题目内容
（请给出正确答案）
A.be had
B.be made
C.be prepared
D.be delivered
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更多“Where a period is fixed during…”相关的问题
A、as the time to maturity increases, the price volatility increases.
B、price changes will be overestimated.
C、there may be large differentials in the time to repricing for different securities within each maturity bucket.
D、the FI will be unable to accurately measure the quantity of rate sensitive assets.
E、the FI will be unable to accurately measure the quantity of rate sensitive liabilities.
(a) IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors contains guidance on the use of accounting policies and accounting estimates.
Required:
Explain the basis on which the management of an entity must select its accounting policies and distinguish, with an example, between changes in accounting policies and changes in accounting estimates. (5 marks)
(b) The directors of Tunshill are disappointed by the draft profi t for the year ended 30 September 2010. The company’s assistant accountant has suggested two areas where she believes the reported profi t may be improved:
(i) A major item of plant that cost $20 million to purchase and install on 1 October 2007 is being depreciated on a straight-line basis over a fi ve-year period (assuming no residual value). The plant is wearing well and at the beginning of the current year (1 October 2009) the production manager believed that the plant was likely to last eight years in total (i.e. from the date of its purchase). The assistant accountant has calculated that, based on an eight-year life (and no residual value) the accumulated depreciation of the plant at 30 September 2010 would be $7·5 million ($20 million/8 years x 3). In the fi nancial statements for the year ended 30 September 2009, the accumulated depreciation was $8 million ($20 million/5 years x 2). Therefore, by adopting an eight-year life, Tunshill can avoid a depreciation charge in the current year and instead credit $0·5 million ($8 million – $7·5 million) to the income statement in the current year to improve the reported profi t. (5 marks)
(ii) Most of Tunshill’s competitors value their inventory using the average cost (AVCO) basis, whereas Tunshill uses the fi rst in fi rst out (FIFO) basis. The value of Tunshill’s inventory at 30 September 2010 (on the FIFO basis) is $20 million, however on the AVCO basis it would be valued at $18 million. By adopting the same method (AVCO) as its competitors, the assistant accountant says the company would improve its profi t for the year ended 30 September 2010 by $2 million. Tunshill’s inventory at 30 September 2009 was reported as $15 million, however on the AVCO basis it would have been reported as $13·4 million. (5 marks)
Required:
Comment on the acceptability of the assistant accountant’s suggestions and quantify how they would affect the fi nancial statements if they were implemented under IFRS. Ignore taxation.
Note: the mark allocation is shown against each of the two items above.
(a) The entity uses forward and futures contracts to protect it against fl uctuation in the price of edible oils. Where forwards are used the company often takes delivery of the edible oil and sells it shortly afterwards. The contracts are constructed with future delivery in mind but the contracts also allow net settlement in cash as an alternative. The net settlement is based on the change in the price of the oil since the start of the contract. Seltec uses the proceeds of a net settlement to purchase a different type of oil or purchase from a different supplier. Where futures are used these sometimes relate to edible oils of a different type and market than those of Seltec’s own inventory of edible oil. The company intends to apply hedge accounting to these contracts in order to protect itself from earnings volatility. Seltec has also entered into a long-term arrangement to buy oil from a foreign entity whose currency is the dinar. The commitment stipulates that the fi xed purchase price will be denominated in pounds sterling.
Seltec is unsure as to the nature of derivatives and hedge accounting techniques and has asked your advice on how the above fi nancial instruments should be dealt with in the fi nancial statements. (14 marks)
(b) Seltec has decided to enter the retail market and has recently purchased two well-known brand names in the edible oil industry. One of the brand names has been in existence for many years and has a good reputation for quality. The other brand name is named after a famous fi lm star who has been actively promoting the edible oil as being a healthier option than other brands of oil. This type of oil has only been on the market for a short time. Seltec is fi nding it diffi cult to estimate the useful life of the brands and therefore intends to treat the brands as having indefi nite lives.
In order to sell the oil, Seltec has purchased two limited liability companies from a company that owns several retail outlets. Each entity owns retail outlets in several shopping complexes. The only assets of each entity are the retail outlets. There is no operational activity and at present the entities have no employees.
Seltec is unclear as to how the purchase of the brands and the entities should be accounted for. (9 marks)
Required:
Discuss the accounting principles involved in accounting for the above transactions and how the above transactions should be treated in the fi nancial statements of Seltec.
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 two parts above.
(a) Apex is a publicly listed supermarket chain. During the current year it started the building of a new store. The directors are aware that in accordance with IAS 23 Borrowing costs certain borrowing costs have to be capitalised.
Required:
Explain the circumstances when, and the amount at which, borrowing costs should be capitalised in accordance with IAS 23. (5 marks)
(b) Details relating to construction of Apex’s new store:
Apex issued a $10 million unsecured loan with a coupon (nominal) interest rate of 6% on 1 April 2009. The loan is redeemable at a premium which means the loan has an effective fi nance cost of 7？5% per annum. The loan was specifi cally issued to fi nance the building of the new store which meets the defi nition of a qualifying asset in IAS 23. Construction of the store commenced on 1 May 2009 and it was completed and ready for use on 28 February 2010, but did not open for trading until 1 April 2010. During the year trading at Apex’s other stores was below expectations so Apex suspended the construction of the new store for a two-month period during July and August 2009. The proceeds of the loan were temporarily invested for the month of April 2009 and earned interest of $40,000.
Required:
Calculate the net borrowing cost that should be capitalised as part of the cost of the new store and the fi nance cost that should be reported in the income statement for the year ended 31 March 2010. (5 marks)
Which of the following disclosures are required by IAS 8 Accounting policies, changes in accounting estimates
and errors in these financial statements？
1 The reasons for the change.
2 The amount of the consequent adjustment in the current period and in comparative information for prior periods.
3 An estimate of the effect of the change on future periods, where possible.
A 1 and 2 only
B 1 and 3 only
C 2 and 3 only
D All three items
Introduction and client background
You are an audit senior in Staple and Co and you are commencing the planning of the audit of Smoothbrush Paints Co for the year ending 31 August 2010.
Smoothbrush Paints Co is a paint manufacturer and has been trading for over 50 years, it operates from one central site, which includes the production facility, warehouse and administration ffices.
Smoothbrush sells all of its goods to large home improvement stores, with 60% being to one large chain store Homewares. The company has a one year contract to be the sole supplier of paint to Homewares. It secured the contract through signifi cantly reducing prices and offering a four-month credit period, the company’s normal credit period is one month.
Goods in/purchases
In recent years, Smoothbrush has reduced the level of goods directly manufactured and instead started to import paint from South Asia. Approximately 60% is imported and 40% manufactured. Within the production facility is a large amount of old plant and equipment that is now redundant and has minimal scrap value. Purchase orders for overseas paint are made six months in advance and goods can be in transit for up to two months. Smoothbrush accounts for the inventory when it receives the goods.
To avoid the disruption of a year end inventory count, Smoothbrush has this year introduced a continuous/perpetual inventory counting system. The warehouse has been divided into 12 areas and these are each to be counted once over the year. The counting team includes a member of the internal audit department and a warehouse staff member. The following procedures have been adopted;
1. The team prints the inventory quantities and descriptions from the system and these records are then compared to the inventory physically present.
2. Any discrepancies in relation to quantities are noted on the inventory sheets, including any items not listed on the sheets but present in the warehouse area.
3. Any damaged or old items are noted and they are removed from the inventory sheets.
4. The sheets are then passed to the fi nance department for adjustments to be made to the records when the count has fi nished.
5. During the counts there will continue to be inventory movements with goods arriving and leaving the warehouse.
At the year end it is proposed that the inventory will be based on the underlying records. Traditionally Smoothbrush has maintained an inventory provision based on 1% of the inventory value, but management feels that as inventory is being reviewed more regularly it no longer needs this provision.
Finance Director
In May 2010 Smoothbrush had a dispute with its fi nance director (FD) and he immediately left the company. The company has temporarily asked the fi nancial controller to take over the role while they recruit a permanent replacement. The old FD has notifi ed Smoothbrush that he intends to sue for unfair dismissal. The company is not proposing to make any provision or disclosures for this, as they are confi dent the claim has no merit.
Required:
(a) Identify and explain the audit risks identifi ed at the planning stage of the audit of Smoothbrush Paints Co. (10 marks)
(b) Discuss the importance of assessing risks at the planning stage of an audit. (4 marks)
(c) List and explain suitable controls that should operate over the continuous/perpetual inventory counting system, to ensure the completeness and accuracy of the existing inventory records at Smoothbrush Paints Co. (10 marks)
(d) Describe THREE substantive procedures the auditor of Smoothbrush Paints Co should perform. at the year end in confi rming each of the following:
(i) The valuation of inventory; (3 marks)
(ii) The completeness of provisions or contingent liabilities. (3 marks)
The charges were announced by Judge Raed Juhi, chief investigative judge of the tribunal. They are connected with a 1982 series of detentions and executions after an assassination attempt on Saddam in Dujayl.
Charges against five other men were announced in February. The men will not be tried individually.
"With this announcement, the [tribunal] has raised this historic trial to a new level where the accused stands before justice which will rely on evidence," Juhi said.
No trial date was announced, but under Iraqi law Saddam could stand trial as early as September, because of a minimum 45-day period following referral for trial.
On July 8, 1982, a convoy carrying Saddam traveled through the town of Dujayl, a Shiite village north of Baghdad, and was attacked by a small band of residents.
A series of detentions and executions in the town followed the incident. According to the tribunal, 15 people were summarily executed and some 1,500 others spent years in prison with no charges and no trial date. Ultimately, another 143 were put on "show trials" and executed, according to the tribunal.
Speaking from Rome, Italy, an attorney for Saddam questioned whether a trial would ever be held at all.
"As of today, we still do not have a single document purporting to be anything where we can be ready for trial, and after their own rules ... we will require ... time to be able to prepare a defense," said Giovanni di Stefano. "Anything other than that would make it a farce."
Which institute has brought its first charges against Saddam Hussein？
A．The Iraqi government.
B．The Iraqi state council.
C．The Iraqi Special Tribunal.
D．The U.S. military court.
【36】consistently has been associated with the varying amount, quality, and pattern of electrophysiologically defined sleep. The newborn infant may spend an average of about 16 hours of each 24-hour period in sleep,【37】the sleep time drops sharply; by two years of age, it may【38】from nine to 12 hours. Decreases to approximately six hours have been observed among the elderly.
【39】will be discussed from below, EEG sleep studies have indicated that sleep can be considered to consist of several different stages. Developmental changes in the relative proportion of sleep time【40】in these sleep stages are as striking as age-related changes in total sleep time.
(31)
A．As
B．Despite
C．While
D．Whether
Since 1970 the authority has had its own internal Information Technology (IT) department. However, there has been increasing criticism of the cost and performance of this department. The CEO has commented that ‘we seem to expand the department to cope with special demands (such as the millennium bug) but the department never seems to shrink back to its original size when the need has passed’. Some employees are lost through natural wastage, but there have never been any redundancies in IT and the labour laws of the nation, and strong trade unions within the authority, make it diffi cult to make staff redundant.
In the last few years there has been an on-going dispute between managers in the IT department and managers in the fi nance function. The dispute started due to claims about the falsifi cation of expenses but has since escalated into a personal battle between the director of IT and the fi nance director. The CEO has had to intervene personally in this dispute and has spent many hours trying to reconcile the two sides. However, issues still remain and there is still tension between the managers of the two departments.
A recent internal human resources (HR) survey of the IT department found that, despite acknowledging that they received above average pay, employees were not very satisfi ed. The main complaints were about poor management, the ingratitude of user departments, (‘we are always being told that we are overheads, and are not core to the business of the authority’) and the absence of promotion opportunities within the department. The ingratitude of users is despite the IT department running a relatively fl exible approach to fulfi lling users’ needs. There is no cross-charging for IT services provided and changes to user requirements are accommodated right up to the release of the software. The director of IT is also critical of the staffi ng constraints imposed on him. He has recently tried to recruit specialists in web services and ‘cloud computing’ without any success. He also says that ‘there are probably other technologies that I have not even heard of that we should be exploring and exploiting’.
The CEO has been approached by a large established IT service company, ProTech, to form. a new company ProTech-Public that combines the public sector IT expertise of the authority with the commercial and IT knowledge of ProTech. The joint company will be a private limited company, owned 51% by ProTech and 49% by the city authority. All existing employees in the IT department and the IT technology of the city authority will be transferred to ProTech who will then enter into a 10 year outsourcing arrangement with the city authority. The CEO is very keen on the idea and he sees many other authorities following this route.
The only exception to this transfer of resources concerns the business analysts who are currently in the IT department. They will be retained by the authority and located in a new business analysis department reporting directly to the CEO.
The CEO has suggested that the business analysts have the brief to ‘deliver solutions that demonstrably offer benefi ts to the authority and to the people of the city, using information technology where appropriate’. They need to be ‘outward looking and not constrained by current processes and technology’. They will also be responsible for liaising between users and the newly outsourced IT company and, for the fi rst time, defi ning business cases with users.
In principle, the creation of the new company and the outsourcing deal has been agreed. One of the conditions of the contract, inserted by the fi nance director, is that the new company achieves CMMI level 5 within three years. The current IT department has been recently assessed as CMMI level 2. ProTech has recently been assessed at CMMI level 3.
Required:
(a) Evaluate the potential benefi ts to the city authority and its IT employees, of outsourcing IT to ProTech-Public. (12 marks)
(b) The role of the business analyst is currently being re-designed.
Analyse what new or enhanced competencies the business analysts will require to undertake their proposed new role in the city authority. (7 marks)
(c) Explain the principles of CMMI and the advantages to ProTech-Public of achieving CMMI level 5. (6 marks)
I confess that I am less horror-struck than some people at the prospect, which seems to me unavoidable, of an ultimate power of what is called direction of labour resting in some arm of society, whether in an organ of state or of trade unions. I should indeed be horrified if I identified this prospect with a return to the conditions of the pre-capitalist era. The economic whip of laissez-faire undoubtedly represented an advance on the serf-like conditions of that period: in that relative sense, the claim of capitalism to have established for the first time a system of “free” labour deserves respect. But the direction of labour as exercised in Great Britain in the Second World War seems to me to represent as great an advance over the economic whip of the heyday of capitalist private enterprise as the economic whip represented over pre-capitalist serfdom.
Much depends on the effectiveness of the positive incentives, much, too, on the solidarity and self-discipline of the community. After all, under the system of laissez-faire capitalism the fear of hunger remained an ultimate sanction rather than a continuously operative force. It would have been intolerable if the worker had been normally driven to work by conscious fear of hunger; nor, except in the early and worst days of the Industrial Revolution, did that normally happen. Similarly in the society of the future the power of direction should be regarded not so much as an instrument of daily use but rather as an ultimate sanction held in reserve where voluntary methods fail. It is inconceivable that, in any period or in any conditions that can now be foreseen, any organ of state in Great Britain would be in a position, even if it had the will, to marshal and deploy the labour force over the whole economy by military discipline like an army in the field. This, like other nightmares of a totally planned economy, can be left to those who like to frighten themselves and others with scarecrows.
第31题：1. The word “sanction”(Line 2, Paragraph 1) is closest in meaning to______.
［A］ corrective measures
［B］ encouraging methods
［C］ preventive efforts
［D］ revolutionary actions
