重要会计政策的报告外文翻译精品.docx
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重要会计政策的报告外文翻译精品.docx
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重要会计政策的报告外文翻译精品
中文3570字
本科毕业论文(设计)
外文翻译
题目上市公司会计政策的选择研究
专业会计学
外文题目ReportingCriticalAccountingPolicies
外文出处THECPAJOURNAL
外文作者MarkP.Holtzman
原文:
ReportingCriticalAccountingPolicies
Accountantsinevitablymakemanyaccountingestimatesandpolicydecisionswhenpreparingfinancialstatements.Theymustselectdepreciablelivesforlong-livedassets.chooseaninventorycostingmethod,makeassumptionsaboutpensions,andmakemanymorejudgments.Theseaccountingestimatesaredrivenbyanentity'saccountingpolicyasitappliestotheissuesathand.Thesedecisionscouldsignificantlyaffectacompany'sfinancialstatementsandhowusersunderstandacompany'sresultsandfinancialposition.
Forthisreason,theSECrequirescompaniestoreport"criticalaccountingpolicies"(CAP)aspartofManagement'sDiscussionandAnalysis(MD&A).TheSEChasissuedmanycommentlettersaboutcompanies'CAPS,indicatingtheirimportance.WhatfollowsisanoverviewoftheSEC’SrequirementsandproposedruleonCAPS,aswellasasurveyofcurrentpracticesbylargecompanies.
TheSEC’SInterpretation
InDecember2003,theSECreleasedFR-72,"Interpretation:
CommissionGuidanceRegardingManagement'sDiscussionandAnalysisofFinancialConditionandResultsofOperations"(www.sec.gov/rules/interp/33-835O.htm).ThiscoveredmanydifferentareasofMD&A,includingcriticalaccountingestimates.Theinterpretationdefinescriticalaccountingestimatesasthose"estimatesorassumptionswhere[1]thenatureoftheestimatesorassumptionsismaterialduetothelevelsofsubjectivityandjudgmentnecessarytoaccountforhighlyuncertainmattersorthesusceptibilityofsuchmatterstochangeand[2]theimpactoftheestimatesandassumptionsonfinancialconditionoroperatingperformanceismaterial."
TherulestatesthatcriticalaccountingestimatedisclosuresintheMD&Ashouldsupplementthedescriptionofsignificantaccountingpoliciesprovidedatthebeginningofthenotestothefinancialstatements[requiredunderAccountingPrinciplesBoard(APB)Opinion22andAICPAStatementofPosition(SOP)94-6].TheMD&Adisclosureshouldprovidemoreinsightintothequalityandvariabilityofinformationonthebalancesheetandincomestatement.Furthermore,thedisclosureshouldanalyzetheuncertaintiesinvolvedinapplyinganaccountingprinciple,orthevariabilitylikelytoresultfromitsapplicationovertime.
Accountantsshouldexplainwhycriticalaccountingestimatesbeartheriskofchange.Furthermore,theyshouldexplainhowtheyarrivedattheestimate,howaccuratetheestimateorassumptionhasbeeninthepast,howmuchtheestimateorassumptionhaschangedinthepast,andwhethertheestimateorassumptionisreasonablylikelytochangeinthefuture.Whenquantitative,materialinformationisavailable,accountantsshouldquantifythesensitivitytochangebasedonreasonablylikelyoutcomes.
TheSEC’SProposedRule
InMay2002,priortotheissuanceoftheaboveinterpretation,theSECreleasedaproposedrule.“DisclosureinManagement'sDiscussionandAnalysisabouttheApplicationofCriticalAccountingPolicies”Thisproposedruleprovidesmorecompleteanddirectguidancethantheinterpretation.TheSEChasyettoactuponthisproposal;ithasnotissuedanyamendedproposalsorfinalrulesonthematter.Furthermore,theSEC'SDivisionofCorporationFinance'smostrecentCurrentAccountingandDisclosureIssues(November30,2006)didnotmentionCAPS.
TheproposedrulewouldredefinethecriteriaforCAPStofocusonthefollowing:
1)criticalaccountingestimatesthatrequireacompanytodrawassumptionsabouthighlyuncertainmatters;and2)alternateestimatesinthecurrentperiod,orchangesintheestimatethatarereasonablylikelyinfutureperiodsthatwouldmateriallyimpactthepresentationofthecompany'sfinancialcondition,changesinfinancialcondition,orresultsofoperations.
Theproposedrulesetsanumberofadditionaldisclosuresforeachestimate.Companieswouldberequiredtoexplainthesignificanceofeachcriticalaccountingestimatetothefinancialstatementsand,wherematerial,toindividualfinancialstatementlineitems.Furthermore,theproposedrulewouldrequirequantifyingfinancialstatements'sensitivitytochangesmadeineachcriticalaccountingestimate,anddisclosinghistoricalchangesinacompany'scriticalaccountingestimatesoverthepastthreeyears(twoyearsforsmallbusinessissuers).Companieswouldherequiredtoexplainthereasonsforthosechanges.
Forinitialadoptionsofaccountingpolicies,companieswouldberequiredtodescribethefollowing:
1)theeventsortransactionsthatgaverisetotheinitialadoption;2)theaccountingprincipleadopted,andthemethodofapplyingit;and3)thequalitativeimpactoftheadoptiononthecompany'sfinancialstatements.Ifthereisachoiceamongacceptableaccountingprinciples,thecompanywouldhavetoidentifythealternativesanddescribewhyitmadethechoicethatitdid.Intheabsenceofexistingaccountingliteratureforunusualornoveltransactions,acompanywouldberequiredtoexplainitsdecisionregardingtheinitialadoption.
TheproposedruleimplicitlydifferentiatesCAPSfromestimates.Policiesareplansofactiontoguidefuturedecisions,whereasestimatesareindividualdecisionsmadewhenpreparingfinancialstatement.Companiesmustdiscloseinformationaboutinitialadoptionsofnewpolicies.Newestimates,however,mayneedtobereconsideredwitheverynewsetoffinancialstatements.
Undertheproposal,filerswouldberequiredtodisclosewhethertheydiscussedacompany'scriticalaccountingestimateswiththeauditcommittee.Theywouldnotberequitedtodisclosethenatureofthosediscussions.
CompaniesoperatingwithmorethanonesegmentwouldhavetoidentifyspecificsegmentsaffectedbyaCAP.Inadditiontocompany-widecriticalaccountingdisclosures,companieswouldhavetodiscussCAPSforeachidentifiedsegment.
TheproposedrulealsoputforwardtheideaofrequiringanindependentauditofMD&A.Itwouldrequirecompaniestoprovidequarterlyupdatesofcriticalaccountingestimatesintheirquarterlyfilings,includingnewlyidentifiedcriticalaccountingestimates,andothermaterialchangesthatwouldrenderpreviousdisclosuresoutofdateormisleading.Theproposedrulewouldnotrequirecompaniestoupdatesensitivityanalyseseachquarter.ForeignprivateissuerswouldberequiredtomeetthesesameCAPdisclosurerequirements.Smallbusinessissuerswouldhavesubstantiallylowerdisclosurerequirements.Existingsafeharborswouldapplytoforward-lookinginformation.
WhenpreparingCAPdisclosures,accountantswillfindtheSEC'Sinterpretation(FR-72)lackingusefulspecifies.EventhoughtheSEChasnotacteduponitasofyet.accountantsshouldreadandconsiderusingtheproposedruleasasourceofmorespecificguidance.
CurrentPractice
Theauthorreviewedannualreportsofthelargest100publiclytradedcompaniesfromtheFortune500.Theauthoranalyzed10-Kfilingswithfiscalyear-endsbetweenDecember31,2005,andDecember30,2006.
Threeaccountingissuesdominatecompanies’CAPdisclosures:
impairments,pensions,andincometaxes.AsindicatedinExhibit1,39outof100companiesreportedCAPSforimpairmentsofintangibles,25reportedCAPSforimpairmentsingeneral,and14reportedimpairmentsoftangibleassets.AnothersixreportedCAPSforthevaluationofresidualcostsofleasedassets.Withrespecttopostemploymentbenefits,64companiesreportedCAPS,andtwoofthosecompaniesreportedadditionalCAPSjustforotherpostemploymentbenefits.Withrespecttoaccountingforincometaxes,56companiesreportedCAPS.
The100companiesreportedmanyadditionaltypesofCAPS,asshowninExhibit1.Forty-fourcompaniesreportedCAPSforcontingencies,32forrevenuerecognition,and32forbad-debtreserves.ValuationofinvestmentsandfinancialinstrumentswasaddressedbyCAPSfor30companies,andinventoryfor24.
SeveralCAPdisclosureswereindustry-specific.InsurancecompaniesreportedclaimsliabilitiesasaCAP.Mostretailersandretailsuppliersaddressedpurchaseandsalesallowances(21CAPS).Oilandgascompaniesreportedoilandgasaccounting(fourCAPS).andentertainmentcompaniesreportedcapitalizationofentertainmentassets(threeCAPS).
Theaveragecompanyreported5.6CAPSinitsMD&A.Bycontrast,apreviousstudybytheFinancialExecutivesResearchFoundationreportedanaverageof6.1CAPSpercompany(thisauthor,AReviewof2002MD&ADisclosures:
CriticalAccountingPolicies).ThefewestCAPSreportedweretwo,byaninvestmentbank,butthiscompany'sdisclosureswereverylonganddetailed.ThehighestnumberofCAPSreportedwas11,byagrocerychain.
Manycompaniesprovidedverydetaileddisclosures.Forexample,Exhibit2showstheFordMotorCompany'sdisclosureaboutotherpostemploymentbenefits(10-K/A,fiscalyear-endDecember31,2005).Thisdisclosureindicatesthatmanagementbelievesthatotherpostemploymentbenefitsareadelicateareaofaccountingforthecompany,andthatFord’sincomeandfinancialpositionareverysensitivetospecificassumptions.Fordexplains,indetail,theneedforestimatesandtheassumptionsused.Furthermore,thesensitivityanalysisindicates,forexample,thataone-pointdecreaseinthediscountratewouldhaveincreasedthecompany'sliabilitiesby$6,330millionanditsexpensesby$530million.
Exhibit2alsoillustratesmanyimportantconceptsaboutreportingsuchpolicies.Firstofall,accountantsshouldwritedisclosuresinplainEnglish,usingsimpledeclarativesentences.Usetheactivevoiceratherthanthepassive
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