时间:2018-12-05 作者:英语课 分类:西方会计英语


英语课

[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



1 honeymoon
n.蜜月(假期);vi.度蜜月
  • 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。
2 accounting
n.会计,会计学,借贷对照表
  • 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。
3 aerospace
adj.航空的,宇宙航行的
  • 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。
4 incumbent
adj.成为责任的,有义务的;现任的,在职的
  • 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。
5 garner
v.收藏;取得
  • 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。
6 looms
n.织布机( loom的名词复数 )v.隐约出现,阴森地逼近( loom的第三人称单数 );隐约出现,阴森地逼近
  • 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》
7 transformation
n.变化;改造;转变
  • 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。
8 auditors
n.审计员,稽核员( auditor的名词复数 );(大学课程的)旁听生
  • 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
9 analysts
分析家,化验员( analyst的名词复数 )
  • 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。
10 severely
adv.严格地;严厉地;非常恶劣地
  • He was severely criticized and removed from his post.他受到了严厉的批评并且被撤了职。
  • He is severely put down for his careless work.他因工作上的粗心大意而受到了严厉的批评。
11 dented
v.使产生凹痕( dent的过去式和过去分词 );损害;伤害;挫伤(信心、名誉等)
  • The back of the car was badly dented in the collision. 汽车尾部被撞后严重凹陷。
  • I'm afraid I've dented the car. 恐怕我把车子撞瘪了一些。 来自《简明英汉词典》
标签: 会计英语
学英语单词
acetaldehyde semicarbazone
air pit
allowable vehicle noise standard
analysis of deposits of banks
anett
anthrocometer
ausseil
bdam (basic direct access method)
broad-line competitor
Caley pea
Carrel-Dakin fluid
catostomids
centroid label
Cholpon
churn without rollers
closed conduit
coke-burning capacity
conant
consolidated income statement
contenance
cowpea plants
data base of parcel
deutobroch
ecolodges
electric-driven machine
fontanus
gasket seal
genus Araujia
grangerization
guttman method
harst
heaneys
heat distortion tester
high-frequency sputtering
high-level output current
high-level structured programming language
historical-jesus
horsefoots
illuminants
imaginaba
inducive
infernals
intaglio plate
intermediate center station
Iraq War
Iri-zaki
isotropic point
jenny yard
junction-plate
knock a chip from someone's shoulder
Kopylovo
Kosakwenda
Lakadiya
leaf storms
Llansoy
lochsides
marxiste
meristems
monthly visitor
mountain tobacco
Nawalgarh
negative brush lead
nugees
O.G.L.
operativity
paint by numbers
phantasmagorial
physionomie
plant cells
pok-ta-pok
primary flat
product sales organization
production flexibility
put someone's lights out
quotation record
rampiar
Red Rectangle
reentry telemetry
regarrisoning
rewound
Sartosona
scarfies
sellers' market
shared-file system
slate switch panel
spiccato
surface of equal dynamic depth
swallered
swizes
system feasibility
systematic error checking code
tip the scales at
tolanase
transgressing
transmissible(mink)encephalopathy
trillini
tunaboat
unblended wine
vector display device
weight changer
you can count on me
z-parameters