2014年经济学人 乐购财务危机

Tesco's accounting¹ problems

Not so funny

Booking revenues, like comedy, is all about timing²

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.

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 They may also have underreported the costs of stolen and out-of-date produce.

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.

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.

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.

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”.

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.

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。