The IASB and FASB Stumble over the Annuity Method of Depreciation

Abstract

In their leases ED issued in May 2013, the IASB and FASB used the annuity method of amortization while at the same time disavowing that they were doing so.     

商誉减值测试：FASB与IASB相关规定比较

2001年下半年，美国财务会计准则委员会(下文简称FASB)发布了《财务会计准则公告第142号—商誉和其他无形资产》(SFAS142)，它取代《会计程序公报第17号——无形资产》(APB17)，成为规范商誉会计的新规范。SFAS142规定，商誉不再被摊销而是实施减值测试。关于此规定，……     

FASB与IASB联合趋同框架(初步意见)的评介

首先,本文对FASB与IASB于2006年7月6日发布的联合趋同框架(关于目标和信息质量特征的初步意见)的制定背景、主要内容(包括财务报告的目标和信息质量特征的相关内容)进行了简要的介绍和评价,着重强调了联合框架与FASB概念框架和IASB概念框架的区别。其次,本文对联合框架提出了两点整体性看法:一是是否应该由IASB和FASB联合制定联合框架;二是是否应该将受托责任观隶属于决策有用性。最后,本文分析了联合趋同框架对我国新会计准则《基本准则》的影响。     

Discourses surrounding the evolution of the IASB/FASB Conceptual Framework: What they reveal about the “living law” of accounting

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) recently published the final version of Chapter 1 of their joint Conceptual Framework for Financial Reporting (IASB/FASB, 2010). In this article, we focus on two of the key issues addressed in Chapter 1: stewardship and the definition of the primary user groups of financial statements. To address the discourses surrounding the evolution of Chapter 1, we introduce the concept of “living law” from sociological jurisprudence into accounting scholarship. We first trace the role of stewardship/accountability in the evolution—from antiquity to the present day—of the living law of accounting. We then explore the origin, nature, and implications—from a living law perspective—of the moral traditions associated with stewardship/accountability. Our analysis suggests that stewardship has been, and continues to be, embedded in the living law of accounting—notwithstanding the formal pronouncements of standard setters. We also examine the social accounting project from a living law perspective and we suggest that such an analysis provides new possibilities for addressing core social accounting concerns. We conclude by arguing that, particularly in light of the far reaching impact of the neoliberal agenda, there is an urgent need for scholars in both contemporary “social” and “mainstream” accounting to recognize and build upon their shared living law heritage rooted in the age-old traditions of stewardship/accountability.     

IASB和FASB之间的准则协调及其对我国准则制定的启示--以权益基础薪酬准则为例

虽然IASB和FASB已经加强了在准则制定方面的协调和合作 ,但两个准则制定机构在最近颁布的有关权益基础薪酬会计处理规定上仍存在一定差异。本文分析了出台权益基础薪酬规定的背景 ,并简要总结了两者之间的差异 ;以此为基础 ,探讨IASB和FASB就准则差异所做的处理 ,及其展开的协调。最后就IASB和FASB的协调方式 ,对我国的准则国际协调提出了几点启示。     

Expected-loss-based Accounting for Impairment of Financial Instruments: The FASB and IASB Proposals 2009–2016

The financial and banking crisis of the late 2000s prompted claims that the incurred-loss method for the recognition of credit losses had caused undesirable delay in the recognition of credit-loss impairment. In the wake of the crisis, the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) worked towards the development of expected-loss-based methods of accounting for credit-loss impairment. Their work included an ultimately unsuccessful attempt to develop a converged FASB/IASB standard on credit-loss impairment. The FASB and IASB eventually developed their own separate expected-loss models to be included, respectively, in a 2016 FASB standard and in the IASB’s 2014 final version of IFRS 9 Financial Instruments. The failure to achieve convergence on an issue of such high profile and materiality has generated some controversy, and it is claimed that it will impose significant costs on the preparers and users of the financial statements of banks. This paper examines the various sets of expected-loss-based proposals issued separately or jointly since 2009 by the FASB and the IASB. It describes and compares key features of the different approaches eventually developed by the two standard setters, referring to issues that arose in arriving at practically workable solutions and to issues that may have impeded FASB/IASB convergence. It also provides information indicative of the possible effect of differences between the two approaches.     

A content analysis of the comment letters to the FASB and IASB: Accounting for contingencies

In this study, we read and analyze 369 comment letters written in response to the IASB's Exposure Draft (ED) of Proposed Amendments to IAS 37 and the FASB's Exposure Draft of Proposed Amendments to FASB Statement No. 5. We also examine how responses to the IASB ED are affected by whether or not the use of IFRS is mandated or permitted by the respondent's country. Although responses were overwhelmingly unfavorable to both EDs, more support was shown for the IASB's proposal to eliminate the probability recognition criterion than for the FASB's proposal to amend the U.S. GAAP disclosure rules. Users responding to the FASB ED provided significantly more intense support than corporate preparers, financial preparers, and legal practitioners. Significantly more respondents to the IASB ED were from countries required or permitted to use IFRS than from countries required to report under their national GAAP. In addition, constituents required or permitted to use IFRS were significantly more likely to express an unfavorable response to the ED and to cite relevance to support their position.     

Fair Value and the IASB/FASB Conceptual Framework Project: An Alternative View

This paper analyses various controversial issues arising from the current project of the IASB and FASB to develop a joint conceptual framework for financial reporting standards. It discusses their possible implications for measurement and, in particular, for the use of fair value as the preferred measurement basis. Two competing world views are identified as underlying the debate: a Fair Value View, implicit in the IASB's public pronouncements, and an Alternative View implicit in publicly expressed criticisms of the IASB's pronouncements. The Fair Value View assumes that markets are relatively perfect and complete and that, in such a setting, financial reports should meet the needs of passive investors and creditors by reporting fair values derived from current market prices. The Alternative View assumes that markets are relatively imperfect and incomplete and that, in such a market setting, financial reports should also meet the monitoring requirements of current shareholders (stewardship) by reporting past transactions and events using entity-specific measurements that reflect the opportunities actually available to the reporting entity. The different implications of the two views are illustrated by reference to specific issues in recent accounting standards. Finally, the theoretical support for the two views is discussed. It is concluded that, in a realistic market setting, the search for a universal measurement method may be fruitless and a more appropriate approach to the measurement problem might be to define a clear measurement objective and to select the measurement method that best meets that objective in the particular circumstances that exist in relation to each item in the accounts. An example of such an approach is deprival value, which is not, at present, under consideration by the IASB.     

The G4's role in the evolution of the international accounting standard setting process and partnership with the IASB

Between 1992 and 2001, representatives of the G4 national accounting standard setting bodies and the International Accounting Standards Committee (IASC) participated in a working group known as the G4+1. Immediately following the formation of the International Accounting Standards Board (IASB), the G4 announced that the working group would no longer meet. Alternatively, the G4 national standard setters would form a partnership with the IASB via liaison representatives.This paper focuses on the objectives and mission of the G4+1, the G4's relationship with the IASC, the impact of the G4 on the restructuring of the IASC to establish a quality independent global accounting standard setter, former G4 participants’ perceptions of the IASB, and the significance of the IASB's current partnership with the G4 national accounting standard setters. The paper additionally discusses recent changes to the IASC Foundation Constitution and considers now modifications to the liaison structure may impact the IASB's partnership with its G4 national standard setting partners.Portions of a monograph published by the Institute of Chartered Accountants in England and Wales entitled Inside G4+1: The Working Group's Role in the Evolution of the International Accounting Standard Setting Process provide the background for the paper.     

Post-Implementation Reviews for IASB and FASB Standards: A Comparison of the Process and Findings for the Operating Segments Standards

Abstract

The International Accounting Standards Board (IASB) and the Financial Accounting Foundation (FAF) have recently completed post-implementation reviews (PIRs) for their converged standards on operating segments IFRS 8 and SFAS 131. The two accounting bodies use PIRs as an additional standard assessment mechanism. This paper (1) provides an overview of the main differences and similarities between the two PIR processes and (2) compares the findings of the PIRs on the operating segment standards supplemented with insights from a survey of the segment information notes of a sample of STOXX Europe 600 companies. The IASB and the FAF set the specific PIR objectives and conduct the information gathering phase differently. For the IFRS 8 and SFAS 131 PIRs, these differences meant that the FAF focused more narrowly on how SFAS 131 performs compared to the previous standard, while the IASB is aimed to more broadly assess constituents' views on whether IFRS 8 works well in practice. Comparing the PIR findings for the operating segments standards is warranted given that the standards are converged and that the standard setters re-expressed their commitment to keep them substantially converged. Uniform PIR processes could have eased the cooperation in maintaining convergence. Given the different scope of the reviews, standard setters will need to find a common ground on how to proceed and which issues to address further.     

Child accounting and ‘the handling of human souls’

Child accounting texts published in the US during the early to mid-20th century are utilised to reveal the potency of Foucauldian analyses of accounting as a disciplinary technology. It is contended that child accounting – a voguish technique for recording, monitoring and governing the school pupil – provides a compelling illustration of Foucault’s emphasis on individualisation as a foundation for the exercise of disciplinary power. Further, child accounting encompassed mundane practices which could activate disciplinary power such as continuous hierarchical surveillance and normalising judgment. Centred on the child in the place of instruction rather than the employee in the corporation, the study offers a socio-historical exploration of accounting at its margins and in a domain where Foucault’s work on discipline has particular resonance.     

The FASB exposure draft on accounting for business combinations and intangible assets: an instructional assignment

Accounting standards are constantly evolving to meet the needs of a rapidly changing business environment and changes in accounting theory. Accounting students need to be familiar with the content of Exposure Drafts, since these documents reflect the Financial Accounting Standards Board's (FASB) position on current financial reporting issues. Students are generally not well versed on the standard setting process and how contextual factors affect this process. The purpose of this instructional assignment is to enhance students' understanding of how contextual factors affect the standard setting process within the context of the Exposure Draft on “Business Combinations and Intangible Assets.” The assignment requires that students examine the Exposure Draft and answer questions designed to elicit responses as to why the FASB is considering a new standard and the impact the standard would have on current accounting procedures and financial statements.     

关于“发起人金融资产转移会计处理方法”的评判

次贷危机爆发以来,美国的金融风险管理体制和监管机制受到了全球性的抨击。本文从财务会计角度对资产证券化最主要的会计问题,即发起人转移资产会计处理进行阐述、分析和反思。本文认为,长期以来,FASB采用的金融合成分析法在次贷危机当中发挥了负面作用。本文建议修改金融资产转移终止确认观点,并应该合理应用参与利益在终止确认中的作用,谨慎但不禁止采用销售方式处理转移资产。     

期货市场的流动性测度探讨

本文根据期货市场存在大量对冲交易的实际情况,讨论现有测度期货市场流动性方法的不足。采用合约发行量替代了传统模型中的持仓量,并提出使用价格波动率平整后的流动性比率作为计算期货市场流动性效率的指标,与传统衡量期货市场流动性的方法相比,这种修正不仅在逻辑上更为严谨和贴合实际,而且得到实证检验的支持。     

IASB与FASB金融工具会计准则联合改进项目的背景、进展及评价

本文首先对IASB和FASB准则联合项目"金融工具:确认和计量的改进"相关背景和最新进展进行了介绍,其次对当前该项目的阶段性成果进行了简要评价,最后对我国修订金融工具相关会计准则提出了几点建议。     

The IASB standard-setting process: Participation and perceptions of financial statement users

The interests of users of financial statements are, in theory, paramount to accounting standard-setters. However, there is a dearth of research into users' participation in, and influence on, the process of setting accounting standards. The enhanced status now accorded to the International Accounting Standards Board (IASB) offers the opportunity to examine these issues in a new regulatory context. This study reports the results of a questionnaire survey of the perceptions of, and participation in, the IASB process of a sample of UK investment management firms. The findings suggest that these firms' participation is not as low as is often inferred from the public record of comment letters. In particular, a considerable number of firms participate through representative report user organisations such as the Investment Management Association. Other findings suggest that the major factor inhibiting investment firms from participating is the cost of lobbying, not complacency that the IASB is ‘on their side’ and will naturally safeguard their interests. Moreover, the respondents consider the accounting profession and the European and US accounting standard-setters to be the dominant interest groups in the IASB standard-setting process.     

The IASB Agenda — A Moving Target

This paper reviews the agenda of the International Accounting Standards Board (IASB) and the opportunities for research that it provides. The paper analyses the progress of topics on the 2001 agenda and concludes that evolution is variable, partly due to the appearance of later priorities. It goes on to discuss how research may inform standard-setting and analyses how major projects currently on the agenda lend themselves to academic research.     

Why ‘Basel II’ may need a leverage ratio restriction

We analyze regulatory capital requirements where the amount of required capital depends on the level of risk reported by the banks. It is shown that if the supervisors have a limited ability to identify or to sanction dishonest banks, an additional, risk-independent leverage ratio restriction may be necessary to induce truthful risk reporting. The leverage ratio helps to offset the banks’ potential capital savings of understating their risks by (i) reducing banks’ put option value of limited liability ex ante, and by (ii) increasing the banks’ net worth, which in turn enhances the supervisors’ ability to sanction banks ex post.     

FASB/IASB联合概念框架相关性与可靠性质量特征的逻辑关系——基于经济学视角的分析

FASB和IASB联合概念框架于2010年9月对基本质量特征的逻辑关系做出了新的界定。从经济学视角,通过建立会计信息使用者的效用函数和预算约束方程,以既定支出下的效用最大化为目标,从理论上分析了相关性与可靠性的逻辑关系。研究结果表明,联合概念框架所界定的相关性与可靠性的逻辑关系可能导致财务报告边界无限扩张、会计信息质量下降。     

The need for change in accounting education: An educator survey

The Accounting Education Change Commission is leading an effort to change accounting education. Whether or not accounting faculty will support such change largely depends on whether or not they agree with the nature and extent of the needed change. This paper reports the results of a survey of 984 accounting faculty undertaken to determine views of accounting faculty concerning the issues involved in the accounting education change effort. Results indicate that although overall there is wide agreement that change is needed, there is significant disagreement over both the extent and form of that change. Evidence suggests that differences in the demographics of the teaching environment and differences in faculty background are associated with differences in perceptions of the extent and form of needed change.