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(d) Sirus raised a loan with a bank of $2 million on 1 May 2007. The market interest rate of 8% per annum is to
be paid annually in arrears and the principal is to be repaid in 10 years time. The terms of the loan allow Sirus
to redeem the loan after seven years by paying the full amount of the interest to be charged over the ten year
period, plus a penalty of $200,000 and the principal of $2 million. The effective interest rate of the repayment
option is 9·1%. The directors of Sirus are currently restructuring the funding of the company and are in initial
discussions with the bank about the possibility of repaying the loan within the next financial year. Sirus is
uncertain about the accounting treatment for the current loan agreement and whether the loan can be shown as
a current liability because of the discussions with the bank. (6 marks)
Appropriateness of the format and presentation of the report and quality of discussion (2 marks)
Required:
Draft a report to the directors of Sirus which discusses the principles and nature of the accounting treatment of
the above elements under International Financial Reporting Standards in the financial statements for the year
ended 30 April 2008.
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更多 “ (d) Sirus raised a loan with a bank of $2 million on 1 May 2007. The market interest rate of 8% per annum is tobe paid annually in arrears and the principal is to be repaid in 10 years time. The terms of the loan allow Sirusto redeem the loan after seven years by paying the full amount of the interest to be charged over the ten yearperiod, plus a penalty of $200,000 and the principal of $2 million. The effective interest rate of the repaymentoption is 9·1%. The directors of Sirus are currently restructuring the funding of the company and are in initialdiscussions with the bank about the possibility of repaying the loan within the next financial year. Sirus isuncertain about the accounting treatment for the current loan agreement and whether the loan can be shown asa current liability because of the discussions with the bank. (6 marks)Appropriateness of the format and presentation of the report and quality of discussion (2 marks)Required:Draft a report to the directors of Sirus which discusses the principles and nature of the accounting treatment ofthe above elements under International Financial Reporting Standards in the financial statements for the yearended 30 April 2008. ” 相关考题
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It might be easier for a sole proprietor to get a bank loan , because he has personal as well as business assets behind him.()
此题为判断题(对，错)。
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23 The capital structure of a company at 30 June 2005 is as follows:$mOrdinary share capital 100Share premium account 40Retained earnings 6010% Loan notes 40The company’s income statement for the year ended 30 June 2005 showed:$mOperating profit 44Loan note interest (4)___Profit for year 40____What is the company’s return on capital employed?A 40/240 = 162/3 per centB 40/100 = 40 per centC 44/240 = 181/3 per centD 44/200 = 22 per cent
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(b) Ambush loaned $200,000 to Bromwich on 1 December 2003. The effective and stated interest rate for thisloan was 8 per cent. Interest is payable by Bromwich at the end of each year and the loan is repayable on30 November 2007. At 30 November 2005, the directors of Ambush have heard that Bromwich is in financialdifficulties and is undergoing a financial reorganisation. The directors feel that it is likely that they will onlyreceive $100,000 on 30 November 2007 and no future interest payment. Interest for the year ended30 November 2005 had been received. The financial year end of Ambush is 30 November 2005.Required:(i) Outline the requirements of IAS 39 as regards the impairment of financial assets. (6 marks)
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3 Seejoy is a famous football club but has significant cash flow problems. The directors and shareholders wish to takesteps to improve the club’s financial position. The following proposals had been drafted in an attempt to improve thecash flow of the club. However, the directors need advice upon their implications.(a) Sale and leaseback of football stadium (excluding the land element)The football stadium is currently accounted for using the cost model in IAS16, ‘Property, Plant, and Equipment’.The carrying value of the stadium will be $12 million at 31 December 2006. The stadium will have a remaininglife of 20 years at 31 December 2006, and the club uses straight line depreciation. It is proposed to sell thestadium to a third party institution on 1 January 2007 and lease it back under a 20 year finance lease. The saleprice and fair value are $15 million which is the present value of the minimum lease payments. The agreementtransfers the title of the stadium back to the football club at the end of the lease at nil cost. The rental is$1·2 million per annum in advance commencing on 1 January 2007. The directors do not wish to treat thistransaction as the raising of a secured loan. The implicit interest rate on the finance in the lease is 5·6%.(9 marks)Required:Discuss how the above proposals would be dealt with in the financial statements of Seejoy for the year ending31 December 2007, setting out their accounting treatment and appropriateness in helping the football club’scash flow problems.(Candidates do not need knowledge of the football finance sector to answer this question.)
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3 (a) Leigh, a public limited company, purchased the whole of the share capital of Hash, a limited company, on 1 June2006. The whole of the share capital of Hash was formerly owned by the five directors of Hash and under theterms of the purchase agreement, the five directors were to receive a total of three million ordinary shares of $1of Leigh on 1 June 2006 (market value $6 million) and a further 5,000 shares per director on 31 May 2007,if they were still employed by Leigh on that date. All of the directors were still employed by Leigh at 31 May2007.Leigh granted and issued fully paid shares to its own employees on 31 May 2007. Normally share options issuedto employees would vest over a three year period, but these shares were given as a bonus because of thecompany’s exceptional performance over the period. The shares in Leigh had a market value of $3 million(one million ordinary shares of $1 at $3 per share) on 31 May 2007 and an average fair value of$2·5 million (one million ordinary shares of $1 at $2·50 per share) for the year ended 31 May 2007. It isexpected that Leigh’s share price will rise to $6 per share over the next three years. (10 marks)Required:Discuss with suitable computations how the above share based transactions should be accounted for in thefinancial statements of Leigh for the year ended 31 May 2007.
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(c) On 1 May 2007 Sirus acquired another company, Marne plc. The directors of Marne, who were the onlyshareholders, were offered an increased profit share in the enlarged business for a period of two years after thedate of acquisition as an incentive to accept the purchase offer. After this period, normal remuneration levels willbe resumed. Sirus estimated that this would cost them $5 million at 30 April 2008, and a further $6 million at30 April 2009. These amounts will be paid in cash shortly after the respective year ends. (5 marks)Required:Draft a report to the directors of Sirus which discusses the principles and nature of the accounting treatment ofthe above elements under International Financial Reporting Standards in the financial statements for the yearended 30 April 2008.
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3 You are an audit manager in Webb Co, a firm of Chartered Certified Accountants. Your audit client, Mulligan Co,designs and manufactures wooden tables and chairs. The business has expanded rapidly in the last two years, sincethe arrival of Patrick Tiler, an experienced sales and marketing manager.The directors want to secure a loan of $3 million in order to expand operations, following the design of a completelynew range of wooden garden furniture. The directors have approached LCT Bank for the loan. The bank’s lendingcriteria stipulate the following:‘Loan applications must be accompanied by a detailed business plan, including an analysis of how the finance willbe used. LCT Bank need to see that the finance requested is adequate for the proposed business purpose. Thebusiness plan must be supported by an assurance opinion on the adequacy of the requested finance.’The $3 million finance raised will be used as follows:$000Construction of new factory 1,250Purchase of new machinery 1,000Initial supply of timber raw material 250Advertising and marketing of new product 500Your firm has agreed to review the business plan and to provide an assurance opinion on the completeness of thefinance request. A meeting will be held tomorrow to discuss this assignment.Required:(a) Identify and explain the matters relating to the assurance assignment that should be discussed at the meetingwith Mulligan Co. (8 marks)
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单句理解听力原文：For one full year when the full principal plus interest is paid together, compound interest and simple interest yield the same dollar amount.(1)A．If the time period of the loan is one year, the simple interest and compound interest are the same.B．If the time period of the loan is the same, the simple interest and compound interest are the same.C．When the full principal plus interest is paid together, compound interest and simple interest are of the same dollar amount.D．When the full principal plus interest is paid together, compound interest and simple interest are not of the same dollar amount.
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Usually the borrowing firm of term loans promises to repay ______.A．the principal and interest until the end of the loan periodB．the principal and interest at the end of the loan periodC．the loan in a series of installmentsD．at any time when cash is more abundant ______.
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听力原文： Some banks offer other types of loans repayable by monthly installments, such as business development loans, house improvement loans, and farm development loans. These may be either secured or unsecured. Secured loans attract a slightly lower rate of interest than unsecured loans. Some banks offer revolving credit schemes. These normally involve loans repayable by regular monthly installments, but they differ from other loans repayable by installments in two respects. First, the borrower need not take up the full amount of the loan at the outset. Secondly, as his repayments reduce his indebtedness, he can "top up" his loan by borrowing more, provided that the total debt outstanding does not exceed his agreed credit limit. In 1967 some banks introduced a new form. of account called a "budget account". The object is to allow personal customers to spread the incidence of normal personal and household expenditure.24. Which of the following loans is not repaid by installments?25.Which of the following loans would attract a lower rate of interest?26.How does a borrower "top up" his loan?27.What is the objective of introduction of the budget account?(24)A．Business development loans.B．House improvement loans.C．Farm development loans.D．Overdrafts.
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听力原文：M: Most banks tend to decline loan proposals which are highly speculative.W: I think because the banks expect the loan to generate sufficient profit and positive cash-flow for themselves and for the clients.Q: What will the banks usually do to the highly speculative loan proposals?(15)A．The banks will disapprove them.B．The banks will approve them.C．The Bank will benefit from the loans.D．The bank will make profit from lending.
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______ is a large loan, generally more than USD10 million, negotiated between a borrower and a single bank, but actually funded by a number of banks.A．A project loanB．A syndicated loanC．An export creditD．Consumer credit
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Usually, a loan to government is safer than a loan to a private-sector borrower.A．RightB．WrongC．Doesn't say
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The bank's request for loan security is ______.A．to make the loan more profitableB．to make the loan more diversifiedC．to reduce the loss in case of defaultD．to guard against deterioration of loan collateral
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The value of the collateral must be ______.A．greater than the loan amountB．the same as or be greater than the loan amountC．smaller than the loan amountD．the same as the loan amount
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The rate of interest paid on a bank loan will depend () your firm’s standing with the bank and may be 2 per cent or 3 percent.A、ofB、uponC、forD、in
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单句理解听力原文：Collateral can never make a bad loan good, but it can turn a good loan into a better one.(1)A．Collateral sometimes turns a bad loan into a good one.B．Good loans can be turned into better loans with collaterals.C．Collateral can turn a good loan into a bad one.D．Collateral can turn a bad loan into a worse one.
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听力原文：M: The rate on a personal loan is fixed according to the base rate at the time when the loan is made.W: But it is always higher than the base rate, isn't it?Q: What is determined when a personal loan is made?(14)A．Rate on the personal loan.B．Base rate of the bank.C．The amount of payment.D．Personal loan's time period.
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The bank (56) borrowers enough interest to pay the expense of the bank and have something left over for (57) . The interest cannot be higher than the legal rate, which is established by state law and in most states is 6% per year. (58) big loans, the interest rate is much less, even as low as 2%. The rate depends on the money market, when there is plenty of money (59) to be borrowed, banks charge low rates of interest. A savings bank may pay its depositors 2% and lend the money at 3.5% or 4%. But when money is tight, interest rates go up, and a savings bank may try to (60) depositors by offering 4% or 4.5% or even more and lending the money at 5% or 6%.(41)A．receivesB．getsC．chargesD．pays
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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 acarrying amount of $8·8 million and had originally cost $7 million. Sandown has recorded the disposal of theinvestment. 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 astraight-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 a10-year life.No depreciation/amortisation has yet been charged on any non-current asset for the year ended 30 September2009. 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.
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(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 theplatinum is a requirement to landscape the mining site at the end of its estimated life of ten years. Thepresent value of this cost at the date of the purchase was calculated at $3 million (in addition to thepurchase 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 revaluationreserve 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 followedby 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. Theremaining movement on the property, plant and equipment, after charging depreciation of $3 million, wasthe cost of replacing plant.(ii) From 1 October 2008 to 31 March 2009 a further $500,000 was spent completing the developmentproject at which date marketing and production started. The sales of the new product proved disappointingand on 30 September 2009 the development costs were written down to $1 million via an impairmentcharge.(iii) During the year ended 30 September 2009, $4 million of the 10% convertible loan notes matured. Theloan note holders had the option of redemption at par in cash or to exchange them for equity shares on thebasis 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 theyear 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 ended30 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 thedeterioration 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 theapparent 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)
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(a) The following figures have been calculated from the financial statements (including comparatives) of Barstead forthe year ended 30 September 2009:increase in profit after taxation 80%increase in (basic) earnings per share 5%increase in diluted earnings per share 2%Required:Explain why the three measures of earnings (profit) growth for the same company over the same period cangive apparently differing impressions. (4 marks)(b) The profit after tax for Barstead for the year ended 30 September 2009 was $15 million. At 1 October 2008 the company had in issue 36 million equity shares and a $10 million 8% convertible loan note. The loan note will mature in 2010 and will be redeemed at par or converted to equity shares on the basis of 25 shares for each $100 of loan note at the loan-note holders’ option. On 1 January 2009 Barstead made a fully subscribed rights issue of one new share for every four shares held at a price of $2·80 each. The market price of the equity shares of Barstead immediately before the issue was $3·80. The earnings per share (EPS) reported for the year ended 30 September 2008 was 35 cents.Barstead’s income tax rate is 25%.Required:Calculate the (basic) EPS figure for Barstead (including comparatives) and the diluted EPS (comparatives not required) that would be disclosed for the year ended 30 September 2009. (6 marks)
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Moonstar Co is a property development company which is planning to undertake a $200 million commercial property development. Moonstar Co has had some difficulties over the last few years, with some developments not generating the expected returns and the company has at times struggled to pay its finance costs. As a result Moonstar Co’s credit rating has been lowered, affecting the terms it can obtain for bank finance. Although Moonstar Co is listed on its local stock exchange, 75% of the share capital is held by members of the family who founded the company. The family members who are shareholders do not wish to subscribe for a rights issue and are unwilling to dilute their control over the company by authorising a new issue of equity shares. Moonstar Co’s board is therefore considering other methods of financing the development, which the directors believe will generate higher returns than other recent investments, as the country where Moonstar Co is based appears to be emerging from recession.Securitisation proposalsOne of the non-executive directors of Moonstar Co has proposed that it should raise funds by means of a securitisation process, transferring the rights to the rental income from the commercial property development to a special purpose vehicle. Her proposals assume that the leases will generate an income of 11% per annum to Moonstar Co over a ten-year period. She proposes that Moonstar Co should use 90% of the value of the investment for a collateralised loan obligation which should be structured as follows:– 60% of the collateral value to support a tranche of A-rated floating rate loan notes offering investors LIBOR plus 150 basis points– 15% of the collateral value to support a tranche of B-rated fixed rate loan notes offering investors 12%– 15% of the collateral value to support a tranche of C-rated fixed rate loan notes offering investors 13%– 10% of the collateral value to support a tranche as subordinated certificates, with the return being the excess of receipts over payments from the securitisation processThe non-executive director believes that there will be sufficient demand for all tranches of the loan notes from investors. Investors will expect that the income stream from the development to be low risk, as they will expect the property market to improve with the recession coming to an end and enough potential lessees to be attracted by the new development.The non-executive director predicts that there would be annual costs of $200,000 in administering the loan. She acknowledges that there would be interest rate risks associated with the proposal, and proposes a fixed for variable interest rate swap on the A-rated floating rate notes, exchanging LIBOR for 9·5%.However the finance director believes that the prediction of the income from the development that the non-executive director has made is over-optimistic. He believes that it is most likely that the total value of the rental income will be 5% lower than the non-executive director has forecast. He believes that there is some risk that the returns could be so low as to jeopardise the income for the C-rated fixed rate loan note holders.Islamic financeMoonstar Co’s chief executive has wondered whether Sukuk finance would be a better way of funding the development than the securitisation.Moonstar Co’s chairman has pointed out that a major bank in the country where Moonstar Co is located has begun to offer a range of Islamic financial products. The chairman has suggested that a Mudaraba contract would be the most appropriate method of providing the funds required for the investment.Required:(a) Calculate the amounts in $ which each of the tranches can expect to receive from the securitisation arrangement proposed by the non-executive director and discuss how the variability in rental income affects the returns from the securitisation. (11 marks)(b) Discuss the benefits and risks for Moonstar Co associated with the securitisation arrangement that the non-executive director has proposed. (6 marks)(c) (i) Discuss the suitability of Sukuk finance to fund the investment, including an assessment of its appeal to potential investors. (4 marks)(ii) Discuss whether a Mudaraba contract would be an appropriate method of financing the investment and discuss why the bank may have concerns about providing finance by this method. (4 marks)
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John, CPA, is auditing the financial statements of ABC Bank Co.for the year ended December 31,20×8. The following information is available:
(a)John assessed the risk of material misstatements in short-term loan account at 80% and plans to limit to 10% the risk of failing to detect misstatements in the account equal to the tolerable error assigned to the account.
(b) John is testing the operating effectiveness of the loan approval procedure(a control activ- ity) related to granting loans. In 20×8,ABC Bank granted to 10 000 loans in total. John deter- mined that the acceptable risk of assessing control risk too low is 10%. He selected a sample made up of 60 sampling units and tested without any deviation found. Some Poisson Risk Factors(Relia- bility Factors) are reprinted as follows:
(c) John is using the Ratio Estimation Variable Sampling method to test the long-term loan balance at December 31, 20×8. The total recorded balance is RMB￥300 billion , made up of 4 000 items. John designed a sample made up of 200 items . The book value of the sample is RMB￥16. 5 billion. However, the audited value is RMB￥15. 6 billion.
(d) John is performing substantive procedures on interest income from short-term loan. The average annual market interest rate for short-term loan is 5 percent. The audited short-term loan balances of ABC Bank Co. at the end of each month in 20×8 are as follows:
Required :
(1) Based on (a) , calculate the acceptable detection risk.
(2) Based on (b) , calculate the upper limit of population deviation rate.
(3) Based on (c), make a point estimate of the misstatement in the population. Sampling error need not to be considered.
(4) Based on (d) , develop the expected result of interest income from short-term loan.
(5) Assume that after the tests mentioned in (d) , John found that the interest income from short-term loan was understated by RMB￥0. 05billion. Prepare the adjusting entry.
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问答题◆Topic 2: Does blacklisting student loan defaulters help repayments to banks? News report: Between 2005 and 2007, the China Development Bank offered 1.66 billion yuan worth of loans to 243,000 students from poor families in central China’s Henan Province. Last May, the Bank and the Henan Provincial Education Department jointly issued an ultimatum requiring 223 college graduates to pay off the interest on their student loan within 30 days. Nevertheless, the students failed to repay the debts as required. Now the colleges and banks cannot contact these students after their graduation as they have not notified banks of their changes of address. It is in this situation that the China Development Bank and the Education Department decided to publish the personal information of these students in accordance with relevant regulations concerning student loans. Questions for reference: 1. Should the personal information of these students be published or not? Give your reasons. 2. How should the student loan system be improved and perfected? 3. What are the possible consequences that might follow if the personal information of such students are published?
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