西方会计英语Unit eight Acquisition accounting
时间：2018-12-05 作者：英语课 分类：西方会计英语
[00:03.66]Text 8.2 Honeymoon 1 accounting 2 offers financial advantag
[00:09.74]The launch last week of TI Group's hostile bid for Dowty, the aerospace 3 company ,raised familiar questions about how Mr Christopher Lewinto
[00:18.26]the TI chairman accounts for acquisitions in his rapidly growing engineering grou
[00:23.69]Although wihin accounting standards, TI's past treatment of acquisitions is almost certain to figure prominently in Dowty's defence this mont
[00:31.76]The ensuring debate will again highlight current accounting rules which grant acquiring companies a financial honeymoon during which to reorganise their priz
[00:40.54]a luxury not available to the same degree to incumbent 4 management
[00:44.59]Ironically Mr Michael Garner 5, TI's finance director ,is a member of the Accounting Standards Board which later this year will produce a draft standard covering the treatment of fair value adjustments on acquisition
[00:57.23]This well-established practice allows the cost of reorganising an acquisition to be defrayed without impacting on profit
[01:05.31]It has been widely criticised as a way in which ordinary operating costs can be 'lost' boosting reported profits and earning
[01:13.25]The acquisition accounting issue looms 6 particularly large for T
[01:17.66]Its rapid transformation 7 since 1986 from Tube Investment has involved a heavy acquisition programme and an equally heavy use of fair value adjustment
[01:27.82]Over the period it spent about $500m on acquisitions and another $100m on reorganisatio
[01:34.69]Almost all acquisitive companies make use of the practic
[01:38.51]At its simplest it allows an acquiring company to identify costs of reorganisation
[01:43.92]redundancies and plant closures and to set up provisions in the balance sheet against which future costs can be charge
[01:50.97]But in 1990, TI was widely criticised in the City for taking the practice to the limits of what was acceptabl
[01:58.18]Fair value provisions are usually set up soon after an acquisition and released over 18 month
[02:03.92]In its 1989 accounts TI made $92m of fair value provisions,some ￡59m of which related to'additional'goodwill write-offs relating to its 1988 acquisitions.
[02:17.43]The 'additional'provision was more than half that year's pre-tax profits of $112
[02:24.43]Critics said these costs ,referred to as a major rationalisation of manufacturing facilitie
[02:30.49]systems and organisational structures in the 1989 accounts,might have been better treated as exceptionals or operating costs in what was by then an on-going busines
[02:41.70]Mr Lewinton and Mr Garner insist there was nothing wrong with this treatment-and indeed Price Waterhouse, TI's auditors 8, did not qualify the account
[02:51.21]"We had always had an agreement with our auditors that we would not rush to finalise provisions in one balance sheet,said,Mr Garne
[02:58.78]The reasoning behind this 'second bite' at the provisions had,however ,been poorly communicated to the Cit
[03:06.20]Some analysts 9 have argued there is more to TI's second bit
[03:10.69]First of all, TI had 11 months after the acquisition of Bundy, in Apirl 1988 ,before the auditors signed off the 1988 accounts during which to identify potential write-off
[03:23.08]It also had an opportunity before the bid ,which was agreed, and allowed TI to do full due diligence on Bund
[03:30.70]Mr Garner said that the opportunity for further restrucucturing ,and therefore additional provision
[03:36.53]only came to light once senior members of the Bundy board left nearly a year after the acquistion and fresh ideas from more junior executives surface
[03:45.72]The debate is not academic as it has implications for TI's cash flo
[03:50.90]TI's unbroken record of strongly positive funds generation since 1986 would be severely 10 dented 11 if some of its past provisions were treated as on-going operating cost
[04:01.01]In 1989, for instance,a tougher accounting treatment of the second Bundy provision would have meant TI's operations were actually a drain on fund
- While on honeymoon in Bali,she learned to scuba dive.她在巴厘岛度蜜月时学会了带水肺潜水。
- The happy pair are leaving for their honeymoon.这幸福的一对就要去度蜜月了。
- A job fell vacant in the accounting department.财会部出现了一个空缺。
- There's an accounting error in this entry.这笔账目里有差错。
- The world's entire aerospace industry is feeling the chill winds of recession.全世界的航空航天工业都感受到了经济衰退的寒意。
- Edward Murphy was an aerospace engineer for the US Army.爱德华·墨菲是一名美军的航宇工程师。
- He defeated the incumbent governor by a large plurality.他以压倒多数票击败了现任州长。
- It is incumbent upon you to warn them.你有责任警告他们。
- He has garnered extensive support for his proposals.他的提议得到了广泛的支持。
- Squirrels garner nuts for the winter.松鼠为过冬储存松果。
- All were busily engaged,men at their ploughs,women at their looms. 大家都很忙，男的耕田，女的织布。 来自《简明英汉词典》
- The factory has twenty-five looms. 那家工厂有25台织布机。 来自《简明英汉词典》
- Going to college brought about a dramatic transformation in her outlook.上大学使她的观念发生了巨大的变化。
- He was struggling to make the transformation from single man to responsible husband.他正在努力使自己由单身汉变为可靠的丈夫。
- The company has been in litigation with its previous auditors for a full year. 那家公司与前任审计员已打了整整一年的官司。
- a meeting to discuss the annual accounts and the auditors' report thereon 讨论年度报表及其审计报告的会议
- City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
- I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。