Sie sind auf Seite 1von 16

ADVANCED STAGE TECHNICAL INTEGRATION EXAMINATION

MONDAY 23 JULY 2012


(3 HOURS)

BUSINESS REPORTING
This paper consists of FOUR written test questions (100 marks).
1.

Ensure your candidate details are on the front of your answer booklet.

2.

Answer each question in black ball point pen only.

3.

Answers to each written test question must begin on a new page and must be clearly
numbered. Use both sides of the paper in your answer booklet.

4.

The examiner will take account of the way in which material is presented.

The questions in this paper have been prepared on the assumption that candidates do
not have a detailed knowledge of the types of organisations to which they relate. No
additional credit will be given to candidates displaying such knowledge.
Interest tables are provided with this examination paper.

IMPORTANT
Question papers contain confidential
information and must NOT be
removed from the examination hall.

Place your label here: if you do not have a label


you MUST enter your candidate number in this
box.

DO NOT TURN OVER UNTIL YOU


ARE INSTRUCTED TO BEGIN
WORK

Copyright ICAEW 2012. All rights reserved.


ICAEW/J12

159466

QUESTION 1
Aytace plc is the parent company of a group that operates golf courses in Europe. It has had
investments in a number of 100% owned subsidiaries for many years, as well as owning 40%
of the share capital in Xema Limited since 2009.
You are Frank Brown, a Chartered Accountant. You have recently taken up temporary
employment with Aytace while the financial controller, Meg Blake, is on maternity leave.
You receive the following email from the finance director, Willem Zhang.
To:
Frank Brown
From:
Willem Zhang
Subject: Draft consolidated income statement for the year ended 31 May 2012
Prior to maternity leave, Meg prepared a first draft consolidated income statement and has
noted some outstanding matters relating to transactions in the year (Exhibit 1).
Please prepare a working paper which comprises:

Advice, with explanations and relevant calculations, on the appropriate financial


reporting treatment of the outstanding matters highlighted by Meg in Exhibit 1.
A revised consolidated statement of comprehensive income, showing clearly the
financial reporting adjustments you have proposed.

Ignore any tax consequences arising from the outstanding matters, as these will be finalised
by our tax advisers.
Requirement
Prepare the working paper requested by the finance director.
(24 marks)

ICAEW/J12

Page 2 of 16

Exhibit 1: Briefing notes prepared by Meg Blake for year ended 31 May 2012.
Aytace Group - Draft consolidated income statement for the year ended 31 May 2012
'000 Notes
14,450
(i)
(9,830)
(i)(ii)
4,620
867
(iii)
310
(1,320)
4,477
(1,220)
3,257

Revenue
Operating costs
Operating profit
Income from associate
Other investment income
Finance costs
Profit before tax
Tax
Profit for the year
Notes on outstanding matters:

I have not had sufficient time to look into the following matters because of my personal
circumstances.
(i) Golf tournament
On 1 December 2011 Aytace won the tender to host an annual international golf tournament
for each of the next four years. The first golf tournament will take place in September 2012.
The tender process commenced on 5 August 2011 and the tender was submitted on
8 November 2011. Internal management time costs of 1.2 million were incurred in relation to
the tender submission. These costs were capitalised and are being amortised from
1 December 2011 over a four-year period. Therefore 150,000 (6/48 x 1.2 million) has been
recognised in the income statement as an operating cost for the year ended 31 May 2012.
A separate contract was subsequently signed on 1 February 2012 with a satellite television
company for the exclusive rights to broadcast the tournament. The contract fee is 4.8 million
for the whole four years of the tournament. The broadcaster made an advance payment of
1.0 million to Aytace on 1 May 2012. This amount was initially credited to deferred income. I
then decided to recognise revenue on the satellite television contract evenly over a four-year
period from 1 February 2012. An amount of 400,000 (4.8 million x 4/48) is therefore
recognised as revenue in the income statement for the year ended 31 May 2012.
(ii) Defined benefit pension scheme
Aytace operates a defined benefit pension scheme. Employees are not required to make any
contributions into the scheme. Aytace recognises actuarial gains and losses immediately
through other comprehensive income.
The scheme assets had a fair value of 12.2 million and 13.5 million at 31 May 2011 and
31 May 2012 respectively. Scheme obligations had a present value of 18.0 million and
19.8 million at 31 May 2011 and 31 May 2012 respectively.
Exhibit 1 continued overleaf

ICAEW/J12

Page 3 of 16

At 1 June 2011 the expected annual return on scheme assets was 6% and the annual
discount rate on obligations was 4.5%.
In the year ended 31 May 2012, employer contributions paid into the scheme were
0.9 million, and pensions paid by the scheme during the year amounted to 1.1 million.
These payments took place on 31 May 2012. The service cost for the year ended 31 May
2012 was 1.2 million.
Aytace decided to improve the pension benefit at 1 June 2011 for staff who will have worked
at least five years for the company at the date the benefit is claimed. The scheme actuary
calculated the additional benefit obligation in present value terms to be 400,000. The
actuary estimated that 300,000 of this sum related to staff who had already completed five
years of employment, and the remainder to staff who had worked on average three years.
The only entry in the financial statements in respect of the year ended 31 May 2012 was to
recognise in the income statement the contributions paid to the scheme by Aytace, with no
adjustment to the scheme obligations in the statement of financial position.
(iii) Investment in Xema
On 1 January 2009, Aytace bought 40% of the issued ordinary share capital of Xema Ltd, a
sportswear company, for 2.3 million. Aytace has had significant influence over Xema since
this date and has used the equity method to account for the investment.
At 1 January 2009, Xema had an issued ordinary share capital of 1 million 1 ordinary shares
and retained earnings of 3.4 million. There has been no change to Xema's issued share
capital since 1 January 2009. At 31 May 2011 retained earnings were 4.8 million. Xemas
income statement for the year ended 31 May 2012 was as follows:
Revenue
Operating costs
Operating profit
Other investment income
Finance costs
Profit before tax
Tax
Profit for the year

000
5,400
(3,600)
1,800
240
(720)
1,320
(300)
1,020

On 1 September 2011 Aytace bought the remaining 60% of Xemas ordinary share capital for
12.4 million, at which date its original 40% shareholding was valued at 3.8 million. There
were no material differences between carrying amounts and fair values of the identifiable net
assets of Xema at 1 September 2011.
I recognised the investment in Xema using the equity method and credited 867,000 to the
income statement (profit for the year of 1.02 million x 3/12 x 40% plus 1.02 million x 9/12 x
100%).

ICAEW/J12

Page 4 of 16

(iv) Executive and employee incentive schemes


Aytace introduced two incentive schemes on 1 June 2011. No entries have been made in
relation to either of these schemes in the financial statements for the year ended 31 May
2012.
The first incentive scheme is for executives. Aytace granted 100,000 share options to each of
five directors. Each option gives the right to buy one ordinary share in Aytace for 6.40 at the
vesting date of 31 May 2014. In order for the options to vest, Aytaces share price must rise
by a minimum of 35% from the market price on 1 June 2011 of 6.40 per share. In addition,
for a directors options to vest, he/she must still hold office at 31 May 2014.
Aytaces share price was only 5.80 at 31 May 2012, and I am not confident that we will
achieve the required price increase of 35% by the vesting date. The fair value of a share
option at 1 June 2011 was estimated to be 2.70, but this had fallen to 1.90 by 31 May
2012.
Most of the board has been with Aytace for a number of years, and none has left in the last
twelve months. I would anticipate only one director leaving prior to the vesting date.
The second incentive scheme is an employee scheme in the form of share appreciation
rights for senior managers. The vesting date is 31 May 2014, and managers must be still in
employment at that date.
There are 60 managers eligible for the scheme, each of whom has appreciation rights over
4,000 shares. Under the scheme each manager will receive a cash amount equal to the fair
value of the rights over each share. I anticipate 50 of the managers being in the scheme at
31 May 2014. The fair value of the rights was 2.85 per share at 1 June 2011 and 2.28 per
share at 31 May 2012.

ICAEW/J12

Page 5 of 16

QUESTION 2
You are George Henry and you work as a senior in the technical advisory department of QIS,
a global firm of chartered accountants. Your department responds to technical and ethical
queries from your firms offices in the UK.
QIS has recently expanded by acquiring a number of small chartered accountancy practices
which do not have their own specialist technical support.
Your manager gives you the following instructions:
I have forwarded you an email (Exhibit 1) and attachment (Exhibit 2) from Fran Gody, a tax
and business services manager in QISs new Hudgate office. This practice was acquired by
QIS on 1 January 2012.
I need to reply to Frans email. Please prepare briefing notes for me in which you:

For the tax issues 1 and 2 (Exhibit 2), provide technical explanations, computations
and identification of any relevant tax claims or elections, making appropriate
recommendations. Calculate the corporation tax liability for Rolldown including any
adjustments that you have identified.

For issue 3, determine the effect that Tobys move to France and his disposal and
acquisition of shares have on his UK tax liabilities for the tax year to 5 April 2012.
Provide advice and explain how your advice might be limited and show a summary of
additional information Fran should obtain from her client; and

Explain the ethical issues arising from Frans email (Exhibit 1).

Requirement
Prepare the briefing notes requested by your manager.
(28 marks)

ICAEW/J12

Page 6 of 16

Exhibit 1 Email from Fran Gody


From:
Sent:
To:
Subject:

Fran Gody
20 July 2012
Technical advisory department
Rolldown Ltd and Toby Morgan

Rolldown Ltd is a large unquoted client based in Hudgate with 260 employees and annual
revenue of 41 million. We provide tax and accounting services to Rolldown but do not audit
its financial statements. We also prepare the personal tax returns for Rolldowns directors
including Toby Morgan, a former director who has recently retired.
Rolldown manufactures and installs security shutters for shops and offices. Prior to the
current year, Rolldown had no subsidiary or associated company investments and its
operations were solely in the UK. However, the company has expanded its operations
overseas for the first time during its financial year ended 30 June 2012. I need your
assistance with some tax issues relating to the company and to Toby Morgan, which I have
set out in the attachment to this email (Exhibit 2).
In April, our office prepared financial statements for Rolldown for the 9 months to
31 March 2012 from a trial balance provided by the client. These financial statements were
sent, with our consent, as support for a loan application to the companys relationship bank,
together with a cash flow projection prepared by us from information and assumptions
provided by the client. (A separate engagement letter was issued for this work, for which we
charged a premium fee.)
Rob Dyer, the MD of Rolldown, admitted to me last week over dinner that he had asked his
financial controller to include on the trial balance at 31 March 2012 some additional sales of
2 million which were not despatched and installed until April 2012. Rob told me that the
financial controller had insisted on making an adjustment to closing inventory so the profit
effect was an overstatement of only 450,000.
Our relationship with Rolldown has been difficult following this conversation and I believe this
may present an ethical issue for our firm.
The loan application was declined by the bank so I suppose it really does not matter.
However, I am now concerned about whether the bank should be informed that the 9-month
financial statements were incorrect. I would like you to advise me on what to do about this.
Fran

Exhibit 2 overleaf

ICAEW/J12

Page 7 of 16

Exhibit 2 - Attachment to email from Fran Gody outlining tax issues


Issue 1 - Rolldowns overseas transactions
Rolldowns taxable profits for the year ended 30 June 2012 were 400,000 before
considering the following:

In July 2011, Rolldown bought a 100% shareholding in RD Inc, a company resident in


Romalia, a small European country with a 10% rate of corporation tax. RD is a customer
of Rolldown. After acquiring the shares in RD and as a result of a group internal pricing
agreement, Rolldown reduced the selling price of goods to RD by 25%. This resulted in
Rolldowns taxable profits being reduced by 750,000 in the year ended 30 June 2012.
However, RD paid a dividend of 810,000 (after the deduction of 10% withholding tax) to
Rolldown on 28 June 2012.

In February 2012, Rolldown set up a manufacturing branch, which is a permanent


establishment, in Italy. All its sales are to Italian customers. It has 50 employees and
operates from a rented factory near Rome. Plant and machinery used in the
manufacturing process is held on operating leases. A taxable profit of 250,000 was
made by the branch in the period ended 30 June 2012 and Italian tax on the branchs
profits was paid at 27.5%. If the branch proves successful, Rolldown intends to set up
similar branches in other European Union countries.

Issue 2 - VAT on tax services from Italy


Rolldowns branch has an Italian VAT registration and correctly charges Italian VAT on its
sales. Rolldown maintains the accounting and taxation records for the Italian branch in the
UK. It uses the services of tax advisers in Italy and received an invoice for 20,000 (18,182)
for their services and advice in the period to 30 June 2012. The invoice, which is addressed
to Rolldown, has been zero-rated for VAT purposes.
Issue 3 - Toby Morgan - disposal and acquisition of shares
Toby is a new personal tax client for our firm. He retired as a director of Rolldown in
November 2011 because of ill health. He then left the UK to live at his villa in the South of
France. He was born in the UK and, before joining Rolldown as a director in 2009, he worked
for an international group in London, but he also worked for extended periods of time
overseas.
In October 2011, Toby sold all of his Rolldown shares for 390,000. Toby had inherited these
shares, which represented a 5% shareholding in Rolldown, from his uncle who died in June
2006. The probate value of these shares was 250,000.

ICAEW/J12

Page 8 of 16

In January 2012, Toby subscribed 100,000 for a 25% shareholding in MFM Ltd, a UK
unquoted company set up by his nephew Harry, who owns the remaining 75% of the share
capital. MFM was incorporated in 2004 by Harry with 10,000 share capital. The initial
working capital for MFM was a loan from the bank of 200,000. MFM manufactures and sells
foam packaging for a variety of industrial purposes. With 25 employees and a low asset
base, the company has achieved revenue of 5 million in its latest financial statements.
Toby sold his portfolio of shares in UK listed companies in March 2012 after his move to
France, realising potential capital gains of 150,000. He believes that these gains are not
taxable as he now spends most of the year in France.
Tobys income for the tax year to 5 April 2012 and 2011 was as follows:
Tax year ended 5 April
Salary from Rolldown
Dividends received

ICAEW/J12

Page 9 of 16

2012

2011

30,000
1,440

140,000
8,100

QUESTION 3
You are the senior on the audit of SJI Ltd for the year ended 31 May 2012. SJI provides
residential language courses to students. It operates from properties it owns in London and
other UK cities. Audit planning materiality has been set at 100,000.
The final audit procedures for SJI are underway. Your assistant has sent you a property lead
schedule at 31 May 2012 (Exhibit 1) together with a schedule setting out the audit
procedures performed on property (Exhibit 2). Property is the most significant asset in SJIs
statement of financial position.
The audit manager is due to visit the clients head office later today and has asked you to
review the schedules prepared by your assistant and to provide a briefing document which:
(i) Sets out the financial reporting issues for the year ended 31 May 2012 that you have
identified from reviewing your assistants audit procedures performed on property (Exhibit
2). For each issue identified, your briefing document should:

determine the appropriate financial reporting treatment and explain any adjustments
required to the financial statements, setting out correcting journal entries where
sufficient information is available; and

identify any additional information required to determine the correct financial


reporting treatment.

(ii) Identifies any inadequacies in the audit procedures performed by your assistant and sets
out the additional audit procedures you believe are required to ensure that adequate
assurance has been obtained on the property balance.
Do not worry about tax or deferred tax issues at the moment.
Requirement
Prepare the briefing document requested by the audit manager.
(24 marks)

ICAEW/J12

Page 10 of 16

Exhibit 1 Property lead schedule at 31 May 2012


Freehold land and buildings

Cost:
At 1 June 2011
Additions
Disposals
At 31 May 2012
Accumulated depreciation:
At 1 June 2011
Charge for the year
Disposals
At 31 May 2012

Land
'000

Buildings
'000

3,400
(350)
3,050

Total
'000

11,839
2,682
(1,246)
13,275

15,239
2,682
(1,596)
16,325

8,480
593
(816)
8,257

8,480
593
(816)
8,257

Carrying amount:
At 31 May 2011

3,400

3,359

6,759

At 31 May 2012

3,050

5,018

8,068

Exhibit 2 Audit procedures performed on property


Audit procedures performed on the balances shown on the property lead schedule (Exhibit 1)
are set out below. SJI uses the cost model for all non-current assets.
1.

Opening balances

All opening balances have been agreed to the signed financial statements for the year ended
31 May 2011.
2.

Additions

An analysis of all additions in the year was extracted from the property register. This showed
that most of the additions arose as a result of two major capital projects, which were selected
for testing as set out below:
Renovation of Oxford property (0.88 million)
During the year ended 31 May 2012, SJI commenced renovation of its Oxford property. The
budgeted cost for this project is 1.5 million, of which 1.2 million (80%) has been designated
as capital expenditure by the project manager. The remaining 0.3 million is to be charged
against income as repairs and maintenance cost.
Exhibit 2 continued overleaf

ICAEW/J12

Page 11 of 16

In the year to 31 May 2012, the company incurred costs of 1.1 million on the project. I
agreed this amount to invoices from the main contractor, noting that these invoices relate to
work on the property and are dated before 31 May 2012. 80% of the cost incurred has been
capitalised in line with the original budget.
Construction of a new student residence in Cambridge (1.3 million)
On 1 June 2011, SJI commenced work on a new student residence, being constructed on
land owned by SJI. The total cost is expected to be 2 million and the project is scheduled to
be completed by 31 December 2012.
Audit procedures on the amounts capitalised in the year were:
million

Audit procedures performed

Building costs

1.1

Agreed to surveyors certification of the value of work


performed to date at 31 May 2012. Payments to the
builders of 0.3 million and 0.5 million were agreed
to SJIs bank statements on 30 June 2011 and 31
December 2011 respectively. A further payment of
300,000 was made on 1 July 2012.

Project management

0.2

Agreed to an analysis of time spent managing the


project by SJI staff charged at an hourly rate of 80,
calculated to include all direct costs and overheads.

The project is being funded by a 2 million bank loan drawn down in full on 1 June 2011.
From a review of the bank loan documentation, I noted that the loan is repayable on
31 May 2021 and bears interest at an annual rate of 8%. Surplus funds can be invested by
SJI to earn interest at 3% per annum.
3.

Disposals

SJI disposed of two London properties during the year:


Property

Barrie House
Number 8 Mont Place
Total

Cost of
land
'000
200
150

350

Cost of
buildings
'000
796
450

Accumulated depreciation
at disposal date
'000
416
400

1,246

816

Barrie House
This property was leased to a third party under an agreement signed on 1 December 2011.
As the lease is a finance lease, the SJI financial controller has derecognised the property and
has recognised a loss on disposal equal to the carrying amount in the income statement
for the year ended 31 May 2012. The first annual lease payment received on
1 December 2011 has been credited to other income for the year ended 31 May 2012.
I reviewed the signed lease agreement, noting that it is a 40-year lease and that title to both
the land and buildings transfers to the lessee at zero cost at the end of the lease term. The
annual rental is 200,000 payable in advance.

ICAEW/J12

Page 12 of 16

I reviewed and checked calculations produced by the financial controller showing that the
present value on 1 December 2011 of the future lease payments discounted at the interest
rate of 10% implicit in the lease was 2.15 million, which clearly exceeds the carrying amount
at the date of disposal.
I agreed the original cost to our prior year file and recalculated the accumulated depreciation
to the date of disposal noting no issues.
Number 8 Mont Place
This property, along with numbers 4 and 6 Mont Place, was acquired in 1966 for a total cost
of 1.8 million, including land. When the three Mont Place properties were acquired, they
were recorded as a single transaction in the property register and not as three separate
properties.
Number 8 Mont Place was not fully occupied and was sold in May 2012 for a cash
consideration of 950,000, including land. The cost and accumulated depreciation of Number
8 Mont Place at the date of disposal has been calculated as one-third of the amounts
recorded for the three properties together. A gain of 750,000 has been included within
revenue in the income statement.
I agreed the cash proceeds to the sale agreement and pre-year-end bank statement and
ensured that the profit on disposal had been calculated correctly.
4.

Depreciation

The accounting policy, as set out in the financial statements for the year ended 31 May 2011,
states that land is not depreciated and all buildings are depreciated over their anticipated
useful life of 50 years with no expected residual value. Therefore, I calculate that the
depreciation charge for the year ended 31 May 2012 should be approximately 230,000.
The actual charge is significantly higher, mainly because additional depreciation of 360,000
has been charged following a review of the companys London property portfolio. This review
identified that air-conditioning units and boilers at the main London training centre will need to
be replaced in 10 years time. The air-conditioning units and boilers cost 1.2 million and
were originally capitalised in June 2002 as part of the total construction cost of the centre.
The additional depreciation of 360,000 was charged by the financial controller to reflect the
revised estimate of useful life and to correct the accumulated depreciation charged on these
assets.

ICAEW/J12

Page 13 of 16

QUESTION 4
Yonti Metal Processing Ltd (YMP) is a successful private company which processes nickel,
tin, zinc and other high-value metals to make products for industrial applications.
You are a senior in an accounting firm, Harcourt, Berry & Fudd (HBF). HBF is currently
planning the audit of YMP for the year ended 30 June 2012.
Audit managers instructions
The YMP audit engagement manager, Adam Charles, calls you into his office and gives you
the following instructions:
I would like you to take responsibility for the audit of financial assets for YMP. In the current
year it has been investing surplus cash in a range of financial instruments.
I have provided you with a summary of YMPs investment policies (Exhibit 1). I have also
provided the clients schedule of financial assets and supporting explanations (Exhibit 2)
which agrees with the figure of 3.712 million presented in the draft statement of financial
position at 30 June 2012. I am worried, however, that the measurement and recognition of
financial assets is not in full accordance with IFRS.
Specifically, for the year ended 30 June 2012, for each type of financial asset in Exhibit 2, I
would like you to:

explain, with supporting calculations, the appropriate financial reporting treatment.


Show journal entries to correct the draft financial statements where appropriate and
produce a revised version of the table in Exhibit 2;

set out, as part of the audit plan, the audit procedures that you intend to carry out on
YMPs financial assets.

Requirement
Respond to the instructions of the audit engagement manager.
(24 marks)

ICAEW/J12

Page 14 of 16

Exhibit 1 YMPs investment policies


The treasury division of YMP is responsible for making short-term and long-term investments.
The treasury division is operated as a profit centre.
Investments, including derivatives, are used for both speculative purposes and for hedging.
Speculation can involve regular trading in securities.

Exhibit 2 Financial assets schedule - prepared by the finance director


Description

Aqua plc
500,000 ordinary shares
Nickel derivative
Government bonds
Interest rate swap

Carrying amount
at 1 July 2011

Additions

Fair value
changes

Carrying amount at
30 June 2012

3,000,000
-

712,000
nil
nil

712,000
nil
3,000,000
nil

Aqua plc
On 14 April 2012, YMP acquired 500,000 ordinary shares in Aqua plc, an AIM-listed
company, representing a holding of 2% of the issued share capital of Aqua. The total cost
was 712,000, including commission costs of 7,000. At the date of purchase, the quoted
price was 139p -141p. This trade was made for speculative purposes and all the Aqua shares
are expected to be sold by YMP in August 2012 when the commission to sell will be 1.5p per
share. At 30 June 2012, the Aqua shares were quoted at 165p-167p.
Nickel derivative
On 16 February 2012, YMP entered into a forward contract to purchase 20,000 kilos of nickel
at 9 per kilo. The production director has claimed that YMP intends to take physical delivery
of the metal at its factory on 30 September 2012. The forward contract had no initial cost on
16 February 2012 and was not designated as part of a hedge arrangement.
The forward contract was made with the counterparty through a clearing house.
The spot prices of nickel per kilo on commodities markets were:
16 February 2012
30 June 2012

9
10

Using a financial model, I have estimated that the fair value of the forward contract is 25,000
at 30 June 2012, but this value has not been recognised in the financial statements.
Exhibit 2 continued overleaf

ICAEW/J12

Page 15 of 16

Government bonds and interest rate swap


On 3 August 2010 YMP invested 2.6 million in a new issue of 7% fixed rate government
bonds, redeemable in 2019, with a nominal value of 2.6 million. YMP classified the bond as
available-for-sale.
By 30 June 2011 the fair value of the government bond had increased to 3 million (ex
interest). YMP wished to protect this increase in value and thereby avoid fair value risk
exposure on the bond arising from possible future interest rate increases.
Consequently, on 4 July 2011, it entered into a 5-year, pay-fixed, receive-variable interest
rate swap. This arrangement was completed through YMPs bank using another corporate
customer on the other side of the deal. The fair value of the 7% government bonds was still
3 million at this date. The fair value of the swap at inception was zero.
Documentation prepared at the inception date relating to the hedge included identification of
the hedge relationship, hedged item, hedge instrument; and evidence of hedge effectiveness.
YMP is willing to provide any additional documentation as required.
As a result of an increase in market interest rates, the fair value of the 7% government bond
decreased to 2.8 million (ex interest) by 30 June 2012. I estimate that the fair value of the
swap at 30 June 2012 is 210,000. No adjustments have been made in the draft financial
statements for these fair value changes.

ICAEW/J12

Page 16 of 16

Das könnte Ihnen auch gefallen