对减记资产减值的研究【外文翻译】.doc

1、1外文文献翻译ACLOSERLOOKATDISCRETIONARYWRITEDOWNSOFIMPAIREDASSETSTHEINCREASINGNUMBEROFASSETWRITEDOWNSANDWRITEOFFSDURINGTHELASTDECADEHASCAPTUREDTHEATTENTIONOFBOTHTHEFINANCIALPRESSANDTHESTANDARDSETTINGCOMMUNITYTHEFASBISCURRENTLYCONSIDERINGREGULATIONOFWRITEDOWNSOFIMPAIREDASSETSANDIDENTIFIABLEINTANGIBLESANDRE

2、LEASEDADISCUSSIONMEMORANDUMONTHEISSUESSURROUNDINGTHEPROBLEMINDECEMBER1990PRESENTLY，THEREISLITTLEEMPIRICALRESEARCHWHICHAPPLIESDIRECTLYTOTHEWRITEDOWNSWHICHMIGHTBECOVEREDBYTHERESULTINGSTANDARDSDISCRETIONARYWRITEDOWNSBEFOREANYREGULATIONBYTHEFASBISATTEMPTEDINTHISAREA,ITWOULDBEBENEFICIALFORBOTHSTANDARDSET

3、TERSANDTHEBUSINESSCOMMUNITYTOLEARNABOUTTHOSECOMPANIESWHOHAVEALREADYCHOSENTORECORDDISCRETIONARYWRITEDOWNSANDTHESITUATIONSWHICHMAYHAVEPROMPTEDTHEMTODOSOPREVIOUSRESEARCHINTHISAREAISNOTCONCLUSIVESINCESOMEISBASEDONANECDOTALEVIDENCEANDMOSTOFTHEPUBLISHEDSTUDIESOFWRITEDOWNSINCLUDENOTONLYDISCRETIONARYWRITEDO

4、WNSOFIMPAIREDASSETS,BUTALSOWRITEOFFSANDWRITEDOWNSWHICHMAYQUALIFYASDISCONTINUEDOPERATIONSUNDERAPB30THEPURPOSEOFTHISPAPERISTOFILLTHISVOIDINTHELITERATUREBYPROVIDINGINFORMATIONFOCUSINGONLYONDISCRETIONARYASSETWRITEDOWNSINPARTICULAR,THEFOLLOWINGAREASWILLBEEXPLORED1WHATTYPESOFFIRMSARERECORDINGDISCRETIONARY

5、ASSETWRITEDOWNSHOWPREVALENTARETHESEEVENTS2HOWAREDISCRETIONARYASSETWRITEDOWNSDISCLOSED3WHENAREDISCRETIONARYASSETWRITEDOWNSRECORDEDARETHEREANYTIMINGPATTERNSINTHESEEVENTS4WHATARETHECONSEQUENCESOFTHESEWRITEDOWNSHOWDOTHEYAFFECTSTOCKPRICESANDTHEFINANCIALHEALTHOFTHEFIRMSTHECURRENTENVIRONMENT2ANASSETISSAIDT

6、OBE“IMPAIRED“WHENITSBOOKVALUEEXCEEDSSOMEMEASUREOFITS“FAIR“VALUEWHENAFIRMRECOGNIZESTHISIMPAIRMENTANDSUBSEQUENTLYRECORDSTHEEFFECTBYDECREASINGTHEBOOKVALUEOFTHEASSETANDDEBITINGANINCOMESTATEMENTACCOUNT,THEFIRMHASRECORDEDA“WRITEDOWN“GAAPCLEARLYALLOWSTHESEWRITEDOWNSINSEVERALSITUATIONSFIRST,CERTAINCURRENTAS

7、SETS,SUCHASMARKETABLESECURITIESANDINVENTORIES,AREEXAMINEDPERIODICALLYANDADJUSTEDTOTHELOWEROFCOSTORMARKETSIMILARLY,LONGTERMEQUITYINVESTMENTSAREADJUSTEDPERIODICALLYTOTHELOWEROFCOSTORMARKETALTHOUGHTHEINCOMESTATEMENTISNOTAFFECTEDBYTHEWRITEDOWNFINALLY,ANYLONGTERMASSETSFORWHICHDISPOSALISCONTEMPLATEDINCLUD

8、INGASSETSBEINGSOLDASPARTOFADISCONTINUEDOPERATIONAREADJUSTEDTOTHEIRNETREALIZABLEVALUEEXITMARKETVALUELESSCOSTSOFSELLINGANDREADYINGFORSALETHESEFINALTYPESOFWRITEDOWNSAREADEQUATELYADDRESSEDBYAPB30,ANDTHEREAPPEARSTOBENOCONFUSIONONTHEAPPLICATIONOFTHERULESTOTHESESITUATIONS,NORANYREASONTOREASSESSAPB30ATTHIST

9、IMEMOSTOFTHEWRITEDOWNSWHICHAFIRMMIGHTNORMALLYRECORDWOULDFALLINTOONEOFTHESETHREECATEGORIESTHEWRITEDOWNSWHICHTHEFASBWOULDSPECIFICALLYTARGETWITHTHEIRPOTENTIALREGULATIONWOULDBETHOSEWHICHDONOTTHESEWILLBETERMED“DISCRETIONARYWRITEDOWNS“TODISTINGUISHTHEMFROMWRITEDOWNSCOVEREDBYAPB30INTHESECASES,THEFIRMHASNOT

10、MADEADECISIONTODISPOSEOFTHEASSETINQUESTION,BUTHASCOMETOTHECONCLUSIONBASEDONTHEIROWNDECISIONMODELTHATTHEASSETISIMPAIREDTHEYPLANTOCONTINUETOUSEANDDEPRECIATETHEASSETAFTERTHEWRITEDOWN,ANDDONOTINDICATEANYCURRENTINTENTTOSELLTHEASSETASSETWRITEDOWNSAREOFTENRECORDEDINCONJUNCTIONWITH,ORUNDERTHETITLEOF,RESTRUC

11、TURINGCHARGESSTAFFACCOUNTINGBULLETINNO67SAB67,ISSUEDBYTHESECINDECEMBER1986,DEALSWITHTHEDISPLAYOFRESTRUCTURINGCHARGESONTHEINCOMESTATEMENTTHESECCONCLUDEDTHATRESTRUCTURINGCHARGESSHOULDNOTBEAFFORDEDEXTRAORDINARYTREATMENTTHEFASB,HOWEVER,HASINCLUDEDDISCLOSUREASA“SEPARATELINEITEMOUTSIDECONTINUINGOPERATIONS

12、“ASANOPTIONINTHEIRRECENTLYISSUEDDISCUSSIONMEMORANDUM,INDICATINGTHATTHISTREATMENTMAYBEPOSSIBLEINTHEIRFINALSTANDARDASAMATTEROFPOLICY,THEDISCUSSIONMEMORANDUMISSUBJECTEDTOSEC3STAFFANALYSISBEFOREISSUANCEANDANSECOBSERVERISPRESENTATALLTASKFORCEMEETINGSLEADINGTOTHEISSUANCEOFTHEDISCUSSIONMEMORANDUM,SOITISREA

13、SONABLETOASSUMETHATTHESECWOULDRESCINDSAB67INTHEEVENTTHATTHEFASBELECTEDTHISTREATMENTINASUBSEQUENTSTATEMENTOFFINANCIALSTANDARDSACCORDINGLY,THISSTUDYLOOKSATDISCRETIONARYWRITEDOWNSRECORDEDDURINGAPERIODPRIORTOTHEISSUANCEOFSAB67TODETERMINEMANAGEMENTSPREFERENCEFORTHEINCOMESTATEMENTCLASSIFICATIONSAB67ISCURR

14、ENTLYTHEONLYREGULATIONWHICHDEALSSPECIFICALLYWITHDISCRETIONARYWRITEDOWNSTHEFINANCIALPRESSHASREPORTEDNUMEROUSCASESOFANECDOTALEVIDENCECONCERNINGWRITEDOWNSANDTHEIRIMPACTONTHEFINANCIALHEALTHOFTHEFIRMFORINSTANCE,SEVERALARTICLESINDICATEDTHATITAPPEARSTHATTHESTOCKMARKETREACTSPOSITIVELYTOASSETWRITEDOWNSAWALLS

15、TREETJOURNALARTICLEINDICATEDTHATTHESTOCKPRICEFORFIVELARGECOMPANIESROSE47PERCENTTHREEDAYSAFTERTHEANNOUNCEMENTOF“WRITEDOWNS“ANOTHERARTICLEINDICATEDTHATA550MILLION“WRITEDOWN“RECORDEDBYWARNERLAMBERTIN1985RESULTEDINA12PERCENTSTOCKPRICEINCREASEUNFORTUNATELY,NONEOFTHESEARTICLESEXAMINEWHETHERTHEREMAYBEASIMI

16、LARNUMBEROFWRITEDOWNSWHICHRESULTEDINSTOCKPRICEDECREASESANOTHERCOMMONTHEMEINTHESEARTICLESISTHESURPRISENATUREOFTHEWRITEDOWNANDTHEFAILUREOFTHEWRITEDOWNFIRMSTO“WARN“THEUSERSOFTHEFINANCIALSTATEMENTSINTHEPERIODSBEFORETHEWRITEDOWNNONEOFTHESEARTICLESINTHEFINANCIALPRESSDISTINGUISHBETWEEN“WRITEDOWNS“WHICHAREC

17、URRENTLYALLOWEDUNDERGAAP,ANDTHOSEWHICHHAVEBEENDEFINEDAS“DISCRETIONARYWRITEDOWNS“INTHISPAPERFOURCONTROLLEDSTUDIESOFASSETWRITEDOWNSHAVEBEENPUBLISHED,ALLOFWHICHINCLUDEEVENTSOTHERTHAN“DISCRETIONARYWRITEDOWNS“TWOOFTHEINTERESTEDPARTIESINHISTOPIC,THEFINANCIALEXECUTIVESINSTITUTEFEIANDTHENATIONALASSOCIATIONO

18、FACCOUNTANTSNAAHAVEEACHCOMMISSIONEDSTUDIESONASSETIMPAIRMENTSALTHOUGHEXTENSIVE,NEITHEROFTHESTUDIESSPECIFICALLYLOOKSATONLYDISCRETIONARYWRITEDOWNSTHESESTUDIESHAVEINCLUDEDWRITEDOWNSINCONTEMPLATIONOFSALEANDTOTALWRITEOFFSTHETWOPUBLISHEDACADEMICSTUDIESALSOINCLUDEALLTYPESOFWRITEOFFSANDWRITEDOWNSINTHEIRSAMPL

19、ES4TIMINGANDMOTIVATIONATTHECURRENTTIME,PARTIALWRITEDOWNSOFIMPAIREDLONGLIVEDASSETSARERECOGNIZEDATTHEDISCRETIONOFMANAGEMENTANDWITHTHESUBSEQUENTSUPPORTOFTHEIRAUDITORSTHUS,ITISIMPORTANTTOINVESTIGATEWHENMANAGEMENTDECIDESTHATTHEIMPAIRMENTSHOULDHERECORDEDANDWHATMIGHTMOTIVATETHEMTOMAKESUCHADECISIONITISVERYD

20、IFFICULTTOASSESSTHEFACTORSWHICHMIGHTMOTIVATEAMANAGERTORECORDANYDISCRETIONARYEVENTBECAUSEOFTHEMANAGERSINABILITYORRETICENCETODESCRIBETHEDECISIONPROCESSOFTENTHERESEARCHERMUSTDRAWCONCLUSIONSFROMTHEAVAILABLEDATATOPROVIDEAPPARENTMOTIVATINGFACTORSINTHEDECISIONTORECORDTRANSACTIONSINTHISPAPER,EARNINGSMANAGEM

21、ENTWILLBEEXAMINEDASAPOSSIBLEEXPLANATIONFORTHETIMINGOFANDMOTIVATIONFORDISCRETIONARYWRITEDOWNSBYOBSERVINGREPORTEDEARNINGSSURROUNDINGTHEPERIODINWHICHTHEWRITEDOWNWASANNOUNCED,TWOPOSSIBLEPATTERNSOFEARNINGSMANAGEMENTCANBEIDENTIFIEDINCOMESMOOTHINGAND“BIGBATHS“INCOMESMOOTHINGDESCRIBESANEARNINGSPATTERNINWHIC

22、HMANAGEMENTASPIRESTOMAINTAINASTEADYANDPREDICTABLERATEOFEARNINGSGROWTHMANAGEMENTMAYTRYTORECORDDISCRETIONARYGAINS,LOSSES,ORACCRUALSINTHEPERIODWHICHWILLBESTHELPTHEMTOATTAINTHEIRGOALOFSTEADYGROWTHTHISGOALMAYHEPERCEIVEDASDESIRABLEBECAUSEOFAMANAGEMENTINCENTIVEPLANSTRUCTUREDTOREWARDSMOOTHEARNINGSPATTERNS,O

23、RTHEHOPETHATTHEMARKETWILLEQUATESMOOTHEARNINGSWITHLOWERRISKANDSUBSEQUENTHIGHERSTOCKPRICESTHUS,INTHECASEOFWRITEDOWNS,AFIRMWITHANIMPAIREDASSETMAYATTEMPTTORECORDTHELOSSINAPERIODOFHIGHERTHANNORMALEARNINGS,ORITMAYTIMETHELOSSTOCOINCIDEWITHANONDISCRETIONARYGAINFOREXAMPLE,WINNINGASUBSTANTIALSETTLEMENTINALAWS

24、UITASECONDFORMOFEARNINGSMANAGEMENTHASBEENREFERREDTOASTHE“BIGBATH“UNDERTHISSCENARIO,THEFIRMAPPEARSTO“SAVEUP“DISCRETIONARYLOSSESORACCRUALSANDTHENRECORDSEVERALINTHESAMEPERIODORINAPERIODINWHICHTHEFIRMHASALREADYEXPERIENCEDBELOWNORMALEARNINGSMANAGEMENTMIGHTUNDERTAKEA“BIGBATH“TOSIGNALINVESTORSTHAT“BADTIMES

25、“AREBEHINDTHEMANDBETTERTIMESWILLFOLLOWINTHECASEOFDISCRETIONARYASSETWRITEDOWNS,THISREASONINGISPARTICULARLYAPPROPRIATESINCEAWRITEDOWNRESULTSINDECREASEDDEPREDATIONEXPENSEINTHEFUTURETHE“BIGBATH“HAS5BEENMENTIONEDOFTENASAPROBABLEMOTIVATIONFORRECORDINGASSETWRITEDOWNSTODETERMINEWHETHEREARNINGSMANAGEMENTWASA

26、POSSIBLEMOTIVATIONINTHETIMINGOFWRITEDOWNSINTHISSTUDY,AMEASUREOFEXPECTEDEARNINGSWASCOMPAREDTOREPORTEDEARNINGSFOREACHFIRMINTHEPERIODINWHICHTHEWRITEDOWNWASRECORDEDINCOMESMOOTHINGISCHARACTERIZEDBYPERIODSINWHICHPREWRITEDOWNEARNINGSWEREHIGHERTHANEXPECTEDBYRECORDINGTHEWRITEDOWN,REPORTEDEARNINGSWERECLOSERTO

27、BUTNOTLESSTHANTHELEVELEXPECTEDA“BIGBATH“ISCHARACTERIZEDBYPERIODSINWHICHPREWRITEDOWNEARNINGSWEREALREADYBELOWEXPECTEDEARNINGSTHUS,THEFIRMRECORDEDTHEWRITEDOWNINAPERIODINWHICHOTHERLOSSESORACCRUALSWEREALREADYRECORDEDORINAPERIODOFBELOWNORMALOPERATIONSFINANCIALCONSEQUENCESOFDISCRETIONARYWRITEDOWNSTHEFINANC

28、IALCONSEQUENCESOFRECORDINGDISCRETIONARYWRITEDOWNSOFIMPAIREDASSETSCANBEASSESSEDBYOBSERVINGCERTAINFINANCIALINDICATORSATTHETIMEOFANDAFTERTHEWRITEDOWNTHREESPECIFICINDICATORSHAVEBEENCHOSENINTHISSTUDY1THEREACTIONOFTHESTOCKMARKET,2THEFREQUENCYOFSUBSEQUENTMERGERORACQUISITIONACTIVITY,AND3THESUBSEQUENTFINANCI

29、ALHEALTHOFTHEFIRMSASMEASUREDBYCERTAINKEYRATIOSEACHOFTHESETHREEINDICATORSWILLBEDISCUSSEDSEPARATELYSTOCKMARKETREACTIONTHEAVERAGESTOCKRETURNSOFTHEWRITEDOWNFIRMSADJUSTEDFORCASHANDSTOCKDIVIDENDSASWELLASFIRMSPECIFICRISKWERECOMPAREDWITHTHEMARKETRETURNFORAPERIODOFSIXTYDAYSBEFORETOSIXTYDAYSAFTERTHEANNOUNCEME

30、NTOFTHEWRITEDOWNONTHEAVERAGE,THEREWERENOSIGNIFICANTUNUSUALOREXCESSRETURNSEARNEDBYTHEWRITEDOWNFIRMSOVERTHISPERIODOFTIMEINADDITION,THEYPERFORMEDSIMILARLYTOACONTROLGROUPOFFIRMSMATCHEDONTHEBASISOFINDUSTRYANDASSETSIZEOVERTHESAMEPERIODOFTIMETHESERESULTSDONOTREFUTETHEANECDOTALEVIDENCETHATFIRMSANNOUNCINGDIS

31、CRETIONARYWRITEDOWNSHAVEEXPERIENCEDUNUSUALSTOCKPRICEINCREASESRATHER,THEYINDICATETHATFOREVERYFIRMTHATACHIEVESTHESEPOSITIVERESULTS,THEREISAFIRMFORWHICHTHEMARKETACTSNEGATIVELYTHUS,AFIRMWHICHRECORDSAWRITEDOWNISJUSTASLIKELYTOEXPERIENCEANEGATIVEMARKETREACTIONASITISAPOSITIVEMARKETREACTIONSUBSEQUENTMERGEROR

32、ACQUISITIONACTIVITYSOMEPEOPLEINTHEBUSINESSAND6ACADEMICCOMMUNITIESBELIEVETHATAWRITEDOWNMAYBEANINDICATOROFSOMESORTOFMAJORCAPITALSTRUCTURECHANGESUCHASANACQUISITIONOF,ACQUISITIONBY,ORAMERGERWITHANOTHERSIMILARLYSIZEDORGANIZATIONTOINVESTIGATETHISCONTENTION,EACHWRITEDOWNFIRMWASOBSERVEDFROMTHEWRITEDOWNDATET

33、HROUGHTHEENDOF1987FOREVIDENCEOFMERGERORACQUISITIONACTIVITY,ANDTHERESULTSWERECOMPAREDWITHTHOSEOFFIRMSINSIMILARINDUSTRIESANDOFSIMILARASSETSIZETHERESULTSINDICATETHATAGREATERNUMBEROFTHEWRITEDOWNFIRMSENGAGEINSUBSEQUENTMERGERSORACQUISITIONSTHANDOFIRMSINSIMILARINDUSTRIESANDOFSIMILARSIZEWHICHDONOTRECORDWRIT

34、EDOWNSHOWEVER,ACHISQUAREDTESTFOUNDTHATTHEFREQUENCYOFSUBSEQUENTMERGERORACQUISITIONACTIVITYISNOTSIGNIFICANTLYHIGHERATA005LEVELOFSIGNIFICANCEFORTHEWRITEDOWNFIRMSTHISMEANSTHATTHEAPPARENTDIFFERENCESCOULDBEDUETOCHANCETHEREISNOSTATISTICALEVIDENCETOSUPPORTTHECONTENTIONTHATFIRMSRECORDINGDISCRETIONARYWRITEDOW

35、NSOFIMPAIREDASSETSAREMORELIKELYTOENGAGEINSUBSEQUENTMERGERORACQUISITIONACTIVITYSUBSEQUENTFINANCIALHEALTHTBEVALUATETHECOMPARATIVEFINANCIALHEALTHOFTHEWRITEDOWNANDCONTROLFIRMSINTHEPERIODSSURROUNDINGTHEWRITEDOWN,FOURFINANCIALVARIABLES,1CASHDIVIDENDGROWTH,2EARNINGS/PRICERATIO,3DEBTTOEQUITYRATIO,AND4QUARTE

36、RLYRETURNONASSETS,WEREMEASUREDATSIXPOINTSINTIMEOVERTHEPERIODOFTHREEYEARSBEFORETOTHREEYEARSAFTERTHEWRITEDOWNTHEPERIODINWHICHTHEWRITEDOWNWASRECORDEDISNOTINCLUDEDBECAUSEOFITSOBVIOUSIMPACTONTHEFINANCIALVARIABLESANDTOPROVIDEACLEARERVIEWOFTHELONGTERMTRENDOFEACHVARIABLEINADDITION,BECAUSEOFTHEDIVERSERANGEOF

37、RELATIVESIZEOFTHEWRITEDOWNS,THEWRITEDOWNFIRMSWERESPLITINTOTWOGROUPSBASEDONTHESIZEOFTHEWRITEDOWNASAPERCENTAGEOFTOTALASSETSOFTHEFIRMSPLITTINGTHEWRITEDOWNGROUPINTHISMANNERWILLALLOWFORTHEOBSERVATIONOFTHEIMPACTOFTHEWRITEDOWNSIZEONTHEFIRMSSUBSEQUENTFINANCIALHEALTHTHESETWOGROUPSWILLBEREFERREDTOASLARGEANDSM

38、ALLWRITEDOWNSSUMMARYANDCONCLUSIONSTHEREARESEVERALCONCLUSIONSTHATCANBEDRAWNFROMTHERESULTSOFTHESEEMPIRICALTESTSOFDISCRETIONARYWRITEDOWNSOFIMPAIREDASSETSFIRST,THENUMBEROF7EVENTSLOCATEDDURINGTHETESTPERIODOF1981TO1983ISLOWTHISOBSERVATIONMAYINDICATETWODIFFERENTSITUATIONSFIRST,ASSETIMPAIRMENTSNOTALREADYCOV

39、EREDBYGAAPCOULDBEINFREQUENTSECOND,ANDPROBABLYMOREREALISTIC,THENUMBEROFPARTIALIMPAIRMENTSMAYBESIGNIFICANT,BUT,GIVENTHEPAUCITYOFSPECIFICREGULATORYGUIDANCEORREQUIREMENT,THEWRITEDOWNSARENOTBEINGRECORDEDTHISSECONDSITUATIONHASPARTICULARIMPLICATIONSFORTHESTANDARDSETTINGCOMMUNITYSINCEITMAKESITDIFFICULTTOEST

40、IMATETHEIMPACTOFPOTENTIALREGULATIONTHEFIRMSRECORDINGWRITEDOWNSTENDTOBEINCAPITALINTENSIVEINDUSTRIESANDTENDTOBETRADEDONTHENEWYORKSTOCKEXCHANGETHEWRITEDOWNSALSOVARYINABSOLUTEANDRELATIVESIZE,AGAINPERHAPSREFLECTINGTHEDEFICIENCIESINGUIDANCEONWHATCOMPRISESIMPAIRMENTSECOND,THEWRITEDOWNSOCCURPRIMARILYINTHEFO

41、URTHQUARTEROFTHEFISCALYEAR,PROBABLYBECAUSEOFTHEMOREEXTENSIVEREVIEWDUETOTHEBUDGETINGANDAUDITPROCESSESOCCURRINGINTHATPERIODMANAGEMENTTENDSTOVIEWTHEWRITEDOWNSASUNUSUALEVENTSANDHIGHLIGHTSTHEMASSEPARATELINEITEMSAFTERINCOMEFROMOPERATIONSHOWEVER,EVENINAPERIODPRECEDINGTHESECSPROHIBITIONOFEXTRAORDINARYINCOME

42、STATEMENTTREATMENT,NONEOFTHEFIRMSDISCLOSEDTHEWRITEDOWNAFTERCONTINUINGOPERATIONSTHIRD,THEMAJORITYOFTHEFIRMSWROTEDOWNTHEIRASSETSINAPERIODOFALREADYBELOWNORMALEARNINGSA“BIGBATH“,BUT25PERCENTOFFSETTHEWRITEDOWNWITHOTHERGAINSORUNUSUALLYHIGHEARNINGSINCOMESMOOTHINGTHESERESULTSPROVIDESUPPORTFORTHECONTENTIONTH

43、ATWRITEDOWNSAREBEINGUSEDTOMANAGEEARNINGSFINALLY,THEWRITEDOWNSARENOTAPRECURSOROFIMPROVEDFINANCIALHEALTHFORTHEFIRMNOSIGNIFICANTEVIDENCEOFPOSITIVESTOCKMARKETREACTIONTOTHEWRITEDOWNANNOUNCEMENTCOULDBEFOUNDTHEREISNOSIGNIFICANTINCREASEINMERGERORACQUISITIONACTIVITYFORWRITEDOWNFIRMSASCOMPAREDTOACONTROLGROUPO

44、FFIRMSINGENERAL,CONTROLFIRMSOUTPERFORMEDWRITEDOWNFIRMSONTHEBASISOFKEYFINANCIALCHARACTERISTICSINADDITION,THELARGERTHEWRITEDOWNASAPERCENTAGEOFASSETS,THELARGERTHEDECLINEINFINANCIALHEALTHFORTHOSEFIRMSWHICHDIDDECIDETORECORDPARTIALWRITEDOWNSDESPITETHELACKOFSPECIFICREGULATORYREQUIREMENTS,THISSTUDYINDICATES

45、ALESSTHANPOSITIVEPICTURERECORDINGTHEWRITEDOWNASAFOURTHQUARTERADJUSTMENTWITHOUT“WARNING,“8EVIDENCEOFEARNINGSMANAGEMENT,ANDFINALLYDECLININGFINANCIALHEALTHWHICHINTENSIFIESASTHERELATIVESIZEOFTHEWRITEDOWNINCREASESAREALLCONTRADICTORYTOTHEIMPRESSIONOFTENGIVENBYTHEFINANCIALPRESS,ANDPERHAPSMANAGEMENTITSELF,T

46、HATTHEWRITEDOWNISAPOSITIVEEVENTWHICHWILLRESULTININCREASEDSTOCKPRICESANDAHEALTHIERFIRMFORTHESTANDARDSETTERS,ITPROVIDESADILEMMASINCEITISIMPOSSIBLETODETERMINEHOWMANYFIRMSACTUALLYHAVEIMPAIREDASSETSBUTHAVESOFARELECTEDNOTTORECORDTHEWRITEDOWNTHEFASBMUSTDECIDE,FIRSTOFALL,THEMAGNITUDEOFTHEPOTENTIALPROBLEMAND

47、THENWHENTOREQUIREPARTIALWRITEDOWNSOFIMPAIREDLONGLIVEDASSETSONCETHESEDECISIONSHAVEBEENMADE,THENTHESUBSTANTIVEISSUESOFMEASUREMENTANDDISCLOSURECANBEADDRESSEDLINDAJZUCCA,DAVIDRCAMPBELLACLOSERLOOKATDISCRETIONARYWRITEDOWNSOFIMPAIREDASSERTSJACCOUNTINGHORIZON,1992,6330419译文对减记资产减值的研究在过去十年里，资产减记和注销数目的不断增加，已经

48、引起了金融媒体和标准设置委员会的关注。财务会计准则委员会目前正在考虑对不良资产和可辨认的无形资产的管制，并针对这些问题在1990年12月公布了座谈纪要减记规例。目前，很少有实证研究能够直接适用于可能受到由此产生的标准涉及的资产减记（酌情减记）。在财务会计准则委员会试图在这一领域设定任何规定之前，了解那些已经选择记录酌情减记的公司以及可能促使他们这样做的动机，将有益于标准制定者和商界作出合理的决策。以往在这方面的研究不是决定性的，因为有些是根据传闻轶事，而大多数已经出版的关于资产减记的研究不仅包括酌情减记不良资产，还包括注销和减记可能根据会计原则委员会30号作为终止经营业务资格的事例。本文的目的

49、是通过提供关于酌情减记资产的信息，填补在文献中的空白。特别是，将探索以下领域1什么类型的公司正在录制酌情减记资产这些事件是如何流行2酌情减记资产的情况是如何被披露的3酌情减记资产情况是何时被记录的在这些事件中是否有任何时序模式4这些减记有什么后果他们如何影响股票价格和公司财务的健康（一）当前环境资产被说成是“减值”时，其账面价值超过它的一些“公允”的价值的尺度。当一个公司认识到这一点，随后通过减少资产的账面价值和借记损益表帐户来记录减值的影响，那么该公司已经记录了“减记”。会计准则明确允许在几种情况下的资产减记。首先，某些当前的资产，如有价证券，存货，会被定期地进行检查和以便调整到低于成本和市价的价位。同样，长期股权投资也会被定期和调整到低于成本与市价的价位。尽管如此，损益表仍不受减记的影响。最后，任何长期资产（包括那些作为终止经营业务中的一部分而被出售的资产）会被调整到其可变现净值（扣除销售成本的出口市场价并可随时供销）。这些最终的减记结果会通过会计原则委员会30号作出适当处理，并且没有出现过对这些规则应用情况的争议，也没有任何理由在这个时候重新评估会计原则委员会1030号的决定。大多数公司通常会记录的减记会是以下三个类别之一。那些财务会计准则委员会通过潜在调控特别针对的减记，将被称为“酌情减记”，以区别于会计原则委员会30号中所覆盖的其他减记。在这种情况下，该公司还