经济学人100:乐购财务危机

 　　Tesco's accounting¹ problems

　　乐购财务危机

　　Not so funny

　　不那么有趣

　　Booking revenues, like comedy, is all about timing²

　　预估收益和喜剧一样，把握时机很重要

　　IT IS too soon to say whether the accounting misstatement at Tesco was cock-up or conspiracy³. The source of the discrepancy⁴ is already clear, however, and it is as old as book-keeping itself: the premature⁵ recognition of revenue.

　　乐购财务造假是偶然还是蓄意目前还言之尚早。然而这种差异的来源已经很清楚了，它发生在记账阶段：过早地确认了收入。

　　Suppliers make payments to supermarkets that meet certain sales targets for their products, run promotions⁶ or place the goods in eye-catching places, such as at the end of aisles⁷. Tesco managers appear to have been too ambitious in forecasting these “rebates⁸”. They may also have underreported the costs of stolen and out-of-date produce.

　　若超市达到一定的产品销售目标，举办促销活动，或是将货物摆放在醒目之处，比如超市过道的两端，供应商会支付给超市一定的费用。乐购的管理层似乎过于高估了这些“回扣”的价值，当然他们也可能是低估了被盗物品和过期物品的成本。

　　In a study of accounting scandals at American companies by the Committee of Sponsoring Organisations, a business-ethics body, the misrecording of revenues was to blame in 60% of cases. Manipulation generally falls into one of two categories. In the first, involving “timing differences”, the revenue is genuine but, say, sales at the start of a quarter are booked as having been struck in the previous one. The flipside of this is “cookie jar” accounting: pushing today's revenue into tomorrow so it can be dipped into to shore up weak quarters.

　　据企业伦理机构发起人委员会的研究称，美国公司60%的会计丑闻要归结于谎报收益。操纵行为一般可分为两类。第一种情况涉及到“时差”，收益是真实的，但是季度初始的销售额被列入上一个季度入账。与之相对的是“饼干罐”记账：将当前收益推至将来，以此推高疲软季度的销售额。

　　乐购.jpg

　　In the second, more serious category, the sales are fake: often, a related party poses as a customer to generate phoney invoices⁹. Examples include Gowex, a Spanish technology firm that folded earlier this year, and Satyam Computer of India, whose boss compared the escalation¹⁰ of the $1.5 billion fraud to riding a tiger that was ever harder to dismount without being eaten.

　　更严重的是第二类情况，即销售额都是假的：通常情况下，业务关联方会装扮成顾客以产生虚假发票。西班牙科技公司Gowex今年早些时候便是因此破产，而印度萨蒂扬软件公司老板身陷15亿美元的诈骗升级案，时局愈发艰难，真真是骑虎难下，无法全身而退。

　　Working out how much revenue to book and when can be a matter of fine judgment¹¹. It is especially tricky¹² in long-term contracts, such as in construction, or when the sale of goods is bundled with a service agreement, as with photocopiers¹³. In a sign of how complex an area this is, only this year—after more than a decade of talks—did European and American standard-setters agree on a common approach to revenue recognition.

　　应记多少收益以及何时记收益都需要准确的判断力。这在长期合同中尤为棘手，比如建筑合同，或是所售商品捆绑的服务合同。有一个迹象可以表明这个领域到底有多么复杂：经过十多年的讨论，直到今年，欧洲和美国的会计准则制定者方才达成一个确认收益的通用办法。

　　The complexity¹⁴ of Tesco's promotional deals with suppliers may also have left much room for discretion¹⁵, and honest mistakes, as well as deliberate distortions. But the risks around accounting for such payments are hardly new. The auditors¹⁷ of several big retailers¹⁸ have amplified¹⁹ their warnings in recent years as rebates have taken up more space on balance-sheets. In its most recent report, in May, Tesco's auditor¹⁶, PwC, warned of the “risk of manipulation”.

　　乐购与供应商间复杂的促销协定可能也给酌情权，无心之过，以及蓄意歪曲留下很大空间。但在财务上此类支付风险已不是什么新鲜事物。由于回扣在资产负债表中占据越来越大的比重，几个大型零售商的审计机构近年来已提升警告级别。乐购的审计机构普华永道在5月份最新的报告中已警告其注意“操纵风险”。

　　If Tesco's books turn out to have been deliberately²⁰ cooked, it would be the biggest fraud of its type in retailing²¹ since the scandal at US Foodservice in 2000-03. Several executives were fined or jailed for creating bogus rebates to boost profits and bonuses—complete with secret side agreements, in which suppliers agreed not to collect the exaggerated rebates. The Dutch parent company, Royal Ahold, settled with shareholders²² for $1.1 billion. Even if there was no fraudulent intent and the problems stem from a misunderstanding of the rules rather than knowing misapplication, the apparent scale of the error suggests that, at the very least, Tesco's internal controls need a thorough overhaul²³.

　　如果乐购被证实是蓄意加工账表，这将是自2000-2003年美国餐饮业丑闻后零售业最大的欺诈骗局。数名高管已因编造虚假回扣以提高利润和奖金的行为被处以罚款或监禁—他们与秘密方签订协议，其中供应商同意不收取超额回扣。位于荷兰的皇家阿霍德总公司为其股东的诉讼花费了11亿美元。即使公司没有欺诈意图，或是由于误解准则产生问题，并非明知不可为而为之，这份过失的显著规模最起码表明乐购的内部控制需要彻底整改了。

1 accounting   

n.会计，会计学，借贷对照表

参考例句：

• 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。

2 timing   

n.时间安排，时间选择

参考例句：

• The timing of the meeting is not convenient.会议的时间安排不合适。
• The timing of our statement is very opportune.我们发表声明选择的时机很恰当。

3 conspiracy   

n.阴谋，密谋，共谋

参考例句：

• The men were found guilty of conspiracy to murder.这些人被裁决犯有阴谋杀人罪。
• He claimed that it was all a conspiracy against him.他声称这一切都是一场针对他的阴谋。

4 discrepancy   

n.不同；不符；差异；矛盾

参考例句：

• The discrepancy in their ages seemed not to matter.他们之间年龄的差异似乎没有多大关系。
• There was a discrepancy in the two reports of the accident.关于那次事故的两则报道有不一致之处。

5 premature   

adj.比预期时间早的；不成熟的，仓促的

参考例句：

• It is yet premature to predict the possible outcome of the dialogue.预言这次对话可能有什么结果为时尚早。
• The premature baby is doing well.那个早产的婴儿很健康。

6 promotions   

促进( promotion的名词复数 )； 提升； 推广； 宣传

参考例句：

• All services or promotions must have an appeal and wide application. 所有服务或促销工作都必须具有吸引力和广泛的适用性。
• He promptly directed the highest promotions and decorations for General MacArthur. 他授予麦克阿瑟将军以最高的官阶和勋奖。

7 aisles   

n. (席位间的)通道, 侧廊

参考例句：

• Aisles were added to the original Saxon building in the Norman period. 在诺曼时期，原来的萨克森风格的建筑物都增添了走廊。
• They walked about the Abbey aisles, and presently sat down. 他们走到大教堂的走廊附近，并且很快就坐了下来。

8 rebates   

n.退还款( rebate的名词复数 )；回扣；返还（退还的部份货价）；折扣

参考例句：

• The VAT system offers advantages, such as rebates on exports. 增值税有其优点，如对出口商品实行回扣。 来自辞典例句
• In more recent years rate rebates have been introduced for households. 近年地方税的减免已适用于家庭。 来自辞典例句

9 invoices   

发票( invoice的名词复数 )； （发货或服务）费用清单； 清单上货物的装运； 货物的托运

参考例句：

• Take the example of a purchasing clerk keying invoices into a system. 继续说录入员输入发票的例子，这个录入员是一个全职的数据输入人员。 来自About Face 3交互设计精髓
• Consular invoices are declarations made at the consulate of the importing country. 领事发票是进口国领事馆签发的一种申报书。

10 escalation   

n.扩大，增加

参考例句：

• The threat of nuclear escalation remains. 核升级的威胁仍旧存在。 来自辞典例句
• Escalation is thus an aspect of deterrence and of crisis management. 因此逐步升级是威慑和危机处理的一个方面。 来自辞典例句

11 judgment   

n.审判；判断力，识别力，看法，意见

参考例句：

• The chairman flatters himself on his judgment of people.主席自认为他审视人比别人高明。
• He's a man of excellent judgment.他眼力过人。

12 tricky   

adj.狡猾的，奸诈的；(工作等)棘手的，微妙的

参考例句：

• I'm in a rather tricky position.Can you help me out?我的处境很棘手，你能帮我吗？
• He avoided this tricky question and talked in generalities.他回避了这个非常微妙的问题，只做了个笼统的表述。

13 photocopiers   

n.影印机，复印机( photocopier的名词复数 )

参考例句：

• I was quite taken with your line of photocopiers with collation and stapling capability. 我被贵公司能够自动整理和装订的系列复印机吸引住了。 来自辞典例句
• Printers, photocopiers and fax machines are modern office appliances. 打印机、印机和传真机是现代办公用具。 来自互联网

14 complexity   

n.复杂(性)，复杂的事物

参考例句：

• Only now did he understand the full complexity of the problem.直到现在他才明白这一问题的全部复杂性。
• The complexity of the road map puzzled me.错综复杂的公路图把我搞糊涂了。

15 discretion   

n.谨慎；随意处理

参考例句：

• You must show discretion in choosing your friend.你择友时必须慎重。
• Please use your best discretion to handle the matter.请慎重处理此事。

16 auditor   

n.审计员，旁听着

参考例句：

• The auditor was required to produce his working papers.那个审计员被要求提供其工作底稿。
• The auditor examines the accounts of all county officers and departments.审计员查对所有县官员及各部门的帐目。

17 auditors   

n.审计员，稽核员( auditor的名词复数 )；（大学课程的）旁听生

参考例句：

• 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

18 retailers   

零售商，零售店( retailer的名词复数 )

参考例句：

• High street retailers reported a marked increase in sales before Christmas. 商业街的零售商报告说圣诞节前销售量显著提高。
• Retailers have a statutory duty to provide goods suitable for their purpose. 零售商有为他们提供符合要求的货品的法定义务。

19 amplified   

放大，扩大( amplify的过去式和过去分词 )； 增强； 详述

参考例句：

• He amplified on his remarks with drawings and figures. 他用图表详细地解释了他的话。
• He amplified the whole course of the incident. 他详述了事件的全过程。

20 deliberately   

adv.审慎地；蓄意地；故意地

参考例句：

• The girl gave the show away deliberately.女孩故意泄露秘密。
• They deliberately shifted off the argument.他们故意回避这个论点。

21 retailing   

n.零售业v.零售(retail的现在分词)

参考例句：

• career opportunities in retailing 零售业的职业机会
• He is fond of retailing the news. 他喜欢传播消息。 来自《简明英汉词典》

22 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任

23 overhaul   

v./n.大修，仔细检查

参考例句：

• Master Worker Wang is responsible for the overhaul of this grinder.王师傅主修这台磨床。
• It is generally appreciated that the rail network needs a complete overhaul.众所周知，铁路系统需要大检修。