会计论文附录.docx

会计论文附录.docx

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会计论文附录

附录1

FairValueMeasurements

InFebruary2006theInternationalAccountingStandardsBoard（IASB）andtheUSFinancialAccountingStandardsBoard（FASB）publishedaMemorandumofUnderstandingreaffirmingtheircommitmenttotheconvergenceofUSgenerallyacceptedaccountingprinciples（GAAP）andInternationalFinancialReportingStandards（IFRSs）andtotheirsharedobjectiveofdevelopinghighquality,commonaccountingstandardsforuseintheworld’scapitalmarkets.TheconvergenceworkprogrammesetoutintheMemorandumreflectsthestandard-settingcontextofthe‘roadmap’developedbytheUSSecuritiesandExchangeCommissioninconsultationwiththeIASB,FASBandEuropeanCommissionfortheremovalofthereconciliationrequirementfornon-UScompaniesthatuseIFRSsandareregisteredintheUS.Theworkprogrameincludesaprojectonmeasuringfairvalue.

TheFASBhasrecentlyissuedStatementofFinancialAccountingStandardsNo.157FairValueMeasurements（SFAS157）,onwhichworkwaswelladvancedbeforetheMemorandumofUnderstandingwaspublished.SFAS157establishesasingledefinitionoffairvaluetogetherwithaframeworkformeasuringfairvalueforUSGAAP.TheIASBrecognisedtheneedforguidanceonmeasuringfairvalueinIFRSsandforincreasedconvergencewithUSGAAP.Consequently,theIASBdecidedtousetheFASB’sstandardasthestartingpointforitsdeliberations.Asthefirststageofitsproject,theIASBispublishinginthisdiscussionpaperitspreliminaryviewsontheprincipalissuescontainedinSFAS157.

TheIASBplanstoholdround-tablemeetingsonthisdiscussionpaperinconjunctionwiththedevelopmentofanexposuredraft.PleaseindicateinyourresponsetothisInvitationtoCommentifyouareinterestedintakingpartinaround-tablemeeting.Pleasenotethat,becauseoftimingandspaceconstraints,notallofthoseindicatinganinterestmaybeabletotakepart.

TheIASBwillconsiderresponsestothisInvitationtoCommentandtherelatedround-tablediscussionsindevelopinganexposuredraftofanIFRSonfairvaluemeasurement.TheexposuredraftwillbepreparedspecificallyforapplicationtoIFRSs.AlthoughprovisionsofSFAS157maybeusedinthepreparationofanexposuredraft,theymayberewordedoralteredtobeconsistentwithotherIFRSsandtoreflectthedecisionsoftheIASB.TheIASBplanstopublishanexposuredraftbyearly2008.

InNovember2005theIASBpublishedforcommentadiscussionpaper,MeasurementBasesforFinancialAccounting–MeasurementonInitialRecognition,writtenbythestaffoftheCanadianAccountingStandardsBoard.Althoughthatpapercontainedadiscussionoffairvalue,itsprimarypurposewastodiscusswhichmeasurementattributeswereappropriateforinitialrecognition.ThatpaperispartoftheongoingConceptualFrameworkprojectthatseekstoestablish,amongotherthings,aframeworkformeasurementinfinancialreporting.Becauseofthedifferentscopeandintentofthatpaper,itisnotdiscussedinthisdiscussionpaper.However,commentsonthatdiscussionpaperrelatingtothemeasurementoffairvaluewillbeconsideredinthedevelopmentoftheexposuredraftofanIFRSonfairvaluemeasurementaswellasintheConceptualFrameworkproject.Issue1.SFAS157andfairvaluemeasurementguidanceincurrentIFRSs

IFRSsrequiresomeassets,liabilitiesandequityinstrumentstobemeasuredatfairvalueinsomecircumstances.However,guidanceonmeasuringfairvalueisdispersedthroughoutIFRSsandisnotalwaysconsistent.TheIASBbelievesthatestablishingasinglesourceofguidanceforallfairvaluemeasurementsrequiredbyIFRSswillbothsimplifyIFRSsandimprovethequalityoffairvalueinformationincludedinfinancialreports.AconcisedefinitionoffairvaluecombinedwithconsistentguidancethatappliestoallfairvaluemeasurementswouldmoreclearlycommunicatetheobjectiveoffairvaluemeasurementandeliminatetheneedforconstituentstoconsiderguidancedispersedthroughoutIFRSs.

TheIASBemphasisesthattheFairValueMeasurementsprojectisnotameansofexpandingtheuseoffairvalueinfinancialreporting.Rather,theobjectiveoftheprojectistocodify,clarifyandsimplifyexistingguidancethatisdispersedwidelyinIFRSs.However,inordertoestablishasinglestandardthatprovidesuniformguidanceforallfairvaluemeasurementsrequiredbyIFRSs,amendmentswillneedtobemadetotheexistingguidance.AsdiscussedfurtherinIssue2,theamendmentsmightchangehowfairvalueismeasuredinsomestandardsandhowtherequirementsareinterpretedandapplied.

InsomeIFRSstheIASB（oritspredecessorbody）consciouslyincludedmeasurementguidancethatresultsinameasurementthatistreatedasifitwerefairvalueeventhoughtheguidanceisnotconsistentwiththefairvaluemeasurementobjective.Forexample,paragraphB16ofIFRS3BusinessCombinationsprovidesguidancethatisinconsistentwiththefairvaluemeasurementobjectiveforitemsacquiredinabusinesscombinationsuchastaxassets,taxliabilitiesandnetemployeebenefitassetsorliabilitiesfordefinedbenefitplans.Furthermore,someIFRSscontainmeasurementreliabilitycriteria.Forexample,IAS16Property,PlantandEquipmentpermitstherevaluationmodeltobeusedonlyiffairvaluecanbemeasuredreliablyThisprojectwillnotchangeanyofthatguidance.Rather,thatguidancewillbeconsideredprojectbyproject.However,theIASBplanstousetheFairValueMeasurementsprojecttoestablishguidancewheretherecurrentlyisnone,suchasinIAS17Leases,aswellastoeliminateinconsistentguidancethatdoesnotclearlyarticulateasinglemeasurementobjective.

BecauseSFAS157establishesasinglesourceofguidanceandasingleobjectivethatcanbeappliedtoallfairvaluemeasurements,theIASBhasreachedthepreliminaryviewthatSFAS157isanimprovementonthedisparateguidanceinIFRSs.However,asdiscussedinmoredetailbelow,theIASBhasnotreachedpreliminaryviewsonallprovisionsofSFAS157.Issue2.DifferencesbetweenthedefinitionsoffairvalueinSFAS157andinIFRSs

Paragraph5ofSFAS157definesfairvalueas‘thepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionbetweenmarketparticipantsatthemeasurementdate.’Bycomparison,fairvalueisgenerallydefinedinIFRSsas‘theamountforwhichanassetcouldbeexchanged,oraliabilitysettled,betweenknowledgeable,willingpartiesinanarm’slengthtransaction’（withsomeslightvariationsinwordingindifferentstandards）.ThedefinitioninSFAS157differsfromthedefinitioninIFRSsinthreeimportantways:

（a）ThedefinitioninSFAS157isexplicitlyanexit（selling）price.ThedefinitioninIFRSsisneitherexplicitlyanexitpricenoranentry（buying）price.

（b）ThedefinitioninSFAS157explicitlyreferstomarketparticipants.ThedefinitioninIFRSsreferstoknowledgeable,willingpartiesinanarm’slengthtransaction.

（c）Forliabilities,thedefinitionoffairvalueinSFAS157restsonthenotionthattheliabilityistransferred（theliabilitytothecounterpartycontinues;itisnotsettledwiththecounterparty）.ThedefinitioninIFRSsreferstotheamountatwhichaliability

couldbesettledbetweenknowledgeable,willingpartiesinanarm’slengthtransaction.

Thesedifferencesarediscussedinmoredetailbelow.Issue2A.Exitpricemeasurementobjective

TheBasisforConclusionsofSFAS157includesthefollowingdiscussion:

C26Thetransactiontoselltheassetortransfertheliabilityisahypotheticaltransactionatthemeasurementdate,consideredfromtheperspectiveofamarketparticipantthatholdstheassetorowestheliability.Therefore,theobjectiveofafairvaluemeasurementistodeterminethepricethatwouldbereceivedfortheassetorpaidtotransfertheliabilityatthemeasurementdate,thatis,anexitprice.TheBoard[FASB]concludedthatanexitpriceobjectiveisappropriatebecauseitembodiescurrentexpectationsaboutthefutureinflowsassociatedwiththeassetandthefutureoutflowsassociatedwiththeliabilityfromtheperspectiveofmarketparticipants.TheemphasisoninflowsandoutflowsisconsistentwiththedefinitionsofassetsandliabilitiesinFASBConceptsStatementNo.6,ElementsofFinancialINVITATIONTOCOMMENTStatements.Paragraph25ofConceptsStatement6definesassetsintermsoffutureeconomicbenefits（futureinflows）.Paragraph35ofConceptsStatement6definesliabilitiesintermsoffuturesacrificesofeconomicbenefits（futureoutflows）.

Paragraph49oftheIASB’sFrameworkforthePreparationandPresentationofFinancialStatementssimilarlydefinesassetsandliabilitiesintermsofinflowsandoutflowsofeconomicbenefits.ThemajorityofIASBmembersbelievethatafairvaluemeasurementwithanexitpriceobjectiveisconsistentwiththesedefinitionsandisappropriatebecauseitreflectscurrentmarket-basedexpectationsofflowsofeconomicbenefitintooroutoftheentity.

OtherIASBmembersagreewiththisview,butintheirviewanentrypricealsoreflectscurrentmarket-basedexpectationsofflowsofeconomicbenefitintooroutoftheentity.Therefore,theysuggestreplacingtheterm‘fairvalue’withtermsthataremoredescriptiveofthemeasurementattribute,suchas‘currententryprice’or‘currentexitprice’.

AnentrypricemeasurementobjectivewoulddifferfromtheexitpriceobjectiveinSFAS157inthatitwouldbedefinedasthepricethatwouldbepaidtoacquireanassetorreceivedtoassumealiabilityinanorderlytransactionbetweenmarketparticipantsatthemeasurementdate.SomemembersoftheIASBareoftheviewthatanentrypriceandanexitpricewould