The types of cash flow activities reported in the statement of cash flows.现金流量表包括哪几部分?

A、Poinson pill(毒丸计划)

B、Pay large cash dividend(支付大量的现金股息)

C、Staggered Board of Directors(分期选举董事会)

D、Antitrust investigation(反垄断调查)

Another possible source of loans are a life 【M1】______

insurance policy. When you study insurance,

you will learn that some types of life insurance

have cash or loan value. Anyone who owns 【M2】______

this type of insurance may borrow up to

the number of its cash value. 【M3】______

Life insurance loans are easy to obtain.

Tile rate charged is less than that for almost

any other type of loan available for consumers. 【M4】______

This is because the lender takes none risk. 【M5】______

Also, borrowers may take as long as they want

to repay their loans. Although that may seem

likely an advantage, it can also be a disadvantage 【M6】______

When a borrower is not required to

repay a loan within certain period of time, it is easy 【M7】______

to let it run on and on. This increases the dollar

cost of a loan as the loan continues. Also the 【M8】______

amount the insurance company will pay for case 【M9】______

of death is reduced by the amount of the loan.

For example, suppose that someone with

$10,000 of insurance borrows $2,000

and dies, leaving the loan unpaying. The insurrance 【M10】______

company would pay only $8,000 to the

person entitled to receive the money. Of

course, if the $2,000 loan had been obtained

from another source, it would still have to be paid.

【M1】

Section B – TWO questions ONLY to be attempted

(a) Cate is an entity in the software industry. Cate had incurred substantial losses in the fi nancial years 31 May 2004 to 31 May 2009. In the fi nancial year to 31 May 2010 Cate made a small profi t before tax. This included signifi cant non-operating gains. In 2009, Cate recognised a material deferred tax asset in respect of carried forward losses, which will expire during 2012. Cate again recognised the deferred tax asset in 2010 on the basis of anticipated performance in the years from 2010 to 2012, based on budgets prepared in 2010. The budgets included high growth rates in profi tability. Cate argued that the budgets were realistic as there were positive indications from customers about future orders. Cate also had plans to expand sales to new markets and to sell new products whose development would be completed soon. Cate was taking measures to increase sales, implementing new programs to improve both productivity and profi tability. Deferred tax assets less deferred tax liabilities represent 25% of shareholders’ equity at 31 May 2010. There are no tax planning opportunities available to Cate that would create taxable profi t in the near future. (5 marks)

(b) At 31 May 2010 Cate held an investment in and had a signifi cant infl uence over Bates, a public limited company. Cate had carried out an impairment test in respect of its investment in accordance with the procedures prescribed in IAS 36, Impairment of assets. Cate argued that fair value was the only measure applicable in this case as value-in-use was not determinable as cash fl ow estimates had not been produced. Cate stated that there were no plans to dispose of the shareholding and hence there was no binding sale agreement. Cate also stated that the quoted share price was not an appropriate measure when considering the fair value of Cate’s signifi cant infl uence on Bates. Therefore, Cate estimated the fair value of its interest in Bates through application of two measurement techniques; one based on earnings multiples and the other based on an option–pricing model. Neither of these methods supported the existence of an impairment loss as of 31 May 2010. (5 marks)

(c) At 1 April 2009 Cate had a direct holding of shares giving 70% of the voting rights in Date. In May 2010, Date issued new shares, which were wholly subscribed for by a new investor. After the increase in capital, Cate retained an interest of 35% of the voting rights in its former subsidiary Date. At the same time, the shareholders of Date signed an agreement providing new governance rules for Date. Based on this new agreement, Cate was no longer to be represented on Date’s board or participate in its management. As a consequence Cate considered that its decision not to subscribe to the issue of new shares was equivalent to a decision to disinvest in Date. Cate argued that the decision not to invest clearly showed its new intention not to recover the investment in Date principally through continuing use of the asset and was considering selling the investment. Due to the fact that Date is a separate line of business (with separate cash fl ows, management and customers), Cate considered that the results of Date for the period to 31 May 2010 should be presented based on principles provided by IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. (8 marks)

(d) In its 2010 fi nancial statements, Cate disclosed the existence of a voluntary fund established in order to provide a post-retirement benefi t plan (Plan) to employees. Cate considers its contributions to the Plan to be voluntary, and has not recorded any related liability in its consolidated fi nancial statements. Cate has a history of paying benefi ts to its former employees, even increasing them to keep pace with infl ation since the commencement of the Plan. The main characteristics of the Plan are as follows:

(i) the Plan is totally funded by Cate;

(ii) the contributions for the Plan are made periodically;

(iii) the post retirement benefi t is calculated based on a percentage of the fi nal salaries of Plan participants dependent on the years of service;

(iv) the annual contributions to the Plan are determined as a function of the fair value of the assets less the liability arising from past services.

Cate argues that it should not have to recognise the Plan because, according to the underlying contract, it can terminate its contributions to the Plan, if and when it wishes. The termination clauses of the contract establish that Cate must immediately purchase lifetime annuities from an insurance company for all the retired employees who are already receiving benefi t when the termination of the contribution is communicated. (5 marks)

Required:

Discuss whether the accounting treatments proposed by the company are acceptable under International Financial Reporting Standards.

Professional marks will be awarded in this question for clarity and quality of discussion. (2 marks)

The mark allocation is shown against each of the four parts above.

Among isolated peoples ,who are not often reached by traders from outside ,commerce usually means barter ,which is a direct exchange of goods .Perhaps it is fish for vegetables or meat for baskets .For this kind of simple trading, money is not needed ,but there is often something that everyone wants ,such as salt to flavor food, shells for necklaces ,or iron and copper to make into tools. These things — salt ,shells or metals — are still used as money in out-of-the-way parts of the world today.

Salt may seem rather a strange material to use as money ,but in countries where the food of the people is mainly vegetables ,it is often an absolute necessity .Cakes of salt ,stamped to show their value ,were used as money in Tibet until recent times, and they can still buy goods in parts of Africa.

Cowrie seashells have been used as money at some time or another over the greater part of the Old World. These were collected mainly from the beaches of the Maldive Islands in the Indian Ocean ,and were traded to India and China. In Africa ,cowries were traded right across the continent from East to West .Four or five thousand went for one Maria Theresa dollar ,an Australian silver coin which was once accepted as currency (货币) in many parts of Africa.

Metal was used as money in many parts of the world .Iron ,in lumps ,bars or rings is still used in many countries instead of money .It can either be exchanged for goods ,or made into tools or weapons. The early money of China ,apart from shells ,was of bronze ,often in flat ,round pieces with a hole in the middle ,called ‘ cash ’.The earliest of these are between three thousand and four thousand years old — older than the earliest coins of the eastern Mediterranean.

Nowadays ,coins and notes have supplanted nearly all the more picturesque forms of money ,and although in one or two of the more remote countries people still store it for future use ,primitive money will soon be found only in museums.

1.Nowadays we think of money as() .

A.pieces of metal or metallic paper

B.made of either metal or paper

C.some printed notes and papers

D.round and flat sheets of paper

2.In some parts of the world a traveler might go hungry() .

A.even if his money was of the local kind

B.even if he had no coins or notes

C.if he did not know the local rate of exchange

D.even if he had plenty of ready money

3.What can we infer from the passage？

A.Isolated peoples exchange goods by means of barter.

B.Salt cakes are taking the place of picturesque forms.

C.Seashells could be traded with Maria Theresa dollars.

D.The Chinese were among the earliest users of metal ‘ cash ’.

4.Primitive types of money will be used ().

A.to replace more picturesque forms

B.as exhibits to be shown in public

C.at local country markets and shops

D.as entrance tickets in museums

A.Fl (2)

B.Fl (2+1)

C.L Fl

D.Fl (3)

A.Fl (2)

B.Fl (2+1)

C.L Fl

D.Fl (3)

A.Fl (2)

B.Fl (2+1)

C.L Fl

D.1. Fl (3)

A.fL＞fm-fL

B.fL

C.fL=fm-fL

D.fL

A.Fl (2)

B.Fl (2+1)

C.L Fl

D.1. Fl (3)

下列过程语句中正确的是()。

A．Sub fl(By Val () As Integer)

B．Sub fl(n() As Integer)As Integer

C．Function fl(fl As Integer)As Integer

D．Function fl(By Val f As Integer)