XX2年12月ACCA考试P2考试考官报告

2012年12月ACCA考试P2考试考官报告本文由高顿 ACCA整理发布，转载请注明出处GeneralCommentsThepaperrequiredcandidatestoanswerthecompulsoryquestion1whichcarried50marksandthentochoosetwoquestionsoutoftheremainingthreequestions,whichcarried25markseach.Candidatesperformedquitewellinthissession.Asusualthepaperdealtwithawiderangeofissuesandaccountingstandards.Thereareseveralkeyprinciplesineachstandard,whicharethebasisofmostoftheexaminationquestions,andcandidatesshouldconcentrateonunderstandingandinterpretingtheseprinciples.Candidatesneedtounderstandthestandards,andnotjustlearntheircontent.Understandingwillleadtobetterapplicationintheexamination.Candidatesshouldpracticedivergentthinking,whichistheabilitytothinkofseveralpossibleanswerstoaquestionbeforeprovidingthesolution.Thisistheabilitytoseepotentiallydifferentoutcomesforagivensetofcircumstances.Thiswillleadtocandidateshavingtheabilitytoapplythestandardstodifferentscenarios.Everyexaminationsessionproducesscenarios,whichcandidateswillnotnecessarilyhavemetbefore,andthusthereisaneedforthistypeofreasoning.Candidatesoftensimplyrecitethestandardleavingthemarkerwiththetaskofdetermininghowapplicabletheansweractuallyistothequestion.Candidatesshouldadoptamodeloflearningwhichsuitsthemandbydoingthis;candidateswillbebetterpreparedfortheexaminationSpecificCommentsQuestionOneThisquestionrequiredcandidatestoprepareaconsolidatedstatementoffinancialpositionfortheMinnyGroup,asat30November2012.Thegroupstructurewasacomplexgroupwithasub-subsidiary.Candidatesalsohadtodealwithanassociate,whichhadoriginallybeenaninvestmentwithinthegroup,impairmenttestingtheholdingsinthegroupcompanies,adisposalgroupandthecapitalisationofdevelopmentexpenditure.Candidatesdealtwiththegroupstructurequitewellandthecalculationsofgoodwillarisingonacquisitionweregenerallyaccurate.Itisimportanttotaketimeintheexaminationtodeterminethenatureofthegroupstructureasmarksareallocatedforthisinthemarkingguide.Oftencandidatescalculateretainedearningsandnoncontrollinginterestinaccuratelybutthemarkingguidegivescreditforcandidatesownfiguresaslongastheprincipleiscorrect.Thislatterpointalsoenhancestheimportanceofcandidatesshowingfullandclearworkings.Somecandidatescondensetheirworkingsintoadisproportionatelysmallspaceintheanswerbook.Clarityismoreimportantthanconciseness.Inthisquestion,thereweremarksallocatedforthepresentationofthedisposalgrouponthefaceofthestatementoffinancialposition.Manycandidatesdidnotshowthedisposalgroupseparatelyontheface.Anotherimportantconsiderationisthecompletionofthe ‘doubleentryworkings.Marksareallocatedforthecorrectcompletionoftheentries.Themainproblemsthatarosewerethetreatmentoftheimpairmentofgoodwill,thegainarisingontheaccountingfortheassociate,andthetreatmentofthedisposalgroup.Additionally,candidatesoftenfinditdifficulttodealwiththevolumeofinformationinthequestion.Thisskillcanbeimprovedbyexampracticeandtechnique.Part(b)ofthequestionrequiredcandidatestodiscusswhatismeantinIFRS5by ‘availableforimmediatesaleinitspresentcondition ’and ‘thesalemustbehighlyprobable ’,whilstsettingoutwhyregulatorsmayquestionentitiesontheapplicationofthestandard.Itseemsapparentfromthenatureofthequestionthattherearetwoelementstothequestion.Firstly,adiscussionofIFRS5andsecondlywhyquestionsmayariseontheapplicationofIFRS5.Accordinglymarkswereallocatedonthisbasis.Manycandidatessimplyrepeatedtheinformationinthequestion,whichdidnotgainmarks.Intheintroductiontothisreport,theabilitytothinkExaminerreport–P2December20122widelywasalludedto.Thisquestionrequiredcandidatestodojustthat.Ifcandidatesreadwidelyandlearntoformulateopinions,thenthistypeofquestionwouldnotposeproblems.Part(c)ofthequestionsetoutasituationwhereapropertywithacarryingvalueof$2millionattheyear-endwasbeingsoldtoagroupcompanyfor$1millionshortlyaftertheyearend.Candidateshadtodiscusstheethicalandaccountingimplicationsoftheintendedsaleofassets.Againthereweretwoelementstothequestion.Theethicalimplicationsandtheaccountingimplications.Therewereasurprisingnumberofcandidateswhodidnotdiscusstheaccountingimplicationsandalsomanycandidatesdidnotseeanyethicalissues.Ifcandidatesdonotdealwitheveryelementofthequestion,thentheyaresignificantlyrestrictingthenumberofmarksthattheyarelikelytoachieve.QuestionTwoThisquestionrequiredcandidatestodiscusstheaccountingtreatmentofgreencertificatesinfinancialstatements.Thegreencertificateswereessentiallyincomerelatedgovernmentgrants.HowevertherewereavarietyofIFRSwhichneededtobereferredtobesidesIAS20.TheseIFRSincludedIAS18andIAS2.ManycandidatesdiscussedIAS38Intangiblesandsomecreditwasgivenforarelevantdiscussion.Thethemeofthisreportisdivergentthinking.HereacandidateshouldnothavesimplydiscussedIAS20butwidenedthediscussiontoincludethepotentialimpactofotherstandardsontheentity.ThisisaskillexpectedofanACCAmember.Thesecondpartofthequestiondealtwithanoverseassubsidiaryandrequiredcandidatestodiscussamountsreportedintheconsolidatedstatementofcashflows.Thesurprisingthingaboutthispartofthequestionwasthenumberofcandidateswhoignoredthecashflowimplicationsandsimplydiscussedtheaccountinginthegroupstatementoffinancialposition.Itisimportantforcandidatestoreadthescenariothequestion.Markswillnotbegainedforirrelevantdiscussions.Infactitisdetrimentaltothecandidates’chanceofbeingsuccessfulintheexaminationassuchdiscussionsuseupvaluabletimefornocredit.Thethirdelementofthequestiondealtwiththesituationwheretherewassomedoubtastowhetheranentityshouldtreattheholdinginanotherentityasasubsidiaryinitsconsolidatedfinancialstatements.ThisquestioninvolvedthediscussionyetagainofmorethanasingleIFRS.ThereareanumberofIFRSwhichdealwithgroupaccountingandcandidatesshouldlookatthesestandardsinconjunctionwitheachother.InthisquestioncontrolwasdeterminedbylookingatIFRS10butadditionally,ifanentityisnotasubsidiarythenotherstandardsshouldbeconsultedsuchasIFRS11forjointcontrolimplicationsandIAS28forequityaccountingpossibilities.AnarrowanswerdealingwithIFRS10wouldhaverestrictedthemarks.Thispartofthequestionwasquitewellanswered.Thefinalpartofthequestionrequiredcandidatestolookatadjustmentstocurrenttaxinrespectofprioryears’andwhetherthisexpenseshouldbebeentreatedasaprioryearadjustment.Theseitemsrelatedtoadjustmentsarisingfromtaxauditsbytheauthoritiesinrelationtopreviousreportingperiods.Inthisandtheabovepartofthequestiontheissuessetoutinthequestionwerecriticaltoagoodanswer.Theinformationinthequestionwassignificanttoacorrectsolution.Anaccountantcannotadviseaclienteffectively,iftheaccountantignoresthefactswhichrelatetothatclient.Thispartofthequestionwasquitewellanswered.Markswereallocatedforareasoneddiscussioneveniftheresultingrecommendationswerenotinaccordancewiththemodelanswer.Professionalmarkswereallocatedinthisquestionbaseduponthefullnessoftheattemptatthequestionandthedegreeofunderstandingandreasoningshownbycandidates.Thisprinciplewasappliedthroughoutthepaper.QuestionThreeThisquestiondealtwithaspecialisttypeoforganisation,alocalgovernmentorganisation,whosefinancialstatementsarepreparedusingInternationalFinancialReportingStandards.Thefirstpartofthequestiondealtwithinvestmentpropertyandpropertyheldaspartoftheorganisation’shousinginventory.ThusthekeystandardswereIAS40andIAS16.Candidatesneededabasicunderstandingofthetwostandardsandtheabilitytoapplytheirknowledge.Thequestionwasquitewellansweredbutagainseveralcandidatesdidnotusetheinformationinthequestionsuchasthefactthattherentpaidonlycoveredthecostofthemaintenanceoftheproperty.Therentalrevenuewasincidentaltothepurposeforwhichthepropertywasheld,thusthepropertywasnottreatedasaninvestmentproperty.Thesecondpartofthequestiondealtwiththeoutsourcingofthewastecollectiontoaprivatesectorprovider.ThekeystandardherewasIAS17.Againthekeyskillrequiredherewastheapplicationofknowledge.Manycandidatesdiscussedtherisksandrewardsargumentsbutveryfewdiscussedwhoobtainedthebenefitfromtheasset.Generally,thispartofthequestionwaswellansweredThethirdpartofthequestiondealtwithIAS37andprovisions.Thescenariowasonethatmanyaccountantsfaceinpractice.Manycandidatesfeltthattherewasanobligatingeventbutbecausethelegislationwasnotyetenacted,theyfeltthatthereshouldbedisclosureofacontingentliabilityinsteadofcorrectlystatingthataprovisionshouldbemade.Marksaregenerallysplitbetweenapplicationandknowledgeofthestandard,whichfurthershowstheimportanceofnotsimplyquotinganIFRS.Thefinalpartofthequestiondealtwiththeimpairmentofanasset.Therewerethreeelementstothequestion.Knowledgeofthestandard,applicationofthestandardandcompletionofthecalculations.Candidatesperformedquitewellontheknowledgeaspectofthequestion.Whenapplyingtheknowledge,referencetothequestionisessentialandthisiswherecandidateshaveproblems,astheyarenotusedtousinginformationinthisway.Theknowledgeshouldbesecondnature,itshouldnotrequireverymuchthought,asitistheapplicationinaquestionsuchasthis,whichrequiresthethoughttime.Veryfewcandidatescalculatedtheimpairmentlosscorrectlybutoverallthequestionwasquitewellanswered.QuestionFourThisquestionrequiredcandidatestodiscussthemainprinciplesoffairvaluemeasurementassetoutinIFRS13andtodescribethethree-levelhierarchyforfairvaluemeasurementsusedinIFRS13.Surpris