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(a)Accounting fｏｒdefined benefit pension schemes is a complex area of great importance. In some cases， the net pension liability even exceeds the market capitalisation of the company. The financial statements of a company must provide investors，analysts ａｎｄ companies with clear，reliable ａｎｄ comparable information on a company’s pension obligations，discount rates ａｎｄ expected returns on plan assets.

Required：

(i) Discuss the current requirements of IAS 19 ‘Employee Benefits’ as regards the accounting fｏｒactuarial gains ａｎｄ losses setting out the main criticisms of the approach taken ａｎｄ the advantages of immediate recognition of such gains ａｎｄ losses. (11 marks)

(ii) Discuss the implications of the current accounting practices in IAS 19 fｏｒdealing with the setting of discount rates fｏｒpension obligations ａｎｄ the expected returns on plan assets. (6 marks)

Professional marks will be awarded in part (a) fｏｒclarity ａｎｄ quality of discussion. (2 marks)

(b) Smith，a public limited company ａｎｄ Brown a public limited company utilise IAS 19 ‘Employee Benefits’ to account fｏｒtheir pension plans. The following information refers to the company pension plans fｏｒthe year to 30 April 2009：

(i)At 1 May 2008，plan assets of both companies were fair valued at $200 million ａｎｄ both had net unrecognised actuarial gains of $6 million.

(ii)At 30 April 2009，the fair value of the plan assets of Smith was $219 million ａｎｄ that of Brown was $276 million.

(iii)The contributions received were $70 million ａｎｄ benefits paid were $26 million fｏｒboth companies. These amounts were paid ａｎｄ received on 1 November 2008.

(iv)The expected return on plan assets was 7% at 1 May 2008 ａｎｄ 8% on 30 April 2009.

(v)The present value of the defined benefit obligation was less than the fair value of the plan assets at both 1 May 2008 ａｎｄ 30 April 2009.

(vi)Actuarial losses on the obligation fｏｒthe year were negligible fｏｒboth companies.

(vii)Both companies use the corridｏｒapproach to recognised actuarial gains ａｎｄ losses.

Required：

Show how the use of the expected return on assets can cause comparison issues fｏｒpotential investors using the above scenario fｏｒillustration. (6 marks)

(25 marks)

ALL TEN questions are compulsory ａｎｄ MUST be attempted

1 In relation to the Civil Procedure Law of China:

(a)explain the term exclusive jurisdiction;(2 marks)

(b)state the majｏｒlegal characteristics of exclusive jurisdiction,in terms of:

(i)the basis of exclusive jurisdiction;ａｎｄ (4 marks)

(ii)the effect of the rule of exclusive jurisdiction.(4 marks)

(10 marks)

2 In relation to the Property Law of China:

(a)explain the term right of lien;(4 marks)

(b)state THREE conditions to be met fｏｒa party to claim the right of lien.(6 marks)

(10 marks)

3 In relation to the Labour Contract Law of China:

(a) state the various powers of the labour administration in exercising its supervisory ａｎｄ examining functions;(2 marks)

(b) state any FOUR kinds of situations under which the labour administration may issue administrative orders to an employer fｏｒviolations of Labour Contract Law.(8 marks)

(10 marks)

4 In relation to the Contract Law of China:

(a)explain the term termination of contract;(2 marks)

(b)explain ａｎｄ distinguish between termination of contract ａｎｄ dissolution of contract.(8 marks)

(10 marks)

5 In relation to the Company Law of China:

(a)state the basic rules regarding the shareholders of:

(i)a general limited liability company;(2 marks)

(ii)a sole-person limited liability company ａｎｄ a wholly state-owned company;and(2 marks)

(b)state the requirements fｏｒcapital of:

(i)a general limited liability company;(2 marks)

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