资产分类下的公允价值计量属性探讨

公允价值的双重计量属性是历史的选择,资产分为通用性资产和专用性资产,本文通过比较得出,用公允价值计量的项目在市场上存在替代品,符合通用性资产的定义,由此得出了通用性资产适合公允价值计量,专用性资产不适合公允价值计量的结论。     

资产分类下的公允价值计量属性探讨

公允价值的双重计量属性是历史的选择,资产分为通用性资产和专用性资产,本文通过比较得出,用公允价值计量的项目在市场上存在替代品,符合通用性资产的定义,由此得出了通用性资产适合公允价值计量,专用性资产不适合公允价值计量的结论。     

公允价值的悖论——基于价格与价值的视角

2008年爆发全球性金融危机,凸显出公允价值计量的弊端,即产生顺周期性,对资本市场助涨助跌的作用,违背了会计计量的谨慎性、稳健性原则。本文在此背景下从资产价值与价格关系的视角,分析现行公允价值理论的悖论：公允价值理论反映交换价值,但实践中既反映资产市场价格又反映资产的内在价值,存在逻辑上矛盾。因此采用公允价值计量必须明确计量资产价值还是价格,二者必选其一。反映资产的价格必然采用单一的现行市价计量,反映资产的价值应该采用现值计量,因此相应地排斥其他计量方法的替代。     

美国公允价值计量准则评介

"公允价值计量"是一个国际性的财务报告难题。2006年9月FASB发布"公允价值计量准则"(SFAS157),制定了新的公允价值定义和计量指南。本文介绍SFAS157的主要理论:脱手价计量目标、市场参与者观和公允价值级次,分析这些理论的形成背景和现实意义,归纳SFAS157的主要特征并探讨它对改进我国新准则公允价值计量应用的借鉴作用。     

论公允价值计量与资产减值会计计量的统一

本文从财务报告模式的转换讨论了建立与财务报表目标、会计信息质量特征和要素定义相符的计量标准,进而分析了现行主要准则体系中公允价值计量与资产减值会计计量的分离及其不利后果。在此基础上,提出了基于财务报告"价值观"的要求统一公允价值计量与资产减值会计计量的可能途径,从而为解决以FASB和IASB为主的不同准则制定机构关于资产减值会计计量的分歧,实现会计准则的全球趋同,以及建立全球统一的高质量会计准则提供了可行的思路。     

关于当前我国公允价值运用的思考

新会计准则的实施使公允价值再一次引起了理论与实务界的关注.本文对现有公允价值的运用情况进行介绍和分析,以期对公允价值的进一步改革和应用提供参考.     

关于当前我国公允价值运用的思考

新会计准则的实施使公允价值再一次引起了理论与实务界的关注。本文对现有公允价值的运用情况进行介绍和分析，以期对公允价值的进一步改革和应用提供参考。     

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。     

中国金融业公允价值层次信息价值相关性的经验证据

本文以2007-2013年披露公允价值层次信息的中国金融业上市公司为样本,研究公允价值层次信息的价值相关性。研究发现,公允价值层次信息整体上具有价值相关性;随着计量层次的降低,一、二、三层次公允价值资产的价值相关性逐渐降低,而一、二、三层次公允价值负债的价值相关性没有显著差异;不同信息环境下公允价值层次信息价值相关性的进一步研究表明,较高的信息透明度和信息丰富度能提高第三层次公允价值信息的价值相关性。本文的研究结论为处于转型阶段的新兴市场国家公允价值层次信息价值相关性,以及《企业会计准则第39号——公允价值计量》提供了经验证据。     

公允价值、技术与制度改革及会计国际化

文章针对公允价值在我国具体会计准则中运用的变化 ,分析了公允价值在我国运用的障碍 ,指出市场价格判断的脱离使公允价值计量缺乏了技术基础 ,而企业法人治理结构的缺陷 ,则是公允价值在我国运用的根本限制。文章认为 ,会计的国际化不单纯是技术规范的国际化 ,而更应该是技术规范改革与制度改革并进的过程。     

公允价值会计涉及的三个层次基本理论问题

本文认为公允价值计量模式是与财务报告的决策有用性目标相一致的,如果财务报告决策有用性的目标不能被推翻,则公允价值计量模式不会被取消。但是公允价值计量模式在短期内不会成为唯一的计量模式,21世纪将是混合计量模式的时代。既然混合计量模式将是未来相当长时期内的主要会计计量模式,那么各财务报表项目采用何种计量属性应以财务报表需达到的质量要求为判断依据,采用公允价值计量的项目应提高其信息质量。     

Inco Ltd.: Market Value, Fair Value, and Management Discretion

We examine management discretion to decide when and how much to write down an asset, in a unique case where a tracking stock provides an observable market value for the asset. We find that, despite market evidence that Inco Ltd.'s financial statements substantially overvalued the Voisey's Bay nickel mine throughout 1997 to 2000, management chose not to write down the mine until 2002. Inco management used an independent fairness opinion to justify its December 2000 redemption of the tracking stock at 25% of its initial value, indicating almost surely that Inco management was aware of the generally accepted accounting principles (GAAP) impairment. This case illustrates that GAAP's reliance on undiscounted cash flows for impairment decisions allows huge unrecorded disparities between book and market value. The management discretion exercised in this case provides a concrete example of the subjectivity inherent in fair valuation.     

To Fair Value or Not to Fair Value: A Broader Perspective

Fair value is considered here with respect to the two primary objectives of financial statements proposed in the joint conceptual framework that is under development by the FASB and the IASB, namely (a) informativeness—to assist providers of capital in predicting, evaluating, and comparing the amounts, timing and uncertainty of future cash flows, and (b) stewardship—to assist in evaluating how efficient and effective managers have been in enhancing shareholders' value. More specifically, a comprehensive set of accounting measures and a set of corporate governance reforms intended to align corporate insiders' and auditors' behaviour and decisions with the interests of investors is outlined. Suggested reforms show how to present a mix of effectively historical quantifications, exit values, and the discounted values of future cash flows expected from the particularized use of combinations of assets within the firm. Additionally, the article describes how markets can be reformed in order to align the interests of the officers who prepare such accounts, and the auditors who certify them, with those of investors. These market-based reforms would require auditors to insure misrepresentations, and managers to take equity to induce truthful reporting. Also included is a radical extension to earlier proposals by the author, requiring an officer of the company to make the market in shares in a way that would place limits upon the value of the insider's private information.     

Fair Value Exposure,Changes in Fair Value and Audit Fees: Evidence from the Australian Real Estate Industry

This paper investigates the relationship between audit fees and both fair value exposure and changes in fair value of investment properties. The study is motivated by the limited and inconclusive evidence on the effect on audit fees of full fair value reporting for illiquid assets. Using hand‐collected data from the Australian real estate industry, we find a negative (positive) association between audit fees and fair value exposure (changes in fair value of investment properties). Our findings also indicate that the use of unobservable inputs in fair value estimates for investment properties does not significantly increase audit risk and audit fees. Further, we find that audit fees are higher for firms with fair values of investment – properties estimated by external and mixed valuers – compared to firms with fair values estimated by directors alone. This study enriches the audit fee literature by documenting auditors’ pricing decisions in an area that involves significant estimation and valuation risks.     

公允价值、预期现值法及其应用

一、公允价值与预期现值法的基本含义美国财务会计准则委员会(FASB)将公允价值定义为：在当前的非强迫或非清算的交易中，自愿双方之间进行资产(或负债)的买卖(或发生与清偿)的金额。国际会计准则将其定义为: 在公平交易中，熟悉情况的当事人自愿据以进行资产交换或负债清偿的金额。二个定义并无本质差别。概括起来讲，公允价值实际上是指公允的市场价格。当存在可观察的市场价格时，此市场价格即为资产或负债的公允价值，而当不存在可观察的市场价格时，则应采用一定的计量技巧估计出其市场价格。此时在一般情况下可采用FASB推荐使用的…     

公允价值及其计量

<国际会计准则16>对某项资产的公允价值和市场价值的表述非常相似,但事实并不是这么简单.公允价值这个概念贯穿整个会计准则.表面上看,它和市场价值这个概念十分相似,都指在交易中的可取得的价格,但市场价值实际上是公允价值在固定资产上的一个具体应用.市场价值,在它相对简单的定义背后,有着详尽的概念体系作为支持.国际评估准则、美国评估执业统一准则和英国评估师手册等评估准则对市场价值在各种情形下的具体含义作了清晰的归纳,而公允价值作为一个类属词在应用中缺乏像市场价值概念体系的指导.     

The Relationship between Fair Value,Market Value,and Efficient Markets*

This paper proposes that an assumption of reasonable market efficiency is at the essence of the relevance of fair value for financial reporting purposes. The paper's examination of this proposal begins with a review of recent academic literature on market efficiency, and on evidence of inefficiencies and their implications for the ability of the efficient market hypothesis to explain what market prices represent. It concludes that there is wide acceptance in this literature that a reasonable level of efficiency can generally be presumed to exist in active, well‐regulated capital markets. The paper examines the essential attributes of a reasonably efficient market for fair value measurement purposes, and some basic implications for its reliable estimation. This is done in comparison with the provisions of the fair value measurement standard of the Financial Accounting Standards Board (FASB) (Statement of Financial Accounting Standards [SFAS] No. 157). It is concluded that the concept of reasonable market efficiency could provide a sound conceptual framework for defining fair value that is founded in real, observable market prices. It is demonstrated that, in contrast, SFAS No. 157 does not provide a clear, unequivocal concept of fair value, and that it permits estimates of fair value that have no demonstrable basis in real, observable market prices. Nevertheless, it appears that arguments typically put forward by the International Accounting Standards Board and the FASB for the relevance of fair value for financial reporting purposes do imply a presumption of reasonably efficient markets.     

从经济学角度分析公允价值与市场价值

公允价值是国际会计界公认的价值概念,在会计学理论与实践中已得到广泛运用,它与资产评估中的市场价值概念有共同之处,也有区别,但在实践中常常被混淆.本文试图从经济学角度出发,对这两个概念加以分析.