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外文翻译原文1Thelogicofpensionaccounting2.Pensionsasanexpense2.1.EarlyapproachestopensionaccountingIntheUSAandUK,private-sectoremployer-sponsoredpensionarrangementsbegantoappearinthesecondhalfofthe19thcentury,andwereoftenassociatedwithlargeorganizationssuchasrailways,insurancecompaniesandbanks(Hannah,1986:10–12;ChandarandMiranti,2007:206).Accountingforthesearrangementswasoftenverysimple.Thecostrecognizedbytheemployerwaseffectivelythecashpaidinagivenperiod.Someschemesoperatedona‘pay-as-you-go’basis,wheretheemployermadenoadvanceprovisionforretirementbenefits.Inthiscase,thecosteachperiodequaledthebenefitspaid.Inaschemewheretheemployermadecontributionstoanexternalfundinvestedinsecurities,outofwhichbenefitswouldbepaid,ormadenotionalcontributionstoaninternalaccount,thecostwouldbethecontributionsarisingineachperiod,possiblyaugmentedbyinterestonnotionalcontributionsifthesewerenotusedtopurchasesecurities.However,manyemployersgrantedpensionstoenableemployeestoretire,eventhoughnoadvanceprovisionhadbeenmade.The‘expense-as-you-pay’accountingforpensionswasrationalizedthroughthe‘gratuitytheory’ofretirementbenefits(McGilletal.,2004:16).Thistheoryproposedthatretirementbenefitswereawardedtoretireesatthediscretionoftheemployer,‘asakindlyactonthepartofanemployertowardsoldretainerswhohaveservedhimfaithfullyandwell’(PilchandWood,1979:2).Payingapensionwasnotnecessarilyanactofpurebenevolence,becauseitcouldallowanemployertoretireanemployeewhowasnolongerperformingadequately,withoutincurringpubliccriticism.Thegratuitytheoryimpliedthattheemployerreceivedanefficiencygainwhensuperannuatedemployeesretired,andthattheappropriatepointatwhichtorecognizethecostofpensionswasasthepensionswerepaid.Iftheemployerwantedtoearmarksomeearningsinadistinctpensionreservebeforeemployeesretired,thenthiswouldberegardedasanappropriationofprofitratherthanasanexpense.Eveninstructuredpensionschemes,theemployermightincludeclausesdenyingtheexistenceofanenforceablecontract,stressingthatpensionbenefitswerepaidentirelyattheemployer’sdiscretionandcouldbediscontinuedatanytime(Stone,1984:24).However,thegratuitytheoryrapidlycameunderchallengefromtheviewthatpensionsconstitute‘deferredpay’,andthatemployeesineffectsacrificecurrentincomeinexchangefortheexpectationofincomeinthefuture.Onthisbasis,earlyaccountingtheoristssuchasHenryRandHatfieldsuggestedthatemployersshouldincludeinoperatingexpenses‘theamountnecessarytoprovideforfuturepensions’(Hatfield,1916:194).Anumberofcommentatorsobservedthatthecalculationofsuchanexpensewaspotentiallyhighlycomplex,buttheysuggestedthatthecalculationsfellwithinthedomainofactuaries(Stone,1984:26).Membersoftheactuarialprofessionhadalreadybeeninvolvedinadvisingonappropriatecontributionratesforpensionschemesinvolvingeitherexternalorinternal‘notional’funding.Inaccountingterms,theemployerwouldmeasuretheannualcostofpensionprovisioneitherdirectlyintermsofamountscalculatedbyactuaries,iftherouteofinternalfundingwasfollowed,orthroughthecontributions(themselvesdeterminedbyactuaries)toanexternalpensionfund.Inthecaseofexternalfunding,costwouldbeequaltocontributionsduefortheperiod,and,otherthanshort-termaccruals,pensionexpensewouldbebasedoncashpayments(orotherassetstransferred)tothepensionfund.2.2.ThebeginningsofaccountingregulationEarlyauthoritativeaccountingpronouncementsendorsedthisessentiallycash-base...