(b) International Standards on Auditing (ISAs); and (5 marks)
(b) International Standards on Auditing (ISAs); and (5 marks)
相关考题：
●The OSI (68) model，sometimes also called ISO or 7 layers reference model for communication.has been developed by the International Standards Organization in early 1980's.(68) A．referentB．referenceC．referanceD．refering
Churchill Ice Cream has to date made two unsuccessful attempts to become an international company.(d) What reasons would you suggest to explain this failure of Churchill Ice Cream to become an internationalcompany? (5 marks)
(b) Prepare a consolidated balance sheet as at 31 October 2005 for the Lateral Group in accordance withInternational Financial Reporting Standards. (21 marks)
3 The directors of Panel, a public limited company, are reviewing the procedures for the calculation of the deferred taxprovision for their company. They are quite surprised at the impact on the provision caused by changes in accountingstandards such as IFRS1 ‘First time adoption of International Financial Reporting Standards’ and IFRS2 ‘Share-basedPayment’. Panel is adopting International Financial Reporting Standards for the first time as at 31 October 2005 andthe directors are unsure how the deferred tax provision will be calculated in its financial statements ended on thatdate including the opening provision at 1 November 2003.Required:(a) (i) Explain how changes in accounting standards are likely to have an impact on the provision for deferredtaxation under IAS12 ‘Income Taxes’. (5 marks)
5 The International Accounting Standards Board (IASB) is currently in a joint project with the Accounting StandardsBoard (ASB) in the UK and the Financial Accounting Standards Board (FASB) in the USA in the area of reportingfinancial performance/comprehensive income. The main focus of the project is the development of a single statementof comprehensive income to replace the income statement and statement of changes in equity. The objective is toanalyse all income and expenses and categorise them in a way that increases users’ understanding of the results ofan entity and assists in forming expectations of future income and expenditure. There seems to be some consensusthat the performance statement should be divided into three components being the results of operating activities,financing and treasury activities, and other gains and losses.Required:(a) Describe the reasons why the three accounting standards boards have decided to cooperate and produce asingle statement of financial performance. (8 marks)
(b) Prepare the balance sheet of York at 31 October 2006, using International Financial Reporting Standards,discussing the nature of the accounting treatments selected, the adjustments made and the values placedon the items in the balance sheet. (20 marks)
5 International Financial Reporting Standards (IFRSs) are primarily designed for use by publicly listed companies andin many countries the majority of companies using IFRSs are listed companies. In other countries IFRSs are used asnational Generally Accepted Accounting Practices (GAAP) for all companies including unlisted entities. It has beenargued that the same IFRSs should be used by all entities or alternatively a different body of standards should applyto small and medium entities (SMEs).Required:(a) Discuss whether there is a need to develop a set of IFRSs specifically for SMEs. (7 marks)
(b) Discuss the nature of the following issues in developing IFRSs for SMEs.(i) The purpose of the standards and the type of entity to whom they should apply. (7 marks)
4 The International Accounting Standards Board (IASB) has begun a joint project to revisit its conceptual framework forfinancial accounting and reporting. The goals of the project are to build on the existing frameworks and converge theminto a common framework.Required:(a) Discuss why there is a need to develop an agreed international conceptual framework and the extent to whichan agreed international conceptual framework can be used to resolve practical accounting issues.(13 marks)
(b) Prepare a consolidated statement of financial position of the Ribby Group at 31 May 2008 in accordancewith International Financial Reporting Standards. (35 marks)
(c) On 1 May 2007 Sirus acquired another company, Marne plc. The directors of Marne, who were the onlyshareholders, were offered an increased profit share in the enlarged business for a period of two years after thedate of acquisition as an incentive to accept the purchase offer. After this period, normal remuneration levels willbe resumed. Sirus estimated that this would cost them $5 million at 30 April 2008, and a further $6 million at30 April 2009. These amounts will be paid in cash shortly after the respective year ends. (5 marks)Required:Draft a report to the directors of Sirus which discusses the principles and nature of the accounting treatment ofthe above elements under International Financial Reporting Standards in the financial statements for the yearended 30 April 2008.
4 The transition to International Financial Reporting Standards (IFRSs) involves major change for companies as IFRSsintroduce significant changes in accounting practices that were often not required by national generally acceptedaccounting practice. It is important that the interpretation and application of IFRSs is consistent from country tocountry. IFRSs are partly based on rules, and partly on principles and management’s judgement. Judgement is morelikely to be better used when it is based on experience of IFRSs within a sound financial reporting infrastructure. It ishoped that national differences in accounting will be eliminated and financial statements will be consistent andcomparable worldwide.Required:(a) Discuss how the changes in accounting practices on transition to IFRSs and choice in the application ofindividual IFRSs could lead to inconsistency between the financial statements of companies. (17 marks)
(iii) Whether or not you agree with the statement of the marketing director in note (9) above. (5 marks)Professional marks for appropriateness of format, style. and structure of the report. (4 marks)
4 (a) The purpose of ISA 510 ‘Initial Engagements – Opening Balances’ is to establish standards and provide guidanceregarding opening balances when the financial statements are audited for the first time or when the financialstatements for the prior period were audited by another auditor.Required:Explain the auditor’s reporting responsibilities that are specific to initial engagements. (5 marks)
6 The explosive growth of investing and raising capital in the global markets has put new emphasis on the developmentof international accounting, auditing and ethical standards. The International Federation of Accountants (IFAC) hasbeen at the forefront of the development of the worldwide accountancy profession through its activities in ethics,auditing and education.Required:Explain the developments in each of the following areas and indicate how they affect Chartered CertifiedAccountants:(a) IFAC’s ‘Code of Ethics for Professional Accountants’; (5 marks)
In relation to the courts’ powers to interpret legislation, explain and differentiate between:(a) the literal approach, including the golden rule; and (5 marks)(b) the purposive approach, including the mischief rule. (5 marks)
2 (a) Define the following terms:(i) Forensic Accounting;(ii) Forensic Investigation;(iii) Forensic Auditing. (6 marks)
The OSI(66)model, sometimes also called ISO or 7 layers reference model for communication, has been developed by the International Standards Organization in early 1980's.A．referentB．referenceC．referanceD．refering
Fibre Channel, or FC, is a gigabit-speed network technology primarily used for storage networking.Fibre Channel is standardized in the T11 Technical Committee of the InterNational Committee for Information Technology Standards (INCITS), an American National Standards Institute (ANSI) Caccredited standards committee.Which two of these correctly describe Fibre Channel?（）A. supports multiple protocolsB. works only in a shared or loop environmentC. allows addressing for up to 4 million nodesD. provides a high speed transport for SCSI payloads
Fibre Channel， or FC， is a gigabit-speed network technology primarily used for storage networking.Fibre Channel is standardized in the T11 Technical Committee of the InterNational Committee forInformation Technology Standards （INCITS）， an American National Standards Institute （ANSI）Caccredited standards committee. Which two of these correctly describe Fibre Channel？ （）A、 supports multiple protocolsB、 works only in a shared or loop environmentC、 allows addressing for up to 4 million nodesD、 provides a high speed transport for SCSI payloads
单选题Failure to control the growth of international debt will also constrain living standards.AenhanceBreinforceCrestrainDstabilize
单选题We cannot comment on whether _____ international standards should be developed under this convention.AbindingBwindingCdecayingDcunning
单选题SOLAS stands for（）Athe International Convention for the Safety of the Life at SeaBthe International Convention for the Prevention from shipsCthe International Convention on Standards of Training, Certification and Watch keeping for SeafarersDthe International Convention for the Control and Management of Ship’s Ballast Water and Sediments
单选题The International Association of Lighthouse authorities (IALA) buoyage system “A” uses some types of marks to distinguish safe navigation? Which type(s) does(do) not belong to the system?（）Alateral marks and cardinal marksBsafe water marksCisolated danger marks and special marksDdangerous water marks