CIMA CIMAPRO19-CS3-1 問題集

質問 1：
From: Martin Wills, Head Geologist
To: William Seaton, Director of Finance
Subject: Reserves
Hi William,
I have reviewed the situation with respect to our "probable" or "2P" reserves, as disclosed in our latest annual report. I am sorry to say that we have to downgrade our figures with respect to reserves. I am recommending that all extraction activities cease for the foreseeable future on the North Atlantic and South Atlantic fields and that the proved reserves be downgraded from proved to probable.
I have to stress that this is not attributable to any past error on the part of the geologists. The world oil price has been depressed and the discovery of large deposits of shale oil in the USA suggests that the oil price will not recover for some time. That means that some oil wells that were commercially viable this time last year are no longer worth processing.
The oil remains under the rock and I have no doubt that we will restore operations in the long term.
We are by no means the only oil company to have been forced to take this action.
The one piece of good news is that the financial statements for the year ended 31 December 2014 have already been published. My understanding is that we do not have to withdraw them, so unless you put an advertisement in the press, we can carry on quietly trying to sort this mess out.
I have my best people working on ways to extract oil from our wells more efficiently, so we may be able to increase production over the next year or so.
Martin
正解：
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質問 2：
You have received the following email from Marcus Svenson, Finance Director:
From: Marcus Svenson, Finance Director
To: Senior Finance Manager
Subject: News reports
Hi,
I have sent you a link to a news site on the internet. Things are getting complicated in Bravador.
Every Board member has been asked to attend a brainstorming session this afternoon, before the CEO flies out to Bravador this evening. We will be considering the following four matters:
* Is it acceptable for us to develop this forest, given the commitment that we have made with respect to indigenous peoples' rights? They have been quoted at the end of the news article.
* Is it fair for the environmental protestors to complain that our operations are unsustainable?
* Would it be unethical to offer to build a village, with a proper school and medical clinic, for the tribe and to offer them work in our forestry operations?
* Is it really a good idea for the CEO to fly to Bravador just to appear on the television news in his boots and overalls?
Please email me your thoughts on each of these matters before I leave for the meeting this afternoon.
Marcus
正解：
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質問 3：
From: Jan Archibald, Group Chief Financial Officer, Fouce Oil
To: William Seaton, Director of Finance
Subject: Sale of oil fields
Dear William,
As you know, the Board of Fouce Oil is keen that you should operate in an autonomous manner. However, we believe that it is our duty to ask you to reconsider a key issue in Slide's approach to doing business.
Over the years you have been very successful indeed in finding significant oil fields and bringing those to production. We have been gratified to observe your efforts in doing so and we believe that all shareholders have benefitted from the wealth that you have created.
The Board of Fouce Oil believes that the time has come for Slide to stop giving the fruits of its labour away to other companies. We believe that Slide should retain any successful oil wells and start to earn revenues from the sale of the oil itself rather than the sale of the oil wells. We believe that the stock market would respond favourably to such a development, to the mutual benefit of all.
Best Wishes
Jan
正解：
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質問 4：
Reference Material:

Wodd's Chief Executive, Peter Sorchi has stopped you in the corridor:
"This weak USD is really causing us some serious problems. I think that it is only a matter of time before the stock market starts to get nervous and I am worried that our share price will fall in the near future. Thank goodness it does not appear to have fallen by much so far.
I would like to brief the Board on two main issues tomorrow. Firstly, what can we do as a Board in order to minimise the negative impact of the weak USD on our share price? Secondly, we know the identities of the key investment analysts who deal with our industry. Would it be a good idea for us to brief them? Please also consider the ethical issues arising from both of these topics as well as the more technical matters.
Please let me have a copy of your briefing notes in advance. I need to be able to sound convincing at the meeting. I'll also have my secretary refer you to a really helpful blog."
正解：
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質問 5：
SIMULATION

Hello
I have attached a news article
Arrfield does not set the price for aviation fuel sold at our airports, but we do receive a percentage of the revenues earned by the fuel companies.
I need your help to prepare for a Board meeting to discuss this matter Please write a paper covering the following
* Firstly, explain the impact that the criticisms voiced by the environmental campaigners will have on the frequent PESTEL analysis that Arrfield's Board conducts.
[sub-task (a) = 34%
* Secondly, evaluate the commercial logic of Arrfield's strategy of basing charges for non-aeronautical services (such as fuel sales and retail activities) on percentages of the revenues generated by the companies that operate at its airports
[sub-task (b) = 33%)
* Thirdly, recommend with reasons whether Arrfield should attempt to justify strategic decisions to its shareholders when the commercial logic of those decisions is not immediately obvious
[sub-task (c) = 33%}
Thanks
Romuald Marek
Chief Finance Officer
正解：
See the answer below in explanation
Explanation:
Requirement 1
The criticism from the environmental campaigns for sale of cheap fuel at the Arrfield airports is not a good sign but the prices of the fuel are not set by the Arrfield. In most of the countries the fuel prince are regulated through Oil and Gas regulatory authorities. As the Arrfield airports are providing the facilities to airlines to refill fuel at the airport which is necessary for the flying of the plane on commission bases, it contribute a significant portion of profit of the Arrfield.
The environmental campaigners criticism is on the usage use of fuel which cause carbon emissions. The Govt, of the Norland may set the price of the fuel in Norland and regulate the prices of the fuel in Norland. After the criticism Govt, of Norland may think to not allowing the fuel companies to pass the cheap fuel import to the airlines. This may be hostile of the Arrfiled business. Many airline may choose the Norland for the flight operation due to gaining advantage of cheaper fuel refill.
As the airlines are buying more fuel which makes the plane heavier and burn more fuel which harm to the environment is a great concern. This could lead to legal and environmental litigation and penalties. The reputation risk is also here if corrective actions are not taken by Arrfield.
Requirement 2
As the Airfield also rely heavily on the non-aeronautical revenues to make profits and the it increase from a substantial percentage in 2020 as to the preceding year. The fuel companies operate in Arrfied airports which is intrinsic in the airport business. It will be difficult for the Arrfield to provide the fuel by itself. It is worthwhile that the Arrfieid earning commission without involving the fuel operations.
As the Norland is being liked by the airlines for refueling its plane is good for the Arrfield to make profit. Arrfield earn commission as much as the airline buy fuel from fuel companies. But by decreasing the price of the fuel it is also worth mentioning that the Arrfield commission is also remains at lower side.
There are three elements in the scenario: 1- Higher sale higher commission. 2- Sale at lower price lower commission. 3-Reputational and environmental risk involved.
Requirement 3
The shareholders are major stakeholders of the company. They are key players have high amount of power and high level of interest. The Arrfield must communicate true affairs of the business to its shareholders. If the commercial logic of decision are not obvious then the poor understanding of the affairs may lead to chaos. The managers are representative of the shareholders and should do everything in the best interest of the shareholders. If they will make the decisions which are not logically understandable then, the shareholders may lose their trust in the management.
The shareholders must not be justified to the shareholder if they are not commercially valuable. Whether or not the decisions are profitable these may be communicated to shareholders which represent true picture of the decisions breach of CIMA ethical principles.