Home’s Translations of Iliad and Odyssey were finished in Alexander Pope’s third period.

A、儿童专用 Children Only

B、小心台阶 Attention the step

C、禁止拍照 Don’t take photos

D、出口 Export

(a) The difference between debt and equity in an entity’s statement of financial position is not easily distinguishable for preparers of financial statements. Some financial instruments may have both features, which can lead to inconsistency of reporting. The International Accounting Standards Board (IASB) has agreed that greater clarity may be required in its definitions of assets and liabilities for debt instruments. It is thought that defining the nature of liabilities would help the IASB’s thinking on the difference between financial instruments classified as equity and liabilities.

Required:

(i) Discuss the key classification differences between debt and equity under International Financial Reporting Standards.

Note: Examples should be given to illustrate your answer. (9 marks)

(ii) Explain why it is important for entities to understand the impact of the classification of a financial instrument as debt or equity in the financial statements. (5 marks)

(b) The directors of Avco, a public limited company, are reviewing the financial statements of two entities which are acquisition targets, Cavor and Lidan.They have asked for clarification on the treatment of the following financial instruments within the financial statements of the entities.

Cavor has two classes of shares: A and B shares. A shares are Cavor’s ordinary shares and are correctly classed as equity. B shares are not mandatorily redeemable shares but contain a call option allowing Cavor to repurchase them. Dividends are payable on the B shares if, and only if, dividends have been paid on the A ordinary shares. The terms of the B shares are such that dividends are payable at a rate equal to that of the A ordinary shares. Additionally, Cavor has also issued share options which give the counterparty rights to buy a fixed number of its B shares for a fixed amount of $10 million. The contract can be settled only by the issuance of shares for cash by Cavor.

Lidan has in issue two classes of shares: A shares and B shares. A shares are correctly classified as equity. Two million B shares of nominal value of $1 each are in issue. The B shares are redeemable in two years’ time at the option of Lidan. Lidan has a choice as to the method of redemption of the B shares. It may either redeem the B shares for cash at their nominal value or it may issue one million A shares in settlement. A shares are currently valued at $10 per share. The lowest price for Lidan’s A shares since its formation has been $5 per share.

Required:

Discuss whether the above arrangements regarding the B shares of each of Cavor and Lidan should be treated as liabilities or equity in the financial statements of the respective issuing companies. (9 marks)

Professional marks will be awarded in question 4 for clarity and quality of presentation. (2 marks)

听力原文： Hundreds of violins are made every day. However, the finest were handcrafted by an Italian violin maker over two hundred and fifty years ago. The craftsman's name was Antonius Stradivarius. Any one of his violins is worth more than $100,000 today.

His instruments could reproduce tones as rich as those produced by the human voice. During his career he made over eleven hundred violins by hand. Those still in existence have become treasured possessions.

Unfortunately, the secret of the Stradivarius violin died with its maker. During his lifetime Stradivarius kept his notes safely hidden. Even his two sons, who helped him in his workshop, did not know all the steps involved in each violin's construction.

Through the years, many experts have offered possible explanations for the unique tone of a "Strad". Some say it is the instrument's shape and the harmony of its parts. Others suggest that the secret lies in the special properties of the wood that no longer exist. The most widely accepted supposition is the paint that the old master used to coat his instruments. Still, no violin maker has been able to fully reproduce the tone of Stradivarius's violins.

(33)

A．How to Make Violins.

B．Stradivarius's Secret.

C．Expensive Violins.

D．Italian Violin Makers.

The publication of IFRS 9, Financial Instruments, represents the completion of the first stage of a three-part project to replace IAS 39 Financial Instruments: Recognition and Measurement with a new standard. The new standard purports to enhance the ability of investors and other users of financial information to understand the accounting of financial assets and reduces complexity.

Required:

(a) (i) Discuss the approach taken by IFRS 9 in measuring and classifying financial assets and the main effect that IFRS 9 will have on accounting for financial assets. (11 marks)

(ii) Grainger, a public limited company, has decided to adopt IFRS 9 prior to January 2012 and has decided to restate comparative information under IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The entity has an investment in a financial asset which was carried at amortised cost under IAS 39 but will be valued at fair value through profit and loss (FVTPL) under IFRS 9. The carrying value of the assets was $105,000 on 30 April 2010 and $110,400 on 30 April 2011. The fair value of the asset was $106,500 on 30 April 2010 and $111,000 on 30 April 2011. Grainger has determined that the asset will be valued at FVTPL at 30 April 2011.

Required:

Discuss how the financial asset will be accounted for in the financial statements of Grainger in the year ended 30 April 2011. (4 marks)

(b) Recently, criticisms have been made against the current IFRS impairment model for financial assets (the incurred loss model). The issue with the incurred loss model is that impairment losses (and resulting write-downs in the reported value of financial assets) can only be recognised when there is evidence that they exist and have been incurred. Reporting entities are not allowed currently to consider the effects of expected losses. There is a view that earlier recognition of loan losses could potentially reduce the problems incurred in a credit crisis.

Grainger has a portfolio of loans of $5 million which was initially recognised on 1 May 2010. The loans mature in 10 years and carry an interest rate of 16%. Grainger estimates that no loans will default in the first two years, but from the third year onwards, loans will default at an annual rate of about 9%. If the loans default as expected, the rate of return from the portfolio will be approximately 9·07%. The number of loans are fixed without any new lending or any other impairment provisions.

Required:

(i) Discuss briefly the issues related to considering the effects of expected losses in dealing with impairment of financial assets. (4 marks)

(ii) Calculate the impact on the financial statements up to the year ended 30 April 2013 if Grainger anticipated the expected losses on the loan portfolio in year three. (4 marks)

Professional marks will be awarded in question 4 for clarity and quality of discussion. (2 marks)

听力原文： Hundreds of violins are made every day. However, the finest were handcrafted by an Italian violin maker over two hundred and fifty years ago. The craftsman's name was Antonius Stradivarius. Any one of his violins is worth more than ＄100,000 today.

His instruments could reproduce tones as rich as those produced by the human voice. During his career he made over eleven hundred violins by hand, Those still in existence have become treasured possessions.

Unfortunately, the secret of the Stradivarius violin died with its maker. During his lifetime Stradivarius kept his notes safely hidden. Even his two sons, who helped him in his workshop, did not know all the steps involved in each violin's construction.

Through the years, many experts have offered possible explanations for the unique tone of a "Strad". Some say it is the instrument's shape and the harmony of its parts. Others suggest that the secret lies in the special properties of the wood that no longer exist. The most widely accepted supposition is the paint that the old master used to coat his instruments. Still, no violin maker has been able to fully reproduce the tone of Stradivarius's violins.

(37)

A．How to Make Violins.

B．Expensive Violins.

C．Stradivarius's Secret.

D．Italian Violin Makers.

" Let me have a companion of my way," says Sterne, " were it but to remark how the shadows lengthen as the sun declines. " It is beautifully said; but, in my opinion, this continual comparing of notes interferes with the involuntary impression of things upon the mind, and hurts the sentiment. If you only hint what you feel in a kind of dumb show, it is insipid; if you have to explain it, it is making a toil of a pleasure. You cannot read the book of nature without being perpetually put to the trouble of translating it for the benefit of others. I am for this synthetical method on a journey in preference to the analytical. I am content to lay in a stock of ideas then, and to examine and anatomize them afterwards. I want to see my vague notions float like the down of the thistle before the breeze, and not to have them entangled in the briars and thorns of controversy. For once, I like to have it all my own way; and this is impossible unless you are alone, or in such company as I do not covet. I have no objection to argue a point with any one for twenty miles of measured road, but not for pleasure.

Melbourne, with a population of over 5millian, is the second largest city in Australia. It is clean, safe, dynamic and exciting, and well known internationally for its universities and other educational institutions. The city has well-planned tree-lined beautiful parks and gardens. It has a good transport system of roads, buses, trains, and trams (电车 ) . The La Trobe University (拉特罗布大学 ) campus is connected to the Central Business District by trams, express buses,and bus and train connections.

Melbourne is a culturally rich city, and is home to large communities of people from all parts of Europe, the Americas, Africa, and Asia. The city is famous for its restaurants, theaters, music. opera, ballet, art, culture, and shops, and a lively and dynamic nightlife. Melbourne people are enthusiastic about sports, and the city hosts many famous international sports events. Near Melbourne there are beautiful coastlines( 葡萄酒厂 ) , winter excellent beaches, national parks, forests.

The climate is temperate and comfortable, with warm summers and cool winters. In summer, maximum daytime temperatures range from 26&39;C to 36&39;C, and in winter from 12&39;C to 18&39;C, the weather in Melbourne can be variable from day to day.In 2002, Melbourne was rated the world&39; s best city to live in by the Economist Intelligence Unit.

Melbourne is well -known in the world for its______.

A.Largepopulation

B.educational institutions

C.transport system

D.beautiful parks and gardens

According to the passage,Melbourne is a city where____.A.rich people choose to live

B.the best wine is produced

C.various cultures exist

D.Asianfood is popular

Melbourne people are very interested in_____A.sports

B.sunbathing

C.sightseeing

D.traveling

The word temperate in the sentence "The climate is temperate... " (Para.3).most probably means______A.hot

B.mild

C.dry

D.cold

The best title for the passagemight be_______A.An Ideal Placefor Shopping

B.A City with the BestClimate

C.The World' sBestCity to live in

D.The World' sMost Beautiful City

请帮忙给出每个问题的正确答案和分析，谢谢！

In the past ， most cities usually were the natural outgrowth of villages and towns that happened to prosper． Rome started out as a small village， as did Athens， Paris， London and New York． Of course， there were exceptions to this general rule． In ancient times， Alexandria in Egypt， and Saint Petersburg， were both planned cities． But for the most part， cities throughout history were not the products of deliberate thought． Today the reverse is true ． Many nations， alarmed by the urban sprawl that has been gobbling up farmland and open countryside ， and appalled by the staggering urban problems in the central cities， have begun building new cities that are specifically designed to meet modern needs． Britain has long been a pioneer in planning new cities ． As the first nation to become industrialized and urbanized， it faced traffic， slums and pollution long before anyone else． In 1898 an Englishman， Sir Ebenezer Howard， published a book called To－morrow： a Peaceful Path to Real Reform， in which he advocated a new form of urban growth and organization： the “garden city”． Such a city combined the beauty of nature－trees， grass， sunshine and fresh air －with all the advantages of city living， including an abundance of jobs， social and cultural centres and good shopping facilities ． The garden city was to be fairly small int size and the inhabitants would have easy access to the countryside， while at the same time they would be close to their work． In 1899 Howard organized the Garden City Association and in 1903 and 1920 he built the first and the second garden city ， Letchworth and Welwyn Garden City ． These projects encountered many difficulties and failed to arouse widespread enthusiasm． Nevertheless， both Welwyn and Letchworth survived and grew， and in later years－particularly after World War II －British planners looked at them with renewed interest． The war had given the British a painful lesson in the weakness of modern，heavily populatedcities． Cities were not the places of refuge they had once been． One the contrary， the invention of the aeroplane had made them the most vulnerable targets for attack． Aerial warfare made it clear that people were far safer outside the great urban centres． It was better not to concentrate so much of the population and industrial resources in a few large cities， but to spread them out into many smaller towns and cities ． Fast ， modern transportation methods made such dispersal possible．Furthermore，these new towns－modeled on Howard’s garden cities－could also drain off the surplus population of the large cities， relieving the overcrowded conditions， housing shortages， slums and traffic jams that plagued them． Questions 1 to 3 Mark each statement as either true （T） or false （F） according to the passage． 1． In the past， most cities were not planned and they just grew up spontaneously． 2． Garden cities built by Howard never aroused widespread enthusiasm． 3． It can be inferred that the author believes the construction of big cities is a mistake． Questions 4—5 Translate the following sentences of the passage into Chinese ． Remember to write the answers on the answer sheet． 4． Many nations， alarmed by the urban sprawl that has been gobbling up farmland and open countryside， and appalled by the staggering urban problems in the central cities， have begun building new cities that are specifically designed to meet modern needs． 5． Furthermore， these new towns－modeled on Howard’s garden cities－could also drain off the surplus population of the large cities， relieving the overcrowded conditions， housing shortages， alums and traffic jams that plagued them．

If Bill Gates ever had reason to doubt that the brash young billionaires of Google were out to get him, the time for such uncertainty is now officially over. Last month's dramatically revised version of its program Google Desktop is a glove slap across the face of Microsoft's fabled chief software architect. Obviously Google's update to a previous tool that searched people's hard drives in addition to the usual lightning-quick survey of the entire World Wide Web, Google Desktop 2 turns out to be a not-so-stealthy attempt to hijack the desktop from Microsoft. And in a move that must be particularly galling to Gates, the program does it in a way that directly steals thunder from Microsoft's upcoming Windows update, Vista.

Specifically, I'm talking about Google's feature called Sidebar, a stack of small windows that sit on the side of the screen and dynamically draw on Web and personal information to track things like weather, stock prices, your e-mail, your photos, recently opened documents and Web destinations. Several years ago, demonstrating an early version of Vista, Microsoft proudly showed a column of on-screen "tiles" that did the same kinds of things. Microsoft's name for this upcoming feature (which it still plans to include in Vista when it ships in late 2006): Sidebar.

That's not all. Google product manager Nakhil Bhatla explains that another purpose of Desktop is to use the search box to quickly locate programs and files that you want to open—bypassing the Windows way of clicking on an icon or using the Start menu.

Clearly, Google is squatting on Microsoft's turf, asking users to live in its environment as opposed to Bill's. Microsoft still believes that the central point of personal computing is productivity. That's why the desktop search in Vista will limit itself to probing the user's hard disk. Microsoft's explanation for this approach is that mixing Web-search results with hits from your own information is just too confusing. Things go more efficiently, the theory goes, when your personal data pond is segregated from the ocean of information data located elsewhere in the world. (Microsoft offers Web search as a separate program.)

In contrast, Google Desktop searches bring results from everywhere—your hard disk, your email and billions of Web sites. That's because the Google mission is organizing and managing all the world's information. "You shouldn't have to think about where the information comes from," says Google VP Susan Wojcicki. Though Google-sites acknowledge difficulties in merging the personal with the public, their core belief is that the essence of 21st-century computing springs from the connectivity that allows all human knowledge, from books to instant messages, to be potentially shared.

As Google tries to annex new information flows, it increasingly runs smack against issues of privacy, copyright and censorship. That's one part of Google's challenge. The other will be fending off Bill Gates, undoubtedly determined to prove that his vision of computing still dominates.

From the first sentence we can infer that

A．the managers of Google are impolite.

B．there is no longer uncertainty about Microsoft's precedence.

C．it is true that now Google is surpassing Microsoft.

D．Bill Gates begins to think Google as his opponent.

听力原文： The history of Valentine's Day is obscure, and further clouded by various fanciful legends. The holiday's roots are in the ancient Roman festival of Lupercalia, a fertility celebration commemorated annually on February 15. Pope Gelasius I recast this pagan festival as a Christian feast day circa 496, declaring February 14 to be St. Valentine's Day. Which St. Valentine this early pope intended to honor remains a mystery: according to the Catholic Encyclopedia, there were at least three early Christian saints by that name. One was a priest in Rome, another a bishop in Terni, and of a third St. Valentine almost nothing is known except that he met his end in Africa. Rather astonishingly, all three Valentines were said to have been martyred on Feb. 14.

Most scholars believe that the St. Valentine of the holiday was a priest who attracted the disfavor of Roman emperor Claudius II around 270. At this stage, the factual ends and the mythic begins. According to one legend, Claudius II had prohibited marriage for young men, claiming that bachelors made better soldiers. Valentine continued to secretly perform. marriage ceremonies but was eventually apprehended by the Romans and put to death. An other legend has it that Valentine, imprisoned by Claudius, fell in love with the daughter of his jailer. Before he was executed, he allegedly sent her a letter signed "from your Valentine."

(33)

A．Celsius.

B．Claudius Day.

C．Lupercalia.

D．Lubricant Day.