美国公允价值计量准则及对我国的启示

2006年9月,美国财务会计准则委员会（FASB）发布了单独的公允价值计量准则（SFAS157）。这一准则规范了公允价值的计量及披露,并且在公允价值的定义、估价方法、公允价值层级等很多方面都有所创新。我国会计准则中对于公允价值的规定相比较而言还很落后,所以需要借鉴SFAS157的很多方面,最终制定并完善公允价值计量的会计及审计准则。     

美国《公允价值计量》准则简介及对我国的启示

公允价值会计是当前国际会计的热点问题。美国在公允价值会计的研究和应用领域30多年来一直引领世界。2006年9月,美国财务会计准则委员会(FASB)发布了SFAS157《公允价值计量》准则,系统的规范了公允价值的使用。本文简要介绍了该准则的主要内容,并结合公允价值在我国的实践进行探讨。     

金融危机背景下金融资产会计公允价值计量的探讨

随着美国金融危机全球蔓延,第157号财务会计准则公告（SFAS157）提及的＂公允价值＂计量也饱受争议。金融界普遍认为第157号会计准则导致金融机构过分对资产按市价减计,造成亏损和资本充足率下降,进而促使金融机构加大资产抛售力度,从而引发＂多米诺骨牌＂效应。本文将从会计的公允价值计量基本内涵、产生发展及其对第157号会计准则争论背后的利益冲突来论述金融危机与会计公允价值计量之间的关系,并预测公允价值计量的走向。     

公允价值估值法为何在美国金融危机中失灵?

眼下金融海啸正在疯狂地吞噬着华尔街,也在猛烈地撞击着全球会计人的心.曾被称为"代表未来计量方向"的公允价值,一夜之间成为众矢之的.第157号财务会计准则公告(SFAS157)提及的"公允价值",缘何为人诟病,在华尔街掀起轩然大波?是危机真正的罪魁祸首,还是华尔街银行家们选择的一只代罪羔羊?"以市值计价"会计准则将伺去何从?本文对此进行了探讨.     

新会计准则下公允价值的应用探讨

为适应市场经济的发展需要,2014年财政部制定了《企业会计准则第39条——公允价值计量》(以下简称CAS39),规范了企业公允价值计量和披露、提高会计信息质量。但不可忽视的是,准则中依然存在一些可能影响其具体实施的问题。本文对比IFRS13和SFAS157,对定义、应用和评估实务进行分析,针对新准则实施过程中的争议和问题,提出相应的解决措施和建议。     

危机视角下公允价值会计计量理论及其未来走势前瞻

目前金融海啸正在疯狂地吞噬着华尔街,也在猛烈地撞击着全球会计人的心。曾被称为＂代表未来计量方向＂的公允价值,一夜之间成为众矢之的。第157号财务会计准则公告（SFAS157）提及的＂公允价值＂,缘何为人诟病,在华尔街掀起轩然大波？它是危机真正的罪魁祸首,还是华尔街银行家们选择的一只代罪羔羊？＂以市值计价＂会计准则将何去何从？本文对此进行了探讨。     

公允价值计量问题的国际进展及其在中国应用的思考

本文通过阐述美国财务会计准则委员会(FASB)2006年9月发布的《财务会计准则公告第157号》(FASB第157号公告)中关于公允价值定义、确定公允价值的级次等方面的规定,以及国际财务报告准则(IF-RS)中有关公允价值计量的规定和国际会计准则理事会(IASB)对第157号公告主要规定的看法,结合中国兼具新兴市场经济和转型经济国家的经济环境,提出国际上公允价值计量的新发展在中国应用可能存在的问题及建议。     

公允价值计量国际比较——以FASB和IASB为代表

本文从公允价值的理论研究人手,选择 FASB 和 IASB为代表的国外公允价值最新研究成果,通过评析 FASB《财务会计准则公告第157号——公允价值计量》的运用找出对我国的启示。     

美国公允价值计量准则157—4号公告解读——资产债务活动量和水平发生大幅下降情况下公允价值的确认

2006年9月美国正式发布了财务会计准则第157号——公允价值计量,2008年9月美国金融危机全面爆发,在公允价值准则的规定下金融机构因资产市场价值的“自由落体式”下滑产生了巨大的减值和损失,美国证监会和美国财务会计准则委员会在企业界、政府和议会的压力下,对157号会计准则进行了重新研究和分析,并于2009年4月9日发布了公允价值准则第4号员工立场公告（FASB STAFF POSITION）,该公告对157号公允价值准则进行了补充和完善,为在“市场萎靡”情况下资产债务公允价值的计量提供了一定的灵活性。     

对美国《SFAS157——公允价值计量准则》的评议及借鉴

公允价值是近年来会计领域讨论的热门话题。美国是公允价值计量研究和应用最为前沿的国家，本文就美国财务会计准则委员会于2006年9月发布财务会计准则第157号——公允价值计量的最新研究成果进行介绍，同时就该准则在公允价值计量上的积极作用与不足进行探计。     

Fair value disclosures and crash risk

In response to the public criticism of the inadequate disclosures mandated by SFAS No. 157, Fair Value Measurements, the FASB issued ASU (Accounting Standards Update) 2010–06, Improving Disclosures about Fair Value Measurements, and ASU 2011–04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements, in an effort to increase the reporting transparency. We examine whether the increased fair value disclosures required by these two updates effectively decrease crash risk, defined as the frequency of extreme negative stock returns. In support of the hypothesis, we find that increased transparency from these updates reduces crash risk among U.S. banking firms and that the reduction is greater in banks that have a higher level of Level 3 financial assets.     

Does disaggregation of fair value information increase the value relevance of the fair value hierarchy?

In response to pressures from Congress, the SEC and investors, the FASB issued ASU 2010-06, Improving Disclosures about Fair Value Measurement. ASU 2010-06 mandates that firms provide disaggregated fair value information by class of financial instruments under each level of the fair value hierarchy. Using financial statements of publicly traded banks for the first quarters of 2009 and 2010, this study examines whether providing class-level information increases the value relevance of the fair value hierarchy. In support of our hypothesis, we find that fair value relevance increases under ASU 2010-06.     

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。     

'Fair Value' for Financial Instruments: How Erasing Theory is Leading to Unworkable Global Accounting Standards for Performance Reporting

The LASC is pursuing proposals for accounting for financial instruments that are conceptually flawed and unworkable in practice. "Fair value" has been elevated to a catch-all concept to resolve measurement issues objectively. Adoption of fair value, as cuwently interpreted by standard-setters (eg, by the FASB in Concepts Statement No. 7, issued in February 2000), threatens to drive out a long-understood, theory-based approach to the rationales for cuwent value accounting — founded on "deprival value" — that has recently been comprehensively restated in Accounting Theory Monograph 10, issued by the Australian Accounting Research Foundation in 1998, and reaffirmed in the UK Accounting Standards Board's Statement of Principles for Financial Repovting, issued in December 1999.     

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。     

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.     

公允价值的决策有用性:从经济分析视角的思考

公允价值自提出之日起就备受各国准则制定机构的青睐和重视,但在这次国际金融危机中却备受责难,因此,更加值得学术界从不同的角度对公允价值计量属性进行全面、深入的考察和分析。本文从经济分析的视角,对公允价值的决策有用性进行了探讨,从信息观与计量观两个角度分析了公允价值计量、资产负债表公允价值估值和公允价值利润的决策有用性问题,研究结论支持公允价值的决策有用性,并认为我国在新会计准则体系中全面、适当、谨慎地引入公允价值,既具有理论支持,也能够体现会计信息的决策有用性的目标。     

Private Equity Fair Value Measurement: A Critical Perspective on IFRS 13

In this paper, we discuss IFRS 13 Fair Value Measurement with regard to private equity valuation. We raise issues on the fair value definition as an exit price and question the reliability of valuation techniques, which are categorised into Level 2 fair value hierarchy. Our paper questions whether fair value as defined by IFRS 13 is an appropriate measure for private equities and can contribute to enhancing transparency and comparability in financial statements, which is one of the purposes of the International Accounting Standards Board and the European Union Regulation 1606/2002.     

从净收益视角看公允价值和历史成本计量属性的作用

论文在决策有用性的会计目标框架下,以权益投资者的企业价值评估为视角,探讨了会计计量属性的选择和应用问题。在资产负债会计体系下,即便采用公允价值计量也无法反映企业的整体经济价值。企业价值需要借助金融模型估计,传统收入费用会计体系下的净收益指标是模型中的关键变量,但资产负债表中公允价值的引入使净收益的计量失去了逻辑一致性。这对权益估价模型的应用造成了干扰,从而损害了财务报告对投资者的有用性。论文认为对投资者提供公允价值信息的最佳方式是单独披露,而不是表内确认。最近FASB为应对金融危机对有关会计准则的修订反映了计量方法多样化的趋势,但计量方法的优势并不取决于该计量方法是否符合计量对象的具体特点,而是是否符合会计系统的整体目标。