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职业学校周围有歌厅和网吧，学生经常去。对面是技校，两所学校打架，学校研究封闭还是开放。你是学生处负责人你这么办？

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2500年前，古希腊有人说，美德是劳动创造的，在互联网时代，有人认为离开劳动信息资本也能创造财富，对此你这么看？

(a) An assistant of yours has been criticised over a piece of assessed work that he produced for his study course for giving the definition of a non-current asset as ‘a physical asset of substantial cost, owned by the company, which will last longer than one year’.
Required:
Provide an explanation to your assistant of the weaknesses in his definition of non-current assets when
compared to the International Accounting Standards Board’s (IASB) view of assets. (4 marks)
(b) The same assistant has encountered the following matters during the preparation of the draft financial statements of Darby for the year ending 30 September 2009. He has given an explanation of his treatment of them.
(i) Darby spent $200,000 sending its staff on training courses during the year. This has already led to an
improvement in the company’s efficiency and resulted in cost savings. The organiser of the course has stated that the benefits from the training should last for a minimum of four years. The assistant has therefore treated the cost of the training as an intangible asset and charged six months’ amortisation based on the average date during the year on which the training courses were completed. (3 marks)
(ii) During the year the company started research work with a view to the eventual development of a new
processor chip. By 30 September 2009 it had spent $1·6 million on this project. Darby has a past history
of being particularly successful in bringing similar projects to a profitable conclusion. As a consequence the
assistant has treated the expenditure to date on this project as an asset in the statement of financial position.
Darby was also commissioned by a customer to research and, if feasible, produce a computer system to
install in motor vehicles that can automatically stop the vehicle if it is about to be involved in a collision. At
30 September 2009, Darby had spent $2·4 million on this project, but at this date it was uncertain as to
whether the project would be successful. As a consequence the assistant has treated the $2·4 million as an
expense in the income statement. (4 marks)
(iii) Darby signed a contract (for an initial three years) in August 2009 with a company called Media Today to
install a satellite dish and cabling system to a newly built group of residential apartments. Media Today will
provide telephone and television services to the residents of the apartments via the satellite system and pay
Darby $50,000 per annum commencing in December 2009. Work on the installation commenced on
1 September 2009 and the expenditure to 30 September 2009 was $58,000. The installation is expected
to be completed by 31 October 2009. Previous experience with similar contracts indicates that Darby will
make a total profit of $40,000 over the three years on this initial contract. The assistant correctly recorded
the costs to 30 September 2009 of $58,000 as a non-current asset, but then wrote this amount down to
$40,000 (the expected total profit) because he believed the asset to be impaired.
The contract is not a finance lease. Ignore discounting. (4 marks)
Required:
For each of the above items (i) to (iii) comment on the assistant’s treatment of them in the financial
statements for the year ended 30 September 2009 and advise him how they should be treated under
International Financial Reporting Standards.
Note: the mark allocation is shown against each of the three items above.

(a) The following information relates to Crosswire a publicly listed company.
Summarised statements of financial position as at:
The following information is available:
(i) During the year to 30 September 2009, Crosswire embarked on a replacement and expansion programme for its non-current assets. The details of this programme are:
On 1 October 2008 Crosswire acquired a platinum mine at a cost of $5 million. A condition of mining the
platinum is a requirement to landscape the mining site at the end of its estimated life of ten years. The
present value of this cost at the date of the purchase was calculated at $3 million (in addition to the
purchase price of the mine of $5 million).
Also on 1 October 2008 Crosswire revalued its freehold land for the first time. The credit in the revaluation
reserve is the net amount of the revaluation after a transfer to deferred tax on the gain. The tax rate applicable to Crosswire for deferred tax is 20% per annum.
On 1 April 2009 Crosswire took out a finance lease for some new plant. The fair value of the plant was
$10 million. The lease agreement provided for an initial payment on 1 April 2009 of $2·4 million followed
by eight six-monthly payments of $1·2 million commencing 30 September 2009.
Plant disposed of during the year had a carrying amount of $500,000 and was sold for $1·2 million. The
remaining movement on the property, plant and equipment, after charging depreciation of $3 million, was
the cost of replacing plant.
(ii) From 1 October 2008 to 31 March 2009 a further $500,000 was spent completing the development
project at which date marketing and production started. The sales of the new product proved disappointing
and on 30 September 2009 the development costs were written down to $1 million via an impairment
charge.
(iii) During the year ended 30 September 2009, $4 million of the 10% convertible loan notes matured. The
loan note holders had the option of redemption at par in cash or to exchange them for equity shares on the
basis of 20 new shares for each $100 of loan notes. 75% of the loan-note holders chose the equity option.
Ignore any effect of this on the other equity reserve.
All the above items have been treated correctly according to International Financial Reporting Standards.
(iv) The finance costs are made up of:
Required:
(i) Prepare a statement of the movements in the carrying amount of Crosswire’s non-current assets for the
year ended 30 September 2009; (9 marks)
(ii) Calculate the amounts that would appear under the headings of ‘cash flows from investing activities’
and ‘cash flows from financing activities’ in the statement of cash flows for Crosswire for the year ended
30 September 2009.
Note: Crosswire includes finance costs paid as a financing activity. (8 marks)
(b) A substantial shareholder has written to the directors of Crosswire expressing particular concern over the
deterioration of the company’s return on capital employed (ROCE)
Required:
Calculate Crosswire’s ROCE for the two years ended 30 September 2008 and 2009 and comment on the
apparent cause of its deterioration.
Note: ROCE should be taken as profit before interest on long-term borrowings and tax as a percentage of equity plus loan notes and finance lease obligations (at the year end). (8 marks)

The following trial balance relates to Sandown at 30 September 2009:
The following notes are relevant:
(i) Sandown’s revenue includes $16 million for goods sold to Pending on 1 October 2008. The terms of the sale are that Sandown will incur ongoing service and support costs of $1·2 million per annum for three years after the sale. Sandown normally makes a gross profit of 40% on such servicing and support work. Ignore the time value of money.
(ii) Administrative expenses include an equity dividend of 4·8 cents per share paid during the year.
(iii) The 5% convertible loan note was issued for proceeds of $20 million on 1 October 2007. It has an effective interest rate of 8% due to the value of its conversion option.
(iv) During the year Sandown sold an available-for-sale investment for $11 million. At the date of sale it had a
carrying amount of $8·8 million and had originally cost $7 million. Sandown has recorded the disposal of the
investment. The remaining available-for-sale investments (the $26·5 million in the trial balance) have a fair value of $29 million at 30 September 2009. The other reserve in the trial balance represents the net increase in the value of the available-for-sale investments as at 1 October 2008. Ignore deferred tax on these transactions.
(v) The balance on current tax represents the under/over provision of the tax liability for the year ended 30 September 2008. The directors have estimated the provision for income tax for the year ended 30 September 2009 at $16·2 million. At 30 September 2009 the carrying amounts of Sandown’s net assets were $13 million in excess of their tax base. The income tax rate of Sandown is 30%.
(vi) Non-current assets:
The freehold property has a land element of $13 million. The building element is being depreciated on a
straight-line basis.
Plant and equipment is depreciated at 40% per annum using the reducing balance method.
Sandown’s brand in the trial balance relates to a product line that received bad publicity during the year which led to falling sales revenues. An impairment review was conducted on 1 April 2009 which concluded that, based on estimated future sales, the brand had a value in use of $12 million and a remaining life of only three years.
However, on the same date as the impairment review, Sandown received an offer to purchase the brand for
$15 million. Prior to the impairment review, it was being depreciated using the straight-line method over a
10-year life.
No depreciation/amortisation has yet been charged on any non-current asset for the year ended 30 September
2009. Depreciation, amortisation and impairment charges are all charged to cost of sales.
Required:
(a) Prepare the statement of comprehensive income for Sandown for the year ended 30 September 2009.
(13 marks)
(b) Prepare the statement of financial position of Sandown as at 30 September 2009. (12 marks)
Notes to the financial statements are not required.
A statement of changes in equity is not required.