公允价值计量及披露若干问题探讨

本文通过分析国际财务报告准则第13号公允价值计量准则中几个关键点,结合中国现在的市场环境以及在实际应用中的经验,对新颁布的国际财务报告准则第13号在应用中存在的难点进行剖析,并提出了相应的解决对策。     

公允价值计量与企业价值的相关性研究

本文选择A股市场上的金融类上市公司为研究对象,检验以公允价值计量的金融资产与金融负债与企业价值的相关性,研究表明,公允价值变动损益与企业价值之间相关性不显著,公允价值计量通过资本公积(其他资本公积)影响企业资产负债表进而影响企业价值且呈正相关关系,公允价值计量是顺应经济社会发展的要求而诞生和应用的,其与企业价值的相关性也得到了证实,能够提供更多相关的决策信息。     

如何计量公允价值

现行国际财务报告准则关于公允价值计量的规定散落在不同的具体准则之中,不具有一致性,有时甚至是自相矛盾的。2011年5月,国际会计准则委员会发布了IFRS13号准则:公允价值计量。作为唯一单独规范公允价值计量的准则,IFRS13修订了公允价值的定义,建立了统一的公允价值计量和披露规则。本文对IFRS13做了简单介绍,以期为IFRS13在我国企业的落地实施提供参考。     

基于公允价值计量的企业经济后果研究

基于公允价值计量方式是当前会计信息处理的主趋势,其能有效保全企业资本．真实反映企业的会计收益,同时对于投资者投资决策具有重要的指导意义,全面体现了财务报告的有用性．但另一方面,公允价值的运用也有赖于完善的市场环境、公平岛交易行为以及投资者对于公允价值计量下会计信息有效性的分析,因而公允价值计量下企业行为仍需要改善。     

基于公允价值计量的企业经济后果研究

基于公允价值计量方式是当前会计信息处理的主趋势,其能有效保全企业资本,真实反映企业的会计收益,同时对于投资者投资决策具有重要的指导意义,全面体现了财务报告的有用性,但另一方面,公允价值的运用也有赖于完善的市场环境、公平的交易行为以及投资者对于公允价值计量下会计信息有效性的分析,因而公允价值计量下企业行为仍需要改善。     

新会计准则下的公允价值计量问题思考

中国经济和社会的飞速发展进步,以及国内市场与国际市场链接的日益紧密,使得经济业务越来越复杂化,这在客观上促使我国会计准者尤其是会计计量改革成为必然。国家财政部于2006年颁布了新会计准则审计体系,其中的公允价值计量成为国内外共同关注的重点,并被作为金融工具广泛运用、变迁和渗透于各准则制定机构以及其他项目中。这体现出我国新会计准公允价值与国际的接轨,但由于我国在公允价值计量问题的理论以及体系研究建设和实务操作性方面起步晚、滞后,在公允价值全面应用已成为大势所趋的大背景下,加强加快对公允价值计量问题的研究探讨和完善,具有重大的理论和现实意义。     

极端市场条件下的公允价值计量——基于金融工具计量角度

这篇文章在对公允价值涵义的本质特征进行分析的基础上,对极端市场条件下公允价值与市场价格的关系及公允价值计量存在的问题进行了探讨,最后提出了在极端市场条件下对公允价值计量方法进行调整,采用会计期内平均价格进行计量的设想。     

公允价值计量可靠性问题探析

我国2006年2月颁布的《企业会计准则——基本准则》中,在计量属性中增加了公允价值计量属性,而公允价值计量的可靠性问题一直是会计学界争议颇多的一个焦点问题。文章从我国公允价值的应用现状进行分析,说明其中存在的问题及缺陷,并针对这些问题提出相应的解决对策。     

会计准则中公允价值计量问题的研究

公允价值计量一直是国内外会计界重点关注的问题,由于现实的经济业务越来越复杂,公允价值计量就成为了我国会计计量改革方向的必然.那么,什么是公允价值计量,为什么使用公允价值计量,使用公允价值计量的发展现状及在使用过程中亟待解决的问题等,都应当值得仔细研究.     

The Value Relevance of Equity Method Fair Value Disclosures

We assess the valuation implications of the fair value disclosures made for publicly traded securities accounted for under the equity method. We test the association between investors' stock price metrics and fair value disclosures while controlling for book values on a sample of 172 investor firm-years during 1993–1997. Our results indicate that the information in the fair value disclosures is incremental to the information provided by both an investment's equity method book value and equity method reported income. This suggests that there is nothing unique about investments in publicly traded common stock that involve significant influence that makes the fair value disclosures irrelevant for firm valuation.     

Fair Value Measurements of Control Premiums

As the overview of the current state of research within this paper shows, the debate around fair value measurements is far from over. This paper analyzes fair value measurement requirements in a controversial scenario, namely when a control premium exists. The analyses of the paper show that, while measurement rules around control premiums could have a material impact on fair value measurements and the financial statements as a whole, significant fair value measurement issues remain unresolved. The conclusion is that fair value measurements should include or exclude control premiums consistently. It is argued that including control premiums for all fair value measurements is the most faithful representation of the underlying economic phenomenon. This paper contributes to the fair value measurement debate by comparing the merits of alternative fair value measurements for control premiums and highlights an area where researchers, investors, and other users should exercise caution when evaluating financial statements.     

Corporate Disclosures of the Major Sources of Estimation Uncertainties

We investigate compliance with regulatory requirements by the largest 20 Australian listed firms to disclose key assumptions and major sources of estimation uncertainties. These relate to accounting estimates that require management's judgement in measuring the carrying amount of the entity's assets and liabilities. While we find that firms provide some disclosure, the information is not sufficiently informative to give users meaningful insights. Overall, the level of disclosure falls short of the intentions of the relevant requirements. Our findings suggest that additional guidance may be necessary to improve compliance and thus increase the information value that these disclosures contribute to financial reports.     

我国公允价值计量研究的现状及相关问题探析

本文在分析我国公允价值计量研究现状的基础上,对公允价值的概念、公允价值与其他计量属性之间的关系、公允价值计量的可靠性以及公允价值层级等几个方面进行了深入探悉。公允价值研究领域的不均衡和公允价值方法研究的不足构成了前几年我国会计准则、制度中公允价值应用的障碍;"时态观"是公允价值的一个本质特征;公允价值是由"现行市价"和"现值"两种计量属性发展而来的一种具有"复合"性质的计量属性;公允价值会计信息不仅相关,而且具备合理的可靠性;合理界定公允价值层级是可靠计量公允价值的基础。     

基于公允价值计量的银行监管改革

在全球性金融监管改革进程中,美国次贷危机带来的影响是重大而深远的,人们重新从不同角度审视过去的监管制度。本文正是从在此次危机中受到广泛争议的公允价值计量角度出发,审视公允价值计量的性质与特征,审视其与银行监管的适应性关系。并基于其本质发现公允价值计量在银行监管体系中的不足和缺陷,进而寻找发挥其效力、规避其不足的监管措施。     

关于公允价值本质的思考

目前会计界关于公允价值本质有"独立计量属性观"、"复合计量属性观"、"计量目标观"和"检验尺度观"等多种不同的观点,这些观点的形成与不同时期各国会计准则对公允价值的不同理解和规定密切相关。公允价值是在传统的"基于交易会计"逐步转向"基于价值会计"过程中形成的,公允价值的本质应放在"基于价值会计"体系中进行定位。"基于价值会计"在会计目标定位、会计信息质量要求、会计确认、会计计量以及财务报告等各个方面都与传统的"基于交易会计"有一定区别。在"基于价值会计"体系中,公允价值是会计计量力图实现的一种理想目标,各种计量属性是实现这一目标的具体手段,公允价值体现了"真实与公允"会计理念对采用各种计量属性进行价值计量的一种约束和要求。将公允价值狭义地定位成一种具体计量属性,不仅与公允价值在"基于价值会计"体系中的层次地位不符,也与各国会计准则关于公允价值计量的整体精神相违背,还与实务界常用的计量属性之一——"现行市价"有重复之嫌。     

Information Asymmetry and Voluntary SFAS 157 Fair Value Disclosures by Bank Holding Companies During the 2007 Financial Crisis

We hand‐collect SFAS 157 voluntary fair value disclosures of 18 bank holding companies. The SEC's Division of Corporate Finance likely targeted these entities in 2008 through their “Dear CFO” letters in which they requested specific, additional disclosure items. We collect disclosures that match the SEC recommendations and create eight common factor disclosure variables to examine the effect of such disclosures on information asymmetry. We find that disclosure variables about the use of broker quotes or prices from pricing services and the use of market indices and illiquidity adjustments are related to lower information asymmetry. However, disclosure variables about valuation techniques and asset‐backed securities are related to greater information asymmetry. We also document that disclosure complexity, and disclosure tone (uncertainty and litigious) is related to greater information asymmetry. These findings are consistent with criticism that corporate disclosures are voluminous; management may obfuscate unfavorable information which in turn increases market participants’ assessment of uncertainty associated with the fair value measures. We caveat that the setting of the financial crisis and a small sample size may limit the ability to generalize these inferences to other time periods or other financial firms.     

“国际会计准则理事会《公允价值计量(征求意见稿)》”研讨会召开

为了落实国家知识产权资产评估促进工程关于加强理论研究的要求,切实提高课题研究质量,中评协于2009年8月10日至11日,在京召开了国家知识产权资产评估促进工程委托课题中期评审会.     

The Value Relevance of Financial Institutions' Fair Value Disclosures: A Study in the Difficulty of Linking Unrealized Gains and Losses to Equity Values

This article provides a residual-income valuation framework for assessing whether fair value disclosures required by SFAS 119, Disclosures About Derivative Financial Instruments and Fair Values of Financial Instruments , are value-relevant. The primary theoretical and empirical result is that when using a residual-income valuation model, the estimated relation between variables measuring fair value-book value differences for financial instruments and security prices may be contrary to what one would have expected. Specifically, the greater the firm's return on invested capital and growth rate relative to its cost of capital, the more negative the estimated relation between fair value-book value differences for financial instruments and security prices. A generalization of this result is that tests linking equity values to various types of unrecognized gains and losses are, in many cases, unlikely to generate the hypothesized positive relation between equity values and the unrecognized gains and losses.     

公允价值会计计量应用思考

公允价值会计在国际上的使用有它严格的前提限定,否则,它就会成为一些别有用心的人利用会计方法操纵会计收益的有效工具.本文对公允价值会计计量方法应用前提及应用现状进行思考,探讨金融危机后公允价值会计计量应用给予我们的启示.