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美学研究的对象应是 ()
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The Institute of Independent Analysts (IIA), an examining body, is considering replacing its conventional assessment process with computer-based assessment which produces instant results to the candidate. A business case has been developed for the computer-based assessment project. Figure 1, extracted from the business case, shows the financial appraisal of the project. It uses a discount rate of 8%. The NPV of the project is $10,925.
Figure 1: Financial cost/benefit of the computer-based assessment project
An explanation of the costs and benefits is given below.
Initial software – refers to the cost of buying the computer-based assessment software package from the vendor. The software actually costs $375,000, but a further $25,000 has been added to reflect bespoke changes which the IIA requires. These changes are not yet agreed, or defined in detail. Indeed, there have been some problems in actually specifying these requirements and understanding how they will affect the administrative processes of the IIA.
Software maintenance – This will be priced at 10% of the final cost of the delivered software. This is currently estimated at $400,000; hence a cost of $40,000 per annum.
Question bank – refers to the cost of developing a question bank for the project. This is a set of questions which the software package stores and selects from when producing an examination for an individual candidate. Questions will be set by external consultants at $50 for each question they successfully deliver to the question bank. It is expected that further questions will need to be added (and current ones amended) in subsequent years.
Security – refers to security provided at computer-based assessment centres. This price has already been agreed with an established security firm who have guaranteed it for the duration of the project.
Disruption – refers to an expected temporary decline in IIA examinations staff productivity and staff morale during the implementation of the computer-based assessment solution.
Marker fees – manual marking is undertaken in the current conventional assessment process. There will no longer be any requirement for markers to undertake this manual marking. All examinations will be automatically marked.
Admin saving – concerns reduction in examinations staff at IIA headquarters. The actual savings will partly depend on the detailed requirements currently being discussed with the software package provider. It is still unclear how this will affect the administrative process.
Extra income – the IIA expects candidates to be attracted by the convenience of computer-based assessment. Other competing institutions do not offer this service. The extra income is the IIA’s best guess at the amount of income which will result from this new assessment initiative.
The IIA is also putting in place a benefits management process for all projects. The IIA director is concerned that project managers are just moving on to other projects and not taking responsibility for the benefits initially established in the business case.
Required:
(a) Critically evaluate the financial case (cost/benefit) of the computer-based assessment project. (15 marks)
(b) Benefit owners, benefits maps and benefits realisation are important concepts in benefits management process.
Explain each of these concepts and their potential application to the computer-based assessment project. (10 marks)
美学历史发展的第一阶段是 ()
下列各项叙述错误的是
(a) The difference between debt and equity in an entity’s statement of financial position is not easily distinguishable for preparers of financial statements. Some financial instruments may have both features, which can lead to inconsistency of reporting. The International Accounting Standards Board (IASB) has agreed that greater clarity may be required in its definitions of assets and liabilities for debt instruments. It is thought that defining the nature of liabilities would help the IASB’s thinking on the difference between financial instruments classified as equity and liabilities.
Required:
(i) Discuss the key classification differences between debt and equity under International Financial Reporting Standards.
Note: Examples should be given to illustrate your answer. (9 marks)
(ii) Explain why it is important for entities to understand the impact of the classification of a financial instrument as debt or equity in the financial statements. (5 marks)
(b) The directors of Avco, a public limited company, are reviewing the financial statements of two entities which are acquisition targets, Cavor and Lidan.They have asked for clarification on the treatment of the following financial instruments within the financial statements of the entities.
Cavor has two classes of shares: A and B shares. A shares are Cavor’s ordinary shares and are correctly classed as equity. B shares are not mandatorily redeemable shares but contain a call option allowing Cavor to repurchase them. Dividends are payable on the B shares if, and only if, dividends have been paid on the A ordinary shares. The terms of the B shares are such that dividends are payable at a rate equal to that of the A ordinary shares. Additionally, Cavor has also issued share options which give the counterparty rights to buy a fixed number of its B shares for a fixed amount of $10 million. The contract can be settled only by the issuance of shares for cash by Cavor.
Lidan has in issue two classes of shares: A shares and B shares. A shares are correctly classified as equity. Two million B shares of nominal value of $1 each are in issue. The B shares are redeemable in two years’ time at the option of Lidan. Lidan has a choice as to the method of redemption of the B shares. It may either redeem the B shares for cash at their nominal value or it may issue one million A shares in settlement. A shares are currently valued at $10 per share. The lowest price for Lidan’s A shares since its formation has been $5 per share.
Required:
Discuss whether the above arrangements regarding the B shares of each of Cavor and Lidan should be treated as liabilities or equity in the financial statements of the respective issuing companies. (9 marks)
Professional marks will be awarded in question 4 for clarity and quality of presentation. (2 marks)
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