投资性房地产的公允价值计量模型分析外文翻译.docx
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投资性房地产的公允价值计量模型分析外文翻译
外文翻译
原文:
AnAnalysisofInvestmentPropertyFairValueMeasurementModel
WithEconomicDevelopmentandInvestmentoutlookischangedasatpresentinWesterncountries,companies,realestateasaninvestmenttool,isalreadyverycommoneconomicphenomenon.Inrecentyears,thisinvestmentbehaviorofsomeenterprisesinChina'sincreasinglypopular,andevensomeenterprisestobecomeneweconomicgrowthpoint.InordertoconformtoChina'seconomicdevelopmenttrend,inlinewiththespiritofconvergenceofinternationalaccountingpractices,China'sMinistryofFinanceonFebruary15,2006issuedguidelinesforNo.3,'investmentproperty'.Guidelinesforthefirsttime,investmentrealestateasaseparateassettoberecognized,andforthefirsttimeintroducedintheassetfairvaluemeasurement.However,inpractice,companiesstillneedtosolvealotofinvestmentrealestaterecognitionandmeasurementrelatedtotechnicalproblems.Thispaperanalyzestheuseoffairvaluemeasurementoftheadvantagesanddisadvantagesofrealestateinvestment,toanalyzetheexistingproblemsandsolutions.
First,investmentrealestateandthefairvaluemeasurementmethodoutlined
(A)theconceptofinvestmentinrealestate
Astheeconomychangesintheconceptofdevelopmentandinvestment,realestate,justasadomesticinvestmentinincreasingthevalueofseveralvarieties,somecompaniesmoreandmorepopular.However,beforethepromulgationofnewguidelinesforaccountingtreatment,companiesinvestinrealestatehavebeentreatedasafixedasset,inaccordancewiththeirestimatedusefullifeofextractionofdepreciation,netfixedassetsthatoftendonotreflectthetruevalueofrealestateinvestment,becauseafewyearslater,themarketvalueofrealestatemaynotonlyhigherthanitsnetbookvalue,butoftenseveraltimeshigherthantheoriginalvalueoftheirbookorevenseveraldozentimes.
Investmentinrealestaterefersto'enterprisestoearnrentorcapitalappreciation,orbothholdingarealestate'.Thesemainlyinclude:
leasedlanduserights;toholdandisreadytoaddvaluetothetransferoflanduserights;leasedbuildings.
(B)theconceptoffairvalue
China'saccountingstandardsonthefairvaluegivenbythedefinition:
'Inafairdeal,arefamiliarwiththesituationofthepartiestothetransaction,thevoluntaryexchangeofanassetordebtsettlementamount'.Fairvalueshouldbedeterminedaccordingtothefollowingprinciples:
theexistenceofanactivemarketforassetsorliabilities,anactivemarketinthepricingshouldbeusedtodetermineitsfairvalue;thereisnoactivemarket,arefamiliarwiththesituationandvoluntarytransactions,thepartiestoarecentmarkettransactionsusedinreferencetosubstantiallythesamepriceorotherassetsorliabilitiesofthecurrentfairvalue;thereisnoactivemarket,anddoesnotmeettheabovetwoconditions,valuationtechniquesshouldbeusedtodeterminethefairvalueofassetsorliabilities.
Second,investinrealestateprosandconsofusingfairvaluemeasurement
(A)theadvantagesofusingfairvaluemeasurement
TheintroductionofnewguidelinesformeasuringfairvaluemodelisaleapofChina'saccountingstandards,itchangestoaccountingstandardsofChina'shistoricalsignificanceisimmeasurable.
1,fairvaluemeasurementtomoreaccuratelyreflectthetruevalueofcorporateassets,amorerealisticdecision-makingtomeettheneedsofInformationusers.Thepreviousmeasurementofaccountingelements,stressesthehistoricalCostasthebasisformeasurement,butinthecurrenteconomicenvironment,theendlessvarietyofinvestmenttypes,andthentothehistoricalcostpricingcannolongertrulyreflectthetruevalueofthecompany'sassets,investmentrealestateholdingsThepurposeistoaddvalueortoearnrents,ratherthanforsaleandotherproductionpurposes,andtoobtainthecostoftheseassetsareusuallyverylow,wasduetoland,resourcelimitations,economicdevelopmentandotherreasons,assetpricesrisesharplyatthistimetheintroductionoffairvaluemeasurementmodelcanreflectthetruevalueinthemarketmoreaccuratelyreflecttheviabilityofenterprises,solvencyandtheundertakingoffinancialrisks,moreusefulinformationusersmakebettertherightdecisions.
2,theintroductionoffairvaluemeasurementreflectstheChineseaccountingstandardswithinternationalaccountingstandardsconvergencewithinternationalstandardstomeettheneeds.Astheinternationalaccountingmeasurementcommonlyusedbyfairvalueaccountingstandardsifwearestillusingthebookvalueofthepast,methods,isnotconducivetoChina'saccountingIndustryandinternationalstandards,isnotconducivetoChina'saccountingindustry.Marketeconomy,inessence,isafaireconomy,adeparturefromtheprincipleoffairness,boundtoanegativeimpactonthewholenationaleconomy.
3,usingthefairvaluemeasurementmodelcanenhancetheabilityofcorporatefinance.Sincethecurrentfundingconstraints,individualenterprises,especiallylargedemandforrealestatefunds,atpresentmostoftherealestatecompany'sasset-liabilityratiowereabout70%,ifweadoptthefairvaluemeasurementmodel,willgreatlyincreasethecompany'snetassets,downthegroup'sasset-liabilityratio,sothatundervaluedrealestatevaluationmoreinlinewithitsmarketvalue,willnodoubthelptoenhancethecredibilityofenterprisestobankloans,strengthenitsfinancingcapacity,whileincreasingthenetassets,equityfinancingofenterpriseswouldgreatlyincreasetheamountofmoney,toacertainextent,therealestateenterprisefundstoeasethetension.
4,fairvaluemeasurementmodelcouldenableenterprisestoincreaseprofitswithoutincreasingthesubstantialtax.Accordingtotax(2007)80,theprovisionsofenterprisestofairvaluemeasurementoffinancialassets,financialliabilitiesandrealestateinvestmentholdingperiodchangesinfairvaluearenotincludedintaxableincomeintheactualdispositionorsettlement,thedispositionofthepriceobtainedbydeductingthedifferencebetweenitshistoricalcostsshouldbeincludedinthedispositionorsettlementoftheamountoftaxableincomeduringtheperiod.Theadoptionoffairvaluemeasurementofinvestmentproperty,enterprises,anddidnotincreasetheactualtaxburden,whichwillhelptosavethecompanymoney.
(B)theuseoffairvaluemeasurementoftheshortcomingsof
Althoughtheapplicationoffairvaluehasmanyadvantages,butinourapplicationsstillexistmanyproblems.
1,usingfairvaluemeasurementmaybeadjustedprofits.SincethedevelopmentoftherelevantmarketinChinaisnotmature,fairvaluemaybedifficulttoachievefair,andislikelytobecomeprofitablemanipulationtool.Inparticular,thefairvalueofinvestmentrealestateidentification,suchasthecalculationofdiscountedvalueofcashflow,cashflowestimates,theestimateddiscountrateordiscountedperiodisestimated,wouldrequirecoupledwithhumanjudgments-whichintheObjectively,thereisthepossibilitytomanipulateprofits.
2,thefairvalueofunderlyingassetsisdifficulttoobtain.Indevelopedcountries,market,markettransactionsinavarietyoffactorsofproductionareveryactiveandmoreeasilyrecognizedatfairvalue,whileinourcountry,propertyrightsandfactormarketswerenotveryactive,intermediarycredibilityislow,themarketlaxlawenforcementandmanagement,accounting,personnelandlowqualityandsoon,relatedtothefairvalueofbothdifficulttoachieve.
3,fairvaluemeasurementeasilyleadtofrequentpricefluctuations.Inthehistoricalcostmeasurementsystem,thevalueofassetsaregenerallyfixed,butthefairvaluechangeswithchangesinmarketprices,soofcoursecanreasonablyreflectthevalueoftheassetsatthattime,butifthatassetpricestendtobefrequentchanges,willinevitablyleadtofinancialconditionandprofitabilityofthevolatilityofchange,toinvestorstheimpressionthatthedevelopmentofthecompany'sfinancialinstability.
Third,investmentinrealestateusedinthepracticalapplicationoffairvaluemeasurementproblemsandsolutions
(A)Usethepracticalapplicationoffairvaluemeasurementproblemsin
Accordingtostatistics,beginningin2007sincetheimplementationofthenewguidelines,thereisinvestmentinrealestatehas630listedcompanies,butthevastmajorityofthesecompaniesinvestinrealestateusedforthecostofmeasurementmodel.Only18listedcompaniestothefairvalueofinvestmentrealestateforfollow-upmeasurement.2007InvestmentPropertyFairValueMeasurementsresultingchangesinfairvalueofnetincomeof2.279billionyuan,18companiesholdsuchbusinessnetprofit2.61%,accountingfor0.23%ofnetprofitsoflistedcompanies.Fromthestatisticaldatawecanseethatmostcompaniesdonotallowlistedcompaniestoadoptbusiness-relatedinvestmentstoenhancetheperformanceofaccesstothefairvaluemodel,butmoreloveoncontinuingtousethehistoricalcostmeasurementmodel,itisnoteworthyphenomenon.Whyisthislinkedtotheworldoceanmodelfromtheintroductiondatewassittinginthebackseat?
Mainlyinthefollowingareas:
1,themanagementattheprudenceconsiderations.AlthoughtheMinistryofFinanceintheinvestmentrealestateintheintroductionoffairvaluepricing,butitcanbeseenthatregulatorsdonotencouragetheuseoffairvaluepricing,sothatwhenthecompany'smanagementisnotwillingto'andthensticks'inordertoavoidbeingregul