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do likewise.The IASB says it does not want to act without overall planning,but the pressure to fold when it comletes it reconstruction of rules later this year is strong Charlie McCreevy,a European commissioner,warned the IASB that is did”not live in a political vacuum”but”in the real word” and the Europe could yet develop different rules.
It was banks that were on the wrong planet,with accouts htat wastly overvalued assets.today they argue htat market prices overstate loeees,because htey
Largerly reflect the temporary illiquldity of markets,not the likely entent of bad debts.The truth will not be known for years.But bank’s shares trade below their book value,suggeting that investors are akeptical.And dead markets partly reflect the paralysis of banks which will not sell assets for fear of booking losses,yet are relucaant to buy all those supposed bargains.
To get the sysytem working again, losses must be recognized and dealt with.America’s new plan to buy up toxic assets will not work unless banks mark assets to levels which buyers find attractive. Successful markets require independent and even combative standard-setters. The FASB and IASB have been exactly that,cleaning up rules on stock options ang pensions,for example,against hostility interests. But by giving in to critics now they are inviting pressure to make more concessions.
36. Bankers complained that they were forced to
[A]follow anfavorable asset eva luation rules
[B]collect payments from third parties
[C]cooperate with the price managers
[D]reeva luate some of their assets
37.According to the author,the rule changes of the FASB may result in
[A]the dimingishing role of management
[B] the revival of the banking syestem
[C]the bank’s long-term asset lossers
[D]the weakening og its indepentdence
38. According to Paragarph 4,McCreevy objects to the IASB’s attempt to
[A] keep away from political influences
[B] evade the pressure from their peers
[C] act on their own in ruli-setting
[D]take gradual measures in reform
39、The author thinks the banks were“on the wrong planet”in that they
[A]mis interpreted market price indicators
[B]exaggerated the real value of their assets
[C]neglected the likely existence of bad debts
[D]denied booking losses in their sale of assets
40、The author’s attitude towards standard-setters is one of
[A]satisfaction
[B]skepticism
[C]objectiveness
[D]sympathy
Part B
Directions:
For Questions 41-45,choose the most suitable paragraphs from the first A-G and fill them into the numbered boxes to from a coherent text Paragraph E has been correctly placed. There is one paragraph which dose not fit in with the text. Mark your answers on ANSWER SHEET1.(10 points)
[A]The first and more important is the consumer’s growing preference for eating out; the consumption of food and drink in places other than homes has risen from about 32 percent of total consumption in 1995 to 35 percent in 2000 and is expected to approach 38 percent by 2005. This development is boosting wholesale demand from the food service segment by 4 to 5 percent a year Europe compared with growth in retail demand of 1 to 2 percent. Meanwhile as the recession is looming large, people are getting anxious. They tend to keep a tighter hold on their purse and consider eating at home a realistic alternative.
[B]Retail sales of food and drink in Europe’s largest markets are at a standstill,lesving European grocery retailers hungry for opportunities to grow.Most leading retailers have alteady tried e-commerce,with limit success,and expansion abroad.But almost all have ignored the big.profitable opportunity in their own backyard the wholesale food and drink trade,whoch appears to be just the kind of market retailers need.
[C]Will such variations bring about a change in the overall structure of the food and drinkmarket?Definitely not.The functioning of the market is basrd on flexible
Trends dominated by potential buyers.In other words it is up to the buyer tather than the seller to decide what to buy.At any rate this change will ultimately be acclaimed by an ever-growing number of both domestic and international consumers regardless of how long the current consumer pattem will take hold.
[D] All in all,this clearly seems to be a market in which big retailers that master the intricacies of wholesaling in Europe may well expect to rake in substantial profits there by.At least,that is how it looks as a whole.Closer inspection reveals import differences among the biggest national markets,especially in their customer segments and wholesale structures,as well as the competitive dynamics of individual food and drink categories.Big retailers must understand these differences before they can identify the segments of European wholesaling in which particular abilities might unseat smaller but enerenched competitors.New skills and unfamiliar business models are needed too.
[E] Despite variations in detail,wholesale markets in the countries that have been closely examined—France,Germany,Italy,and Spain—are made out of same building blocks.Demand comes mainly from two sources:independent morn-and-pop grocery stores which,unlike large retail chains,are two small to buy straight from producers,and food service operators range from snack machines to large institutional catering ventures,but most of these businesses are known in the trade as “horeca”:hotels,restaurants,and cafes.Overall, Europe’s retail wholesale market, but the figures,when added together,mask two opposing trends.
[F] For example, wholesale food and drink sales come to $268 billion in France, Germany, Italy, Spain and the United Kingdom in 2000-more than 40 percent of retail sales. Moreover, average overall margins are higher in wholesale than in retail; wholesale demand from the food service sector is growing quickly as more Europeans eat out more often;and changes in the competitive dynamic
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