InternationellRedovisning,7,5hp* - Högskolan i Borås ·...

Internationell Redovisning, 7,5 hp Provmoment: Ten Tentamen ges för: ACEKO12h-‐pgrp1 SAMEK14h Ladokkod: 22IR1D Tentamensdatum: 2015-‐11-‐03 Tid: 14.00-‐19.00 Tentamenskod:

Hjälpmedel: Okommenterad IFRS-‐volym, okommenterad Föreställningsram för utformning av finansiella rapporter och okommenterad språklexikon för översättning av engelska ord till svenska ord och vice verca. Med ”okommenterad” menas att endast under-‐/överstrykningar, hänvisningar till annan punkt/lagrum samt enstaka ord som finns i lagtextens/standardens/föreställningsramens text och som skrivits ut i marginalen är tillåtna. Med enstaka ord som skrivs ut i marginalen jämställs s.k. ”flaggor” där motsvarande information antecknats. Vidare är elektronisk räknare tillåtet hjälpmedel. Med elektronisk räknare menas enklare form av räknare där enbart beräkningar kan utföras. Elektronisk räknare där textinformation kan lagras eller hämtas från internet eller liknande, räknas inte som godkänt hjälpmedel.

Totalt antal poäng på tentamen: 50 poäng. Betygsgränser: Godkänd 25 poäng, Väl Godkänd 37 poäng. Allmänna anvisningar: Frågorna skall besvaras med tydliga motiveringar men hållas inom ramen för respektive fråga. Utnyttja om möjligt svarsutrymmet i tentamenshäftet. Tentamenshäftet lämnas in tillsammans med lösa svarsblad. Glöm inte att ange tentamenskod på tentamen och alla lösblad som du lämnar in. Resultatet anslås senast om fyra veckor. Nästa tentamenstillfälle är den 15 december 2015. Ansvarig lärare: Kjell Johansson 0707-‐39 70 79 Lycka till!

Uppgift 1 (25 poäng) Besvara nedanstående frågor genom att tydligt markera med en ring kring det svar som du anser besvarar frågorna. Några minuspoäng ges inte och för alla frågor som du besvarar med rätt svar erhålls 0,5 poäng. 1. The factor used to convert from one country's currency to another country's currency is called the: A. interest rate. B. cost of capital. C. exchange rate. D. strike price.

2. Foreign exchange risk arises when:

A. business transactions are denominated in foreign currencies. B. sales are made to customers in a domestic country. C. goods or services purchased from suppliers in a foreign country are denominated in domestic currency.

D.

auditing reports are prepared in a foreign currency.

3. Foreign exchange risk arises when: A. business transactions are denominated in foreign currencies. B. sales are made to customers in a domestic country. C. goods or services purchased from suppliers in a foreign country are denominated in domestic currency.

D. auditing reports are prepared in a foreign currency.

4. Foreign companies that are listed on the New York Stock Exchange (NYSE) and following their domestic GAAP must report their income in terms of: A. the International Accounting Standards. B. the GAAP of their home country. C. the GAAP of the United States. D. All of the above

5. Which of the following is a reason a company might cross-‐list itself on a foreign stock

exchange? A. It wants to hedge against currency fluctuations. B. It is less expensive than listing itself solely on a domestic exchange. C. It wants to obtain acquisition currency for acquiring a foreign company. D. It is required for accomplishing foreign direct investment.

6. What does "harmonization" mean in the context of international accounting? A. The process of combining the financial statements of foreign subsidiaries into the parent company's financial statements

B. The process of reducing accounting differences across countries C. Disclosing the accounting methods used in preparing the financial statements D. Assessing the exposure resulting from inadequate internal controls

7. It is generally believed that the 1997 financial crisis in East Asia was partly due to

accounting factors in that part of the world. Which of the following accounting values was lacking in that part of the world and thereby contributed to the crisis? A. Professionalism B. Statutory control C. Uniformity D. Transparency

8. Differences in legal systems used in various countries have been cited as one reason for diversity in accounting practices. What are the major types of legal systems? A. Commercial law and accounting law B. Rules and regulations C. Written law and unwritten law D. Common law and code law

9. What is likely to be the source of accounting standards in common law countries? A. Tax law B. Non-‐government entities such as the FASB C. Federal and local legislatures D. The International Accounting Standards Board

10. According to the research of Christopher Nobes, the most relevant factor in

determining the purpose of financial reporting is: A. the financing system of the country. B. religious differences across countries. C. the population of the country. D. the strength of the country's accounting profession.

11. According to the research of Christopher Nobes, what is the primary determinant of

the accounting systems in developing countries? A. The nature of their financing system B. The accounting system of countries that dominate their culture C. The size of their capital market D. The strength of their tax code

12. The "Fair Presentation/Full Disclosure Model" is a classification scheme used by: A. Germany. B. Japan. C. the United States and the United Kingdom. D. Brazil.

13. In Gray's framework for accounting system development, which of the following countries tends to show a relatively high preference for conservative accounting standards? A. Norway B. United Kingdom C. United States of America D. Japan

14. In Gray's framework for accounting system development, the cultural dimensions of

individualism, power distance, uncertainty avoidance, and masculinity directly affect: A. accounting systems. B. accounting values. C. external influences. D. ecological influences.

15.

Individualism, power distance, uncertainty avoidance, and masculinity are examples of: A. accounting values. B. ecological factors. C. cultural dimensions. D. external forces.

16. From a practical standpoint, what is the goal of accounting standards

harmonization? A. Creating one set of standards used throughout the world B. Reducing the conflict among national accounting standards C. Producing accounting standards that are unique for each country D. Forcing compliance with IASB regulations

17. De jure harmonization refers to the process of:

A. making accounting practices consistent across countries. B. making accounting regulations consistent internationally. C. resolving accounting differences through jury trials. D. eliminating the need to have different accounting methods.

18. De facto harmonization refers to the process of: A. making accounting practices consistent across countries. B. making accounting regulations consistent internationally. C. resolving accounting differences through litigation. D. creating one set of accounting standards.

19. Which of the following statements is true about accounting convergence? A. Convergence is a synonym for harmonization. B. Convergence is the opposite of standardization. C. Convergence, unlike harmonization, takes place over a period of time. D. Convergence means developing high-‐quality standards in partnership with national standard-‐setters.

20. According to the Framework for Preparation and Presentation of Financial

Statements of the IASB, which of the following is NOT required for asset recognition? A. Control of the resource B. Ownership of the resource C. Future economic benefits D. Reliable measurement of the cost or value of the resource

‘

21. What is Anglo-‐American Accounting? A. It is an association of British and American accounting regulatory agencies. B. The accounting systems used in the United States., United Kingdom, and other English-‐speaking countries.

C. This refers to the basis used by the IASB to judge the appropriateness of international accounting standards.

D. All of the above are true.

22. Which of the following is a difference among the U.S. and other Anglo-‐Saxon countries in terms of accounting standards? A. The U.S. does not adhere to the "true and fair view" approach. B. The U.S. is more private-‐sector oriented. C. The U.S. always follows a conceptual framework when developing accounting standards.

D. The U.S. standards are becoming more rigid than the U.K. standards.

23. Which of the following inventory valuation methods, commonly used under the U.S. GAAP, is NOT allowed under IAS 2 (Inventories)? A. LIFO

LIFO

B. FIFO C. Weighted average D.

Retail inventory method

24.The following inventory information was taken from the records of GlobeKom Ltd.:

25. Under IAS 2, what should the balance sheet report for Inventory? A. $9,000 B. $8,500 C. $9,500 D. $10,000

26. Under U.S. GAAP, what should the balance sheet report for Inventory? A. $9,000 B. $8,500 C. $9,500 D. $10,000

27. How does IAS 38 (Intangible Assets) differ from U.S. GAAP with respect to

development costs? A. U.S. GAAP does not allow capitalization of development costs, whereas IAS 38 allows capitalization of these costs.

B. U.S. GAAP requires capitalization of development costs, whereas IAS 38 makes capitalization of these costs optional.

C. U.S. GAAP treats development costs as part of "Goodwill", whereas IAS 38 treats these costs as an intangible asset.

D. U.S. GAAP requires expensing of all development costs, and IAS 38 requires capitalizing all development costs.

____________________________________

The following information was taken from the fixed asset records of Bosco Ltd. as of December 31, 2010:

28. Using IAS 36, what is the amount of impairment loss?

A. €18,000 B. €37,000 C. €15,000 D. €25,000

29. What is the amount of impairment loss under U.S. GAAP?

A. €37,000 B. €18,000 C. €15,000 D. €25,000

30. Why is it difficult to compare IAS 18, Revenue, to U.S. GAAP? A. The IASB definition of revenue is very complicated, whereas the definition of revenue under U.S. GAAP is straightforward.

B. Revenue is not defined under U.S. GAAP. C. There is no single standard in U.S. GAAP that deals solely with revenue. D. Under U.S. GAAP, revenue is defined in terms of cash, whereas IAS 18 defines revenue in terms of a variety of resources.

31. How does U.S. GAAP require the prior service cost related to retirees to be

recognized? A. Amortize over the average remaining working lives of active employees B. Recognize immediately C. Don't recognize at all D. Amortize over remaining expected life of the retirees

32. What is the primary source of finance for German companies?

A. Issuance of stock B. Corporate bonds C. Bank loans D. Government grants

33. Which of the following countries has NOT had its accounting systems significantly influenced by Germany? A. Switzerland B. Denmark C. Japan D. France

34. Which of the following statements is true about accounting in China? A. Accounting has a long history, dating back thousands of years. B. The first professional accounting body in the People's Republic of China was established in 1988.

C. Its roots can be found in the teachings of the philosopher and educator Confucius. D. All of the above statements are true.

35. In which of the following cities was the first professional accounting association in

the United Kingdom was established in 1853? A. London B. Belfast C. Edinburgh D. Canterbury

36. In what way does the public accounting profession in the United Kingdom differ from the profession in the United States? A. Public accountants in the U.K. may not sign audit reports. B. Auditors in the U.K. do not need to be independent from their audit clients. C. Public accountants in the U.K. are paid by the government for their audit services. D. Public accountants in the U.K. are not required to have a university education.

37. In Germany, prudence is an accounting principle established in commercial law. What does "prudence" mean in an accounting context? A. Reliability B. Comparability C. Conservatism D. Relevance

38. Which of the following represents the difference between UK GAAP and IFRS with

respect to proposed dividends? A. Under UK GAAP, proposed dividends should not be recognized as a liability at the balance sheet date, whereas IFRS mandates proposed dividends to be accrued as a liability.

B. UK GAAP has provided no guidance on this issue, whereas IFRS prohibits the recognition of proposed dividends as accrued liability.

C. Under UK GAAP, proposed dividends should be accrued as a liability, whereas under IFRS, it should not be recognized as a liability at the balance sheet date.

D. IFRS has no specific guidance regarding the treatment of proposed dividends, whereas UK GAAP mandates proposed dividends to be recognized as accrued liability.

39. What is the optimal tax objective for multinational corporations?

A. Minimize domestic taxes paid on worldwide income B. Minimize worldwide taxes paid, within the limitations of applicable tax law C. Minimize the credit for worldwide taxes paid D. Minimize foreign taxes

40. There are two major taxes imposed on profits earned by corporations in

international trade. One is the corporate income tax. What is the other type of tax on earnings of multinational corporations? A. Excise tax B. Payroll tax C. Withholding tax D. Value-‐added tax

41. What is a tax haven?

A. A jurisdiction where taxes are abnormally low B. A location where tax cheats live to escape prosecution C. A tax jurisdiction where world-‐wide tax is eliminated D. Locations that provide tax-‐based incentives to corporations

42. In addition to having very low effective tax rates, which of the following is also a characteristic of tax havens? A. Lack of transparency in financial reporting B. Lack of effective exchange of information C. Absence of substantial activities requirement D. All of the above

43.

The Organization for Economic Cooperation and Development (OECD) has established guidelines to eliminate tax havens. Why, then, can the OECD (as of 2004) still identify over 30 countries as tax havens? A. The definition of tax haven continuously changes. B. The concept of tax haven is supported by the United Nations. C. The OECD has no enforcement powers. D. The OECD lacks the willingness to enforce the guidelines.

44. How is a foreign subsidiary different from a foreign branch of a domestic corporation? A. Subsidiaries always generate more foreign source income than branches do. B. The subsidiary is a company incorporated in the foreign country, whereas a branch is not a separate corporation.

C. A subsidiary is created to manufacture and distribute products in foreign markets, whereas a branch's only function is sales in the foreign market.

D. The income of a subsidiary is taxable by the country where it is located, but branch income is not subject to tax by the country where it does business.

45. What is goal congruence? A. Making the goals of individual managers the same as corporate goals B. Equating managerial goals to corporate goals C. Aligning managerial goals with corporate goals D. Giving managers complete autonomy to make decisions

46. How can the conflict between cost minimization and performance evaluation

be overcome in a decentralized organization? A. Dual transfer pricing systems B. Market-‐based transfer pricing systems C. Cost-‐based transfer pricing systems D. Negotiated transfer pricing systems

47. IRS code Section 482 describes appropriate transfer prices as "the prices which would have been agreed upon between unrelated parties engaged in the same or similar transactions under the same or similar conditions in the open market." How does it refer to such prices? A. Arm's-‐length prices B. Market prices C. International prices D. Comparable prices

48. In keeping with Internal Revenue Code, Clarence Company transfers goods to Marguerite Corporation, its foreign subsidiary, at the price Marguerite will sell the product to its customers, less the industry's average gross profit margin of 30%. What method of transfer pricing is Clarence using? A. Cost-‐plus method B. Comparable uncontrolled price method C. Comparable profits method D. Resale price method 49. What is an advance pricing agreement?

A. A transfer price that is negotiated between two divisions of a decentralized organization

B. A transfer pricing method accepted by the IRS before an intercompany transaction is completed

C. A contract between a parent company and a foreign subsidiary to complete a transaction at a specified future price

D. A foreign currency firm commitment with payment before delivery of the product

50. What is the advantage of an advance pricing agreement? A. IRS (Internal Revenue Service) will not challenge the transfer price after the tax return is filed if the agreement is followed.

B. Worldwide taxes will be minimized. C. The brief form explaining the transfer price to be used can be completed with minimal effort by the taxpayer but will reduce a tremendous amount of work later.

D. All of the above are advantages of APA.

Uppgift 2 (2 poäng) Förklara kort innehållet i och vad som menas med att IFRS 13 bygger på en värderingshierarki?

Svarsblad Uppgift 2

Uppgift 3 (3 poäng) Vid en jubileumsfestlighet år 2014 matförgiftades tio personer, möjligen till följd av produkter som ett företag sålt. Skadeståndskrav riktas mot företaget, men det bestrider skadeståndskravet. Fram till det datum, då årsredovisningen för det räkenskapsår som slutar den 31 december 2014 undertecknas, anser företagets advokater att det är troligt att företaget inte blir ansvarigt. När de finansiella rapporterna för det räkenskapsår som slutar den 31 december 2015 förbereds, anser företagets advokater att det på grund av fallets utveckling är troligt att företaget blir ansvarigt. Hur bör händelsen ovan behandlas i företagets finansiella rapporter den 31 december 2014? (1,5 poäng) Hur bör händelsen ovan behandlas i företagets finansiella rapporter den 31 december 2015? (1,5 poäng) OBS! Motivera ditt svar!

Svarsblad uppgift 3

Uppgift 4 (6 poäng) AB Citadellet Konsult har framställt ett underlag för ett av deras projekt. De totala intäkterna enligt kontraktet med uppdragsgivaren uppgår till 20 mkr. Under perioden 2015-‐2017 beräknas följande projektutgifter uppkomma. 2015 2016 2017 8 mkr 2 mkr 6 mkr Vilket resultat bör AB Citadellet Konsult redovisa för perioden 2015-‐2017 enligt reglerna om successiv vinstavräkning? OBS! Det är mycket viktigt att du visar dina beräkningar för att undvika onödiga poängavdrag!

Svarsblad uppgift 4

Uppgift 5 (5 poäng) AB Kapitalförvaltning har som affärsidé att förvalta konst och värdepapper men även tillgodogöra sig värdestegringen av ett objekt när rätt tillfälle till avyttring erbjuds. AB Kapitalförvaltning har förvärvat en mycket välkänd staty av Picasso 1 januari 2015 för 10 mkr. Statyn är gjord i oregon pine (ett nordamerikanskt barrträd s.k. douglasgran). Motsvarande inköp av själva råvaran dvs. oregon pine kan ske till ett pris av cirka 10 000 kr. Av denna staty finns 3 identiska exemplar som är numrerade i löpnummer med 1 till 3. Löpnumret har ingen betydelse för värdet på skulpturerna. Företaget har för avsikt att statyn skall pryda företagets kontor och inte säljas och finns således i styrelserummet i ett skåp. Det skulle krävas enorma mängder dynamit för att öppna detta genomskinliga skåp utan rätt kod. Styrelserummet är dessutom larmat med den senaste och säkraste tekniken på marknaden för att hindra tjuvar från att stjäla föremålet. AB Kapitalförvaltning tillämpar IFRS i sin koncernredovisning men är osäkra på hur statyn skall klassificeras i redovisningen. Företaget redan har fått ett bud på 20 miljoner kronor för statyn men har avböjt. Företagets VD besöker dig på ditt kontor och vill ha hjälp med hur företagets tillgång skall klassificeras och värderas i redovisningen. Hjälp företagets VD genom att besvara följande frågor nedan.

a) Vilken typ av tillgång har företaget dvs. hur skall AB Kapitalförvaltning klassificera tillgången i koncernens rapport över finansiellt ställning den 31 december 2015. (2 poäng)

b) Vilket/vilka värden kan företaget ta upp statyn till i sin koncernens finansiella

rapport den 31 december 2015? Företaget vill vidare värdera tillgången så högt så högt som möjligt i koncernens rapport över finansiell ställning enligt IFRS. Vilket värde tar du upp tillgången till? (1 poäng)

c) Anta att företaget ändrar syfte med innehavet nästa räkenskapsår så att de

avser att sälja tillgången om man hittar rätt köpare och rätt pris. 1) Hur bör tillgången klassificeras i koncernens rapport över finansiell ställning

den 31 december 2016? (1 poäng)

2) Vilket värde bör sättas på statyn i koncernens rapport över finansiell ställning den 31 december 2016? (1poäng)

Svarsblad uppgift 5

Uppgift 6 (2 poäng) AB Kapitalinvest skall klassificera sina tillgångar i bokslutet. I egenskap av ekonomichef har du fått i uppdrag att genomföra uppgiften. Företagets tillgångar framgår av punkterna a-‐d nedan.

Gör en bedömning om hur företaget bör redovisa sina tillgångar. Motivera ditt svar. Varje rätt svar ger 0,5 poäng.

a) En kundfordran som inte innehas för handel.

b) En investering i ett egetkapitalinstrument som är noterat på en aktiv marknad som inte innehas för handel av företaget.

c). En investering i ett egetkapitalinstrument som inte innehas för handel av företaget och som inte handlas på en aktiv marknad och vars värde inte kan uppskattas.

d) En investering i ett onoterat låneinstrument som inte innehas för handel av företaget.

Svarsblad uppgift 6

Uppgift 7 (2 poäng) AB Hushållsmaskiner säljer en exklusiv köksspis med 3 års garanti till en konsument den 31 december 2015 med leverans samma dag. Överenskommet försäljningspris är 20 000 kr. Köparen erhåller mot betalning av 2 500 kr den 31 december 2015 en garanti om 3 år för den köpta varan. AB Hushållsmaskiner har kalenderår som räkenskapsår. Hur skall AB Hushållsmaskiner redovisa ovanstående försäljningstransaktioner?

Svarsblad uppgift 7

Uppgift 8 (5 poäng) Katarina Schipper diskuterar i sin artikel ”Principles – Based Accounting Standards ” utifrån sitt perspektiv som styrelsemedlem i FASB, huruvida US GAAP utgör ett regelbaserat eller principbaserat regelverk samt problematiken med dessa två synsätt. Skriv en essä över väsentliga aspekter som Schipper tar upp i sin artikel. Maximalt 1 poäng för varje väsentlig aspekt som behandlas i svaret. OBS! En essä ska ha en tydlig skriven text och vara väldisponerad så att examinator kan få en njutningsbar stund när han läser texten.

Svarsblad uppgift 8

InternationellRedovisning,7,5hp* - Högskolan i Borås ·...

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