投资性房地产公允价值计量的财务影响与决定因素:以北辰实业为例

以北辰实业为例,本文分析了企业在投资性房地产成本模式与公允价值计量模式之间选择的财务影响及其决定因素。与成本模式相比,投资性房地产公允价值计量将大幅提高其账面价值,加剧了企业当期净利润的波动。北辰实业在A股年报中采用成本模式,而在H股年报中采用公允价值计量,这主要源于以下因素:(1)香港会计准则与我国会计准则的差异;(2)两地监管机构对公允价值会计的态度不同;(3)两地投资性房地产信息披露的差异;(4)资本市场成熟度与投资者的理性程度的差异。最后我们总结了本案例对于企业选择公允价值计量模式、监管层推行公允价值会计与应对会计国际趋同三个方面的政策含义。

Financial impact and determinants of choosing the Fair value measurement model of investment property: a case of Beijing Northstar Co.

we analyze the Financial impact and determinants of choosing the Fair value measurement model of investment property by investigating the case of Beijing Northstar Company(BN Co.). Compared with the Cost measurement model of investment property(IP), the firm increases the carrying amount of IP and fluctuates its earning during the period of building’s rising prices when the firm measure the IP with fair value(FV).BN Co. adopts the cost measurement mode of IP in the information disclosure in A share market, while it adopts the fair value measurement model of IP in that of H share market. There are some reasons as follows. there are differences in the information disclosure requires between HKIFRS and Chinses Aaccounting Standards(CAS), the HK and Mainland regulators’ response to the firms’ adoption of FV model of IP, accounting practises of IP in the real estate industry, and the investors’ rationality and market maturity between in HK market and in mainland market. Finally,we elucidate the implication of regulator’s implementing FV accounting and responding to international convergence of accounting standards.