When God made the first man, he put him in a beautiful garden, the Garden of Eden. Here Ad

A．To justify the ways of God to men

B．To show how God defeated the rebellious angels

C．To prove the superiority of Protestantism over Catholicism

D．To show how Adam and Eve made their way out of Eden

A.have finished, would have made

B.had finished, would have made

C.finished, will make

D.finish, would have made

(A) Oh, nothing!

(B) Never mind. We all make mistakes.

(C) You should blame yourself.

(D) Don’t worry.

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.

It can be inferred from the passage that_____.

A: scientist have made all the food fit to eat

B: only in recent years have people found that the food is related to one ’ s illness

C: all kinds of cancer are related to the diet

D: some additives are harmful to our health

“A.Great Expectations

B.Pride and Prejudice

C.Jane Eyre

D.Women in Love

A、Pride and Prejudice

B、Jane Eyre

C、Wuthering Heights

D、Great Expectations

A、As interest rate shocks increase in size.

B、As interest rate shocks decrease in size.

C、When maturity distributions of an FI's assets and liabilities are considered.

D、As inflation decreases.

E、When the leverage adjustment is incorporated.

根据以下材料，回答题

A Heroic Woman

The whole of the United States cheered its latest hero， Ashley Smith， with the Federal Bureau of Investigation saying it was planning to give a big reward to her for having a brave heart and wise mind.

__________ （46） She was moving into her apartment in Atlanta， Georgia early on the moming of March 12， when a man followed her to her door and put a gun to her side. "I started walking to my door， and I felt really， really afraid， "she said in a TV interview last week. The man was Brian Nichols，33. He was suspected of killing three people at an Atlanta courthouse （法院） on March 11 and later of killing a federal agent. __________ （47）

Nichols tied Smith up with tape， but released her after she repeatedly begged him not to take her life. "I told him if he hurt me， my little girl wouldn"t have a mummy， "she said. In order to calm the man down， she read to him from "The Purpose-Driven Life"， a best-selling religious book. He asked her to repeat a paragraphabout "what you thought your purpose in life waswhat talents were you given". __________ （48）

"I basically just talked to him and tried to gain his trust， "Smith said.

Smith said she asked Nichols why he chose her. "He said he thought I was an angel sent from God， and we were Christian sister and brother， "she said. "And that he was lost， and that God led him to me to tell him that he had hurt a lot of people." __________ （49） She said Nichols was surprised when she made him breakfast and that the two of them watched television coverage （报道） of the police hunt for him."I cannot believe that"s me， "Nichols told the woman. Then， Nichols asked Smith what she thought he should do. She said， "I think you should turn yourself in. If you don"t， lots more people are going to get hurt."

Eventually， he let her go. __________ （50） A US $60，000 reward had been posted for Nichols" capture. Authorities said they did not yet know if Smith would be eligible （有资格的 ） for that money.

回答（46）题 查看材料

A.The local police were searching for him.

B.Smith is a 26-year-old single mother with a daughter.

C.Smith tried very hard to kill Nichols.

D.She even cooked breakfast for the man before he allowed her to leave.

E.And the two of them discussed this topic.

F.Then she called the police.