SECTION A CASE QUESTIONS (Total: 50 marks)
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1 SECTION A CASE QUESTIONS (Total: 50 marks) Answer ALL of the following questions. Marks will be awarded for logical argumentation and appropriate presentation of the answers. CASE Papa Plastics Limited ("PPL") is a company listed on the Main Board in Hong Kong and is principally engaged in the production and distribution of plastic resins. PPL and its subsidiaries (the "Group") have a financial year end date at 31 March. San Antonio Limited On 1 January 2012, PPL acquired a 70% interest in San Antonio Limited ("SAL") for HK$190 million when the equity of SAL was: HK$m Share capital 45 Retained reserves The carrying amounts of assets and liabilities of SAL were the same as their fair values. Lakers Limited On 1 April 2014, PPL acquired a 70% interest in Lakers Limited ("LKL") for HK$120 million when the equity of LKL was: HK$m Share capital 100 Retained reserves The carrying amounts of assets and liabilities of LKL were the same as their fair values. Partial Disposal of Interest in LKL On 30 September 2015, PPL sold one half of its holding in LKL for HK$110 million. At that date, the fair value of the 35% holding in LKL was HK$126 million. The remaining holding meets the definition of an associate and this disposal does not represent a discontinued operation. No entries have been made in the accounts of PPL for the above transaction. Assume that profits and other comprehensive income accrue evenly throughout the year. Module A (June 2017 Session) Page 1 of 9
2 Rio Polyethylene On 1 April 2015, PPL joined with Thailand Limited ("TLL") to set up Rio Polyethylene (RPE), an entity incorporated in Hong Kong, to mine for petroleum in Southern China. PPL and TLL each have a 50% stake and joint control in RPE. PPL and TLL each transferred a number of their own assets to RPE on the incorporation of RPE. A contractual arrangement is signed by both PPL and TLL such that PPL and TLL would split the product of RPE equally. No entries have been made in the accounts of PPL for the above arrangement except for the investment at cost. Additional information (c) (d) It is the Group's policy to measure the non-controlling interests as the proportionate share of the fair value of the identifiable net assets of the subsidiary at the acquisition date. Included in the plant and machinery of PPL was a machine bought from SAL on 1 April 2013 for HK$26 million. The machine had an original cost of HK$42 million and its carrying amount was HK$20 million on 1 April PPL had depreciated the machine on a straight-line basis over 10 years, with no residual value. During the year ended 31 March 2016, SAL has sold to PPL some inventory, which cost SAL HK$50 million, for HK$60 million. PPL sold 80% of the inventory to third parties outside the group and still had 20% of the inventory on hand at 31 March Ignore tax effects. Module A (June 2017 Session) Page 2 of 9
3 The following is the financial information in relation to PPL, SAL, LKL and RPE as at 31 March 2016: PPL SAL LKL RPE HK$m HK$m HK$m HK$m Property, plant and equipment Investment in SAL Investment in LKL Investment in RPE Current assets Total assets 1, Share capital Retained reserves Non-current liabilities Current liabilities Total equity and liabilities 1, Total comprehensive income for the year Apart from the total comprehensive income for the year, there is no other change in reserves. Interim Report In early July 2016, Agnes Cheng, the accounting manager, approached Edwin Ng, the Chief Executive Officer ("CEO") to discuss the preparation of the disclosure of routine financial information for Jade Limited ("JADE"), a newly acquired company listed on the Growth Enterprise Market ("GEM") of the Hong Kong Stock Exchange with a financial reporting date of 31 March. Edwin told Agnes that they don't need to discuss this since he is familiar with interim reporting as PPL is a company listed on the Main Board and he knows the requirement as set out in the Appendix 16 of the Listing Rules. Edwin said: "I know that we need to issue an interim report for the first six months of a financial year and this report must be published not later than two months after the end of that interim period. Don't bother me too much about JADE as now it is only the first three months of the financial year end. We still have plenty of time. By the way, a major overhaul is expected to occur late in the year, we should include this cost of the planned major overhaul for interim reporting purposes so that we will not surprise the financial analysts." Module A (June 2017 Session) Page 3 of 9
4 Question 1 (12 marks approximately 22 minutes) Assume that you are Agnes Cheng, the accounting manager. Operating Officer of PPL, raised the following question: Sunny Chan, the Chief "I know from my studies on my executive MBA course that we can recognise the assets and liabilities in relation to our interest in the joint arrangement in accordance with relevant HKFRSs applicable to the particular assets and liabilities. So we can keep our investment in RPE at cost in our own financial statements and share 50% of the assets and liabilities of RPE when we prepare the consolidated financial statements. Am I right?" Required: Draft a memorandum in response to the question raised by Sunny Chan. Analyse and advise as to how RPE would be accounted for in the separate financial statements and in the consolidated financial statements of PPL for the year ended 31 March [Mark(s) will be awarded for proper memorandum format used with logical presentation.] (12 marks) Question 2 (9 marks approximately 16 minutes) Calculate the gain on partial disposal of the interest in LKL to be recorded in the separate financial statements and in the consolidated financial statements of PPL. (9 marks) Question 3 (21 marks approximately 38 minutes) After considering the transactions and other information as set out in Questions 1 and 2 above, prepare the consolidated statement of financial position of PPL as at 31 March (Round the consolidated figures to two decimal places). (21 marks) (Consolidation adjustments are to be shown in the form of a worksheet. For this question, you may use the templates printed on green paper provided to prepare your answers or continue your answer in the script booklet for Case Questions. You have to show the supporting calculation of each figure in the worksheet, but journal entries are not required.) Module A (June 2017 Session) Page 4 of 9
5 Question 4 (8 marks approximately 14 minutes) Advise Edwin Ng, the CEO of PPL, whether his understanding is correct on the requirements for JADE in respect of the disclosure of routine financial information as a company listed on GEM as compared to a company listed on the Main Board; and (4 marks) on the appropriate accounting treatment of the cost of the planned major overhaul expected to occur late in the year for interim reporting purposes. (4 marks) * * * * * * * * Module A (June 2017 Session) Page 5 of 9
6 End of Section A
7 SECTION B ESSAY / SHORT QUESTIONS (Total: 50 marks) Answer ALL of the following questions. Marks will be awarded for logical argumentation and appropriate presentation of the answers. Question 5 (20 marks approximately 36 minutes) Air-conditioner Manufacturing Limited ("AML") is a manufacturer of air-conditioners especially producing environmental friendly air-conditioners. In order to encourage environmental protection, the provincial government at its location of operation has offered AML the following: (i) (ii) The provincial government has granted two incentives during the year ended 31 December 2015, a grant of HK$1,500,000 for the new model of which AML has launched in the year of 2014 and another grant of HK$400,000 to compensate for the research and development costs incurred by AML in AML has incurred research and development costs of HK$800,000 and HK$2,000,000 during the year of 2014 and 2015 respectively. These costs were not qualified to be capitalised as assets and thus they were expensed off in profit or loss. The related grants have been received by AML in AML has also purchased certain plant and equipment at a cost of HK$25,000,000 in 2013 which have anticipated useful lives of five years. Depreciation is recognised on a straight-line basis. The provincial government has agreed to subsidise part of these costs amounting to HK$10,000,000 which is conditional on certain production targets being achieved within the next three years. It is expected that the production targets would be achieved finally. The related grants have been received by AML in There is reasonable assurance that AML would comply with the conditions attaching to the above grants. Required: Advise AML's management as to the appropriate accounting treatment and the presentation in the financial statements of AML for the year ended 31 December 2015 for each of the above events in accordance with the relevant financial reporting standards. No journal entries are required. (10 marks) For event (ii) above, advise AML's management as to the accounting implication in the financial statements of AML for the year ended 31 December 2015, if (i) AML failed to meet the production targets in 2015? (4 marks) (ii) AML recognised the entire subsidy as income in the financial statements for the year ended 31 December 2013? (6 marks) Module A (June 2017 Session) Page 7 of 9
8 Question 6 (18 marks approximately 32 minutes) In the preparation of the financial statements for the year ended 31 March 2016 of New Energy Company Limited ("NEC"), the following events have taken place after the end of the reporting period but before the date when the financial statements are authorised for issue (i.e. 30 June 2016): NEC has invested in certain shares of a listed company and a private entity which does not confer control, joint control or significant influence over these entities. Those shares of the listed company are acquired for short-term profit while the investments in the private entity is for long term strategic purposes and NEC intended to avoid volatility in its the financial performance due to the fair value change of these investments. As at 31 March 2016, NEC has carried the shares of the listed company at fair value of HK$30,000,000. The total fair value of the shares of the listed company on 30 June 2016 amounted to HK$10,000,000. For the shares of the private entity, the acquisition cost is HK$12,000,000. On 30 March 2016, NEC has entered into a contract with another third party to dispose of all of its shares in the private entity at a consideration of HK$9,000,000. This disposal was completed on 31 May (8 marks) (c) On 31 January 2016, NEC has placed certain deposits with a bank which is denominated in the currency of Country X. The functional currency of NEC is the Hong Kong Dollar ("HKD"). The exchange rate of one HKD against one dollar of Country X's currency on 31 January 2016 and 31 March 2016 is 12 and 14, respectively. On 28 June 2016, due to certain significant economic upheaval in Country X, that country's currency was devalued and the exchange rate of one HKD against one dollar of Country X's currency was 8. (5 marks) NEC has ordered the purchase of certain plant and equipment from an overseas supplier at a price of Euro 100,000 on 30 September The plant and equipment were received by NEC on 28 February 2016 and the relevant payable was settled on 30 June The functional currency of NEC is HKD. The exchange rate of Euro against the HKD on 30 September 2015, 28 February 2016 and 30 June 2016 was 1:8.65, 1:8.83 and 1:8.59, respectively. (5 marks) Required: Advise as to the accounting implications for each of the above events in the preparation of the financial statements of NEC for the year ended 31 March Module A (June 2017 Session) Page 8 of 9
9 Question 7 (12 marks approximately 22 minutes) Good Harvest Limited ("GHL") is wholly owned by Mr Chan and GHL has had certain transactions with banks during the year ended 31 December 2015 as below: On 1 July 2015, GHL provided a guarantee to a bank for a bank borrowing of a related company, which is wholly owned by Mr Chan, amounting to HK$8,000,000 with a tenor of 3 years. No consideration is received for the guarantee. The fair values of the guarantee are HK$180,000 and HK$220,000 as at 1 July 2015 and 31 December 2015 respectively. As at 31 December 2015, it is considered as not probable that the related company will default on the repayment of the bank borrowing. On 30 October 2015, GHL obtained a new bank loan of HK$10,000,000 from a bank, which is wholly repayable at 31 December 2017 without a repayment on demand clause. Under the terms of such banking facilities, GHL is required to maintain a gearing ratio of less than 1.2 at all times. As at 31 December 2015, the gearing ratio of GHL is 1.5 and the management of GHL is negotiating with the bank in this regard. It is unknown as to whether the bank would grant any waiver to GHL as at 31 December Required: Prepare the journal entries for providing a guarantee for the bank borrowing of a related company, with detailed calculation, in the preparation of the financial statements of GHL for the year ended 31 December (4 marks) Advise the management of GHL, in both the scenarios of (1) granting and (2) not granting a waiver, as to the presentation of the bank loan on the statement of financial position at 31 December 2015 with current/ non-current classification and discuss the relevant disclosures in accordance with the relevant financial reporting standards. (8 marks) * * * END OF EXAMINATION PAPER * * * Module A (June 2017 Session) Page 9 of 9
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