题目内容
（请给出正确答案）
A、$11.00
B、$12.50
C、$14.00
D、$17.50
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That's because Shell hasn't been able to find nearly as much oil and gas as it's now pumping out of the ground. In fact, it hasn't even come close—replacing only 60% to 70% of what it produced in 2005 and only 19% in 2004. Shell has had reserve problems for years—a controversy over improperly booked assets forced it to reduce estimated reserves by roughly 30% and led to the resignation of its CEO, Phil Watts, in 2004. But what's troubling now is that Shell is falling way behind rivals like Exxon and BP despite spending billions more each year on exploring and drilling new wells. Last year Exxon replaced 112% of production; BP came up with 95%. "I have never seen anything like this," says Fadel Gheit, a veteran energy analyst with Oppenheimer & Co. "Shell used to represent the gold standard in this industry, but lately they can't get their act together."
To be sure, Shell still has huge assets—nearly 12 billion barrels. But in the oil and gas industry, reserve replacement is the best guide to whether a company will be able to maintain-or grow-production in the future. So not replacing what you pump, says longtime industry observer Matthew Simmons, "is like eating your seed corn. If you're not finding new oil, you're just liquidating what you've got." Indeed, Shell's daily production figures have been weak lately, falling 6.7 % in 2005, to 3.52 million barrels a day.
Privately, Shell execs say the company's decision to cut spending for exploration when oil prices bottomed out in the late 1990s is partly to blame for the anemic numbers now. Shell CEO Jeroen Vander Veer insists that projects like those on Sakhalin Island off Siberia and in Nigeria and the Gulf of Mexico will enable the company to start catching up with peers in the years ahead. It won't be easy. "If you're not adding to reserves, you have a problem," says Sanford Bernstein analyst Oswald Clint. "Shell will have to run twice as hard just to stay in place."
According to the passage, the decline of Shell
A．is a hidden process.
B．is caused by the profit last year.
C．is the estimation of Wall Street.
D．is the fault of the CEO.
(a) The entity uses forward and futures contracts to protect it against fl uctuation in the price of edible oils. Where forwards are used the company often takes delivery of the edible oil and sells it shortly afterwards. The contracts are constructed with future delivery in mind but the contracts also allow net settlement in cash as an alternative. The net settlement is based on the change in the price of the oil since the start of the contract. Seltec uses the proceeds of a net settlement to purchase a different type of oil or purchase from a different supplier. Where futures are used these sometimes relate to edible oils of a different type and market than those of Seltec’s own inventory of edible oil. The company intends to apply hedge accounting to these contracts in order to protect itself from earnings volatility. Seltec has also entered into a long-term arrangement to buy oil from a foreign entity whose currency is the dinar. The commitment stipulates that the fi xed purchase price will be denominated in pounds sterling.
Seltec is unsure as to the nature of derivatives and hedge accounting techniques and has asked your advice on how the above fi nancial instruments should be dealt with in the fi nancial statements. (14 marks)
(b) Seltec has decided to enter the retail market and has recently purchased two well-known brand names in the edible oil industry. One of the brand names has been in existence for many years and has a good reputation for quality. The other brand name is named after a famous fi lm star who has been actively promoting the edible oil as being a healthier option than other brands of oil. This type of oil has only been on the market for a short time. Seltec is fi nding it diffi cult to estimate the useful life of the brands and therefore intends to treat the brands as having indefi nite lives.
In order to sell the oil, Seltec has purchased two limited liability companies from a company that owns several retail outlets. Each entity owns retail outlets in several shopping complexes. The only assets of each entity are the retail outlets. There is no operational activity and at present the entities have no employees.
Seltec is unclear as to how the purchase of the brands and the entities should be accounted for. (9 marks)
Required:
Discuss the accounting principles involved in accounting for the above transactions and how the above transactions should be treated in the fi nancial statements of Seltec.
Professional marks will be awarded in this question for clarity and quality of discussion. (2 marks)
The mark allocation is shown against each of the two parts above.
(a) The existing standard dealing with provisions IAS 37, Provisions, Contingent Liabilities and Contingent Assets, has been in place for many years and is sufficiently well understood and consistently applied in most areas. The IASB feels it is time for a fundamental change in the underlying principles for the recognition and measurement of non-financial liabilities. To this end, the Board has issued an Exposure Draft, ‘Measurement of Liabilities in IAS 37 – Proposed amendments to IAS 37’.
Required:
(i) Discuss the existing guidance in IAS 37 as regards the recognition and measurement of provisions and why the IASB feels the need to replace this guidance; (9 marks)
(ii) Describe the new proposals that the IASB has outlined in the Exposure Draft. (7 marks)
(b) Royan, a public limited company, extracts oil and has a present obligation to dismantle an oil platform. at the end of the platform’s life, which is 10 years. Royan cannot cancel this obligation or transfer it. Royan intends to carry out the dismantling work itself and estimates the cost of the work to be $150 million in 10 years time. The present value of the work is $105 million.
A market exists for the dismantling of an oil platform. and Royan could hire a third party contractor to carry out the work. The entity feels that if no risk or probability adjustment were needed then the cost of the external contractor would be $180 million in ten years time. The present value of this cost is $129 million. If risk and probability are taken into account, then there is a probability of 40% that the present value will be $129 million and 60% probability that it would be $140 million, and there is a risk that the costs may increase by $5 million.
Required:
Describe the accounting treatment of the above events under IAS 37 and the possible outcomes under the proposed amendments in the Exposure Draft. (7 marks)
Professional marks will be awarded in question 4 for the quality of the discussion. (2 marks)
A.Surrey
B.Wyatt
C.Spencer
D.Sidney
(a) IAS 37 Provisions, contingent liabilities and contingent assets prescribes the accounting and disclosure for those items named in its title.
Required:
Define provisions and contingent liabilities and briefly explain how IAS 37 improves consistency in financial reporting.
(b) The following items have arisen during the preparation of Borough’s draft financial statements for the year ended 30 September 2011:
(i) On 1 October 2010, Borough commenced the extraction of crude oil from a new well on the seabed. The cost of a 10-year licence to extract the oil was $50 million. At the end of the extraction, although not legally bound to do so, Borough intends to make good the damage the extraction has caused to the seabed environment. This intention has been communicated to parties external to Borough. The cost of this will be in two parts: a fixed amount of $20 million and a variable amount of 2 cents per barrel extracted. Both of these amounts are based on their present values as at 1 October 2010 (discounted at 8%) of the estimated costs in 10 years’ time. In the year to 30 September 2011 Borough extracted 150 million barrels of oil.
(ii) Borough owns the whole of the equity share capital of its subsidiary Hamlet. Hamlet’s statement of financial position includes a loan of $25 million that is repayable in five years’ time. $15 million of this loan is secured on Hamlet’s property and the remaining $10 million is guaranteed by Borough in the event of a default by Hamlet. The economy in which Hamlet operates is currently experiencing a deep recession, the effects of which are that the current value of its property is estimated at $12 million and there are concerns over whether Hamlet can survive the recession and therefore repay the loan.
Required:
Describe, and quantify where possible, how items (i) and (ii) above should be treated in Borough’s statement of financial position for the year ended 30 September 2011.
In the case of item (ii) only, distinguish between Borough’s entity and consolidated financial statements and refer to any disclosure notes. Your answer should only refer to the treatment of the loan and should not consider any impairment of Hamlet’s property or Borough’s investment in Hamlet.
Note: the treatment in the income statement is NOT required for any of the items.
The following mark allocation is provided as guidance for this requirement:
(i) 5 marks
(ii) 4 marks
下列属于非流动资产的有()。
A、oil and gasassets
B、short-term loan
C、intangible assets
D、accounts payable
A. Stratus signs La Creciente exploration contract
Colombian company Stratus Oil ＆ Gas has signed an exploration and production contract with Colombia's hydrocarbons regulator ANH for the La Creciente block in the north of the country, Canadian company Pacific Stratus said in a statement Tuesday. Stratus Oil ＆ Gas is a wholly owned subsidiary of Gran Colombia Oil ＆ Gas, which Pacific Stratus Ventures (TSXV: PVL. H) is in the process of acquiring. La Creciente, formerly known as Guepaje Sur, is in Sucre department, and covers 40,764 acres in San Jorge basin. The Guepaje and Ayombe gas fields are close by, so if La Creciente reaches production it will need only a 2km auxiliary pipeline to link into existing transport infrastructure, the statement said.
B. Cartellone entering contract mining market
Argentine engineering and construction company Jos6 Cartellone Construcciones Civiles (JCCC) is entering the contract mining market, commercial representative Mariano Aranibar told BNamerieas. "We've been working on mining projects for about the last 10 years and we've had operating experience at one mine, moving around 230,000t/y of mineral," he said. The company has experience in earth moving as well as tunneling, and would be looking to work in either open-pit or underground situations, he added. "We have the machinery and qualified and experienced people who have worked in mining operations before in Argentina and Chile," he said.
C. Belgo considers investing US $ 606nm over 4 years
Brazilian long steelmaker Belgo-Mineira is considering a 1.8 bn-real (US $ 606mn) investment plan for the 2004--2007 period, mostly to improve and increase output capacity, a company spokesperson confirmed to BNamericas. The company is investing 480mn reais this year, of which 200mn reais have already been disbursed to double output capacity at its Piracicaba steel mill in Santo Paulo state to 1Mt/y, modernize its Vit6ria mill in Espirito Santo state and improve logistics. Investments for 2005 and 2006 are estimated at 470mn reais a year, with the remaining 430mn reais scheduled for 2007. The investment plan still has to be approved by the company board, the spokesman added.
D. IBM pushes for banking in retail sector
IBM is keeping a close eye on the region's retail sector due to the advances it has made in the last few years, regional financial services vice-president Ricardo Pelegrini told BNamericas. The retail chains have very strong assets, such as large customer databases and market intelligence, and they could use those assets to become strong competition for traditional banks, the executive said. "The store chain should look to this more as a business in and of itself, not just as a tag on its retail business," he said. IBM's retail area is following this industry in countries within the region, as it complements the company's financial services area to be able to improve the service offered to customers, he added.
E. Comsa wins 1st EFE 2003---2005 investment plan concession
Chile's state rail company EFE has awarded Spain's Comsa group the first concession contract that falls under its US $ 998mn investment plan for 2003--2005, EFE president Luis Ajenjo announced during a press conference Tuesday. The 16-year contract entails rehabilitating and maintaining the rail network's northern zone (Zona Norte). This zone covers the Alameda-Limache, Limache-Puerto Valparaiso, Alameda-Talagante, Talagante-Barrancas and Paine-Talagante stretches for a total of 376km. Comsa submitted a bid of US $ 32mri that corresponds to the rehabilitation works, which had a reference price of US $ 38mn. The other bidders were OHL, Azvi and Icil-icafal.
The company focuses its business on natural gas and oil.
A．defers
B．curtails
C．triggers
D．sparks
A．defers
B．curtails
C．triggers
D．sparks
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