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会计学原理 1—6章 英文练习.doc 8页
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会计学原理 1—6章 英文练会计学原理 1—6章 英文练习
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Chap 11.Mostly the objective of a business is not to make a profit.错2. A corporation is a business that is legally separate and distinct from its owners.对3. Accounting is a service that provides many different users with financial information to make economic decisions.对4. Primary users of accounting information are accountants.错5. &Managerial accounting is primarily concerned with the recording and reporting of economic data and activities of an entity for use by owners, creditors, governmental agencies, and the public.& 错6. The financial statements of a proprietorship should include the owner's personal assets and liabilities.错7. The unit of measurement concept requires that economic data be recorded in a common unit of measurement 对8. &If a building is appraised for $90,000, offered for sale at $95,000, and the buyer pays $85,000 cash for it, the buyer would record the building at $90,000.& 错9.An entity that is organized according to state or federal statutes and in which ownership is divided into shares of stock is a答案 BA. proprietorship
B. corporation
C. partnership
D. governmental unit10.Which of the following best describes accounting?
BA. records economic data but does not communicate the data to users according to any specific rulesB. is an information system that provides reports to stakeholdersC. is of no use by individuals outside of the businessD. is used only for filling out tax returns and for financial statements for various type of governmental reporting requirements11.?The two most common specialized fields of accounting in practice are BA. forensic accounting and financial accountingB. managerial accounting and financial accountingC. managerial accounting and environmental accountingD. financial accounting and tax accounting systems12.Which of the following is not a characteristic of financial accounting ______ CA. external reporting
B. general-purpose information C. future orientation
D. standard and uniform reportin
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70Part_5_Chapter_1_Provisions_contingent_liabilities_and_contingent_assets_(IAS37)
IAS37CPROVISIONS,CONTING；DEFINITIONS；Theframeworkdefinesliabi；Apresentobligationcanbea；Aprovisionisrecognizedwh；-Anentityhasapresentobli；MEASUREMENT；Aprovisionismeasuredatth；Thebes
IAS 37 C PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
DEFINITIONS
The framework defines liabilities as present obligations of the entity arising from past events, the settlement of which are expected to result in an outflow from the entity of resources embodying economic benefits. Provisions are liabilities with an uncertain timing or amount of the outflows.
A present obligation can be a legal obligation or a constructive obligation. A legal obligation is an obligation that derives from a contract, legislation or other operation of law, while a constructive obligations derives from an entity’s actions where by an established pattern of past practice, published policies or a sufficiently specific current statement, the entity has indicated to other parties that it will accept certain responsibilities and as a result, the entity has created a valid expectation on the part of those other parties that it will discharge those liabilities. RECOGNITION
A provision is recognized when
- An entity has a present obligation (legal or constructive) as a re It is probable that an outflow of resources embodying economic benefits will be required to s and A reliable estimate can be made of the amount of the obligation.
MEASUREMENT
A provision is measured at the best estimate of the expenditure required to settle the present obligation at the end of the reporting period.
The best estimate of the expenditure required to settle the present obligation is the amount that an entity would rationally pay to settle the obligation at the end of the reporting period or to transfer it to a third party at that time. Where the provision being measured involves a large population of items, the obligation is estimated by weighting all possible outcomes by their associated probabilities. Where a single obligation is being measured, the individual most likely outcome may be the best estimate of the liability. However, where other possible outcomes are either mostly higher or mostly lower than the most likely outcome, the best estimate will be a higher or lower amount. The amount of a provision shall be the present value of the expenditures expected to be required to settle the obligation, where the effect of the time value of money is material. The discount rate shall be a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The discount rate shall not reflect risks for which future cash flow estimates have been adjusted.
Future events that may affect the amount required to settle an obligation shall be reflected in the amount of a provision where there is sufficient objective evidence that they will occur.
If a reimbursement of some or all of the expenditure required to settle a provision is expected to be reimbursed by another party, the reimbursement shall be recognized when, and only when it is virtually certain that reimbursement will be received if the entity settles the obligation. The reimbursement shall be treated as a
separate asset. The amount recognized for the reimbursement shall not exceed the amount of the provision.
In the statement of comprehensive income, the expense relating to a provision may be presented net of the amount recognized for a reimbursement.
Provisions shall be reviewed at the end of each reporting period and adjusted to reflect the current best estimate. If it is not longer probable that an outflow of economic benefits will be required to settle the obligation, the obligation shall be reversed. A provision shall be used only for expenditures for which the provision was originally recognized.
CONTINGENT LIABILITIES AND CONTINGENT ASSETS
A contingent liability is
- A possible obligation that arises from past events and whose existence will be confirmed only by the
occurrence or non-occurrence of one or more uncertain future events not wholly within the c or
A present obligation that arises from past events but is not recognized because:
o It is not probable that an outflow of resources embodying economic benefits will be required to
o The amount of the obligation cannot be measured with sufficient reliability -
A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the contract.
Contingent liabilities and contingent assets are not recognized. A contingent liability is disclosed, unless the possibility of an outflow of resources embodying economic benefits is remote. A contingent asset is disclosed, where an inflow of economic benefits is probable.
SPECIFIC APPLICATIONS
FUTURE OPERATING LOSSES
Future operating losses do not meet the definition of a liability and the recognition criteria for provisions, therefore provisions shall not be recognized for future operating losses. An expectation of future operating losses is an indication that certain assets of the operation may be impaired. An entity has to test these assets for impairment in accordance with IAS 36 C Impairment of assets.
ONEROUS CONTRACTS
An onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. If an entity has a contract that is onerous, the present obligation under the contract shall be recognized and measured as a provision. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it.
RESTRUCTURING
A restructuring is a programme that is planned and controlled by management, and materially changes either:
- The scope of a business und or
- The manner in which that business is conducted.
The following are examples of events that may fall under the definition of restructuring:
- Sale or termination o The closure of business locations in a country
Changes in management structure, for example, eliminating a and Fundamental reorganizations that have a material effect on the nature and focus of the entity’s operations.
A constructive obligation to restructure arises only when an entity:
- Has a detailed formal plan of the restructuring identifying at least
o The business or part of
o The principa
o The location, function, and approximate number of employees who will be compensated for
o The expenditures tha and
o When the plan and
Has raised a valid expectation in those affected that it will carry out the restructuring by starting to implement that plan or announcing its main features to those affected by it. -
A restructuring provision shall include only the direct expenditures arising from the restructuring, which are those that are both:
- Necessarily entailed
and Not associated with the ongoing activities of the entity
RELATED STANDARDS AND INTERPRETATIONS
IFRIC 1 - CHANGES IN EXISTING DECOMMISSIONING, RESTORATION AND SIMILAR LIABILITIES
Changes in the measurement of an existing decommissioning, restoration and similar liability that result from changes in the estimated timing or amount of the outflow of resources embodying economic benefits required to settle the obligation, or a change in the discount rate, shall be accounted for by adjusting the related asset. IFRIC 6 C LIABILITIES ARISING FROM PARTICIPATING IN A SPECIFIC MARKET C WASTE ELECTRICAL AND ELECTRONIC EQUIPMENT
A liability for waste management costs for historical household equipment does not arise as the products are manufactured or sold. Because the obligation for historical household equipment is linked to participation in the market during the measurement period, rather than to production or sale of the items to be disposed of, there is no obligation unless and until a market share exists during the measurement period. The timing of the obligating event may also be independent of the particular period in which the activities to perform the waste management are undertaken and the related costs incurred.
IFRIC 21 C LEVIES
A liability to pay levies is recognized progressively if the obligating event occurs over a period of time. If the obligation is triggered on reaching a minimum threshold, the liability is recognized when that minimum threshold is reached.
REFERENCES
IASB, International Financial Reporting Standards, 2015, IAS 37 C Provisions, contingent liabilities and contingent assets.
Refer to the standard or to disclosure checklists for the specific disclosure requirements of this standard.
DISCUSSIONS
1. Consider each of the following situations and determine in each case whether or not a provision should be accounted for in the company’s financial statements for the year ended 31 March 2010. Explain your answer. a. On 23 January 2010, the board of directors decided to close down one of the company’s operations. By 31 March 2010, this decision had been announced to the workforce and a detailed plan had been drawn up for its implementation. The closure would involve redundancy payments of 750,000.
b. On 12 March 2010, the directors decided to close down another of the company’s operations. This would involve redundancy payments of 500,000. At 31 March 2010, the decision had not been announced and had not yet been acted upon.
c. For the past few years, the company has been conducting two operations which cause environmental damage. One of these operations is in a country which by law requires companies to rectify any environmental damage which they cause. The other is in a country which has no such legislation. The costs of rectifying the damage caused to date by these two operations are estimated at 10,000,000 and 20,000,000 respectively.
d. At 31 March 2010, the company owns a fleet of motor lorries, all of which require an annual service. This servicing work is expected to be performed during the year to 31 March 2011, at an estimated cost of 100,000.
2. Identify whether each of the following would be a liability, a provision or a contingent liability, or none of the above, in the financial statements of company A as at its reporting date of 30 June 20X5. Assume that company A’s financial statements are authorized for issue on 24 August 20X5 (Alfredson e.a., pg 190, exercise 5.7)
3. What is a contingent liability?
4. What is a contingent asset ?
5. What is a restructuring ? Is the recognition of a provision for restructurings allowed under IAS 37 ?
6. Discuss the difference between an onerous contract and future operating losses. Give the treatment in
accordance with IAS 37.
EXERCISES AND CASES
DEFINITION AND RECOGNITION
Determine whether a provision should be recognized for the following 9 cases:
1. An enterprise in the oil industry causes contamination but cleans up only when required to do so under the laws of the particular country in which it operates.
One country in which it operates has had no legislation requiring cleaning up, and the enterprise has been contaminating land in that country for several years.
At 31 December 2000 it is virtually certain that a draft law requiring a clean-up of land already contaminated will be enacted shortly after the year end.
2. An enterprise in the oil industry causes contamination and operates in a country where there is no environmental legislation. However, the enterprise has a widely published environmental policy in which it undertakes to clean up all contamination that it causes. The enterprise has a record of honoring this published policy.
3. A retail store has a policy of refunding purchases by dissatisfied customers, even though it is under no legal obligation to do so.
Its policy of making refunds is generally known.
4. Under new legislation, an enterprise is required to fit smoke filters to its factories by 30 June 20X0. The enterprise has not fitted the smoke filters.
a. At the reporting date of 31 December 20X-1
b. At the reporting date of 31 December 20X0
5. Health and safety legislation has been introduced that requires asbestos to be removed from all buildings. Asbestos removal is required whether or not the property is in use. The legislation is effective from 31 December 20X2. Entity A owns a 20 year old factory that includes asbestos. The estimated cost of removing the asbestos is CU70,000, plus a further CU30,000 in lost profits because the factory will not be able to operate at full capacity while the asbestos is being removed. At 31 December 20X2, the work has not commenced in respect of the
however, contracts have been signed with contractors for the work to be performed in the first few months of 20X3.
6. The government introduces a number of changes to the income tax system.
As a result of these changes, an enterprise in the financial services sector will need to retrain a large proportion of its administrative and sales workforce in order to ensure continued compliance with financial services regulation.
At the reporting date, no retraining of staff has taken place.
7. A company sells an additive for leaded petrol engines, which allows them to comply with new emission requirements. The company has heard from the representatives of ten customers who claim that the canisters have burst open on use and the additive has burnt their hands. They contend that the canisters were faulty. The company is insured for such liabilities and does not expect to lose any money if the claims succeed.
8. Entity A has received notice from the governmental environment agency that official investigations will be made into claims of pollution caused by the entity. Neighbors living near entity A’s factory claim that its operations have caused ground water contamination. The investigation will only consider whether entity A has caused contamination and, if so, what penalties and fines should be levied on it.
Manufacturing operations have been conducted at the site for 150 however, entity A acquired the factory only 50 years ago. Entity A has used toxins at the plant, but only to an extent that is unlikely to cause pollution,
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