会计论文附录.docx
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会计论文附录.docx
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会计论文附录
附录1
FairValueMeasurements
InFebruary2021theInternationalAccountingStandardsBoard(IASB)andtheUSFinancialAccountingStandardsBoard(FASB)publishedaMemorandumofUnderstandingreaffirmingtheircommitmenttotheconvergenceofUSgenerallyacceptedaccountingprinciples(GAAP)andInternationalFinancialReportingStandards(IFRSs)andtotheirsharedobjectiveofdevelopinghighquality,commonaccountingstandardsforuseintheworld’scapitalmarkets.TheconvergenceworkprogrammesetoutintheMemorandumreflectsthestandard-settingcontextofthe‘roadmap’developedbytheUSSecuritiesandExchangeCommissioninconsultationwiththeIASB,FASBandEuropeanCommissionfortheremovalofthereconciliationrequirementfornon-UScompaniesthatuseIFRSsandareregisteredintheUS.Theworkprogrameincludesaprojectonmeasuringfairvalue.
TheFASBhasrecentlyissuedStatementofFinancialAccountingStandardsNo.157FairValueMeasurements(SFAS157),onwhichworkwaswelladvancedbeforetheMemorandumofUnderstandingwaspublished.SFAS157establishesasingledefinitionoffairvaluetogetherwithaframeworkformeasuringfairvalueforUSGAAP.TheIASBrecognisedtheneedforguidanceonmeasuringfairvalueinIFRSsandforincreasedconvergencewithUSGAAP.Consequently,theIASBdecidedtousetheFASB’sstandardasthestartingpointforitsdeliberations.Asthefirststageofitsproject,theIASBispublishinginthisdiscussionpaperitspreliminaryviewsontheprincipalissuescontainedinSFAS157.
TheIASBplanstoholdround-tablemeetingsonthisdiscussionpaperinconjunctionwiththedevelopmentofanexposuredraft.PleaseindicateinyourresponsetothisInvitationtoCommentifyouareinterestedintakingpartinaround-tablemeeting.Pleasenotethat,becauseoftimingandspaceconstraints,notallofthoseindicatinganinterestmaybeabletotakepart.
TheIASBwillconsiderresponsestothisInvitationtoCommentandtherelatedround-tablediscussionsindevelopinganexposuredraftofanIFRSonfairvaluemeasurement.TheexposuredraftwillbepreparedspecificallyforapplicationtoIFRSs.AlthoughprovisionsofSFAS157maybeusedinthepreparationofanexposuredraft,theymayberewordedoralteredtobeconsistentwithotherIFRSsandtoreflectthedecisionsoftheIASB.TheIASBplanstopublishanexposuredraftbyearly2021.
InNovember2021theIASBpublishedforcommentadiscussionpaper,MeasurementBasesforFinancialAccounting–MeasurementonInitialRecognition,writtenbythestaffoftheCanadianAccountingStandardsBoard.Althoughthatpapercontainedadiscussionoffairvalue,itsprimarypurposewastodiscusswhichmeasurementattributeswereappropriateforinitialrecognition.ThatpaperispartoftheongoingConceptualFrameworkprojectthatseekstoestablish,amongotherthings,aframeworkformeasurementinfinancialreporting.Becauseofthedifferentscopeandintentofthatpaper,itisnotdiscussedinthisdiscussionpaper.However,commentsonthatdiscussionpaperrelatingtothemeasurementoffairvaluewillbeconsideredinthedevelopmentoftheexposuredraftofanIFRSonfairvaluemeasurementaswellasintheConceptualFrameworkproject.Issue1.SFAS157andfairvaluemeasurementguidanceincurrentIFRSs
IFRSsrequiresomeassets,liabilitiesandequityinstrumentstobemeasuredatfairvalueinsomecircumstances.However,guidanceonmeasuringfairvalueisdispersedthroughoutIFRSsandisnotalwaysconsistent.TheIASBbelievesthatestablishingasinglesourceofguidanceforallfairvaluemeasurementsrequiredbyIFRSswillbothsimplifyIFRSsandimprovethequalityoffairvalueinformationincludedinfinancialreports.AconcisedefinitionoffairvaluecombinedwithconsistentguidancethatappliestoallfairvaluemeasurementswouldmoreclearlycommunicatetheobjectiveoffairvaluemeasurementandeliminatetheneedforconstituentstoconsiderguidancedispersedthroughoutIFRSs.
TheIASBemphasisesthattheFairValueMeasurementsprojectisnotameansofexpandingtheuseoffairvalueinfinancialreporting.Rather,theobjectiveoftheprojectistocodify,clarifyandsimplifyexistingguidancethatisdispersedwidelyinIFRSs.However,inordertoestablishasinglestandardthatprovidesuniformguidanceforallfairvaluemeasurementsrequiredbyIFRSs,amendmentswillneedtobemadetotheexistingguidance.AsdiscussedfurtherinIssue2,theamendmentsmightchangehowfairvalueismeasuredinsomestandardsandhowtherequirementsareinterpretedandapplied.
InsomeIFRSstheIASB(oritspredecessorbody)consciouslyincludedmeasurementguidancethatresultsinameasurementthatistreatedasifitwerefairvalueeventhoughtheguidanceisnotconsistentwiththefairvaluemeasurementobjective.Forexample,paragraphB16ofIFRS3BusinessCombinationsprovidesguidancethatisinconsistentwiththefairvaluemeasurementobjectiveforitemsacquiredinabusinesscombinationsuchastaxassets,taxliabilitiesandnetemployeebenefitassetsorliabilitiesfordefinedbenefitplans.Furthermore,someIFRSscontainmeasurementreliabilitycriteria.Forexample,IAS16Property,PlantandEquipmentpermitstherevaluationmodeltobeusedonlyiffairvaluecanbemeasuredreliablyThisprojectwillnotchangeanyofthatguidance.Rather,thatguidancewillbeconsideredprojectbyproject.However,theIASBplanstousetheFairValueMeasurementsprojecttoestablishguidancewheretherecurrentlyisnone,suchasinIAS17Leases,aswellastoeliminateinconsistentguidancethatdoesnotclearlyarticulateasinglemeasurementobjective.
BecauseSFAS157establishesasinglesourceofguidanceandasingleobjectivethatcanbeappliedtoallfairvaluemeasurements,theIASBhasreachedthepreliminaryviewthatSFAS157isanimprovementonthedisparateguidanceinIFRSs.However,asdiscussedinmoredetailbelow,theIASBhasnotreachedpreliminaryviewsonallprovisionsofSFAS157.Issue2.DifferencesbetweenthedefinitionsoffairvalueinSFAS157andinIFRSs
Paragraph5ofSFAS157definesfairvalueas‘thepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionbetweenmarketparticipantsatthemeasurementdate.’Bycomparison,fairvalueisgenerallydefinedinIFRSsas‘theamountforwhichanassetcouldbeexchanged,oraliabilitysettled,betweenknowledgeable,willingpartiesinanarm’slengthtransaction’(withsomeslightvariationsinwordingindifferentstandards).ThedefinitioninSFAS157differsfromthedefinitioninIFRSsinthreeimportantways:
(a)ThedefinitioninSFAS157isexplicitlyanexit(selling)price.ThedefinitioninIFRSsisneitherexplicitlyanexitpricenoranentry(buying)price.
(b)ThedefinitioninSFAS157explicitlyreferstomarketparticipants.ThedefinitioninIFRSsreferstoknowledgeable,willingpartiesinanarm’slengthtransaction.
(c)Forliabilities,thedefinitionoffairvalueinSFAS157restsonthenotionthattheliabilityistransferred(theliabilitytothecounterpartycontinues;itisnotsettledwiththecounterparty).ThedefinitioninIFRSsreferstotheamountatwhichaliability
couldbesettledbetweenknowledgeable,willingpartiesinanarm’slengthtransaction.
Thesedifferencesarediscussedinmoredetailbelow.Issue2A.Exitpricemeasurementobjective
TheBasisforConclusionsofSFAS157includesthefollowingdiscussion:
C26Thetransactiontoselltheassetortransfertheliabilityisahypotheticaltransactionatthemeasurementdate,consideredfromtheperspectiveofamarketparticipantthatholdstheassetorowestheliability.Therefore,theobjectiveofafairvaluemeasurementistodeterminethepricethatwouldbereceivedfortheassetorpaidtotransfertheliabilityatthemeasurementdate,thatis,anexitprice.TheBoard[FASB]concludedthatanexitpriceobjectiveisappropriatebecauseitembodiescurrentexpectationsaboutthefutureinflowsassociatedwiththeassetandthefutureoutflowsassociatedwiththeliabilityfromtheperspectiveofmarketparticipants.TheemphasisoninflowsandoutflowsisconsistentwiththedefinitionsofassetsandliabilitiesinFASBConceptsStatementNo.6,ElementsofFinancialINVITATIONTOCOMMENTStatements.Paragraph25ofConceptsStatement6definesassetsintermsoffutureeconomicbenefits(futureinflows).Paragraph35ofConceptsStatement6definesliabilitiesintermsoffuturesacrificesofeconomicbenefits(futureoutflows).
Paragraph49oftheIASB’sFrameworkforthePreparationandPresentationofFinancialStatementssimilarlydefinesassetsandliabilitiesintermsofinflowsandoutflowsofeconomicbenefits.ThemajorityofIASBmembersbelievethatafairvaluemeasurementwithanexitpriceobjectiveisconsistentwiththesedefinitionsandisappropriatebecauseitreflectscurrentmarket-basedexpectationsofflowsofeconomicbenefitintooroutoftheentity.
OtherIASBmembersagreewiththisview,butintheirviewanentrypricealsoreflectscurrentmarket-basedexpectationsofflowsofeconomicbenefitintooroutoftheentity.Therefore,theysuggestreplacingtheterm‘fairvalue’withtermsthataremoredescriptiveofthemeasurementattribute,suchas‘currententryprice’or‘currentexitprice’.
AnentrypricemeasurementobjectivewoulddifferfromtheexitpriceobjectiveinSFAS157inthatitwouldbedefinedasthepricethatwouldbepaidtoacquireanassetorreceivedtoassumealiabilityinanorderlytransactionbetweenmarketparticipantsatthemeasurementdate.SomemembersoftheIASBareoftheviewthatanentrypriceandanexitpricewould
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