2008 hongkong model financial statement
香港注册会计师公会综合考试考生答题表现Fpe_Dec08_Paper_I_Com
Qualification Programme Examination Panelists’ ReportFinal Examination(December 2008 Session)Paper I(The main purpose of the following report is to summarise candidates’ common weaknesses and make recommendations to help future candidates improve their examination performance.)(I) Section A – Case QuestionsGeneral CommentsCandidates often overly quoted guidance in the standards which is neither required by the question nor the purpose of the exam.Specific CommentsQuestion 1(a) – 8 marksThis question required candidates to identify the legal status and financial reporting obligations of two companies under the Hong Kong Companies Ordinance.Candidates’ performance was good. Better performing candidates were able to provide a well balanced answer. Many poorly performing candidates failed to identify the issues and copied blindly from the learning pack, the suggested solutions of past papers, or irrelevant materials such as the detailed requirements of HKFRSs on consolidated financial statements. Some poorly performing candidates simply could not tell the difference between the two companies, or were not aware that the question was about non-Hong Kong companies, or concentrated too much on the Listing Rules.Question 1(b) – 5 marksThe question required candidates to explain the concept of a “risk assessment process” as part of an internal control framework from the management’s point of view.Many candidates could not answer this, whilst some wrongly explained it from the perspective of the auditor rather than management.Candidates were also expected to distinguish the difference between business risk and the risk of misstatement of the financial statement, as the question had specifically required candidates to discuss the risk management process in the context of financial reporting. Very few candidates addressed this in their answers.Question 1(c) – 6 marksThe question required candidates to discuss the difference between the perspectives of an auditor and management with respect to the risk of non-compliance with laws and regulations, and to explain the purposes of assessing this risk.The question was generally answered satisfactorily. Many candidates were able to explain the differences in the perspectives between auditor and management, and were able to identify HKSA 250 as the relevant auditing standard. However, some candidates overly quoted the guidance in this standard which is not required in the question.Some candidates did not respond to the second part of the question which was to explain the purposes of assessing the risk of non-compliance with laws and regulations for auditors and for management.Question 1(d) – 6 marksThe question required candidates to discuss the internal controls that could be implemented to address the risk of non-compliance with laws and regulations. Overall, candidates performed satisfactorily in this question. Many candidates were able to identify some relevant internal controls. Often the reason for not being able to score a higher mark was due to candidates giving too few examples (2-3).Question 1(e) – 6 marksThis question required candidates to identify the principal business risk of the entity. Candidates’ performance in this question was good, probably similar questions have been repeatedly asked in the past, although the case background was different. Some poorly performing candidates were not able to tell the difference between business risks in general and the risk of material misstatement in financial statements and copied a lot of irrelevant materials from the learning pack or the suggested solutions of past papers, even though the question explicitly excluded such risks. Some concentrated too narrowly on financial risks such as currency risks, although such risks were not apparent in the case.Question 1(f) – 8 marksThis question required candidates to recommend non-financial measures for the performance in controlling business risks. Candidates’ performance in this question was very poor. No candidates scored full marks and a high proportion of candidates scored very low marks. Not many really understood the requirement of the question. Many candidates misread the question, interpreting it as requiring recommendations for solutions, or “measures”, to control the risks. Not many candidates gave the correct answer by recommending appropriate non-financial performance “measurement” as required by the question.Question 1(g) – 6 marksThis question required candidates to recommend other internal (management) controls to address the entity’s business risk in addition to those non-financial performance measurements required in question 1(f). Candidates’ performance in this question was again very poor, probably consequential to their misunderstanding of the requirement in question 1(f). Many candidates did not attempt this question, probably because they failed to differentiate this question from question 1(f). Some candidates copied a lot of irrelevant materials from auditing standards, even though the question was on internal (management) controls.Question 1(h) – 7 marksThis question required candidates to advise whether the entity should change its functional currency and presentation currency. Candidates’ performance in this question was good. Many candidates demonstrated a good understanding of the relevant financial reporting standard and had applied it correctly in the case. Poorly performing candidates just could not identity the issue even in this straightforward case.Question 1(i) – 8 marksThis question required candidates to advise whether two parties were related to the entity. Performance in this question was average. While many candidates were able to explain the relationship correctly, not many were able to conclude that there were actually no transactions between the entity and these parties. Many poorly performing candidates copied pages of definitions and disclosure requirements without any attempt to identify the relevant requirements or apply them to the case, resulting in zero or a low score.Question 1(j) – 7 marksThis question required candidates to critically evaluate the revenue policy of the entity. Performance in this question was below average. While many candidates were able to evaluate the policy in general, not many were able to identify possible problems when the policy was applied to overseas sales. Many poorly performing candidates copied pages of recognition requirements without any attempt to identify the relevant requirements or apply them to the case, resulting in zero or a low score.Question 1(k) – 8 marksThe question required candidates to discuss the ethical issues of a professional accountant in business having a financial interest in the company that employs him/her. Many candidates were able to point out self-interest threats as the issue and made a lot of references to the principles under the Code of Ethics. However, only a few good performing candidates were able to demonstrate good application of the principles by critically analysing the threats and proposing appropriate safeguards.(II) SECTION B – ESSAY QUESTIONSGeneral CommentsThe overall performance of candidates was consistent with the past diets. The case in this paper was not a lengthy case but required the candidates to have a thorough understanding of the business operations that were relevant to the tax issues as described in the case in order to provide satisfactory answers. In general, candidates performed well in question 2(a) and question 3. The candidates who did not perform well were those who did not take time to grasp the given facts which is the requirement in final examinations.Specific CommentsQuestion 2(a) – 6 marksQuestion 2 was on transfer pricing issues in Hong Kong profits tax and part (a) was a question requiring candidates to explain what triggered the IRD’s challenge on the pricing arrangement between the taxpayer and its overseas parent company as well as the relevant legal authorities. Many candidates could mention low profit margin as a cause but not the functions and risks taken by the parties to the trading transaction.The second part required candidates to identify section 16(1), section 20(2) and the general anti-avoidance provisions in section 61 and section 61A. Most candidates could identify section 20(2). Some candidates could mention section 61 and/or section 61A. However, the fact that the IRD can disallow the deduction simply by applying section 16(1) was rarely mentioned by candidates.Question 2(b) – 13 marksThe performance on this part was less than satisfactory, partly because this part required candidates to do a comprehensive analysis of the tax consequences if the IRD could successfully challenge the excessive purchase costs. Candidates who did not do well in (a) did not perform well in this part. The part related to section 20(2) was answered well but many candidates were unable to provide a good discussion regarding the application of section 61 and section 61A. Very few candidates mentioned the possible penalties under section 82A.Question 2(c) – 3 marksThe performance on this part was similar to part (b). The answer for this part required the candidates to explain the defence that could be raised by the taxpayer against the challenges raised by the IRD in part (a). Candidates who could use the causes they identified in part (a) did well. Although some candidates did well in (a), they were unable to capitalize on what they had done in answering this part.Question 3 – 3 marksThis part dealt with the salaries tax issues of a Hong Kong office. Many candidates did well probably because this topic has been examined several times in the past.。
2008ck100会计英语讲义
讲义2008年注册会计师全国统一考试会计英语辅导讲义一、相关背景1、2008年注册会计师全国统一考试将在会计、审计和财务成本管理三门课程中增加10分的英语附加题。
这一变化主要是为了满足中国经济和行业发展对国际型人才的需要。
财政部CPA考试委员会将逐步推广英语附加题到其他考试科目中。
据此看来，在CPA各科考试中加重英语的分量将是一个趋势。
2、增加英语附加题后，会计、审计和财务成本管理的总分为110分，及格分仍为60分，总体考试时间不变。
英语附加题要求用英语回答，所以考生朋友们一定要根据本人英语水平选择作答。
有一定英语基础（大学英语四、六级水平，掌握一定的财经英语词汇），打算选答英语附加题的考生朋友更应该合理规划和安排时间，在考试时认真阅读试卷首页的特别提示和答题导语，争取尽可能多的在英语附加题上拿分。
英语基础较差的考生朋友不要慌乱，心态要放平和，力争前面的100分，如果时间允许可尝试做英语附加题。
二、可能的题型因为只有10分的英语题，所以估计出客观题的可能性不大，很有可能是主观题，并且是专业题。
题型可能包括：名词解释，英汉互译，问答（理论性的或业务性的）。
根据2007年的英语附加题判断，今年的会计英语附加题仍有很大可能是业务核算题。
三、会计英语讲解Accounting一、主要专业术语和基本概念1. Financial reporting（财务报告）includes not only financial statements but also other means of communicating information that relates, directly or indirectly, to the information provided by a business enterpr ise’s accounting system----that is, information about an enterprise’s resources, obligations, earnings, etc.2. Objectives of financial reporting：财务报告的目标Financial reporting should：(1) Provide information that helps in making investment and credit decisions.(2) Provide information that enables assessing future cash flows.(3) Provide information that enables users to learn about economic resources, claims against those resources, and changes in them.3. Basic accounting assumptions 基本会计假设(1) Economic entity assumption 会计主体假设This assumption simply says that the business and the owner of the businessare two separate legal and economic entities. Each entity should account and report its own financial activities.(2) Going concern assumption 持续经营假设This assumption states that the enterprise will continue in operation long enough to carry out its existing objectives.This assumption enables accountants to make estimates about asset lives and how transactions might be amortized over time.This assumption enables an accountant to use accrual accounting which records accrual and deferral entries as of each balance sheet date. (3) Time period assumption 会计分期假设This assumption assumes that the economic life of a business can be divided into artificial time periods.The most typical time segment = Calendar YearNext most typical time segment = Fiscal Year(4) Monetary unit assumption 货币计量假设This assumption states that only transaction data that can be expressed in terms of money be included in the accounting records, and the unit of measure remains relatively constant over time in terms of purchasing power. In essence, this assumption disregards the effects of inflation or deflation in the economy in which the entity operates.This assumption provides support for the "Historical Cost" principle.4. Accrual-basis accounting 权责发生制会计5. Qualitative characteristics 会计信息质量特征(1) Reliability 可靠性For accounting information to be reliable, it must be dependable and trustworthy.Accounting information is reliable to the extent that it is：Verifiable：means that information has been objectively determined, arrived at, or created. More than one person could consider the facts of a situation and reach a similar conclusion.Representationally faithful：that something is what it is represented to be. For example, if a machine is listed as a fixed asset on the balance sheet, then the company can prove that the machine exists, is owned by the company, is in working condition, and is currently being used to support the revenue generating activities of the company.Neutral：means that information is presented in accordance with generally accepted accounting principles and practices, and without bias.(2) Relevance 相关性Relevant information is capable of making a difference in the decisions of users by helping them to evaluate the potential effects of past, present,or future transactions or other events on future cash flows (predictive value) or to confirm or correct their previous evaluations (confirmatory value).(3) Understandability 可理解性Understandability is the quality of information that enables users who have a reasonable knowledge of business and economic activities and financial reporting, and who study the information with reasonable diligence, to comprehend its meaning.(4) Comparability 可比性Comparability：suggests that accounting information that has been measured and reported in a similar manner by different enterprises should be capable of being compared because each of the enterprises is applying the same generally accepted accounting principles and practices. Consistency：suggests that an entity has used the same accounting principle or practice from one period to another, therefore, if the dollar amount reported for a category is different from one period to the next, then chances are that the difference is due to a change like an increase or decrease in sales volume rather than being due to a change in the method of calculating the dollar amount.(5) Substance over form 实质重于形式Substance over form emphasizes the economic substance of an event even though its legal form may provide a different result.It requires that business enterprise should perform accounting recognition, measurement and reporting in accordance with the economic substance rather than the legal form of an event or transaction.(6) Materiality 重要性Information is material if its omission or misstatement could influence the resource allocation decisions that users make on the basis of an entity’s financial report. Materiality depends on the nature and amount of the item judged in the particular circumstances of its omission or misstatement. Deciding when an amount is material in relation to other amounts is a matter of judgment and professional expertise.(7) Conservatism 谨慎性Conservatism dictates that when in doubt, choose the method that will be least likely to overstate assets and income, and understate liabilities and expenses.(8) Timeliness 及时性Timeliness means having information available to decision makers before it loses its capacity to influence decisions. If information becomes available only after the time that a decision must be made, it has no capacity to influence that decision and thus lacks relevance.6. Basic accounting elements 基本会计要素(1) Asset 资产An asset is a resource that is owned or controlled by an enterprise as a result of past transactions or events and is expected to generate economic benefits to the enterprise.(2) Liability 负债A liability is a present obligation arising from past transactions or events which are expected to give rise to an outflow of economic benefits from the enterprise.A present obligation is a duty committed by the enterprise under current circumstances. Obligations that will result from the occurrence of future transactions or events are not present obligations and shall not be recognized as liabilities.(3) owners’ equity 所有者权益Owners’ equity is the residual interest in the assets of an enterprise after deducting all its liabilities.Owners’ equity of a company is also known as shareholders’ equity. (4) Revenue 收入Revenue is the gross inflow of economic benefits derived from the course of ordinary activities that result in increases in equity, other than those relating to contributions from owners.(5) Expense 费用Expenses are the gross outflow of economic benefits resulted from the course of ordinary ac tivities that result in decreases in owners’equity, other than those relating to appropriations of profits to owners.(6) Profit 利润Profit is the operating result of an enterprise over a specific accounting period. Profit includes the net amount of revenue after deducting expenses, gains and losses directly recognized in profit of the current period, etc.7. Five measurement attributes 会计计量属性(1) Historical cost 历史成本Assets are recorded at the amount of cash or cash equivalents paid or the fair value of the consideration given to acquire them at the time of their acquisition. Liabilities are recorded at the amount of proceeds or assets received in exchange for the present obligation, or the amount payable under contract for assuming the present obligation, or at the amount of cash or cash equivalents expected to be paid to satisfy the liability in the normal course of business.(2) Current replacement cost 现时重置成本Assets are carried at the amount of cash or cash equivalents that would have to be paid if a same or similar asset was acquired currently.Liabilities are carried at the amount of cash or cash equivalents that would be currently required to settle the obligation.(3) Net realizable value 可实现净值Assets are carried at the amount of cash or cash equivalents that could be obtained by selling the asset in the ordinary course of business, less the estimated costs of completion, the estimated selling costs and related tax payments.(4) Present value 现值Assets are carried at the present discounted value of the future net cash inflows that the item is expected to generate from its continuing use and ultimate disposal. Liabilities are carried at the present discounted value of the future net cash outflows that are expected to be required to settle the liabilities within the expected settlement period.(5) Fair value 公允价值Assets and liabilities are carried at the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction.8. Financial statements 财务报表(1) Balance sheet 资产负债表A balance sheet is an accounting statement that reflects the financial position of an enterprise at a specific date.(2) Income statement 损益表An income statement is an accounting statement that reflects the operating results of an enterprise for a certain accounting period.(3) Statement of cash flows 现金流量表A cash flow statement is an accounting statement that reflects the inflows and outflows of cash and cash equivalents of an enterprise for a certain accounting period.(4) Statement of changes in owners’equity 所有者权益变动表A statement of changes in owners’equity reports the changes i n owners’equity for a specific period of time.(5) Notes to financial statements 财务报表附注Notes to the accounting statements are further explanations of items presented in the accounting statements, and explanations of items not presented in the accounting statements, etc.9. Accounting entry 会计分录Debit：CashCredit：Common Stock10. Basic accounting equation 基本会计等式Assets = Liabilities + owners’ equity11. List of present and potential users of financial information 财务信息的使用者investors, creditors, employees, suppliers, customers, and governmental agencies.第二章货币资金cash库存现金、银行存款Cash in hand/cash in bank银行汇票、银行本票、商业汇票、商业承兑汇票、银行承兑汇票Bank draft/bank promissory note/commercial draft/commercial acceptance draft/bank acceptance draft支票、信用卡、汇兑、委托收款、托收承付、信用证Check/credit card/remittance/ Consignment Collection/collection with acceptance/lines of credit现金溢余和短缺：cash over and short第三章金融资产financial assets1．金融资产：financial assets2．金融资产初始确认时的分类：The way in which an instrument is measured subsequently depends on its classification. There are four categories：以公允价值计量且其变动计入当期损益的金融资产：可进一步分为交易性金融资产（financial assets held for trading）和指定为以公允价值计量且其变动计入当期损益的金融资产（designated financial assets at fair value through profit or loss）Financial assets and liabilities at fair value through profit or loss 持有至到期投资Held to maturity investments：have fixed or determinable payments and fixed maturity. The company must have the positive intention and ability to hold them to maturity. Equity instruments cannot be held to maturity investments.贷款和应收款项Loans and receivables：have fixed or determinable payments and are not quoted in an active market.可供出售的金融资产Available-for-sale financial assets：are all items that do not fall into the other categories.3．金融资产的初始计量：the initial measurement of financial assetsAll financial assets and liabilities should be measured at fair value when they are first recognized. This is normally their cost (the fair valueof the consideration given or received). Fair value includes transaction costs unless the instrument is classified as ‘at fair value through profit or loss’, in which case transaction costs are recognized in the income statement.4．金融资产的后续计量：subsequent measurement of financial assetsAfter first recognition, most financial assets are measured at fair value. Exceptions are held to maturity investments and loans and receivables, which are measured at amortized cost, using the effective interest rate method.5. The way in which gains and losses on remeasurement are treated also depends upon the classification of the instruments. Gains and losses relating to instruments at fair value through profit or loss are recognized in the income statement, even if they are unrealized. Gains and losses relating to changes in the fair value of available for sale financial assets are recognized in equity and recycled to the income statement when the asset is sold. Changes in amortized cost are recognized in the income statement.6．金融资产的减值：the impairment of financial assetsAt each balance sheet date, an entity should assess whether there is any objective evidence that a financial asset or group of assets is impaired. Indications of impairment include：(1) significant financial difficultyof the issuer; (2) the probability that the borrower will enter bankruptcy;(3) a default in interest or principal payments; or (4) (for available for sale financial assets) a significant and prolonged decline in fair value below cost.The recognition of the impairment of financial assets：(1) For financial assets carried at amortized cost (held to maturity investments and loans and receivables) the impairment loss is the difference between the asset’s carrying amount and its recoverable amount. The asset’s recoverable amount is the present value of estimated future cash flows, discounted at the financial instrument’s original effective interest rate.(2) For financial assets carried at cost because their fair value cannot be reliably measured, the impairment loss is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the current market rate of return for a similar financial instrument.(3) For available for sale financial assets, the impairment loss is the difference between the acquisition cost (net of any principal repayment and amortization) and current fair value (for equity instruments) or recoverable amount (for debt instruments).(4) Assets at fair value through profit or loss are not subject toimpairment testing, because changes in fair value are automatically recognized immediately in profit or loss.Example：Ellesmere Co entered into the following transactions during the year ended 31 December 20X3：(1) Entered into a speculative interest rate option costing $10,000 on January 20X3 to borrow $6,000,000 from AB Bank commencing 31 March 20X5 for 6 months at 4%. The value of the option at 31 December 20X3 was $15,250.(2) Purchased 6% debentures in FG Co on 1 January 20X3 (their issue date) for $150,000 as an investment. Ellesmere Co intends to hold the debentures until their redemption at a premium in 5 year’s t ime. The effective rate of interest of the bond is 8.0%.(3) Purchased 50,000 shares in ST Co on 1 July 20X3 for $3.50 each as an investment. The share price on 31 December 20X3 was $3.75.RequiredShow the accounting treatment and relevant extracts from t he financial statements for the year ended 31 December 20X3. Ellesmere Co only designates financial assets as at fair value through profit or loss where this is unavoidable.Notes：1. Interest rate option：this is a derivative（衍生金融工具）and so it must be treated as at fair value through profit or loss.Initial measurement (at cost)Dr. Financial asset 10,000Cr. Cash 10,000At 31.12.20X3 (re-measured to fair value)Dr. Financial asset 15,250Cr. Cash 15,2502. Debentures：on the basis of the information provided, this can be treated as a held-to-maturity investment.Initial measurement (at cost)Dr. Financial asset 150,000Cr. Cash 150,000At 31.12.20X3 (amortized cost)Dr. F inancial asset (150,000×8%) 12,000Cr. Finance income 12,000Dr. Cash (150,000×6%) 9,000Cr. Financial asset 9,0003. Shares：these are treated as an available for sale financial asset . Initial measurement (at cost)Dr. Financial asset (50,000×3.50) 175,000Cr. Cash 175,000At 31.12.20X3 (re-measured to fair value)Dr. Financial asset (50,000×3.75-175,000) 12,500Cr. Equity 12,500第四章存货Inventories1．存货的确认the recognition of inventories2．存货的初始计量the initial measurement of inventoriesInventories should be measured at cost when they are first recognized. Cost is the cost of bringing items of inventory to their present location and condition (cost of purchase and costs of conversion).Cost of purchase comprises purchase price including import du ties, transport and handling costs and any other directly attributable costs, less trade discounts, rebates and subsidies.Cost of conversion comprises (1) costs which are specifically attributable to units of production, e.g. direct labor, direct expenses and subcontracted work; (2) production overheads; (3) other overheads, if any, attributable in the particular circumstances of the business to bringing the product or service to its present location and condition. 3．发出存货的计量Four methods：(1) first-in, first-out; (2) moving weighted average cost;(3) weighted average cost; (4) actual unit cost (specific identification) The same method of arriving at cost should be used for all inventories having similar nature and use to the enterprise.4．期末存货的计量the year-end measurement of inventoriesEnding inventories should be valued at the lower of cost and net realizable value.Net realizable value is the actual or estimating selling price less all costs to complete and all costs necessary to make the sale (i.e. all c osts to be incurred in marketing, selling and distribution).第五章长期股权投资long-term equity investment1．长期股权投资的初始计量initial measurementLong-term equity investments should be measured at initial investment cost when they are first recognized. The determination of the initial investment cost depends on two different circumstances which are business combinations and non business combinations.Long-term equity investment comprises (1) investment in subsidiaries;(2) investments in associates; (3) investments in joint ventures; and (4) ordinary equity investments2．长期股权投资的后续计量subsequent measurementCost method（成本法）Equity method （权益法）第七章无形资产Intangible AssetsIntangible assets are business assets that have no physical form. There are two types of intangible assets：those that are purchased and those that are internally generated. R&D costs fall into the category of internally-generated intangible assets, and are therefore subject to specific recognition criteria.RecognitionAn intangible asset is to be recognized if, and only if, the following criteria are met：●it is pro bable that future economic benefits from the asset will flow to the entity●the cost of the asset can be reliably measured.Research phaseIt is impossible to demonstrate whether or not a product or service at the research stage will generate any probable future economic benefit. As a result, all expenditure incurred at the research stage should be written off to the income statement as an expense when incurred, and will never be capitalised as an intangible asset.Development phaseAn intangible asset arising from development must be capitalised if an entity can demonstrate all of the following criteria：●the technical feasibility（技术可行性）of completing the intangible asset (so that it will be available for use or sale)●intention to complete and use or sell the asset●ability to use or sell the asset●existence of a market or, if to be used internally, th e usefulness of the asset●availability of adequate technical, financial, and other resources to complete the asset●the cost of the asset can be measured reliably.Treatment of capitalized development costsOnce development costs have been capitalized（资本化）, the asset should be amortised（摊销）in accordance with the accruals concept（应计制）over its finite life（有限寿命）. Amortisation must only begin when commercial production has commenced (hence matching the income and expenditure to the period（使当期收入与支出配比）in which it relates). Each development project must be reviewed at the end of each accounting period to ensure that the recognition criteria are still met. If the criteria are no longer met, then the previously capitalised costs must be written off to the income statement immediately.Example：Forkbender Co develops and manufactures exotic cutlery and has the following projects in hand.Project 1 was originally expected to be highly profitable but this is now in doubt, since the scientist in charge of the project is now behind schedule, with the result that competitors are gaining ground.Project 2：commercial production started during the year. Sales were20,000 units in 20X8 and future sales are expec ted to be：20X9 30,000 units; 20Y0 60,000 units; 20Y1 40,000 units; 20Y2 30,000 units. There are no sales expected after 20Y2.Project 3：these costs relate to a new project, which meets the criteria for deferral of expenditure and which is expected to las t for three years. Project 4 is another new project, involving the development of a ‘loss leader’, expected to raise the level of future sales.The company’s policy is to defer development costs, where permitted. Expenditure carried forward is written off evenly over the expected sales life of projects, starting in the first year of sale.RequiredShow how the above projects should be treated in the accounting statements of Forkbender Co for the year ended 31 December 20X8.AnswerProject 1 expenditure, including that relating to previous years, should all be written off in 20X8, as there is now considerable doubt as to the profitability of the project.Since commercial production has started under project 2 the expenditure previously deferred should now be amortized.Project 3：the development costs may be deferred.Since project 4 is not expected to be profitable its development costs should not be deferred.Notes：第九章资产减值Impairment of AssetsThe purpose of an impairment review（减值测试）is to ensure that tangible and intangible non-current/fixed assets（有形和无形非流动资产）are not carried in the accounts at a figure in excess of their recoverable amount （可收回金额）. Goodwill（商誉）and indefinite-lived intangible assets have to be annually reviewed for impairment. Other non-current/fixed assets have to be reviewed for impairment only when there is an indicator that carrying amounts may not be recoverable, ie carrying value > recoverable amount, where recoverable amount is the higher of value in use (VIU) （使用价值）and net selling price (NSP)（销售净值）. Circumstances that trigger the need for a review may arise from external or internal sources. 对资产减值迹象的判断可根据企业内部信息和外部信息。
香港注册会计师公会综合考试考生答题表现Fpe_Dec08_Paper_II_Com
Qualification Programme Examination Panelists’ ReportFinal Examination(December 2008 Session)Paper II(The main purpose of the following report is to summarise candidates’ common weaknesses and make recommendations to help future candidates improve their examination performance.)(I) Section A – Case QuestionsGeneral CommentsCandidates’ overall performance in Section A of Paper II was unsatisfactory.Candidates were weak in analysing technical issues, especially the segment reporting under HKFRS 8. They discussed consolidation too much. Most of them were not familiar with the accounting treatment of interest rate swap and hedge accounting.Specific CommentsQuestion 1(a) – 8 marksThis question required candidates to discuss the reason for the elimination of inter-segment sales and addition of unallocated corporate assets in reconciling the segment revenue and assets with the consolidated figures of the Group. Candidates’ performance was not satisfactory. In general, candidates could not apply HKFRS 8 effectively and most of them focused only on the consolidation issues. Most of the candidates could not identify the fact that HKFRS 8 required a management approach to measuring segment information and therefore any arbitrary adjustments and allocations solely for external reporting purposes were not required.Question 1(b) – 7 marksThis question required candidates to discuss how the Group’s investment in the real estate investment trust (REIT) and the disposal of the Group’s shares should be accounted for in the consolidated balance sheet. Candidates’ performance was unsatisfactory. Typically, candidates could not draw the right conclusion and most of them argued that REIT should be consolidated even though the Group actually could not control the REIT.Question 1(c) – 5 marksThis question required candidates to explain how the unit-holders’ fund and the distributions to unit-holders should be accounted for in the financial statements of the REIT. Candidates’ performance was satisfactory. Most of the candidates could identify the unit fund as a financial liability. However, many candidates focused only on the definition of financial liability without applying it to the case.Question 1(d) – 10 marksThis question required candidates to describe five principal risks relating to the REIT’s organisation and operations. Candidates’ performance was satisfactory. However, many candidates only quoted the general risk factors without relating them to the special feature of the REIT.Question 1(e) – 4 marksThis question required candidates to discuss the financial implications of the issue of convertible bonds. Candidates’ performance was barely satisfactory. Some candidates were confused: the question asked for the discussion of the financial implications, but they only discussed accounting treatments. Most candidates were weak in analysing the structure and the special features of convertible bonds.Question 1(f) – 6 marksThis question required candidates to discuss the financial implications of an interest rate swap. Candidates’ performance was not satisfactory. Most candidates could only quote the simple arrangement of an interest rate swap while the function and objective of arranging the swap were not well analysed.Question 1(g) – 10 marksThis question required candidates to discuss the accounting treatment of the interest rate swap and the resulting gain or loss on its subsequent measurement. Candidates’ performance was not satisfactory. Candidates were weak in analysing the accounting treatments of the interest rate swap. Most of them did not consider the various treatments of the swap under different scenarios.Question 2(a) – 15 marksThe question required candidates to propose the audit approach for rental income, and in particular, discuss the impact of the REN database on the audit procedures. Many candidates were able to correctly propose the use of a combined approach (test of control and substantive procedures), but not many candidates were able to point out that one of the main reasons for this approach is that there is a presumption under auditing standards that revenue recognition has a higher risk of misstatement due to fraud.Many candidates discussed in detail the definition of the relevant financial statement assertions (e.g. accuracy, completeness) but this was not required by the question and hence low marks were awarded for this.Candidates generally were able to propose appropriate analytical procedures and test of details procedures. However, there were often limited discussions on the test of computer general controls (e.g. access controls, segregation of duties, development and maintenance of the REN database). Some candidates were able to propose the use of CAAT, but not many were able to explain the main reason for this (the fact that rental information was contained in one place and organised in a consistent manner) and how it could be applied specifically.Question 2(b) – 5 marksThe question required candidates to discuss what was needed to be communicated to the audit committee at the audit planning and completion stages. Some good performing candidates were able to properly list out the matters that were required to be communicated to those charged with governance (including the audit committee) under the auditing standards. However, many candidates were unable to distinguish the difference between those charged with governance and management, and proposed to communicate matters that were not necessarily of governance interest, but of a day-to-day project management nature (e.g. schedule request list).Question 2(c) – 5 marksThe question required candidates to explain the difference between a review engagement and an audit. Candidates generally performed satisfactorily. Most candidates were able to explain the difference. Often the reason for not being able to score a higher mark was due to candidates giving too few explanations.(II) Section B – Essay QuestionsGeneral CommentsThe overall performance of candidates in paper II was not as good as that in paper I.The case was on assets restructuring in an IPO project and the tax issues were those related to transactions in the restructuring, including stamp duty. Although diagrams had been provided in the case, some candidates were unable to have a thorough analysis of the case information, and, as a result, unable to identify ALL the tax issues in the restructuring transactions, especially those related to stamp duty. This partly contributed to the overall unsatisfactory results.Specific CommentsQuestion 3(a)(i) – 17 marksThis question required comprehensive advice on the tax issues, including stamp duty, of the restructuring transactions. The results in this part were not satisfactory. Not many candidates could provide a thorough analysis. Some could not identify the trading profits (vs capital gain) issue in the disposal of assets (property and shares) in the restructuring transactions. Many candidates ignored the stamp duty transactions and only a few could mention the tax issue related to the change of intention or compute the balancing charge on the property disposed. Because the question involved a few transactions, a well-structured presentation could help the candidates to organize their thoughts and answers. Only very few candidates took this approach.Question 3(a)(ii) – 3 marks and Question 3(a)(iii) – 2 marksThese two questions were related to the ethical issues in tax engagements. One was related to the engagement team (and the firm) and the other was related to the individual member of the team. Answers to both parts were not satisfactory. Candidates appeared to be unprepared for questions on ethical issues related to taxation. Of the issues related to the engagement, many candidates mentioned the “self-review” threat which was obviously not important in a tax advisory engagement alone. This was probably because thought was not given to the issues.Question 3(b) – 3 marksThis question was on the computation of commercial building allowances (CBA) for a second hand building. This is a common issue in practice. Although many candidates could identify that commercial building allowances should be calculated, not many candidates could demonstrate their understanding of the provisions related to the computation of CBA for second hand building. Some candidates incorrectly used 4% of the original cost to compute the allowance and some used the cost including the land cost. Lack of preparation in this area might have contributed towards the unsatisfactory results for this question.。
CLP-HongKong
ImportanceFrom the financial statements, we figures out these data.Income statementBalance sheetCompared with 2011From the forms mentioned, we know that Hong Kong takes a significant proportion of CLP no matter on the investment (from the fixed asset, total asset and total liability ratio can expresses this information), profit (from the Income Statement, the earnings and profit ratios are extremely high compared with the alternative segments).From the historyHong Kong is the headquarter of CLP.From 2008 to 2012, earnings of the electricity business (the main business of CLP) in Hong Kong maintain a percentage exceeds at least 50% of the total earnings while the earnings of the energy business of Australia maintains nearly quarter of Hong Kong’s performance and other investments / operations only takes a minor proportion of the total earnings.From the two points mentioned above, we have drawn the conclusion that Hong Kong owns an important position in CLP.PerformanceIn 2012, the earnings from Hong Kong electricity business were HK$6,654 million, a 5% increase from HK%6,339 million in 2011. this increase was due to the permitted return from a higher level of average net fixed assets over the year, partially offset by the higher interest costs on increased borrowings for the financing of fixed assets.StrategiesMaintain strategyThere two reasons for the maintain strategy:The increasing market occupancy80% Hong Kong residuals are served by CLP to continue their daily life and business, and it is still raising with a comparable low speed.The growth of the electricity demand in Hong KongHong Kong is facing a prosperous global economic environment, a large demand of electricity with a high speed growth to support their development is generated by the residential, commercial, infrastructure & public services and manufacturing industries. It is certainly favorable for CLP’s development in the future.EnvironmentThe local sales will be influenced by the external economic environment (risk)From the report we figure out that the external economic environment has affected the manufacturing and commercial industry of Hong Kong, and it leads to a negative impact on CLP’s salesSoC (opportunity)Although there are some limits on the tariff and capital investment, it is also an opportunity once the government agrees on the tariff and investments; it means a support governmental segment.The SoC also brings to the interim review, and it provides an opportunity for CLP to put forward the unreasonable aspects during the implement of SoC.MOU (opportunity)It can provide several steady and dependable gas suppliers to CLP.GSA (opportunity)With GSA, CLP can freely invest the supply facilities to enhance provide a steady and dependable gas supply.Air quality by 2020 (opportunity)Although CLP has to invest a large amount capital to meet this target, it is obviously a turning point for CLP stepping into a high level with wider prospective.Fukushima event (risk)Influenced by this event, CLP has to make great effort on the propagating education of nuclear energy.Weather (risk)The local sales will be influenced by the weather, such as the hot summer, hurricane, etc.Data centers (opportunity)It will stimulate a great growth of demand and raise the local sales by a wide margin.Stakeholders own a strict attitude (risk)CLP has to consider the stakeholders during determinations.Daya bay (risk)It is a large electricity supplier of Hong Kong, meanwhile, it is under gasdepletion and it will cause a negative impact on Hong Kong.ReliabilityThe customers in Hong Kong require a reliable electricity supply, CLP has to make its great effort to meet this requirement.InfluenceAimed at the elements mentioned, CLP will implement these specific strategies in 2013.●Continuing to monitor and manage the gas supply form the existing Yacheng gas field and evaluate the gas supply options outlined in the MOU;●Ensuring the safe and reliable operation of Hong Kong Branch Line Project, and completing all gas receiving infrastructure and plant modification works on schedule to accept deliveries of new gas supplies;●Securing HKSAR Government approval for CLP’ Development Plan covering the period from 2014 to September 2018;●Engaging actively with the HKSAR Government, key stakeholders and the wider community on the SoC Interim Review;●Managing operating costs amidst volatile international fuel prices and rising local labor costs, so as to minimize tariff increases for customers;●Stepping up efforts to promote energy efficiency through public education and the provision of energy efficiency related services;●Exploring the options for importing additional nuclear energy or providing additional gas generation capacity in Hong Kong, both to meet increasing electricity demand and to ensure that this is done in line with any decision by the Government regarding the role of nuclear energy in Hong Kong;●Enhancing stakeholders engagement activities and communication plans on nuclear safety issues to promote an informed debate on the future energy mix for Hong Kong;●Engaging actively with the HKSAR Government on a practical plan for meeting proposed climate change goals and achieving air quality objectives, as well as starting to plan and pursue the major infrastructure developments in CLP’s business which be needed if these policies are to be successfully implemented on time;●Take forward innovative initiatives.(下面还有几条是long-term的strategy，直接就可以抄书上的，第44页，最后几行。
HongKongCompantMMA_sample B (long form)
Explanatory Note for Sample BMEMORANDUM & ARTICLES OF ASSOCIATION FORPRIVATE COMPANY LIMITED BY SHARESSample B is a Long Form Memorandum & Articles of Association for private company limited by shares, based on the Memorandum & Articles of Association commonly adopted by companies engaging company secretarial services providers in Hong Kong.In Sample B, the object clause is removed and the fifth paragraph of the Memorandum of Association of the Sample is different from the corresponding paragraph in the Form of Memorandum of Association of a company limited by shares in Table B to the Companies Ordinance (Cap.32) in that the power of the company with regard to share capital is stated in a more exemplified manner.As to the differences between the Articles of Association in Sample B and those in Table A of the First Schedule to the Companies Ordinance (Cap. 32) (i.e. Sample A), the major ones are as follows:-1)Provisions on the following matters are not included in Sample B:-regulations on conversion of shares into stock and vice versa (regulations41 to 44 of Table A);instrument of transfer relating to more than one class of shares (regulation 25(c) of TableA); anddirectors’ retirement retire by rotation (regulations 91 to 96 of Table A).2)Provisions on the following matters not appearing in “Table A” are included in Sample B:-members’ resolution in writing (regulations 52 & 53 of Sample B);alternate director (regulations 82 & 83 of Sample B);reserve director (regulation 84 of Sample B);written record of decision of sole director (regulation 85 of Sample B);participation in directors’ meeting need not be in the same place (regulation 99 of SampleB);no rights to dividend before registration and forfeiture of unclaimed dividend (regulations 121 & 122 of Sample B); andthe manner and mode of giving notices to shareholders through a company’s website (regulations 130 & 134 of Sample B). (These regulations are based on the electronic andwebsite communications provision introduced under the Companies (Amendment) Ordinance 2010.)Companies may adopt Sample B as they see fit. Companies or their officers should consult their professional advisors on any matter which may affect them relating to or arising out of the adoption of the Memorandum and Articles of Association in Sample B.THE COMPANIES ORDINANCE (CHAPTER 32) Private Company Limited by Shares MEMORANDUM OF ASSOCIATION OFFirst:The name of the company isSecond: The registered office of the company will be situated in Hong Kong.Third: The liability of the members is limited.Fourth:Subject to the provisions of the Companies Ordinance (Cap.32), the company has the power to increase or reduce the said capital and to issue any part of its capital, original or increased, with or without preference, priority or special privileges, or subject to any postponement of rights or to any conditions or restrictions and with power to modify or abrogate the rights attaching to any or all shares of the company.“ENGLISH COMPANY NAME 公司中文名稱” [NAME OF THE COMPANY] The share capital of the company is [HKD10,000] divided into [10,000] [Ordinary] share(s) of [HKD1] each.I/WE, the undersigned whose name(s), address(es) and description(s) is/are given below, wish to form a company, in pursuance of this memorandum of association, and I/we respectively agree to take the number of share(s) in the capital of the company set opposite my/our respective name(s). Name(s), Address(es) and Description(s) of Founder Members Number of Share(s) Taken by EachFounder MemberTotal number of share(s) taken:[ORDINARY]:[2][ORDINARY]:[1][English name (Chinese name)] [ORDINARY]:[1][English name (Chinese name)] [Address] [Address] [Description / Occupation] [Description / Occupation]THE COMPANIES ORDINANCE (CHAPTER 32)Regulations for Management of a Private Company Limited by SharesARTICLES OF ASSOCIATIONOF[NAME OF THE COMPANY]Interpretation1. In these regulations-"Ordinance" (本條例) means the Companies Ordinance (Cap 32);"seal" (印章) means the common seal of the company;"secretary" (秘書) means any person appointed to perform the duties of the secretary of the company.Expressions used in these regulations referring to writing shall, unless the contrary intention appears, be construed as including references to printing, lithography, photography and other modes of representing or reproducing words in a visible form.Wherever any provision of these regulations (except a provision for the appointment of a proxy) requires that a communication as between the company, its directors or members be effected in writing, the requirement may be satisfied by the communication being given in the form of an electronic record if the person to whom the communication is given consents to it being given to him in that form.Wherever any provision of these regulations requires that a meeting of the company, its directors, members or committee members be held, the requirement may be satisfied by the meeting being held by such lawful electronic means or in such other lawful manner as may be agreed by the company in general meeting.Unless the context otherwise requires, words or expressions used in these regulations shall have the same meaning as in the Ordinance or any statutory modification thereof in force at the date at which these regulations become binding on the company.The regulations in Table A in the First Schedule to the Ordinance shall not apply to the company.Private Company2. The company is a private company and accordingly-(a) the right to transfer shares is restricted in manner hereinafter prescribed;(b) the number of members of the company (exclusive of persons who are in theemployment of the company and of persons who, having been formerly in theemployment of the company, were while in such employment, and have continuedafter the determination of such employment, to be members of the company) islimited to 50. Provided that where 2 or more persons hold one or more shares inthe company jointly they shall, for the purpose of this regulation, be treated as asingle member; and(c) any invitation to the public to subscribe for any shares or debentures of thecompany is prohibited.Share Capital and Variation of RightsIssue of shares3.Without prejudice to any special rights previously conferred on the holders of any existing shares or class of shares, any share in the company may be issued with such preferred, deferred or other special rights or such restrictions, whether in regard to dividend, voting, return of capital or otherwise as the company may from time to time by ordinary resolution determine.4. Subject to sections 49 to 49S of the Ordinance, the company may issue shares on the terms that they are, or at the option of the company or the holder of the shares are liable, to be redeemed on such terms and in such manner as may be provided by these regulations.5. If at any time the share capital is divided into different classes of shares, the rights attached to any class may, whether or not the company is being wound up, be varied with the consent in writing of the holders of three-fourths in nominal value of the issued shares of that class, or with the sanction of a special resolution passed at a separate general meeting of the holders of the shares of the class.6. The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation or issue of further shares ranking pari passu therewith.7. The company may exercise the powers of paying commissions conferred by section 46 of the Ordinance, provided that the rate per cent or the amount of the commission paid or agreed to be paid shall be disclosed in the manner required by the said section, and the rate of the commission shall not exceed the rate of 10 per cent of the price at which the shares in respect whereof the same is paid are issued or an amount equal to 10 per cent of such price (as the case may be). Such commission may be satisfied by the payment of cash or the allotment of fully or partly paid shares or partly in one way and partly in the other. The company may also on any issue of shares pay such brokerage as may be lawful.8. Except as required by law, no person shall be recognized by the company as holding any share upon any trust, and the company shall not be bound by or be compelled in any way to recognize (even when having notice thereof) any equitable, contingent, future or partial interest in any share, or any interest in any fractional part of a share or (except only as by these regulations or by law otherwise provided) any other rights in respect of any share, except an absolute right to the entirety thereof in the registered holder.9. Every person whose name is entered as a member in the register of members shall be entitled without payment to receive within 2 months after allotment or lodgment of transfer (or within such other period as the conditions of issue shall provide) one certificate for all his shares, or several certificates, each for 1 or more of his shares, upon payment of $5 for every certificate after the first or such less sum as the directors shall from time to time determine. Every certificate shall be under the seal, or under the official seal kept by the company under section 73A of the Ordinance, and shall specify the shares to which it relates and the amount paid up thereon. Provided that in respect of a share or shares held jointly by several persons, the company shall not be bound to issue more than 1 certificate, and delivery of a certificate for a share to 1 of several joint holders shall be sufficient delivery to all such holders.10. If a share certificate be defaced, lost or destroyed, it may be renewed on payment of a fee of $5 or such less sum and on such terms (if any) as to evidence and indemnity and the payment of out-of-pocket expenses of the company of investigating evidence as the directors think fit.Lien11. The company shall have a first and paramount lien on every share (not being a fully paid share) for all moneys (whether presently payable or not) called or payable at a fixed time in respect of that share, and the company shall also have a first and paramount lien on all shares (other than fully paid shares) standing registered in the name of a single person for all moneys presently payable by him or his estate to the company; but the directors may at any time declare any share to be wholly or in part exempt from the provisions of this regulation. The company's lien, if any, on a share shall extend to all dividends payable thereon.12. The company may sell, in such manner as the directors think fit, any shares on which the company has a lien, but no sale shall be made unless a sum in respect of which the lien exists is presently payable, nor until the expiration of 14 days after a notice in writing, stating and demanding payment of such part of the amount in respect of which the lien exists as is presently payable, has been given to the registered holder for the time being of the share, or the person entitled thereto by reason of his death or bankruptcy.13. To give effect to any such sale, the directors may authorize some person to transfer the shares sold to the purchaser thereof. The purchaser shall be registered as the holder of the shares comprised in any such transfer, and he shall not be bound to see to the application of the purchase money, nor shall his title to the shares be affected by any irregularity or invalidity in the proceedings in reference to the sale.14. The net proceeds of the sale shall be received by the company and applied in payment of such part of the amount in respect of which the lien exists as is presently payable, and the residue, if any, shall (subject to a like lien for sums not presently payable as existed upon the shares before the sale) be paid to the person entitled to the shares at the date of the sale.Calls on Shares15. The directors may from time to time make calls upon the members in respect of any moneys unpaid on their shares (whether on account of the nominal value of the shares or by way of premium) and not by the conditions of allotment thereof made payable at fixed times. Each member shall (subject to receiving at least 14 days' notice specifying the time or times and place of payment) pay to the company at the time or times and place so specified the amount called on his shares. A call may be revoked or postponed as the directors may determine.16. A call shall be deemed to have been made at the time when the resolution of the directors authorizing the call was passed and may be required to be paid by instalments.17. The joint holders of a share shall be jointly and severally liable to pay all calls in respect thereof.18. If a sum called in respect of a share is not paid before or on the day appointed for payment thereof, the person from whom the sum is due shall pay interest on the sum from the day appointed for payment to the time of actual payment at such rate not exceeding 10 per cent per annum as the directors may determine, but the directors shall be at liberty to waive payment of such interest wholly or in part.19. Any sum which by the terms of issue of a share becomes payable on allotment or at any fixed date, whether on account of the nominal value of the share or by way of premium, shall for the purposes of these regulations, be deemed to be a call duly made and payable on the date on which by the terms of issue the same becomes payable, and in case of non-payment, all the relevant provisions of these regulations as to payment of interest and expenses, forfeiture or otherwise shall apply as if such sum had become payable by virtue of a call duly made and notified.20. The directors may, on the issue of shares, differentiate between the holders as to the amount of calls to be paid and the times of payment.21. The directors may, if they think fit, receive from any member willing to advance the same, all or any part of the moneys uncalled and unpaid upon any shares held by him, and upon all or any of the moneys so advanced may (until the same would, but for such advance, become payable) pay interest at such rate not exceeding (unless the company in general meeting shall otherwise direct) 8 per cent per annum, as may be agreed upon between the directors and the member paying such sum in advance.Transfer of Shares22. The instrument of transfer of any share shall be executed by or on behalf of the transferor and transferee, and the transferor shall be deemed to remain a holder of the share until the name of the transferee is entered in the register of members in respect thereof.23. Subject to such of the restrictions of these regulations as may be applicable, any member may transfer all or any of his shares by instrument in writing in any usual or common form or any other form which the directors may approve.24. The directors may, in their absolute discretion and without assigning any reason therefor, decline to register any transfer of any share, whether or not it is a fully paid share.25. The directors may also decline to recognize any instrument of transfer if-(a) a fee of $5 or such lesser sum as the directors may from time to time require is notpaid to the company in respect of the transfer; and(b) the instrument of transfer is not accompanied by the certificate of the shares towhich it relates, or such other evidence as the directors may reasonably require toshow the right of the transferor to make the transfer.26. If the directors refuse to register a transfer, they shall within 2 months after the date on which the transfer was lodged with the company send to the transferor and transferee notice of the refusal.27. The registration of transfers may be suspended at such times and for such periods as the directors may from time to time determine, provided always that such registration shall not be suspended in any year for more than 30 days or, where the period for closing the register of members is extended in respect of that year under section 99(2)(a) of the Ordinance, for more than that extended period.28. The company shall be entitled to charge a fee not exceeding $5 on the registration of every probate, letters of administration, certificate of death or marriage, power of attorney, or other instrument against a member in the register of members.Transmission of Shares29. In case of the death of a member, the survivor or survivors where the deceased was a joint holder, and the legal personal representatives of the deceased where he was a sole holder, shall be the only persons recognized by the company as having any title to his interest in the shares; but nothing herein contained shall release the estate of a deceased joint holder from any liability in respect of any share which had been jointly held by him with other persons.30. Any person becoming entitled to a share in consequence of the death or bankruptcy ofa member may, upon such evidence being produced, as may from time to time properly be required by the directors, and subject as hereinafter provided, elect either for himself to be registered as holder of the share, or to have some person nominated by him registered as the transferee thereof, but the directors shall, in either case, have the same right to decline or suspend registration as they would have had in the case of a transfer of the share by that member before his death or bankruptcy, as the case may be.31. If the person so becoming entitled shall elect for himself to be registered, he shall deliver or send to the company a notice in writing signed by him stating that he so elects. If he shall elect to have another person registered he shall testify his election by executing to that person a transfer of the share. All the limitations, restrictions and provisions of these regulations relating to the right to transfer and the registration of transfers of shares shall be applicable toany such notice or transfer as aforesaid as if the death or bankruptcy of the member had not occurred and the notice or transfer were a transfer signed by that member.32. A person becoming entitled to a share by reason of the death or bankruptcy of the holder shall be entitled to the same dividends and other advantages to which he would be entitled if he were the registered holder of the share, except that he shall not before being registered as a member in respect of the share, be entitled in respect of it to exercise any right conferred by membership in relation to meetings of the company.Provided always that the directors may at any time give notice requiring any such person to elect either to be registered himself or to transfer the share, and if the notice is not complied with within 90 days, the directors may thereafter withhold payment of all dividends, bonuses or other moneys payable in respect of the share until the requirements of the notice have been complied with.33. Any person to whom the right to any shares in the company has been transmitted by operation of law shall, if the directors refuse to register the transfer, be entitled to call on the directors to furnish within 28 days a statement of the reasons for the refusal.Forfeiture of Shares34. If a member fails to pay any call or instalment of a call on the day appointed for payment thereof, the directors may, at any time thereafter during such time as any part of the call or instalment remains unpaid, serve a notice on him requiring payment of so much of the call or instalment as is unpaid, together with any interest which may have accrued.35. The notice shall name a further day (not earlier than the expiration of 14 days from the date of service of the notice) on or before which the payment required by the notice is to be made, and shall state that in the event of non-payment at or before the time appointed the shares in respect of which the call was made will be liable to be forfeited.36. If the requirements of any such notice as aforesaid are not complied with, any share in respect of which the notice has been given may at any time thereafter, before the payment required by the notice has been made, be forfeited by a resolution of the directors to that effect.37. A forfeited share may be sold or otherwise disposed of on such terms and in such manner as the directors think fit, and at any time before a sale or disposition, the forfeiture may be cancelled on such terms as the directors think fit.38. A person whose shares have been forfeited shall cease to be a member in respect of the forfeited shares, but shall, notwithstanding, remain liable to pay to the company all moneys which, at the date of forfeiture, were payable by him to the company in respect of the shares, but his liability shall cease if and when the company shall have received payment in full of all such moneys in respect of the shares.39. A statutory declaration in writing that the declarant is a director or the secretary of the company, and that a share in the company has been duly forfeited on a date stated in the declaration, shall be conclusive evidence of the facts therein stated as against all persons claiming to be entitled to the share. The company may receive the consideration, if any, given for the share on any sale or disposition thereof and may execute a transfer of the share in favourof the person to whom the share is sold or disposed of and he shall thereupon be registered as the holder of the share, and shall not be bound to see to the application of the purchase money, if any, nor shall his title to the share be affected by any irregularity or invalidity in the proceedings in reference to the forfeiture, sale or disposal of the share.40. The provisions of these regulations as to forfeiture shall apply in the case of non-payment of any sum which, by the terms of issue of a share, becomes payable at a fixed time, whether on account of the nominal value of the share or by way of premium, as if the same had been payable by virtue of a call duly made and notified.Alteration of Capital41. The company may from time to time by ordinary resolution increase the share capital by such sum, to be divided into shares of such amount, as the resolution shall prescribe.42. The company may by ordinary resolution-(a) consolidate and divide all or any of its share capital into shares of larger amountthan its existing shares;(b) sub-divide its existing shares, or any of them, into shares of smaller amount thanis fixed by the memorandum of association subject, nevertheless, to theprovisions of section 53(1)(d) of the Ordinance;(c) cancel any shares which, at the date of the passing of the resolution, have notbeen taken or agreed to be taken by any person.43. The company may by special resolution reduce its share capital, any capital redemption reserve fund or any share premium account in any manner and with, and subject to, any incident authorized, and consent required, by law.Purchase of own Shares44. Subject to the relevant provisions of the Ordinance regarding redemption and purchase of shares (namely sections 49 to 49S), the company may purchase its own shares (including any redeemable shares).45. Subject to the relevant provisions of the Ordinance regarding redemption and purchase of shares (namely, sections 49I to 49O of the Ordinance), the company may make a payment in respect of the redemption or purchase of its own shares otherwise than out of the distributable profits of the company or the proceeds of a fresh issue of shares.46. Subject to the relevant provisions of the Ordinance on redemption and purchase of shares (namely, sections 49, 49A, 49B(6), 49F, 49G, 49H, 49I(4) and (5), 49P, 49Q, 49R and 49S of the Ordinance), the company may make such redemption or purchase either out of or otherwise than out of the distributable profits of the company or the proceeds of a fresh issue of shares. The company may also make such redemption or purchase in order to-(a) settle or compromise a debt or claim;(b) eliminate a fractional share or fractional entitlement or an odd lot of shares (asdefined in section 49B(5) of the Ordinance);(c) fulfil an agreement in which the company has an option, or under which thecompany is obliged, to purchase shares under an employee share scheme whichhad previously been approved by the company in general meeting; or(d) comply with an order of the court under-(i) section 8(4) in an application to cancel a resolution passed to amend theobjects of the company;(ii) section 47G(5) in an application to cancel a resolution passed by the company to give financial assistance for the purchase of its own shares; or (iii) section 168A(2) in an unfair prejudice petition,of the Ordinance.Allotment of Shares47. The directors shall not exercise any power conferred on them to allot shares in the company without the prior approval of the company in general meeting where such approval is required by section 57B of the Ordinance.General MeetingsAnnual and extraordinary general meetings48. Subject to section 111(6) of the Ordinance, the company shall in each year hold a general meeting as its annual general meeting in addition to any other meetings in that year, and shall specify the meeting as such in the notices calling it; and not more than 15 months shall elapse between the date of one annual general meeting of the company and that of the next. Provided that so long as the company holds its first annual general meeting within 18 months of its incorporation, it need not hold it in the year of its incorporation or in the following year. The annual general meeting shall be held at such time and place as the directors shall appoint.49. All general meetings other than annual general meetings shall be called extraordinary general meetings.50. The provisions of the articles relating to general meetings apply, with any necessary modifications, to meetings of the holders of any class of shares.51. The directors may, whenever they think fit, convene an extraordinary general meeting, and extraordinary general meetings shall also be convened on such requisition, or in default, may be convened by such requisitionists, as provided by section 113 of the Ordinance. If at any time there are not sufficient directors capable of acting to form a quorum of the board of directors, any director or any 2 members of the company may convene an extraordinary general meeting in the same manner as nearly as possible as that in which meetings may be convened by the directors.52. A resolution in writing signed by all the members for the time being entitled to receive notice of and to attend and vote at general meeting (or being corporations, by a director thereof or by their duly authorized representative) in accordance with section 116B of the Ordinance shall be as valid and effectual as a resolution passed at a general meeting duly convened and held on the date on which it was signed by the last member to sign. Such a resolution mayconsist of several documents which accurately state the terms of the resolution, each signed by one or more relevant members.53. If the company has only one member and that member takes any decision that may be taken by the company in general meeting and that has effect as if agreed by the company in general meeting, that member shall (unless that decision is taken by way of a written resolution agreed in accordance with section 116B of the Ordinance) provide the company with a written record of the decision. Such written record shall be sufficient evidence of the evidence having been taken by the member.Notice of General Meetings54. An annual general meeting and a meeting called for the passing of a special resolution shall be called by 21 days' notice in writing at the least, and a meeting of the company other than an annual general meeting or a meeting for the passing of a special resolution shall be called by 14 days' notice in writing at the least. The notice shall be exclusive of the day on which it is served or deemed to be served and of the day for which it is given, and shall specify the place, the day and the hour of meeting and, in case of special business, the general nature of that business, and shall be given, in manner hereinafter mentioned or in such other manner, if any, as may be prescribed by the company in general meeting, to such persons as are, under the regulations of the company, entitled to receive such notices from the company.Provided that a meeting of the company shall, notwithstanding that it is called by shorter notice than that specified in this regulation, be deemed to have been duly called if it is so agreed-(a) in the case of a meeting called as the annual general meeting, by all the membersentitled to attend and vote thereat; and(b) in the case of any other meeting, by a majority in number of the members havinga right to attend and vote at the meeting, being a majority together holding notless than 95 per cent in nominal value of the shares giving that right.55. The accidental omission to give notice of a meeting to, or the non-receipt of notice of a meeting by, any person entitled to receive notice shall not invalidate the proceedings at that meeting.Proceedings at General Meetings56. All business shall be deemed special that is transacted at an extraordinary general meeting, and also all that is transacted at an annual general meeting, with the exception of declaring a dividend, the consideration of the accounts, balance sheets, and the reports of the directors and auditors, the election of directors in the place of those retiring and the appointment of, and the fixing of the remuneration of, the auditors.57. No business shall be transacted at any general meeting unless the requisite quorum of members is present at the commencement of the business, provided that the absence of a quorum shall not preclude the appointment, choice or selection of a chairman. Save as herein otherwise provided, the quorum for all general meetings shall be two members present in person or by proxy and entitled to vote. If the company has only one member, that member presents in person or by proxy shall be the quorum of a general meeting of the company.。
ch8A Two-Period Model(中级宏观经济学,香港中文大学)
• Zero wealth endowment in the current period. • Each consumer pays lump-sum taxes in both periods.
Consumer’s Lifetime Budget Constraint
• The slope of the lifetime budget constraint is -(1 + r).
• E is the endowment point ( I.e. where s = 0 ). • Points on BE s 0 consumer is a lender. • Points on EA s 0 consumer is a borrower.
2
• Given that U( ., .) is strictly quasiconcave, > 0.
Consumer’s Problem
• Similar to the one in Chapter 4, the consumer’s optimal consumption bundle is the one at which an indifference curve is tangent to the budget constraint. • This implies the following condition: 1 + r = MRS c,c’
2) The consumer likes diversity in consumption bundle.
08年金融危机做空CDO
信贷市场
证券市场
金融市场
全球市场
信贷 需求
信用 风险
单一 市场 风险
宽松的 信贷审查
科学的 国际准则
全面 市场 风险
金融 风险
滥用资产 证券化
系统性 风险
信用评级 失真
金融监管缺位
监管部门存在针对“次级房贷及其创新产品”的监管真空，不能提前预警和干预市场运行中出现的潜在问题，使泡沫不受限制地膨胀。
合 约 卖 方
合 约 买 方
1、对违约事件的投机者，认为自身有能力承担违约风险 2、出售CDS合约，收取合约费（Premium）； 3、违约事件发生后，向CDS买方补偿约定的贷款或债券损失；
关于衍生工具：次级房贷指数——ABX
ABX指数是专为次级房贷抵押债券设计的指数，通过抽取市场中20支规模较大的次级房贷MBS的价格合成计算而成，每6个月更新一次。投资者可以根据ABX指数的涨跌，通过类似CDS机制“做多”或“做空”
关于衍生工具：信用违约互换——CDS（“保险合同”）
CDS合约的买方： 1、贷款或债券的持有者，不希望承担违约风险； 2、购买CDS合约，支付合约费（Premium）； 3、一旦违约事件发生后，约定的贷款或债券损失 由CDS卖方负责补偿；
第五道防线的弱化——国际准则的副作用
信贷市场
证券市场
金融市场
全球市场
信贷 需求
信用 风险
单一 市场 风险
宽松的 信贷审查
全面 市场 风险
金融 风险
滥用资产 证券化
系统性 风险
信用评级 失真
金融监管缺位
国际准则 的亲周期性
新巴塞尔协议和新会计准则对盯市（Mark to market）的推崇，使得经济繁荣条件下金融机构的财务指标更加“美观”，资本约束更加放松，扩大投资得到鼓励，进一步放大了经济波动风险。
Unit 9 Financial statement
UNIT 9 FINANCIAL STATEMENTThe objectives:●Explain the uses of the statement of financial position, thestatement of comprehensive income and the statement of cash flows.●Identify the major classifications of the statement offinancial position, the statement of comprehensive income and the statement of cash flows.●Prepare a classified statement of financial position,statement of comprehensive income and statement of cash flows.The key point:Be clear about the structures of three main financial statements:✧Statement of financial position✧Statement of comprehensive income✧Statement of cash flowsTeaching method:InstructionPeriod division:Total 6periods.Content:I.Key words:✧Biological assets 生物资产英[,baɪə'lɒdʒɪkl]美[,baɪə'lɑdʒɪkl]adj. 生物学的；生物的；与生物学相关的；有血亲关系的n. [药]生物制品，生物制剂✧Non controlling interest (NCI) 非控制权益✧Utilities 公共事业英[ju:'tɪlɪtɪz] 美[ju'tɪlɪtɪz]n. [经济学]效用（utility的名词复数）；实用；公用事业；神庙逃亡游戏中的一次性道具✧Distribution cost 销售成本英[,dɪstrɪ'bju:ʃn] 美[,dɪstrə'bjuʃən]n. 分配，分布；[法]（无遗嘱死亡者的）财产分配；[无线]频率分布；[电]配电✧Administrative expenses 管理费用英[əd'mɪnɪstrətɪv] 美[əd'mɪnɪstreɪtɪv]adj. 管理的，行政的；行政职位；非战斗性行政勤务的✧Finance cost 财务成本英['faɪnæns] 美[fə'næns, faɪ-, 'faɪ,næns]n. 财政；金融；财源；资金vt. 为…供给资金，从事金融活动；赊货给…；掌握财政✧Performance 业绩英[pə'fɔ:məns] 美[pər'fɔrməns]n. 表演；演技；表现；执行✧Earnings per share (EPS) 每股盈余英['ɜ:nɪŋz] 美['ɜrnɪŋz]n. 收入，所得；工资，报酬；收益，利润✧Liquidity 流动性，偿债能力英[lɪ'kwɪdəti] 美[lɪ'kwɪdɪti]n. 流动性；流动资金；资产流动性；<财>资产折现力✧Solvency 偿付能力英['sɒlvənsi] 美['sɑlvənsi]n. <化>溶解状态，溶解力；偿付能力✧Operating activity 经营活动英['ɒpəreɪtɪŋ]美['ɑpə,retɪŋ]adj. 操作的；营运的；业务上的；外科手术的v. 操作( operate的现在分词)；运转；管理；做外科手术英[æk'tɪvəti] 美[æk'tɪvɪti]n. 活动；活跃，敏捷；活动力；教育活动✧Investing activity 投资活动英[ɪnvestɪŋ] 美[ɪnvestɪŋ]v. 投资，花费( invest的现在分词)；授予；（把资金）投入；投入（时间、精力等）✧Financing activity 筹资活动[fai'nænsiŋ]n. 筹措资金；理财；筹集资金；融资v. 为…供给资金，从事金融活动( finance的现在分词)II.IAS1 Presentation of financial statementsShows the objective of financial statements is to provide information about the financial position, financial performance, and cash flows of an entity that is useful to a wide range of users in making economic decisions. To meet that objective, financial statements provide information about an entity’s:✧Assets✧Liabilities✧Equity✧Income and expenses, including gains and losses✧Contributions by and distributions to owners✧Cash flowsIAS1 presentation of financial statement requires the components of a complete set of financial statement are:✧Statement of financial position✧Statement of comprehensive income✧Statement of cash flows✧Statement of changes in equity✧Note, including a summary of significant accountingpolicies and other explanatory information.✧Statement of financial position at the beginning of theearliest comparative period when an entity applies anaccounting policy.III.Statement of financial position 财务状况表1.The journal entries of main business transactionsa)Sales of goodsb)Purchase of inventory for resalec)Purchase of non-current assetsd)Payment of expenses such as utilitiese)Introduction of new capital to the businessf)Distribution of dividendsDetails refer to page113-114.2.Items in the statement of financial positionThe standard specifies minimum headings (if they exist at the date of financial statement) to be presented on the face of the balance as follows:a)Property, plant and equipment(PPE).b)Investment property.c)Intangible asset.d)Financial asset.e)Biological assets.f)Inventory.g)Trade and other receivables.h)Cash and cash equivalents.i)Trade and other payables.j)Provisions.k)Financial liabilities.l)Current tax.m)Deferred tax.n)Non controlling interest (NCI).o)Capital and reserves.IV.Statement of comprehensive income 综合收益表Minimum items on the face of the statement ofcomprehensive income should include:a)Revenue.b)Finance costs.c)Share of the profit or loss of associates and jointventures.d)Pre-tax gain or loss recognized on the disposal ofassets etc.e)Tax expense.f)Profit or loss.g)Each component of other comprehensive incomeclassified by nature.h)Profit or loss for the period attributable tonon-controlling interests and owners of the parent.i)Total comprehensive income attributable tonon-controlling interests and owners of the parent. V.Statement of cash flows 现金流量表i.Three classifications of statement of cash flows●Operating activities （relating to the main revenue producing activities）a.Cash receipts from the sale of goods and the rendering of servicesb.Cash receipts from royalties (e.g. franchising, licensing), fees,commissions and other revenuec.Cash payments to suppliers for goods and servicesd.Cash payments to and on behalf of employeese.Cash payments of taxes etc.●Investing activities (acquisition and disposition of PPE and othernon-current assets, which are not for the trading purposes)a.Cash payments to acquire property, plant and equipment, intangibles andother non-current assetb.Cash receipts from sales of property, plant and equipment, intangibles andother non-current assetc.Cash payments to acquire debt and equity instrument of other entities.d.Cash receipts from disposal of debt and equity instrument of other entities,etc.Financing activities (obtaining resources from owners or through borrowings and returning resources to the owners)Cash receipts from customers Xa.Cash proceeds from issuing shares.b.Cash payments to owners to acquire or redeem the entity’s shares.c.Cash proceeds from issuing debentures, loans, notes, bonds and otherborrowings.d.Cash repayments of amounts borrowed, etc.ii.Direct and indirect method for calculating cash from operation activities1.Direct methodThe direct method shows each major class of gross cash receipts and gross cash payments. It is the simply way to extract the information from the accounting record.The operating cash flows section of the statement of cash flows under the direct method would appear something like this:Cash paid to suppliers(X)Cash paid to employees(X)Cash paid for other operating expenses(X)Interest paid(X)Income taxes paid(X)Net cash from operating activities X2.Indirect methodThe indirect method adjusts accrual basis net profit or loss for the effects ofnon-cash transactions.The operating cash flows section of the statement ofcash flows under the indirect method would appear something like this:Operating profit (income statement) X Add depreciation X Loss (profit) on sale of non-current assets X (Increase)/decrease in inventories(X)/X (Increase)/decrease in receivables(X)/X Increase/(decrease) in payables X/(X) Cash generated from operations X Interest (paid) (X) Income taxes paid (X) Net cash flows from operating activities X 3.The reasons why certain items are added and others subtracted are asfollows:a.Expense which not generate cash outflowSuch as depreciation and amortisation is not a cash expense, but has been deducted in arriving at the profit figure. Therefore, to eliminate it by adding it back.b.Expense which not involved in the operating activitiesSuch as a loss on disposal of a non-current asset needs to be added back and a profit deducted.c.Changes of current asset except cash●we have spent cash on buying inventory so the increase in inventoriesmeans less cash.●An increase in receivables means the company’s debtors have not beenpaid as much, and therefore there is less cash.d.Changes of current liabilityIf we pay off payables by cash, causing the amount of payable to decrease, again we have less cash.Summary:Students should be familiar with the detail frame of the three main financial statements. Especially the statement of cash flow, because the content within the cash flow statement is notAccounting English Unit 9 FINANCIAL STATEMENT only simple as the cash payment and cash receipt.STATEMENT OF CASH FLOWSThe objectives:●Explain the uses of the statement of cash flows.●Identify the major classifications of the statement of cash flows.●Prepare a classified statement of cash flows.The key point:Be clear about the structures of the statement of cash flows:✧Operating activities✧Investing activities✧Financing activitiesTeaching method:Instruction, illustration, discussionPeriod division:Total 6periods.Content:Summary:Students should be familiar with the three classifications of cash flow statement. Especially the reasons of the addings and deductions for the operating cash flows under indirect method.11 / 11。
金融类英语词汇的翻译(四)
金融类英语词汇的翻译 (四) exposure 承受风险；收支差〔外汇〕62expressed in Hong Kong dollar 以港元计算external assets 对外资产external auditor 外聘核数师；外聘审计师external claim 对外债权external commercial relations 对外贸易关系external competitiveness 对外竞争力External Department 外事经研部〔香港金融管理局〕external equilibrium 对外均衡external fund manager 外聘投资经理〔外汇基金〕external investor 外来投资者external liabilities and claims 对外负债和债权External Managers Division 外聘投资经理处〔香港金融管理局〕external price competitiveness 对外贸易价格竞争能力External Relations Division 对外关系处〔香港金融管理局〕external sovereign debt 对外国债external trade 对外贸易externally oriented economy 以外贸为主的经济；倚赖对外贸易的经济extinguishment allowance 结业津贴extortionate stipulation 敲诈性的规定extra allowance 额外津贴extra statutory concession 法外宽减extraordinary item 非经常项目；特殊帐项extrapolation 外推法extrinsic value 外在价值；非固有价值63财经类词汇 (F)face value 面值；票面价值facility letter 提供贷款通知书；贷款确认书Fact Book 19XX 《19XX 股市资料》Fact Sheet 《股市资料》factor analysis 因素分析factor cost 要素成本；生产要素成本factor market 生产要素市场factor of production 生产要素factor price 要素价格；生产要素价格factor system 因素计算法factoring company 代理融通公司；代理收帐公司facultative reinsurance business 临时再保险业务Faculty of Actuaries of Scotland 苏格兰精算师学院fair dealing 公平交易fair market value 公平市值fair return 合理利润；合理收益fall back 回落false accounting 伪造帐目false claim of business expenses 虚报营业开支false entry 虚假记项false market 假市family income 家庭收入family living expenses 家庭生活开支family-owned company 家族公司Far East Exchange 远东交易所Far Eastern Economic Review 《远东经济评论》Far Eastern Relief Fund 远东赈济基金fast market 快市；速动市场fast trading 交投畅旺favourable balance 顺差favourable balance of trade 贸易顺差Federal funds 联邦基金〔美国〕Federal funds rate 联邦基金利率Federal National Mortgage Association 联邦国民抵押协会〔美国〕Federal Open Market Committee 联邦公开市场委员会〔美国〕Federal Reserve Board 联邦储备局〔联储局〕〔美国〕Federal Reserve System 联邦储备系统〔美国〕Federal Reserve Wire Network 联邦储备系统通讯网络〔美国〕Federation Internationale des Bourses de Valeurs国际证券交易所联会Federation of Share Registrars 证券登记公司总会fee collection procedure 收费程序64fee payable 应缴费用fees and charges 费用及收费fees and receipts other than appropriation-in-aid不包括补助拨款的收费及收益fellow subsidiary 同集团附属公司Fidelity Fund 互保基金fiduciary 受信人；受托人fiduciary capacity 受信人身分fiduciary duty 受信责任fiduciary issue 信用发行fiduciary loan 信用放款；信用贷款field audit 实地审查〔税务〕Field Audit Group 实地审核组〔税务局〕field audit staff 实地审计人员；实地核数人员final account 决算账户；最后结算final and conclusive assessment 最终及决定性的评税final assessment 最后评税final consumption expenditure 最终消费开支final dividend 末期股息；末期摊还债款final estimate 最终估计final estimate of gross domestic product 本地生产总值的最后估计final goods 最终产品Final Notice for Rates 差饷最后通知书final salaries tax assessment 薪俸税最后评税final settlement 最终结算final settlement price 最终结算价格final statement 决算表final tax 最后税款finance 财务；融资Finance and Management Services Division 财务及行政管理科〔香港联合交易所有限公司〕Finance Bureau 库务局〔政府总部〕Finance CommitteeLimited>财务委员会〔香港期货交易所有限公司；香港联合交易所有限公司〕Finance Committee agenda item 财务委员会议程文件〔立法会〕Finance Committee of the Legislative Council 立法会财务委员会finance company 财务公司Finance Department 财务部〔香港联合交易所有限公司〕Finance Division 财务处〔香港金融管理局〕finance lease 融资租赁finance sectorial index 金融分类指数finance sub-index 金融分类指数Financial Accounting Section 财务会计组〔香港金融管理局〕financial adjustment 财政调整65financial administration 财政管理；财务管理financial adviser 财务顾问Financial and Accounting Regulations 《财务及会计规例》Financial and Institutional Coordinating Committee 财务监督委员会financial appraisal 财政评估financial arrangement 财政安排；财务安排financial assets 金融资产financial assistance 经济援助；财政资助financial auditing 财务审计financial capacity 经济能力financial centre 金融中心Financial Circular 《财务通告》financial commitment 财政承担；财政承担额financial community 财经界financial conglomerate 金融集团financial constraint 财政约束financial consultancy service 财务顾问服务financial contract 财务合约financial control 财务管理；财务控制；财政规控financial derivative 金融衍生工具financial derivative product 金融衍生产品financial discipline 财政纪律；财务约束financial disclosure 财务资料披露financial disclosure rules 财务数据披露规则financial exposure 财务风险financial futures 金融期货financial guideline 财政准则financial implication 财政影响；财政负担；财政承担financial information system 财务数据系统financial infrastructure 金融基础建设；金融基础设施Financial Infrastructure Section 财经基建组〔财经事务局〕financial institution 财务机构；金融机构financial instrument 金融工具；金融票据financial integrity 财政方面的稳健性financial intermediary 金融中介机构financial intermediation service 金融中介服务financial journalist 财经新闻工作者financial liberalization 金融市场自由化financial loss 财政损失financial management 财务管理financial management and budgeting system 财务管理及预算系统financial market 金融市场financial model 财政模式Financial Monitoring Unit 财务监察组〔经济局〕。
ACCA_F7_2008年12月考试【试题答案】
(11,600) –––––––––
22,700
Other comprehensive income Loss on leasehold property revΒιβλιοθήκη luation (w (iii))
(4,500) –––––––––
Total comprehensive income for the year
Revenue (85,000 + (42,000 x 6/12) – 8,000 intra-group sales) Cost of sales (w (i))
Gross profit Distribution costs (2,000 + (2,000 x 6/12)) Administrative expenses (6,000 + (3,200 x 6/12)) Finance costs (300 + (400 x 6/12))
Revenue (300,000 – 2,500) Cost of sales (w (i))
Gross profit Distribution costs Administrative expenses (22,200 – 400 + 100 see note below) Finance costs (200 + 1,200 (w (ii)))
The 1·6 million shares (4,000 x 60% x 2/3) issued by Pedantic would be recorded as share capital of $1·6 million and share premium of $8 million (1,600 x $5).
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现金流量表(网校张志凤老师讲解)一、现金流量表的编制基础现金流量表是以现金为基础编制的反映企业财务状况变动的报表，它反映公司或企业一定会计期间内有关现金和现金等价物的流入和流出的信息，表明企业获得现金和现金等价物的能力。
现金流量表是以现金为基础编制的，这里的现金是指企业库存现金、可以随时用于支付的存款，以及现金等价物。
二、现金流量的分类通常按照企业经济业务的性质将企业在一定期间产生的现金流量划分为三类：经营活动产生的现金流量、投资活动产生的现金流量和筹资活动产生的现金流量三类。
考生应注意掌握每类现金流量的具体项目。
三、现金流量表的基本格式和编制方法（一）现金流量表的基本格式P230 表10-10（二）现金流量表的编制方法1.经营活动产生的现金流量的编制方法（1）间接法和直接法（2）经营活动现金流量各项目的内容资料：资产负债表、利润表和其他有关资料。
① "销售商品、提供劳务收到的现金"项目销售商品、提供劳务收到的现金＝销售商品、提供劳务产生的"收入和增值税销项税额" ＋应收账款项目本期减少额－应收账款项目本期增加额＋应收票据项目本期减少额－应收票据项目本期增加额＋预收账款项目本期增加额－预收账款项目本期减少额±特殊调整业务例：某企业2002年度有关资料如下：（1）应收账款项目：年初数100万元，年末数120万元；（2）应收票据项目：年初数40万元，年末数20万元；（3）预收账款项目：年初数80万元，年末数90万元；（4）主营业务收入6000万元；（5）应交税金－应交增值税（销项税额）1037万元；（6）其他有关资料如下：本期计提坏账准备5万元（该企业采用备抵法核算坏账损失），本期发生坏账回收2万元，应收票据贴现使"财务费用" 账户产生借方发生额3万元，工程项目领用的本企业产品100万元产生增值税销项税额17万元，收到客户用11.7万元商品（货款10万元，增值税1.7万元）抵偿前欠账款12万元。
根据上述资料，计算销售商品、提供劳务收到的现金。
销售商品、提供劳务收到的现金＝（销售商品、提供劳务产生的"收入和增值税销项税额"）－应收账款本期增加额＋应收票据本期减少额＋预收账款本期增加额＋特殊调整业务＝（6000＋1020）－20＋20＋10－5－3－12 ＝7010万元②收到的税费返还③收到的其他与经营活动有关的现金④ "购买商品、接受劳务支付的现金"项目购买商品、接受劳务支付的现金＝购买商品、接受劳务产生的"销售成本和增值税进项税额" ＋应付账款项目本期减少额－应付账款项目本期增加额＋应付票据项目本期减少额－应付票据项目本期增加额＋预付账款项目本期增加额－预付账款项目本期减少额＋存货项目本期增加额－存货项目本期减少额±特殊调整业务例：某企业2002年度有关资料如下：（1）应付账款项目：年初数100万元，年末数120万元；（2）应付票据项目：年初数40万元，年末数20万元；（3）预付账款项目：年初数80万元，年末数90万元；（4）主营业务成本4000万元；（6）存货项目的年初数为100万元，年末数为80万元；（7）应交税金－应交增值税（进项税额）600万元；（8）其他有关资料如下：用固定资产偿还应付账款10万元，生产成本中直接工资项目含有本期发生的生产工人工资费用100万元，本期制造费用发生额为60万元（其中消耗的物料为5万元），工程项目领用的本企业产品10万元。
根据上述资料，计算购买商品、接受劳务支付的现金。
根据上述资料，购买商品产生的销售成本4000万元和购买商品产生的增值税进项税额600万元作为计算购买商品、接受劳务支付现金的起点；应付账款本期增加20万元，应作为减项处理；应付票据本期减少20万元，应作为加项处理；预付账款本期增加10万元，应作为加项处理；存货项目本期减少20万元，应作为减项处理；用固定资产偿还应付账款10万元，生产成本中直接工资项目含有本期发生的生产工人工资费用100万元，本期制造费用发生额为55万元（扣除消耗的物料为5万元），上述三项业务的合计数165万元应作为减项处理；工程项目领用的本企业产品10万元，应作为加项处理。
购买商品、接受劳务支付的现金＝（购买商品、接受劳务产生的"销售成本和增值税进项税额"）－应付账款本期增加额＋应付票据本期减少额＋预付账款本期增加额－存货项目本期减少额＋特殊调整业务＝（4000＋600）－20＋20＋10－20－165＋10＝4435万元⑤支付给职工以及为职工支付的现金不包括支付给离退休人员的工资和在建工程人员的工资。
⑥支付的各项税费⑦支付的其他与经营活动有关的现金[例题4]：甲公司2001年度发生的管理费用为2200万元，其中:以现金支付退休职工统筹退休金350万元和管理人员工资950万元，存货盘亏损失25万元，计提固定资产折旧420万元，无形资产摊销200万元，计提坏账准备150万元，其余均以现金支付。
假定不考虑其他因素，甲公司2001年度现金流量表中"支付的其他与经营活动有关的现金"项目的金额为( )万元。
(2002年考题)A.105B.455C.475D.675答案：B解析："支付的其他与经营活动有关的现金"项目的金额＝2200－950－25－420－200－150＝455万元。
2.投资活动产生的现金流量的编制方法（1）收回投资所收到的现金不包括收回长期债权投资收回的利息。
（2）取得投资收益所收到的现金（3）处置固定资产、无形资产和其他长期资产而收到的现金净额（4）收到的其他与投资活动有关的现金如：收回购买股票和债券时支付的已宣告但尚未领取的现金股利或已到付息期但尚未领取的债券利息。
（5）购建固定资产、无形资产和其他长期资产所支付的现金不包括为购建固定资产而发生的借款利息资本化的部分，以及融资租入固定资产支付的租赁费。
企业以分期付款方式购建的固定资产，其首次付款支付的现金作为投资活动的现金流出，以后各期支付的现金作为筹资活动的现金流出。
（6）投资所支付的现金（7）支付的其他与投资活动有关的现金如：企业购买股票和债券时，实际支付的价款中包含的已宣告但尚未领取的现金股利或已到付息期但尚未领取的债券利息。
3.筹资活动产生的现金流量的编制方法（1）吸收投资所收到的现金（2）借款所收到的现金（3）收到的其他与筹资活动有关的现金如：现金捐赠。
（4）偿还债务所支付的现金（5）分配股利、利润和偿付利息所支付的现金（6）支付的其他与筹资活动有关的现金4.汇率变动对现金的影响额[例题5]：下列经济业务所产生的现金流量中，属于"经营活动产生的现金流量"的是（）。
A.变卖固定资产所产生的现金流量B.取得债券利息收入所产生的现金流量C.支付经营租赁费用所产生的现金流量D.支付融资租赁费用所产生的现金流量答案：C[例题6]：下列交易或事项产生的现金流量中，属于投资活动产生的现金流量的有( )。
A.为购建固定资产支付的耕地占用税B.为购建固定资产支付的已资本化的利息费用C.因火灾造成固定资产损失而收到的保险赔款D.最后一次支付分期付款购入固定资产的价款答案：AC解析：为购建固定资产支付的已资本化的利息费用和最后一次支付分期付款购入固定资产的价款属于筹资活动现金流量。
[例题7]：下列各项中，应作为现金流量表中经营活动产生的现金流量的有（）。
（2003年考题）A.接受其他企业捐赠的现金B.取得短期股票投资而支付的现金C.取得长期股权投资而支付的手续费D.为管理人员缴纳商业保险而支付的现金E.收到供货方未履行合同而交付的违约金答案：DE解析：接受其他企业捐赠的现金属于筹资活动产生的现金流量；取得短期股票投资而支付的现金和取得长期股权投资而支付的手续费属于投资活动产生的现金流量。
5.补充资料项目的内容及填列补充资料中"将净利润调节为经营活动的现金流量"，实际上是以间接法编制的经营活动的现金流量。
间接法是以净利润为出发点，通过对若干项目的调整，最终计算确定经营活动产生的现金流量。
其基本原理是：经营活动产生的现金流量净额＝净利润＋不影响经营活动现金流量但减少净利润的项目－不影响经营活动现金流量但增加净利润的项目＋与净利润无关但增加经营活动现金流量的项目－与净利润无关但减少经营活动现金流量的项目。
对不影响经营活动现金流量但影响净利润的业务，一般应通过调整"损益类"账户的发生额确定，此类业务涉及的是"投资活动"和"筹资活动"两类业务。
如无形资产摊销业务，应调整"管理费用－－无形资产摊销"账户；对与净利润无关但影响经营活动现金流量的业务，应通过调整"经营性流动性类"账户本身的发生额确定。
如收回客户前欠账款业务，应分析调整"应收账款"账户的发生额确定。
具体项目内容说明如下：（1）计提的资产减值准备项目资产减值准备项目包括坏账准备、存货跌价准备、短期投资跌价准备、长期投资减值准备、固定资产减值准备和无形资产减值准备等。
本期资产计提减值准备时，记入当期的利润表中的"损益类"项目。
但实际上并未影响经营活动现金流量，因此，应在净利润的基础上进行调整，当计提资产减值准备时，应将其加回到净利润中，若恢复以前年度计提的减值准备，应从净利润中将其扣除。
（2）固定资产折旧企业计提固定资产折旧时，有的计入管理费用等期间费用，有的计入制造费用。
计入期间费用部分已列入了利润表，计入制造费用部分则可能通过销售成本列入利润表，也可能形成企业的存货。
企业计提的固定资产折旧，并不影响经营活动现金流量，应在净利润的基础上将其全部加回。
当计提的固定资产折旧费包含在存货中时，虽然未影响净利润，但是增加了存货，这里也将其加回，然后在"存货的减少（减：增加）项目中在将其相同净额扣除，形成自动平衡。
（3）无形资产摊销和长期待摊费用摊销无形资产摊销时，计入了管理费用，使本期净利润减少，应在净利润的基础上将其全部加回。
长期待摊费用摊销时，计入了管理费用或制造费用等。
本项目的确定原理与固定资产折旧项目相同，应在净利润的基础上将其全部加回。
（4）待摊费用的减少（减：增加）本项目反映由于经营活动影响的待摊费用的增减变化，待摊费用减少一般会增加费用，减少净利润，应在净利润的基础上加回；待摊费用增加一般会减少现金或存货等，应从净利润中扣除。
但由于投资活动和筹资活动业务影响的待摊费用的增加或减少业务，则不应考虑。