合并会计报表若干理论问题探讨

作为财务会计三大难题之一 ,合并会计报表理论最近几年经历了重大变化。继美国财务会计准则委员会(FASB) 1995年颁布《合并财务报表———政策与程序》征求意见稿拟以主体观念取代母公司观念之后 ,其他发达国家的会计准则制定机构也纷纷对合并报表的编制观念进行反思。我国关于合并报表的规定也面临着修订和完善。基于此 ,本文拟从理论渊源、合并理念两个角度 ,论述合并报表的三种基本观念———所有者观、主体观、母公司观 ,并进行必要的评述。以此为基础 ,本文还将对我国合并会计报表的理论选择进行探讨。     

A Critical Look at SFAS 34: Capitalization of Interest Cost

In 1974, the Securities and Exchange Commission (SEC) noted that an increasing number of companies were capitalizing interest costs, and that this practice was not being adequately disclosed (FASB, 1979, par. 26). In light of the alternative practices concerning the accounting for interest and lack of adequate disclosure by companies that were already capitalizing interest, the SEC recommended that the Financial Accounting Standards Board (FASB) consider the issue of accounting for interest cost. As a result of the SEC's initiative, in 1979 the FASB issued Statement of Financial Accounting Standards [SFAS] No. 34, Capitalization of Interest Cost, which mandated uniform interest capitalization rules in accounting for interest costs associated with the acquisition of qualifying non-current assets. The purpose of this article is to examine SFAS 34 in terms of its financial statement impact, the congruence of its assumptions with economic behaviour, its effect on subsequent standards related to interest capitalization, and its implications on financial accounting standard setting. To explore these issues we first illustrate the extent to which interest capitalization affects financial statements. We then empirically analyse the measure employed in SFAS 34 for the capitalization of interest cost in cases where debt is not directly linked with the acquisition of qualifying non-current assets. In addition, we critically examine the treatment accorded interest cost in subsequent FASB standards. Our research suggests that SFAS 34′s rationale for interest capitalization is incompatible with firm behaviour, and that the rules for interest capitalization as reflected in various accounting standards are inconsistent. These findings suggest that in the case of interest capitalization the benefits of comparability in financial reporting are not realized. A policy recommendation is then offered to alleviate some of these difficulties. The recommendation is to disallow the capitalization of interest cost in the absence of a direct link between the debt and the acquisition of qualifying assets.     

IFRS framework-based case study: DaimlerChrysler – Adopting IFRS accounting policies

This instructional case applies a framework-based approach to explore the concept of comparability in financial reporting and retrospective application of new accounting policies. The DaimlerChrysler (DC) case provides an opportunity for you to research key financial reporting concepts, analyze accounting policy differences between U.S. GAAP and IFRS, determine adjustments necessary to convert financial statements from U.S. GAAP to IFRS, and compute and discuss key ratio impacts following financial statement conversion. This case demonstrates that transitioning to IFRS is more than an accounting issue; it provides opportunities for financial restructuring (e.g., Daimler’s amendments to pension plans and its 2007 sale of Chrysler). It also illustrates the importance of professional judgment when initially adopting IFRS accounting policies. Also, despite FASB and IASB convergence efforts, you learn that most of the key differences between U.S. GAAP and IFRS identified in DC’s reconciliations continue today. This case helps you to: (1) develop skills to interpret and apply the requirements on first-time adoption of IFRS to a real-world setting; (2) research key differences between U.S. GAAP and IFRS and their effects on the financial statements and ratios; and (3) understand significant impacts of the transition to IFRS on businesses and financial statements. Completing the case develops your critical thinking and research/technological skills.     

Financial statement comparability and segment disclosure

Statement of Financial Accounting Standards (FAS) No. 131, Disclosures about Segments of an Enterprise and Related Information (FASB [1997]), reestablishes standards for how public business enterprises report segment information in financial statements. A prevailing criticism of FAS 131 is that it likely reduces financial statement comparability for firms with similar lines of business. This study estimates comparability of accounting disclosures surrounding the implementation of FAS 131 to examine potential variation in comparability associated with the segment reporting regime shift. Financial statement comparability is operationalized following the De Franco et al. (2011) accounting system comparability measure as the degree that firms have similar mappings for economic performance into financial statements. Results indicate decreased comparability for firms following FAS 131 adoption. Specifically, segment information reformulated according to how companies manage their businesses marginally limits this reduction in comparability, but greater segment information disaggregation through an increase in the number of reported segments attributed to FAS 131 application diminishes comparability overall. This study contributes to the standard setting process, as the FASB has assigned comparability to an important position in its conceptual framework and has made the goal of increasing comparability a vital component of its agenda that drives the need for accounting standards.     

合并会计报表审计的研究

合并会计报表审计是随着市场经济的发展 ,企业集团大量涌现而产生的一种新的审计项目。作者认为合并会计报表审计的内容 ,应当为合并范围的审计 ,会计政策的审计、母子公司个别会计报表的审计、合并会计报表、编制程序的审计以及合并会计报表附注的审计等五大部分。     

GOODWILL ACCOUNTING: EVERYTHING HAS CHANGED AND NOTHING HAS CHANGED

In issuing Statements No. 141 and No. 142, the FASB has attempted to make accounting statements better reflect the economics of the exchange of value that takes place in business combinations. At the very least, requiring a single method of accounting reduces the costs of accounting, puts all acquirers on an equal accounting footing, and removes the incentive to incur significant costs to be able to report on a pooling-of-interests basis.
But if the FASB rules have changed significantly, investors' expectations for acquiring companies have not. Therefore, accounting rules should have no impact on acquisition pricing or structuring unless they affect cash flows. Recorded goodwill and return on capital are the artificial result of accounting rules, and largely without economic content. However, understanding the growth value implicit in the price paid is key to helping ensure that acquisitions create value. Boards of directors and executives must understand the minimum annual performance targets they have set for themselves by paying a premium to acquire a company.
The ideal measure of goodwill, which has not been contemplated by the FASB, would capture the premium of the current acquisition price over the value of the target firm's current operating value—that is, the discounted NPV of its current operating cash flows. Using such an economist's definition of goodwill, financial analysts could then come up with the variable that is of greatest interest to investors-namely, the expected improvements in operating performance that are necessary to justify the acquirer's investment in the target company. The economic framework and future growth value analysis based on EVA can be used to answer this question, regardless of the accounting rules du jour.     

财务会计上控制的理论框架研究

控制概念广泛应用在法律、证券监管和会计等诸多领域。财务报表的目标决定了在财务会计上对控制的研究主要是对资产的控制和对主体的控制两个领域。通过对资产的控制的研究,可以从本质上把握和区分资产、负债、所有者权益以及收入、费用等会计要素。通过对主体的控制的研究,可以从本质上把握企业合并和合并财务报表。对主体的控制最终又回归到对资产的控制,即通过控制主体间接控制资产。财务会计上对控制的定义、控制的两种形式(直接控制和间接控制)、对主体控制的两种方式(法定控制和实质性控制),构成了财务会计上控制的理论框架。财务会计上控制的理论框架为深入研究企业合并会计问题和合并财务报表问题提供了理论指导。     

新会计准则中合并报表理论变革的经济后果研究——基于少数股东权益、少数股东损益信息含量变化的研究

本文研究新会计准则在合并财务报表方面的变迁对少数股东权益和损益信息含量的影响。2006年2月15日颁布并于2007年实施的"新合并财务报表准则"(企业会计准则第33号——合并财务报表)相对旧准则做出了修改:规定少数股东权益在合并资产负债表所有者权益项目下单独列示;少数股东损益在合并利润表中净利润项目下单独列示。本文发现,新会计准下,少数股东权益的价值相关性显著提高,且显著高于净资产其他组成部分的价值相关性提高程度;少数股东损益信息含量显著增加,且增加量显著高于盈余的其他组成部分带来的信息增加量。本文的经验证据支持了新会计准则中合并财务报表的实体理论,研究结论说明,新会计准则的实施使得合并财务报表具有更多信息含量。     

如何评价美国FASB的财务会计概念框架?

总体上来看, 美国财务会计准则委员会的财务会计概念框架的内容是详细、充实和严谨的, 基本上能自成一个完整的体系并符合佩顿和利特尔顿提出的连贯、协调、内在一致的理论体系的要求。本文肯定FASBCon cepts具有许多独创性, 值得借鉴学习。例如, 第 1号概念公告提出用财务报告代替财务报表, 发展了财务会计;第 5号概念公告提出四项确认的基本标准等等。但FASBConcepts仍有弱点和不足之处。因此, 本文提出若干建议, 试图说明它的不足和如何加以改进。     

Changing from German GAAP to IFRS or US GAAP: A Survey of German Companies

Since 1993 an increasing number of listed German companies have been publishing their consolidated financial statements in accordance with either IFRS or US GAAP. In 1998 this was approved as a substitute for the consolidated German GAAP financial statements of listed companies (§292a HGB). Our study surveys the motives that led these companies to opt for international reporting systems (IFRS or US GAAP) rather than German GAAP and considers whether these objectives have been achieved. Rather surprisingly, we find that even though companies state that their overall expectations have been met to a satisfactory degree, a detailed analysis shows that several of the ex-ante objectives have not been achieved from an ex-post point of view. Additionally, we use logistic regression analysis to show that companies choosing IFRS rather than US GAAP and vice versa differ distinctly in the objectives they pursue with their choice of international GAAP.     

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.     

The implementation effects of expanded consolidation: the case of consolidating special purpose entities

This article examines the impact of FASB Interpretation No. 46 (Revised), FIN 46(R), on perceived earnings informativeness of companies with special purpose entities (SPEs). We find that the impact depends on the pre‐FIN 46(R) incentives for using SPEs. The implementation of FIN 46(R) improves perceived earnings informativeness of companies that previously used SPEs less for the manipulation of financial reporting, but does not generate the same improvement for those otherwise. Furthermore, these differential effects are more pronounced when companies reacted to FIN 46(R) by restructuring their SPEs to keep them off financial statements.     

The ‘Cost’ of Climate Change: How Carbon Emissions Allowances are Accounted for Amongst European Union Companies

Following the withdrawal of IFRIC 3: Emissions Rights in 2005, European Union (EU) companies participating in an Emissions Trading Scheme (ETS) do not have definitive guidelines as to how to account for carbon emissions allowances. Using a content analysis methodology, this study examines the disclosed accounting policies of companies participating in the EU ETS, and reveals how, in the absence of clear guidance, they account for their carbon emissions allowances. As the accounting method adopted will impact upon a company's financial statements, these findings are of interest to accounting standards setters, investors, financial reporting preparers, auditors, and researchers.     

A case against the consolidation of foreign subsidiaries’ and a United States parent’s financial statements

Generally accepted accounting principles in the United States usually require that companies which own more than 50% of the voting stock of foreign corporations prepare consolidated financial statements. The foreign financial statements must be recast into US GAAP and the foreign currency financial statements must be translated into US dollars. Alternative methods of translating foreign currency have major impacts on consolidated financial statements and on the behavior of management. Further, foreign subsidiary financial statements which are recast into US GAAP are less useful than the originals, and US users cannot analyze them without reference to the foreign environment. The interests of financial statement users are better served by alternative presentations of foreign currency denominated accounts rather than by consolidation.     

Changing the Concepts to Justify the Standards*

In this paper, I discuss the current project to converge the IASB and FASB conceptual frameworks, specifically efforts to purge the converged framework of concepts that hinder the promotion of balance sheet valuation using fair values. I discuss why I believe these efforts to be misguided, based on how investors who analyze financial statements employ accounting information. I focus on stewardship, reliability, and earnings — terms either demoted in importance or at risk of being eliminated in the framework convergence project. I explain their salience to financial statement users and argue against their deletion or demotion.     

Does the Control-based Approach to Consolidated Statements Better Reflect Market Value than the Ownership-based Approach?

Motivated by the recent Discussion Paper (DP) issued by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) on how to define reporting entities, this study investigates the value relevance of consolidated statements under the ownership-based approach of U.S. Accounting Research Bulletin No. 51 (ARB 51) and the control-based approach of International Accounting Standard No. 27 (IAS 27). The results show that consolidated financial statements based on a broader definition of control provide more useful accounting information than those based only on majority-ownership control. We also address one concern raised in the DP, namely, whether a reporting entity should use the common control model to include entities that are under common control of an individual investor or family. The results suggest that accounting standard boards should include the common control model in defining the group reporting entity for firms with complex ownership structures.     

Implications of the mandatory transition from national GAAP to IFRS — Empirical evidence from Germany

This paper analyses the differences between German GAAP and IFRS by quantifying the effects of the first-time adoption of IFRS of German companies in their reporting practices. Due to the IAS Regulation EC No.1606/2002, all publicly traded European companies (including those in Germany) are required to prepare their consolidated financial statements in accordance with IFRS for accounting periods beginning on or after January 1, 2005. This paper measures the effect of the transition from German GAAP to IFRS by using indices of comparability that were developed by Gray (1980). Therefore, the impact on equity and net income is quantified by examining the reconciliations of 103 German companies which had to adopt IFRS for their consolidated financial statements in 2005. On average a significant increase in stockholders' equity and in net income could be observed. The increase in stockholders' equity is primarily due to the adoption of IAS 11, IAS 16, IAS 37, IAS 38 and IFRS 3. Concerning net income, the increase especially results from the adoption of IFRS 3.     

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.     

An intuitive appeal for the correct calculation of Present Value-Based Measurements in Accounting

Most introductory and intermediate textbooks in accounting provide a discussion of the time value of money and include a presentation of the calculation of bond values as an example. The bond valuation model is needed primarily for the valuation of debt on the firm's balance sheet when the issue is placed in the market at an amount other than its face value. Often, however, these texts present this information in an incorrect or confusing manner. The errors arise from improperly determining the appropriate discount rate to use when interest payments are other than annual. This paper briefly summarizes prior efforts to correct this problem and offers a consolidated and intuitive approach for accounting instructors to use in presenting this information to students. Examples are provided which can be used in the classroom to explain differences in the alternative techniques, as well as explain the types of errors caused by use of incorrect procedures under different assumptions. Present value concepts play an important role in the recognition and measurement of many accounting transactions, including those in such areas as corporate bonds, long-term notes, long-term investments, capital leases, pension cost components, and capital budgeting. The importance of present value issues is also evident from a Discussion Memorandum entitled “Present Value-Based Measurements in Accounting,” issued by the Financial Accounting Standards Board (FASB, 1990). Given the importance that time-value-of-money concepts play in accounting, and the scope of the current FASB agenda project dealing with present-value measurements, it is important for the accounting instructor to correctly understand and present this information.     

The Impact of IAS/IFRS on Polish Accounting Regulations and their Practical Implementation in Poland

Abstract

In the face of the globalization process that we have witnessed over recent years, the European Union (EU) decided that it is crucial to improve the competitiveness of Europe and the development of financial services and capital markets through enforcement of International Financial Reporting Standards (IFRS) as a basis of financial reporting of listed companies. Poland as a member of the EU was obliged to incorporate International Accounting Standards (IAS)/IFRS in national accounting regulations. Our paper discusses this issue. We also present the impact of IAS/IFRS implementation by Polish companies on their financial statements, particularly the impact on income and equity (capital). The presentation is the result of the review and analysis of 255 financial reports (including 171 consolidated) of companies listed on the Warsaw Stock Exchange.