对FSP FAS157-e的翻译及评析

本文对FASB今年3月17日发布的FSP FAS157-e进行翻译的基础上,对它的几层含义和带来的影响进行了评析并得出了几点启示。     

Joint product management strategies for E. coli O157 and feedlot profits

The objective of this study was to investigate the associations of management strategies on Escherichia coli O157 and feedlot profits. Management practices that affect cattle performance were identified using ordinary least squares regressions, while a negative binomial regression was used to identify management practices that were associated with E. coli O157 prevalence. Findings support the hypothesis that E. coli O157 occurrences in the feedlot were not directly associated with cattle performance in the feedlot, which suggests potential for a downstream production externality problem. General categories of management strategies were associated with cattle performance and E. coli O157 occurrences and were consistent with past research. As implementation of enhanced food safety regulations potentially shift responsibility of ensuring safety of the food supply from a government based agency onto private firms, a portion of the costs of E. coli O157 outbreaks is likely to shift to feedlots in the future.     

IASB公允价值计量项目的进展及对我国的启示

次贷危机爆发后,公允价值面临前所未有的责难。二十国集团（G20）峰会倡议改进和完善公允价值会计准则。IASB拟对公允价值及其相关项目做重大修订。我国应充分借鉴其最新研究成果,以改进我国的公允价值会计体系。本文在介绍后危机时代IASB对公允价值计量项目的进展的基础上,结合我国实际,提出了我国进一步应用公允价值的建议。     

Adjustment of valuation inputs and its effect on value relevance of fair value measurement

The fair value accounting standards; i.e., FAS 157, FAS 157-3 and FAS 157-4, specify the circumstances where firms need to adjust valuation inputs to fair value measurements in response to changes in market conditions. Such an adjustment inherently involves substantial management judgment and is accompanied with transfers of assets and liabilities among the different levels of the fair value hierarchy. We study the effect of adjusting valuation inputs to reflect market variations on value relevance of fair value measurements by comparing the value relevance of fair value assets between the banks that make transfers of assets and the banks that make no transfers. Overall, we find a significant increase in value relevance of fair value measurements for banks that transferred assets into/out of the Level 3 category. Our study examines a challenging situation in the application of fair value standards; i.e., determining fair value when there is a change in market conditions. Fair value measurement under such a situation involves substantial management judgment and potential estimate errors and manipulation. Our findings provide useful information for researchers, regulators and accounting professionals to assess the market’s perception of the reliability of fair value information when management exercises substantial discretion in adjusting valuation inputs under changing market conditions.     

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。     

资产和负债相关活动量显著减少时公允价值的确定——解读美国公允价值计量准则4号

2008年9月，美国金融危机全面爆发，公允价值会计准则一时饱受质疑。在企业和政府的压力下，美国财务会计准则委员会（FAS8）于2009年4月出台了公允价值第4号CFASB员工立场公告》（FAS157—4），本文试分析了FAS157—4的制定背景，具体内容和产生影响，阐述了其对我国应用公允价值会计准则的启示。     

美国的公允价值研究:现状、问题与未来方向

美国的公允价值计量研究仍然存在诸多不足甚至错误,表现在公允价值定义与财务会计概念公告冲突、价值与价格混淆、对公允价值的本质认识不准确、计量重点把握不当、公允价值理论体系混乱复杂等多个方面。美国公允价值研究的真正突破表现在:(1)对公允价值可靠性认识态度发生了悄然转变;(2)明确提倡价值计量,为澄清价值计量属性和货币计量单位提供了契机;(3)提出了后续计量概念,这是会计动态反映观的开始。这三个方面的突破,实际上暗示了公允价值会计未来的发展方向和突破点。     

The association between firm characteristics and CFO's opinions on the fair value option for non-financial assets

SFAS 157 provides a common definition for fair value while SFAS 159 expands the applicability of the fair value option. This paper analyzes the responses of 209 CFOs of U.S. firms to a survey asking whether they would choose the fair value option for non-financial assets (FVONFA) and investigates the determinants of CFOs' responses to the option. One of our results suggests that CFOs in the U.S. are resistant to the FVONFA, consistent with prior studies based on firms in Europe and Australia. Our results also suggest that firm size, leverage, the amount of non-financial assets, and expertise in fair value measurements all positively affect the CFOs' responses to the FVONFA.     

FASB编纂专题820《公允价值计量和披露》研究及对我国的启示

美国FASB编纂专题820《公允价值计量和披露》是国际会计界会计准则建设上划时代的里程碑。FASB和IASB正共同引领全球公允价值会计准则的持续全面趋同大潮。它们已决定为得不到第一或第二层级输入值的"难以计量的资产和负债"的公允价值计量研制教育指南,而这已可以解决中国面临的主要问题。我们只有迎难而上,努力学习,才能实现持续全面趋同目标。