。
我们应该选择期初的rate来进行相应的计算。
原因在于rate是actuary对以后（含当期）discountrateandexpectedreturnonplanassets所做的的估计，期末出现差异时以actuarialgainsorlosses进行调整。
Alltheamountsarein$m
Item
Pension
Obliagation
Plan
Assets
Fund
Position
Financialstatements
Openingbalance
200
190
10
Balancesheet
Interestcost5%
10
10
Incomestatement
Returnononassets7%
13.3
（13.3）
Incomestatement
Currentservice
20
20
Incomestatement
BenefitsPaid
（19）
（19）
0
Balancesheet
Contributionpaid
17
（17）
Balancesheet
Actuarialgain/loss
（balancingfigure）
29
23.7
5.3
StatementofRecognisedIncomeandExpense
Cloingbalance
240
225
15
Balancesheet
2006pensionplan由题干信息Macaljoydoesnotguaranteeanyreturnonthecontributionspaidintothefund.Thecompany’slegalandconstructiveobligationislimitedtotheamountthatiscontributedtothefund.可知这是一项definedcontributionplan。
其实这一句话的侧面也告诉了我们thebusiness做了相应的支付后不承担其他责任，也即fairvalueofplanassets的多少与business无关。
Contributionpaidbycompany的会计分录为：
Dr:
operatingexpenses10m
Cr:
cash10m
Contributionpaidbyemployees的会计分录为：
Dr:
wages10m
Cr:
cash10m
（i）经过一些数字的计算，大家逐渐树立了对文字的信心.这一部分也要回答两个部分内容，一为nature,二为differences，需注意的是specificreferencetothecompany.
我们可以这部分的答案放在一个table里面，比起整段的文字来作答显得更加清晰和明确。
如下是我总结的一些，供大家参考：
Item
Definedcontributionplan
Definedbenefitplan
Nature
Thecompany’sobligationistopayanagreedamountintoaplanonbehalfofitsemployees.
Aseparateplanisestablishedintowhichthecompanymakesregularpayments,asadvisedbyanactuary.Thisfundneedstoensurethatithasenoughassetstopayfuturepensionstopensioners.
Difference
Risk
assumedbytheemployeeorthethirdparty
assumedbytheemployer，requiredtomakeupanyshortfallinassets
Assumption
Noassumptionneeded
involvingsubjectivefigures
madebytheacturay
Contributionpaid
Known,basedonaformulathatusesemployeecompensationintheperiodasitsbase.Acurrentsalaryscheme
variable.basedonaformulathatusesemployeecompensationinthefinalperiodasitsbaseAfinalsalaryscheme.
Ultimatepension
Theultimatepensionisvariable
Theultimatepensionisdefined
Accountingtreatment
Theobligationforeachyearisshownasanexpensefortheperiod（disclosedinanote）andinthe
balancesheettotheextentthatithasnotbeenpaid.Theseareeasytoaccountfor,asthecostofthepensioncontributionisalwaysmadeunderthecontrolofthesponsoringemployer.
Thedeficitofadefinedbenefitschemeshouldberecognisedasaliability.Thesurplusof
adefinedbenefitschemeshouldberecognisedasanasset.
RecognitionofActuarialgainsandlossesistreatedisapolicydecision.
Macaljoy’splan
2006Pensionplan
1990Pensionplan
此外大家在看examiner给的参考答案的时候会看到对curtailment的解释，其实在这道题目里我觉得不需要作解释。
老人老办法，新人新办法，这对报表方面没什么大的影响。
我觉得可以不写，按照我上面整理补充的要点回答这道题目应该绰绰有余。
（b）同样我们从（ii）开始，根据IAS37Provisions,ContingentLiabilitiesandContingentAssets，Provision视不同的情况分为两种方式，一、one-offitem,采取bestestimate的办法；二、largepopulationitems采取weightedaverage的办法。
本题涉及到的是第二种情况。
在题目的会计期内，
Standardwarranty1styear
Units
Probablity
Costofrepairs
Expectedvalue
2000
80%
0
0
15%
100
30,000
5%
500
50,000
Extendedwarranty1styear
Units
Probablity
Costofrepairs
Expectedvalue
5000
80%
0
0
15%
100
75,000
5%
500
125,000
Presentvalue为（30+50+75+125）/（1+4%）=269
Extendedwarranty2ndyear
Units
Probablity
Costofrepairs
Expectedvalue
5000
70%
0
0
20%
100
100,000
10%
500
250,000
Presentvalue为（100+250）/（1+4%）=323
对于这一部分的（i），基本上可以等同于把上面的计算的依据做一个阐述。
首先离不开provision的定义,Aliabilityofuncertaintimingoramount.然后是在什么条件下可以确认provision。
IAS37给出了三个必备的条件，AnentitymustrecogniseaprovisionunderIAS37if,andonlyif:
（a）apresentobligation（legalorconstructive）hasarisenasaresultofapastevent（theobligatingevent）
（b）itisprobable（‘morelikelythannot’）,thatanoutflowofresourcesembodyingeconomicbenefitswillberequiredtosettletheobligation
（c）theamountcanbeestimatedreliably
其实对于这三个条件我的理解是：
根源在provision的definition。
其中包含Liability一词，而liability的概念又指的是Apresentobligationoftheentityarisingfrompastevents,thesettlementofwhichisexpectedtoresultinanoutflowfromtheentityofresourcesembodyingeconomicbenefits.在provision的定义里另外两个要素分别是uncertaintiming和uncertainamount。
在确认条件里相对应的就是（b）和（c）了。
按这样的思路，大家不难写出来。
上面我们已经完成了（ii）部分，关于计算方式可以做如下文字说明。
Theamountrecognisedasaprovisionshouldbethe
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