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2003 TAX ACT: EASING THE BURDEN ON BUSINESS
2003稅務法：商業機構減輕稅負
For the third year in a row, Congress has enacted a major tax cut package. Since consumer spending alone will not provide enough stimulation to revive the U.S. economy, businesses will also be prime beneficiaries of the provisions of the new law. According to expert commentator Michael Tucker, many companies are already gearing up to take maximum advantage of the enhanced and extended rules for bonus depreciation as well as a postponement in the remittance of estimated tax payments.
美國國會立法通過減稅法案增加消費刺激經濟復甦，企業成為主要的受益人。時事評論員米高圖克指出，很多公司已準備就緒希望新法案能減輕稅負。原版英文發音。
25 mins.
English version
2003: HOW MUCH OF A RECOVERY?
2003:復原多少?
The U.S. economy is still struggling as we finish the year 2002. But does 2003 offer light at the end of the tunnel? Dr. William Wilson offers his views on the outlook for the economy in 2003. Dr. Wilson is Senior Economist in the Economics and Business Analytics Group for Ernst & Young. He discusses what he envisions in the year ahead for government policy, productivity growth, stock prices, and corporate profits. He also offers his views on the economic implications of a war in the Middle East.
二○○三年美國的經濟能否走出困境？資深經濟學家威廉威爾森根據政府政策，生產增長，股價與企業利潤探討二○○三美國經濟問題。原版英文發音。
25 mins.
English version
ARTHUR LEVITT SPEAKS OUT
李維特：財務報告隱憂
Did last fall’s implosion of Enron usher in a wave of corporate scandals opening the books on a series of financial shenanigans among some of the largest corporations? In a candid conversation, former SEC Chairman Arthur Levitt explains how the abuse of executive stock options may have triggered the collapse of the system for overseeing the U.S. capital markets. Levitt, author of Take on the Street, offers his informed perspective on current controversies ranging from corporate greed to the future of the accounting profession.
安龍事件對會計界造成重大的衝擊。美國證券交易所委員會前任主席李維特在節目內發表他對現時的會計處理手法，可能影響財務報告的真實性，引致企業虛假行為的觀點。原版英文發音。
25 mins.
English version
AT THE COMPANY'S DISCRETION?
公司的自行決定權
Share option schemes and the Fixed Term Workers Directive Scott Redpath and David Israel, Wedlake Bell assess the decision of Mallone v BPB Industries plc, where the court of Appeal addressed the question whether a company had acted irrationally in the exercise of its discretion to cancel vested options of the claimant under the terms of a share option scheme. They also look at the likely impact of the Fixed Term Workers Directive and the UK Regulations, on employee benefit packages.
以 Mallone和BPB Industries有關公司無理自行取消僱員股份認購權計劃的案件裁決結果，評估英國固定員工的相關福利條例。原版英文發音。
22 mins.
English version
BUSINESS REPORTING: THE CHALLENGE OF A NEW MODEL
新商業模式
Investors are demanding information that is accurate, clear, timely and relevant. Often, these demands are accompanied by complaints about the information provided by current financial reporting. In this program, the leadership of a new, blue ribbon AICPA committee - Mike Starr of Grant Thornton LLP and Susan Hinds of Toyota Motor Manufacturing N.A. - presents an enhanced business model designed to meet the marketplace’s growing demand for more relevant, up-to-the-minute information.
投資者要求財務報告的內容必須準確、清晰、適時及中肯的。美國執業會計師委員會要員，均富會計師行的邁克斯塔爾與豐田汽車製造廠的蘇珊海因茲在節目內討論如何因應市場要求建立新商業模式。原版英文發音。
25 mins.
English version
BUSINESS STRATEGY & STATE TAXES: VERIZON WIRELESS' EXPERIENCE
商業策略與州稅：VERIZON WIRELESS 經驗之談
It’s difficult to wander anywhere on this planet without bumping into someone who is using their cell phone. But why are these mobile devices so heavily taxed by 36,000 units of state and local government - Annabelle Canning, Executive Director of Federal & State Tax Policy at Verizon Wireless, explains how these so-called transaction taxes can vitally affect the growth strategy of any company - from traditional brick-and-mortar businesses to electronic commerce sellers.
美國的州政府在流動電訊裝置公司徵收重稅。美國最大的無線通訊公司Verizon Wireless，聯邦與州稅政策部行政總監坎寧解釋所謂的交易稅如何影響公司的增長策略。原版英文發音。
25 mins.
English version
CAN YOU AFFORD TO REFUSE THIS OFR?
可否拒絕營運及財政報告
We explore the requirements of the OFR white paper, which will become a mandatory report for all UK listed companies. The loopholes are discussed for those organisations that only want to comply and not to inform and the potential for those organisations, which take up the challenge and include useful and honest information for investors. Jim Metcalfe (Consultant).
本節目探討將成為全英上市公司的強制性報告一（營運及財政報告）白皮書的規格，並討論其中所存在的漏洞。原版英文發音。
19 mins.
English version
CORE EARNINGS: THE LATEST METRIC
核心盈餘：企業盈餘新標準
Operating earnings, “as reported” earnings, pro forma earnings - is there a difference? As earnings reports are treated with even more suspicion these days, there is a general consensus that something needs to be done to restore reliability and clarity to the way corporations report their performance. Is a brand new metric the answer? Standard & Poor’s seems to think so. Dr. David Blitzer, chairman of the index committee at S&P, explains how “core earnings” can be used to evaluate the operating earnings of U.S. corporations.
標普公司將核心盈餘定義為核心業務的稅後盈餘，根據美國通用會計準則的淨盈餘，扣除特殊項目、會計標準的變動和不再繼續運營的業務。標普500指數委員會主席大衛布利策解釋這種衡量企業盈餘的新標準。原版英文發音。
25 mins.
English version
CORPORATE GOVERNANCE & FINANCIAL EXECUTIVES: A NEW RELATIONSHIP?
公司治理與財務管理：新關係?
Now that Congress has enacted the most sweeping changes to securities law since the Great Depression, it falls to regulators and stock exchanges to develop rules implementing the new corporate governance statute. Since the devil is often in the details, Rick Steinberg, Global Corporate Governance Leader at PricewaterhouseCoopers, poses a very timely question: Are there unforeseen consequences for corporate financial executives in the implementation of some of these new provisions?
紐約證券交易所發佈了對上市公司有關公司治理及揭露實務的擬議準則有更嚴謹的要求。羅兵咸永道有限公司環球公司治理負責人克斯坦伯格細說有關擬議準則的細節。原版英文發音。
25 mins.
English version
CORPORATE GOVERNANCE: NEW ROLES, NEW RESPONSIBILITIES
公司治理：新角色新責任
On October 16, 2001, the problems that led to the collapse of Enron Corporation and Arthur Andersen were first made public. Exactly one year later, the Institute of Internal Auditors convened a summit meeting to examine how the events of the past year will affect corporate governance in the future. This program spotlights a blue-ribbon panel from the summit - featuring Roger Raber, Barbara Franklin, Peter Tobin and Stephen Radin - focusing on the new roles and responsibilities of corporate executives and Board members.
安龍與安達信的欺詐醜聞，動搖公眾對公司治管的信心。著名專業人士探討在事件發生後企業管理層對公司治理擔當的新角色新責任。原版英文發音。
25 mins.
English version
DEDUCT OR CAPITALIZE: WHAT ARE THE RULES?
扣除或轉作資本：條例知多少?
It is a well-established rule that business expenses, though ordinary and necessary, are not deductible if they are considered capital expenditures. Tax guru Michael Tucker analyses a recent court decision on whether a company may deduct, or should capitalize, its expenses for the removal of asbestos. According to Mr. Tucker, companies can benefit from this decision whenever they spend money to repair equipment or restore property.
根據美國已確認的法規，所有經常性及必要商業開支如非可扣除則考慮為非經常開支。稅務專家米高圖克以一案例分析公司是否可把拆除石棉的開支扣除或撥入非經常開支。原版英文發音。
25 mins.
English version
FASB: THE YEAR IN REVIEW, THE YEAR AHEAD
美國財務會計準則委員會：回顧與展望
In 2002 there was a considerable amount of reporting that was either new or modified. The Financial Accounting Standards Board was particularly busy. Norman Strauss, Professor of Accounting Standards at Baruch College and David Holman, National Director of Accounting with Ernst & Young, help us understand the implications of the new rules on year-end reporting. Topics include impairment, asset retirement obligations, disposal of long-lived assets, and extinguishment of debt. They also consider a number of issues the FASB will be dealing with in 2003, such as stock options, special purpose entities, and the principles-based approach to accounting standard setting.
著名學者及專業人士回顧美國財務會計準則委員會於二○○二年提交的財務報告準則，以幫助理解新規定的含意。討論議題包括：價值減損、資產償還債務、長期性資產的處置及清付債項。展望來年包括：股票購買選擇權購股權，特殊目的實體及以會計原理原則為主的會計標準設定。原版英文發音。
25 mins.
English version
FINANCIAL REPORTING: NEW INITIATIVES
財務報告：新主導
At the same time that many companies are required to re-think their governance structure, the investment community is demanding information that is accurate, clear, timely and relevant. In this program, we ask leading accounting experts to weigh in on current initiatives to improve the current financial reporting system: Alan Anderson, Senior Vice President, AICPA; James Barge, Senior Vice President, AOL Time Warner; Robert Hers, Chairman, FASB; Colleen Sayther, President, FEI; and Edward Trott, Member, FASB.
很多機構需要重新再思其管治結構。會計界專業人士在節目內討論應如何改善現行的財務報告系統。原版英文發音。
25 mins.
English version
FINANCIAL SERVICES & PENSIONS UPDATE
財務服務與退休保障
In Financial Services and Pensions Law, we provide a round up of some recent developments. We cover the Proceeds of Crime Act, problems with Cash Equivalent Transfer Values and the European Pensions Directive. Andrew Powell and Tom Collinge (Hammonds).
著名律師事務所Hammond Suddards Edge合伙人Andrew Powell解釋桑德勒報告書和皮克林報告書可能是退休金保險業改革的先兆。以英國老牌保險公司的破產法院裁決評論安全投資退休計劃的問題。就Hagen與ICI的訴訟分析僱主承諾退休計劃的利益問題。原版英文發音。
19 mins.
English version
FRAUD IN BUSINESS
商業詐騙
Julia Penny (Chantrey Vellacott DFK) aims to increase awareness of the growing risk of fraud within business, with suggestions as to the actions which directors, managers, and staff can take to minimise such risk. The programme makes the case that fraud is increasing, and then suggests various factors, which increase the risk of fraud. Examples of various types of fraud are given together with suggestions as to how such frauds are able to take place and advice on action, which might be taken to reduce fraud risk and to detect fraud at the earliest opportunity. Suggestions are also made on establishing a fraud policy and setting up a fraud response plan.
商業詐騙案件有不斷上升的趨勢，專業人士提供減少詐騙風險的實際方式。原版英文發音。
25 mins.
English version
FRS17 RETIREMENT BENEFITS - THE SCAPEGOAT FOR POOR PENSION PLANNING?
FRS17退休利益－缺少退休計劃下的代罪羔羊?
Richard Mallett (CIMA) reviews the why, what, how and when of the standard; the links between it and both IAS 19 and FAS 87. It also examines why an accounting standard can cause near hysteria in some quarters.
英國特許管理會計師公會管理層評論有關歐盟國家第十九號公佈與美國會計準則第八十七號公佈的標準及可能造成的影響。原版英文發音。
12 mins.
English version
INTERNET REPORTING - THE NORM FOR THE FUTURE?
網頁報告：未來標準
Catherine Gowthorpe (Oxford Brookes University) explores the usage being made of websites by small companies to inform stakeholders about the financial health of the company. The programme examines the results of the survey undertaken to establish the small company scene in respect to disseminating financial information through the company web site. The present content and future opportunities are explored, as is the approach by government and the possibility of further regulation.
牛津布魯克斯大學研究人員探討小型公司如何利用公司網頁提供公司健康財政報告。原版英文發音。
27 mins.
English version
MEETING THE CHALLENGES OF FINANCIAL REPORTING TODAY
財務報告：改革系統
The decline in confidence in the capital markets has posed a challenge for businesses, regulators and stock markets: how to fashion a system of comparable, uniform and high-quality financial reporting that is accepted by investors around the world. But when, and by whom, will this task be undertaken? These questions were recently addressed by Robert Herz, newly appointed Chairman of the Financial Accounting Standards Board. We are pleased to provide you with the highlights of his remarks to FEI’s Current Financial Reporting Issues Conference.
自詐騙事件發生後，投資者信心下滑，有必要設立一套可比較和劃一的高素質財務報告系統。美國財務會計準則委員會主席探討這個議題。原版英文發音。
25 mins.
English version
MINIMUM FUNDING REQUIREMENT; TUPE AND PENSIONS; MIS-SELLING AND COMPENSATION
最低提存準備金
Andrew Powell of Hammond Suddards Edge and Scott Redpath of Clifford Chance examine the new consultation document on the next stage of reform for MFRs. They also look at the circumstances in which pension rights may become transferable under proposed changes to the transfer of undertakings regulations, and assess the impact of Needler Financial Services v Taber: what impact does demutualisation have on the quantum of a pension mis-selling claim?
法律界專業人士探討英國的最低提存準備金下一階段改革部份。另外，以一高等法院的裁決討論有關可移動退休金權利的細節。原版英文發音。
24 mins.
English version
MOVING TO INTERNATIONAL ACCOUNTING STANDARDS - ARE YOU READY?
邁向國際會計基準－你準備好了沒有
Isobel Sharpe (Deloitte & Touche) examines the decisions taken by the 1) EU to adopt the International Accounting Standards, 2) ASB with regard to the UK standards and 3) DTI on which organisations should adopt the International standards. The roll out globally is examined including the USA. The main changes to the UK standards are examined and the complexity and uncertainty with regard to timescales, in this studio based programme.
本節目探討歐盟引入國際會計基準的決定及公司應否採用該基準，此外，這個決定對英、美及全球的基準有甚麼影響？在時間上又會否造成憂慮及複雜化呢? 這些都是本節目將討論的話題。原版英文發音。
18 mins.
English version
NEW GUIDANCE FOR OFF-BALANCE-SHEET ENTITIES
資產負債表：新指引
Since the unfolding of the Enron scandal, the FASB has tried to expand and strengthen existing guidance that addresses when a company should include the assets and liabilities of another entity in its financial statements. In issuing its Interpretation No. 46, FASB goes beyond the traditional definitions of ‘special purpose entities’ and ‘off-balance-sheet entities.’ In this program, FASB project manager Ron Lott explains the ins-and-outs of implementing the new rules on the consolidation of variable interest entities.
美國財務會計準則委員會項目經理解釋有關超越「特殊目的實體」及「資產負債表」傳統定義的第四十六號詮釋。原版英文發音。
25 mins.
English version
THE REGULATORY OUTLOOK IN THE WAKE OF SARBANES-OXLEY
奧克斯利法案：填補不足之處
Last year saw watershed changes in the area of corporate governance, marked by the addition of new reforms and new oversight. Regulators, such as the SEC, have developed ambitious agendas as corporate accounting has moved out of the shadows and into the limelight. Richard Langan of Nixon Peabody LLP analyses the current compliance environment by examining the enforcement priorities of the major regulators. In addition, he focuses on the impact their actions will have on corporate finance.
自奧克斯利法案通過後，證管會希望能盡快移除法例的灰色地帶以堵塞漏洞。原版英文發音。
25 mins.
English version
RESTORING PUBLIC CONFIDENCE IN REPORTING
恢復公眾信心
Highly publicized accounting failures have contributed to a lack of confidence in reporting by public companies. Suspicions of accounting or reporting irregularities have resulted in significant market valuation declines. A panel of experts, comprised of financial statement users and regulators, explores today’s best practices in reporting and offers their perspectives on the continued evolution of transparent reporting. Panelists include: Patrick Finnegan, Sr. Vice President, Moody’s; Charles Hill, Director of Research, Thompson Financial/First Call; and Bruce Bennett, Partner with Covington and Burling.
會計界翹楚的負面醜聞，引發公眾對企業誠信的危機，專業人士探討如何以高透明度製作財務報告。原版英文發音。
25 mins.
English version
SARBANES-OXLEY: ONE YEAR LATER (PART 1)
奧克斯利法案：一年後(一)
The Sarbanes-Oxley Act (SOX) has already become one of the most important legislative acts affecting corporate governance and financial disclosure. As we approach the first anniversary of its enactment, implementation of SOX continues to be a challenge for many corporations. In his keynote speech at a recent seminar sponsored by Marsh, former SEC Chairman Harvey Pitt explains what companies should - and should not - do in the wake of ongoing scandals and increased scrutiny.
自接二連三的會計醜聞後，美國政府快速頒佈打擊企業違規的奧克斯利法案。在此法案生效的週年紀念，前證管會主席皮特解釋在現時的經濟環境下，應否改革法案或重新考量條款內容。原版英文發音。
25 mins.
English version
SARBANES-OXLEY: ONE YEAR LATER (PART 2)
奧克斯利法案：一年後(二)
As we ‘celebrate’ the first anniversary of its enactment, the Sarbanes-Oxley Act (SOX) continues to pose an implementation challenge for many businesses and their financial organizations. Because the law has so significantly changed the roles and responsibilities of financial executives, we present additional highlights from a recent seminar sponsored by Marsh. In this program, a blue-ribbon panel of seven experts from different disciplines debates the impact to date of SOX on corporate governance and disclosure.
不同範疇的專業人士繼續討論最大規模的奧克斯利法案。原版英文發音。
25 mins.
English version
SEC ENFORCEMENT: WHAT LIES AHEAD
公平告知法規
The recent spate of high-profile financial scandals has compelled the SEC to bring out its arsenal of rarely invoked, but powerful, enforcement tools. For example, the Commission recently filed its first enforcement actions in connection with violations of Regulation FD, prohibiting companies from selectively disclosing material, non-public information. Jeffrey Rudman, chair of the Corporate and Securities Litigation Group at Hale and Dorr LLP, examines the SEC’s current enforcement priorities and gauges the impact these actions will have on corporate financial executives.
專業人士評論美國證券管理委員會自會計醜聞後，啟動的公平告知法規，禁止公開上市公司對選擇性對象發佈會影響市場走勢的消息。原版英文發音。
25 mins.
English version
TONE AT THE TOP: NECESSARY BUT NOT SUFFICIENT
有效公司治理系統
One year after its adoption, implementation of the Sarbanes-Oxley Act continues to be a challenge for many companies. Of particular concern to Stephen Grace is that the emphasis on ‘tone at the top’ may detract from the necessary system of checks-and-balances. In his keynote address to the Institute of Internal Auditors, Dr. Grace - President of H.S. Grace and Company, a corporate governance consultancy firm - draws on history to explain how a strong and effective corporate governance system can improve the reliability of an organization’s financial reporting.
專業顧問解釋一套有效的企業治理系統如何改善機構財務報告的可靠性。原版英文發音。
25 mins.
English version
VALUING STOCK OPTIONS: NOT WHETHER, BUT HOW
股票選擇權：計入開支
Following the corporate scandals of last year, equity compensation has become a touchstone in the effort to reform corporate governance and disclosure. With the FASB’s movement toward requiring the recognition of employee stock options as compensation cost, the issue most companies now face is how to value those options at ‘fair value’ as of the date of grant. In this program, Summer Parrish, Senior Vice President of Valuation Research Corp., examines the factors businesses should consider in selecting and applying an option-pricing model.
探討美國證管會提出有關要求企業將股票選擇權計入開支的可行性。原版英文發音。
25 mins.
English version
VARIABLE INTEREST ENTITIES: THE CHALLENGE OF IMPLEMENTING FIN 46
浮息實體：四十六號準則
In the aftermath of accounting scandals, much consideration has been given to the financial reporting of special-purpose or off-balance-sheet entities. As a result of this spotlight, FASB issued Interpretation 46, complicating matters in this area and potentially increasing the number of entities that are consolidated on balance sheets. In this program, a trio of experts - David Kane of Ernst & Young, Ralph X. Nach of American Express Tax & Business Services, and David Holman of Ernst & Young - explain how they will recommend that their clients implement FIN 46.
對美國財務會計準則委員會第四十六號準則中「特殊目的實體」及「資產負債表」加以分析，並解釋其應用方法。原版英文發音。
25 mins.
English version
WHAT'S THE TRUE COST OF YOUR CAPITAL?
規劃投資資金成本
Every company, every organization, is constantly making resource allocation decisions. When executives evaluate a potential investment - whether it’s to build a new plant, enter a new market, or acquire a company - they weigh its cost against the future cash flows they expect will spring from it. Dr. Timothy Luehrman is Managing Director in the Corporate Value Consulting Practice of Standard & Poor’s. A former Harvard Business School professor, Dr. Luehrman explains why companies need to know what their true cost of capital is and how to calculate it.
企業進行投資，例如：開設分公司、進軍新市場又或是併購公司，必須精確計算和制定最合適的營運資金策略。現任標準普爾常務董事，前哈佛商學院教授摩西魯曼親自講解企業如何準確計算真正成本。原版英文發音。
25 mins.
English version
WHEN BAD THINGS HAPPEN TO GOOD EXECUTIVES
公司要員遺產計劃
After disaster strikes, a business should have a contingency plan to survive the loss of its top leadership. But do companies have a further responsibility to ensure that their executives have done adequate estate planning? Citing the post-9/11 experience of Cantor Fitzgerald, Roy Adams wants businesses to be aware of potential claims of fiduciary liability by families of former executives. Senior Chairman of the Trusts & Estates practice at Sonnenschein, Nath & Rosenthal, Mr. Adams describes the process, and the benefit, of offering estate planning to top executives.
經過災難性的打擊，企業需要制定應變計劃，萬一損失公司要員仍可從困境中挺過來，但現時的公司是否有責任替公司要員做足夠的遺產計劃？原版英文發音。
25 mins.
English version
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