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PERFORMANCE MANAGEMENT AND PERFORMANCE APPRAISAL
Performance management aims to acknowledge employee achievements, support their personal and professional development, and motivate and empower them to perform. their work effectively. Performance management helps employees to develop their understanding, knowledge and skills so that they can contribute to the achievement of the enterprise's goals and gain personal and job satisfaction. It is a vital part of any quality human resource system.
Every enterprise wants and should expect high performance from each employee.The elements of a competency-based performance management system will, if implemented well, enable high performance which will define enterprise and personal success. Using performance management processes, an enterprise can be better placed to meet competitive challenges. This is done by:
●identifying the critical positions
●determining the most important competencies for those positions
●providing the education, training and feedback required by employees
●holding each person accountable for their results
The key to the performance management process is ‘performance appraisal'. Performance appraisal is simply an evaluation of how well an employee performs his or her job compared to a set of predetermined standards. It is a systematic process of feedback on an employee's work performance, and agreement to future training plans, job goals and job aspirations.
To be effective, a performance appraisal needs to have a set of agreed criteria that will be the basis of feedback as well as of setting future goals. Units of competency provide a very effective tool for setting benchmarks or criteria for work performance. The performance criteria within units of competency can be used as measures to assess against in a performance appraisal or review.
操作提示：正确选T，错误选F。
1. Performance management is a very important part of any quality human resource system.{T; F}
2. The aim of performance management is to punish the unqualified employees.{T; F}
3. An enterprise can be better placed to meet competitive challenges by providing the education, training and feedback required by employees, for example.{T; F}
4. Every enterprise can expect high performance from each employee.{T; F}
5. “Performance management” is also called “performance appraisal”.{T; F}
(a) Kayte operates in the shipping industry and owns vessels for transportation. In June 2014, Kayte acquired Ceemone whose assets were entirely investments in small companies. The small companies each owned and operated one or two shipping vessels. There were no employees in Ceemone or the small companies. At the acquisition date, there were only limited activities related to managing the small companies as most activities were outsourced. All the personnel in Ceemone were employed by a separate management company. The companies owning the vessels had an agreement with the management company concerning assistance with chartering, purchase and sale of vessels and any technical management. The management company used a shipbroker to assist with some of these tasks.
Kayte accounted for the investment in Ceemone as an asset acquisition. The consideration paid and related transaction costs were recognised as the acquisition price of the vessels. Kayte argued that the vessels were only passive investments and that Ceemone did not own a business consisting of processes, since all activities regarding commercial and technical management were outsourced to the management company. As a result, the acquisition was accounted for as if the vessels were acquired on a stand-alone basis.
Additionally, Kayte had borrowed heavily to purchase some vessels and was struggling to meet its debt obligations. Kayte had sold some of these vessels but in some cases, the bank did not wish Kayte to sell the vessel. In these cases, the vessel was transferred to a new entity, in which the bank retained a variable interest based upon the level of the indebtedness. Kayte’s directors felt that the entity was a subsidiary of the bank and are uncertain as to whether they have complied with the requirements of IFRS 3 Business Combinations and IFRS 10 Consolidated Financial Statements as regards the above transactions. (12 marks)
(b) Kayte’s vessels constitute a material part of its total assets. The economic life of the vessels is estimated to be 30 years, but the useful life of some of the vessels is only 10 years because Kayte’s policy is to sell these vessels when they are 10 years old. Kayte estimated the residual value of these vessels at sale to be half of acquisition cost and this value was assumed to be constant during their useful life. Kayte argued that the estimates of residual value used were conservative in view of an immature market with a high degree of uncertainty and presented documentation which indicated some vessels were being sold for a price considerably above carrying value. Broker valuations of the residual value were considerably higher than those used by Kayte. Kayte argued against broker valuations on the grounds that it would result in greater volatility in reporting.
Kayte keeps some of the vessels for the whole 30 years and these vessels are required to undergo an engine overhaul in dry dock every 10 years to restore their service potential, hence the reason why some of the vessels are sold. The residual value of the vessels kept for 30 years is based upon the steel value of the vessel at the end of its economic life. At the time of purchase, the service potential which will be required to be restored by the engine overhaul is measured based on the cost as if it had been performed at the time of the purchase of the vessel. In the current period, one of the vessels had to have its engine totally replaced after only eight years. Normally, engines last for the 30-year economic life if overhauled every 10 years. Additionally, one type of vessel was having its funnels replaced after 15 years but the funnels had not been depreciated separately. (11 marks)
Required:
Discuss the accounting treatment of the above transactions in the financial statements of Kayte.
Note: The mark allocation is shown against each of the elements above.
Professional marks will be awarded in question 3 for clarity and quality of presentation. (2 marks)
The wording of the agreement ______ some revision． (asks for, calls for, requests, requires)
A.consistence
B.conformity
C.correspondence
D.agreement
