I want to keep you updated on what is happening in our business and how we are navigating through this economic downturn. We continue to manage our business very carefully and to take steps to keep us strong and stable. You know from my 2 February note that our strategy for weathering this storm is to focus on addressing the risks and taking advantage of the opportunities. This includes staying close to our clients, managing our costs smartly, continuing to invest, taking care of our people and living the PwC Experience.

Many of you may know some of the actions taken by our competitors. These have included staff retrenchments and asking staff to take 30 days or more of unpaid leave.

We are fortunate that PwC came into these difficult times in a strong position. While no one could have predicted the full range of events that we have seen in recent months, our firm did anticipate a downturn, and we had already taken steps to manage our cost structure and position ourselves to operate efficiently. Nevertheless, PwC is not immune to the same economic forces that are impacting our clients and other firms. We are under pressure from clients on pricing. Winning new work is fiercely competitive. Our staff leaving rate has declined significantly which means we have more staff than current activity levels require. This has significantly impacted the revenue, costs and earnings of the firm. We know this storm will pass and our market will rebound. To emerge successfully, we must work together to contain our costs and preserve our exceptional talent base.

This note introduces the following People strategy programmes that will help us move through the downturn.

• Career Breaks
• Unpaid Leave Programme
• Flexible Working
• Organisational Agility

These programmes will help the business by reducing our costs. In addition some of these programmes aim to enable many of you to achieve the work life balance that has not been possible before due to very heavy work demands. The sections below will introduce these programmes briefly and the doc links will take you to the relevant sections of the HR database which provide more details.

Career Breaks

The main objective of this policy is to assist those staff with exams to sit to have more time to study to pass their exams. Specifically we will be discussing this with experienced seniors and deputy managers in China who have yet to complete the CICPA exams. The exam sitting in 2009 will be the last in the current syllabus after which there will be 7 papers to pass in order to achieve the CICPA qualification. It is critical that our staff can take all the time they need to study and pass the 2009 exam. In addition, other staff are welcome to apply for this programme for reasons which might include MBA or other study or to undertake volunteer activities for charity.

Eligible staff will be able to apply to take a period of not less than 1 month and not more than 12 months leave. During this period, the firm will continue to pay 20% of current salary. Requests will be considered and approved by the business units.

To find out more please click on this doc link -> Notes Link

Unpaid Leave Programme

To help the firm contain costs in these difficult times, we will implement an unpaid leave programme that applies to all partners and staff in China and Hong Kong. Drawing from the favourable feedback we received on the approach adopted at Christmas and Chinese New Year where most of us took leave at the same time, we have determined a list of dates for unpaid leave from April to October as set out below.

It is important to note that the above does not mean that our offices will be closed on the designated days. We are open for business and the needs of our clients must be met at all times. It is anticipated, however, that the vast majority of us will not be at work on those days and we will manage our client commitments accordingly. This unpaid leave programme is in addition to any unused annual leave and TOIL balances which you are carrying.

For more details on this programme, please click on this doc link -> Notes Link

Flexible Working

The world is moving very fast. Rather than attempt to predict what measures will be needed beyond October, we will continue to assess market conditions and the success of this programme to determine what, if any, further action needs to be taken. We are in one of the most exciting high growth markets in the world. It is important to our long term strategy to maintain and build on our exceptional talent base which will put us in a strong position to meet demands when the economy rebounds.

The objective of this policy is to enable those staff who have a special need to achieve balance in their working and personal arrangements through a period of part time working e.g. to take care of a young family. Any staff at Director grade and below who have been with us for at least the past 12 months are eligible to apply to work part time – for instance 3 or 4 days a week with some flexibility on the precise days. Variations from this broad principle will be considered and approved subject to business needs.

To find out more please click on this doc link -> Notes Link

Organisational Agility

OA is about creating an environment that helps our people to be aware of opportunities available in the firm which they may wish to apply for. The programme promotes the development of talent within our firm and helps our people consider their longer term career goals. In the current climate, it also enables the firm to fill some positions through internal redeployment rather than external hires.

To find out more please click on this doc link -> Notes Link

Over the past several months, management has reviewed our operations and implemented prudent and necessary cost savings measures to help us weather this storm. These included travel restrictions and policy changes, deferral of non essential infrastructure investments, cancellation of non essential meetings and the annual June partners’ conference, drawing down of annual leave and TOIL balances etc. We are seeing tangible results and we thank you for your support.

The months ahead will continue to be full of challenges. Your coaches, business unit leaders and our We Care champions are there to help you. Please reach out to any of us at any time if you need assistance. I am confident with teamwork and the right strategy, we will manage through the downturn to emerge a stronger, more dominant and distinctive firm.

Regards,

重复重复再重复

今天收到新一期的IN THE BLACK,果然等到了呀:

果真拿到了divisional reward:

快打电话给我吧~~~哈哈哈:

Summary of Statement No. 109

Accounting for Income Taxes (Issued 2/92)

Summary

This Statement establishes financial accounting and reporting standards for the effects of income taxes that result from an enterprise's activities during the current and preceding years. It requires an asset and liability approach for financial accounting and reporting for income taxes. This Statement supersedes FASB Statement No. 96, Accounting for Income Taxes, and amends or supersedes other accounting pronouncements listed in Appendix D.

Objectives of Accounting for Income Taxes

The objectives of accounting for income taxes are to recognize (a) the amount of taxes payable or refundable for the current year and (b) deferred tax liabilities and assets for the future tax consequences of events that have been recognized in an enterprise's financial statements or tax returns.

Basic Principles of Accounting for Income Taxes

The following basic principles are applied in accounting for income taxes at the date of the financial statements:

1. A current tax liability or asset is recognized for the estimated taxes payable or refundable on tax returns for the current year.
2. A deferred tax liability or asset is recognized for the estimated future tax effects attributable to temporary differences and carryforwards.
3. The measurement of current and deferred tax liabilities and assets is based on provisions of the enacted tax law; the effects of future changes in tax laws or rates are not anticipated.
4. The measurement of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are not expected to be realized.

Temporary Differences

The tax consequences of most events recognized in the financial statements for a year are included in determining income taxes currently payable. However, tax laws often differ from the recognition and measurement requirements of financial accounting standards, and differences can arise between (a) the amount of taxable income and pretax financial income for a year and (b) the tax bases of assets or liabilities and their reported amounts in financial statements.

APB Opinion No. 11, Accounting for Income Taxes, used the term timing differences for differences between the years in which transactions affect taxable income and the years in which they enter into the determination of pretax financial income. Timing differences create differences (sometimes accumulating over more than one year) between the tax basis of an asset or liability and its reported amount in financial statements. Other events such as business combinations may also create differences between the tax basis of an asset or liability and its reported amount in financial statements. All such differences collectively are referred to as temporary differences in this Statement.

Deferred Tax Consequences of Temporary Differences

Temporary differences ordinarily become taxable or deductible when the related asset is recovered or the related liability is settled. A deferred tax liability or asset represents the increase or decrease in taxes payable or refundable in future years as a result of temporary differences and carryforwards at the end of the current year.

Deferred Tax Liabilities

A deferred tax liability is recognized for temporary differences that will result in taxable amounts in future years. For example, a temporary difference is created between the reported amount and the tax basis of an installment sale receivable if, for tax purposes, some or all of the gain on the installment sale will be included in the determination of taxable income in future years. Because amounts received upon recovery of that receivable will be taxable, a deferred tax liability is recognized in the current year for the related taxes payable in future years.

Deferred Tax Assets

A deferred tax asset is recognized for temporary differences that will result in deductible amounts in future years and for carryforwards. For example, a temporary difference is created between the reported amount and the tax basis of a liability for estimated expenses if, for tax purposes, those estimated expenses are not deductible until a future year. Settlement of that liability will result in tax deductions in future years, and a deferred tax asset is recognized in the current year for the reduction in taxes payable in future years. A valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized.

Measurement of a Deferred Tax Liability or Asset

This Statement establishes procedures to (a) measure deferred tax liabilities and assets using a tax rate convention and (b) assess whether a valuation allowance should be established for deferred tax assets. Enacted tax laws and rates are considered in determining the applicable tax rate and in assessing the need for a valuation allowance.

All available evidence, both positive and negative, is considered to determine whether, based on the weight of that evidence, a valuation allowance is needed for some portion or all of a deferred tax asset. Judgment must be used in considering the relative impact of negative and positive evidence. The weight given to the potential effect of negative and positive evidence should be commensurate with the extent to which it can be objectively verified. The more negative evidence that exists (a) the more positive evidence is necessary and (b) the more difficult it is to support a conclusion that a valuation allowance is not needed.

Changes in Tax Laws or Rates

This Statement requires that deferred tax liabilities and assets be adjusted in the period of enactment for the effect of an enacted change in tax laws or rates. The effect is included in income from continuing operations.

"聽說她弟弟在Big Four做Senior，即是說對上還有九萬幾個老細，連茶樓裡一個小領班都不如。"

When I was a child,

I spake as a child,

I understood as a child,

I thought as a child:

but when I became a man, I put away childish things.

省吃俭用给你买席梦思

居然自己咬开来,头放在上面很舒服??

本来我就不容易, 一瘸一拐去磨个咖灰

竟然没有杯子!!!!!

左边pantry没有

一瘸一拐到右边pantry, 还是没有!

这是系统性的, 有组织的, 有预谋的cost cutting!!

既然如此, 还放一堆塑料搅拌干嘛?

老子还不喝了~

还剩最后一门, 加油加油~~~

哈哈哈哈哈哈

怎么会这么烦......