投资性房地产的公允价值计量模型分析【外文翻译】.doc

1、外文翻译原文ANANALYSISOFINVESTMENTPROPERTYFAIRVALUEMEASUREMENTMODELWITHECONOMICDEVELOPMENTANDINVESTMENTOUTLOOKISCHANGEDASATPRESENTINWESTERNCOUNTRIES,COMPANIES,REALESTATEASANINVESTMENTTOOL,ISALREADYVERYCOMMONECONOMICPHENOMENONINRECENTYEARS,THISINVESTMENTBEHAVIOROFSOMEENTERPRISESINCHINASINCREASINGLYPOPULAR,

2、ANDEVENSOMEENTERPRISESTOBECOMENEWECONOMICGROWTHPOINTINORDERTOCONFORMTOCHINASECONOMICDEVELOPMENTTREND,INLINEWITHTHESPIRITOFCONVERGENCEOFINTERNATIONALACCOUNTINGPRACTICES,CHINASMINISTRYOFFINANCEONFEBRUARY15,2006ISSUEDGUIDELINESFORNO3,INVESTMENTPROPERTYGUIDELINESFORTHEFIRSTTIME,INVESTMENTREALESTATEASASE

3、PARATEASSETTOBERECOGNIZED,ANDFORTHEFIRSTTIMEINTRODUCEDINTHEASSETFAIRVALUEMEASUREMENTHOWEVER,INPRACTICE,COMPANIESSTILLNEEDTOSOLVEALOTOFINVESTMENTREALESTATERECOGNITIONANDMEASUREMENTRELATEDTOTECHNICALPROBLEMSTHISPAPERANALYZESTHEUSEOFFAIRVALUEMEASUREMENTOFTHEADVANTAGESANDDISADVANTAGESOFREALESTATEINVESTM

4、ENT,TOANALYZETHEEXISTINGPROBLEMSANDSOLUTIONSFIRST,INVESTMENTREALESTATEANDTHEFAIRVALUEMEASUREMENTMETHODOUTLINEDATHECONCEPTOFINVESTMENTINREALESTATEASTHEECONOMYCHANGESINTHECONCEPTOFDEVELOPMENTANDINVESTMENT,REALESTATE,JUSTASADOMESTICINVESTMENTININCREASINGTHEVALUEOFSEVERALVARIETIES,SOMECOMPANIESMOREANDMO

5、REPOPULARHOWEVER,BEFORETHEPROMULGATIONOFNEWGUIDELINESFORACCOUNTINGTREATMENT,COMPANIESINVESTINREALESTATEHAVEBEENTREATEDASAFIXEDASSET,INACCORDANCEWITHTHEIRESTIMATEDUSEFULLIFEOFEXTRACTIONOFDEPRECIATION,NETFIXEDASSETSTHATOFTENDONOTREFLECTTHETRUEVALUEOFREALESTATEINVESTMENT,BECAUSEAFEWYEARSLATER,THEMARKET

6、VALUEOFREALESTATEMAYNOTONLYHIGHERTHANITSNETBOOKVALUE,BUTOFTENSEVERALTIMESHIGHERTHANTHEORIGINALVALUEOFTHEIRBOOKOREVENSEVERALDOZENTIMESINVESTMENTINREALESTATEREFERSTOENTERPRISESTOEARNRENTORCAPITALAPPRECIATION,ORBOTHHOLDINGAREALESTATETHESEMAINLYINCLUDELEASEDLANDUSERIGHTSTOHOLDANDISREADYTOADDVALUETOTHETR

7、ANSFEROFLANDUSERIGHTSLEASEDBUILDINGSBTHECONCEPTOFFAIRVALUECHINASACCOUNTINGSTANDARDSONTHEFAIRVALUEGIVENBYTHEDEFINITIONINAFAIRDEAL,AREFAMILIARWITHTHESITUATIONOFTHEPARTIESTOTHETRANSACTION,THEVOLUNTARYEXCHANGEOFANASSETORDEBTSETTLEMENTAMOUNTFAIRVALUESHOULDBEDETERMINEDACCORDINGTOTHEFOLLOWINGPRINCIPLESTHEE

8、XISTENCEOFANACTIVEMARKETFORASSETSORLIABILITIES,ANACTIVEMARKETINTHEPRICINGSHOULDBEUSEDTODETERMINEITSFAIRVALUETHEREISNOACTIVEMARKET,AREFAMILIARWITHTHESITUATIONANDVOLUNTARYTRANSACTIONS,THEPARTIESTOARECENTMARKETTRANSACTIONSUSEDINREFERENCETOSUBSTANTIALLYTHESAMEPRICEOROTHERASSETSORLIABILITIESOFTHECURRENTF

9、AIRVALUETHEREISNOACTIVEMARKET,ANDDOESNOTMEETTHEABOVETWOCONDITIONS,VALUATIONTECHNIQUESSHOULDBEUSEDTODETERMINETHEFAIRVALUEOFASSETSORLIABILITIESSECOND,INVESTINREALESTATEPROSANDCONSOFUSINGFAIRVALUEMEASUREMENTATHEADVANTAGESOFUSINGFAIRVALUEMEASUREMENTTHEINTRODUCTIONOFNEWGUIDELINESFORMEASURINGFAIRVALUEMODE

10、LISALEAPOFCHINASACCOUNTINGSTANDARDS,ITCHANGESTOACCOUNTINGSTANDARDSOFCHINASHISTORICALSIGNIFICANCEISIMMEASURABLE1,FAIRVALUEMEASUREMENTTOMOREACCURATELYREFLECTTHETRUEVALUEOFCORPORATEASSETS,AMOREREALISTICDECISIONMAKINGTOMEETTHENEEDSOFINFORMATIONUSERSTHEPREVIOUSMEASUREMENTOFACCOUNTINGELEMENTS,STRESSESTHEH

11、ISTORICALCOSTASTHEBASISFORMEASUREMENT,BUTINTHECURRENTECONOMICENVIRONMENT,THEENDLESSVARIETYOFINVESTMENTTYPES,ANDTHENTOTHEHISTORICALCOSTPRICINGCANNOLONGERTRULYREFLECTTHETRUEVALUEOFTHECOMPANYSASSETS,INVESTMENTREALESTATEHOLDINGSTHEPURPOSEISTOADDVALUEORTOEARNRENTS,RATHERTHANFORSALEANDOTHERPRODUCTIONPURPO

12、SES,ANDTOOBTAINTHECOSTOFTHESEASSETSAREUSUALLYVERYLOW,WASDUETOLAND,RESOURCELIMITATIONS,ECONOMICDEVELOPMENTANDOTHERREASONS,ASSETPRICESRISESHARPLYATTHISTIMETHEINTRODUCTIONOFFAIRVALUEMEASUREMENTMODELCANREFLECTTHETRUEVALUEINTHEMARKETMOREACCURATELYREFLECTTHEVIABILITYOFENTERPRISES,SOLVENCYANDTHEUNDERTAKING

13、OFFINANCIALRISKS,MOREUSEFULINFORMATIONUSERSMAKEBETTERTHERIGHTDECISIONS2,THEINTRODUCTIONOFFAIRVALUEMEASUREMENTREFLECTSTHECHINESEACCOUNTINGSTANDARDSWITHINTERNATIONALACCOUNTINGSTANDARDSCONVERGENCEWITHINTERNATIONALSTANDARDSTOMEETTHENEEDSASTHEINTERNATIONALACCOUNTINGMEASUREMENTCOMMONLYUSEDBYFAIRVALUEACCOU

14、NTINGSTANDARDSIFWEARESTILLUSINGTHEBOOKVALUEOFTHEPAST,METHODS,ISNOTCONDUCIVETOCHINASACCOUNTINGINDUSTRYANDINTERNATIONALSTANDARDS,ISNOTCONDUCIVETOCHINASACCOUNTINGINDUSTRYMARKETECONOMY,INESSENCE,ISAFAIRECONOMY,ADEPARTUREFROMTHEPRINCIPLEOFFAIRNESS,BOUNDTOANEGATIVEIMPACTONTHEWHOLENATIONALECONOMY3,USINGTHE

15、FAIRVALUEMEASUREMENTMODELCANENHANCETHEABILITYOFCORPORATEFINANCESINCETHECURRENTFUNDINGCONSTRAINTS,INDIVIDUALENTERPRISES,ESPECIALLYLARGEDEMANDFORREALESTATEFUNDS,ATPRESENTMOSTOFTHEREALESTATECOMPANYSASSETLIABILITYRATIOWEREABOUT70,IFWEADOPTTHEFAIRVALUEMEASUREMENTMODEL,WILLGREATLYINCREASETHECOMPANYSNETASS

16、ETS,DOWNTHEGROUPSASSETLIABILITYRATIO,SOTHATUNDERVALUEDREALESTATEVALUATIONMOREINLINEWITHITSMARKETVALUE,WILLNODOUBTHELPTOENHANCETHECREDIBILITYOFENTERPRISESTOBANKLOANS,STRENGTHENITSFINANCINGCAPACITY,WHILEINCREASINGTHENETASSETS,EQUITYFINANCINGOFENTERPRISESWOULDGREATLYINCREASETHEAMOUNTOFMONEY,TOACERTAINE

17、XTENT,THEREALESTATEENTERPRISEFUNDSTOEASETHETENSION4,FAIRVALUEMEASUREMENTMODELCOULDENABLEENTERPRISESTOINCREASEPROFITSWITHOUTINCREASINGTHESUBSTANTIALTAXACCORDINGTOTAX200780,THEPROVISIONSOFENTERPRISESTOFAIRVALUEMEASUREMENTOFFINANCIALASSETS,FINANCIALLIABILITIESANDREALESTATEINVESTMENTHOLDINGPERIODCHANGES

18、INFAIRVALUEARENOTINCLUDEDINTAXABLEINCOMEINTHEACTUALDISPOSITIONORSETTLEMENT,THEDISPOSITIONOFTHEPRICEOBTAINEDBYDEDUCTINGTHEDIFFERENCEBETWEENITSHISTORICALCOSTSSHOULDBEINCLUDEDINTHEDISPOSITIONORSETTLEMENTOFTHEAMOUNTOFTAXABLEINCOMEDURINGTHEPERIODTHEADOPTIONOFFAIRVALUEMEASUREMENTOFINVESTMENTPROPERTY,ENTER

19、PRISES,ANDDIDNOTINCREASETHEACTUALTAXBURDEN,WHICHWILLHELPTOSAVETHECOMPANYMONEYBTHEUSEOFFAIRVALUEMEASUREMENTOFTHESHORTCOMINGSOFALTHOUGHTHEAPPLICATIONOFFAIRVALUEHASMANYADVANTAGES,BUTINOURAPPLICATIONSSTILLEXISTMANYPROBLEMS1,USINGFAIRVALUEMEASUREMENTMAYBEADJUSTEDPROFITSSINCETHEDEVELOPMENTOFTHERELEVANTMAR

20、KETINCHINAISNOTMATURE,FAIRVALUEMAYBEDIFFICULTTOACHIEVEFAIR,ANDISLIKELYTOBECOMEPROFITABLEMANIPULATIONTOOLINPARTICULAR,THEFAIRVALUEOFINVESTMENTREALESTATEIDENTIFICATION,SUCHASTHECALCULATIONOFDISCOUNTEDVALUEOFCASHFLOW,CASHFLOWESTIMATES,THEESTIMATEDDISCOUNTRATEORDISCOUNTEDPERIODISESTIMATED,WOULDREQUIRECO

21、UPLEDWITHHUMANJUDGMENTSWHICHINTHEOBJECTIVELY,THEREISTHEPOSSIBILITYTOMANIPULATEPROFITS2,THEFAIRVALUEOFUNDERLYINGASSETSISDIFFICULTTOOBTAININDEVELOPEDCOUNTRIES,MARKET,MARKETTRANSACTIONSINAVARIETYOFFACTORSOFPRODUCTIONAREVERYACTIVEANDMOREEASILYRECOGNIZEDATFAIRVALUE,WHILEINOURCOUNTRY,PROPERTYRIGHTSANDFACT

22、ORMARKETSWERENOTVERYACTIVE,INTERMEDIARYCREDIBILITYISLOW,THEMARKETLAXLAWENFORCEMENTANDMANAGEMENT,ACCOUNTING,PERSONNELANDLOWQUALITYANDSOON,RELATEDTOTHEFAIRVALUEOFBOTHDIFFICULTTOACHIEVE3,FAIRVALUEMEASUREMENTEASILYLEADTOFREQUENTPRICEFLUCTUATIONSINTHEHISTORICALCOSTMEASUREMENTSYSTEM,THEVALUEOFASSETSAREGEN

23、ERALLYFIXED,BUTTHEFAIRVALUECHANGESWITHCHANGESINMARKETPRICES,SOOFCOURSECANREASONABLYREFLECTTHEVALUEOFTHEASSETSATTHATTIME,BUTIFTHATASSETPRICESTENDTOBEFREQUENTCHANGES,WILLINEVITABLYLEADTOFINANCIALCONDITIONANDPROFITABILITYOFTHEVOLATILITYOFCHANGE,TOINVESTORSTHEIMPRESSIONTHATTHEDEVELOPMENTOFTHECOMPANYSFIN

24、ANCIALINSTABILITYTHIRD,INVESTMENTINREALESTATEUSEDINTHEPRACTICALAPPLICATIONOFFAIRVALUEMEASUREMENTPROBLEMSANDSOLUTIONSAUSETHEPRACTICALAPPLICATIONOFFAIRVALUEMEASUREMENTPROBLEMSINACCORDINGTOSTATISTICS,BEGINNINGIN2007SINCETHEIMPLEMENTATIONOFTHENEWGUIDELINES,THEREISINVESTMENTINREALESTATEHAS630LISTEDCOMPAN

25、IES,BUTTHEVASTMAJORITYOFTHESECOMPANIESINVESTINREALESTATEUSEDFORTHECOSTOFMEASUREMENTMODELONLY18LISTEDCOMPANIESTOTHEFAIRVALUEOFINVESTMENTREALESTATEFORFOLLOWUPMEASUREMENT2007INVESTMENTPROPERTYFAIRVALUEMEASUREMENTSRESULTINGCHANGESINFAIRVALUEOFNETINCOMEOF2279BILLIONYUAN,18COMPANIESHOLDSUCHBUSINESSNETPROF

26、IT261,ACCOUNTINGFOR023OFNETPROFITSOFLISTEDCOMPANIESFROMTHESTATISTICALDATAWECANSEETHATMOSTCOMPANIESDONOTALLOWLISTEDCOMPANIESTOADOPTBUSINESSRELATEDINVESTMENTSTOENHANCETHEPERFORMANCEOFACCESSTOTHEFAIRVALUEMODEL,BUTMORELOVEONCONTINUINGTOUSETHEHISTORICALCOSTMEASUREMENTMODEL,ITISNOTEWORTHYPHENOMENONWHYISTH

27、ISLINKEDTOTHEWORLDOCEANMODELFROMTHEINTRODUCTIONDATEWASSITTINGINTHEBACKSEATMAINLYINTHEFOLLOWINGAREAS1,THEMANAGEMENTATTHEPRUDENCECONSIDERATIONSALTHOUGHTHEMINISTRYOFFINANCEINTHEINVESTMENTREALESTATEINTHEINTRODUCTIONOFFAIRVALUEPRICING,BUTITCANBESEENTHATREGULATORSDONOTENCOURAGETHEUSEOFFAIRVALUEPRICING,SOT

28、HATWHENTHECOMPANYSMANAGEMENTISNOTWILLINGTOANDTHENSTICKSINORDERTOAVOIDBEINGREGULATORSHASBEENWATCHING2,DOMESTICINVESTMENTISDIFFICULTTODETERMINETHEFAIRVALUEOFREALESTATEASMENTIONEDEARLIER,THENATIONALEVALUATIONMECHANISMSAREINADEQUATE,ITISDIFFICULTTODETERMINEAREASONABLEFAIRVALUEHAVEBEENADOPTEDFROMTHEFAIRV

29、ALUEVALUATIONOFLISTEDCOMPANIES,MOSTOFTHELISTEDCOMPANYOFITSINVESTMENTTODETERMINETHEFAIRVALUEOFREALESTATEUSEDBYAPROFESSIONALASSESSMENTOFTHEREALESTATEEVALUATIONINSTITUTIONSISSUEDBYTHEPRICE,THEREARESEVERALLISTEDCOMPANIESCHOOSETOINVESTINREALESTATELOCATIONRELATINGTOREALESTATEBROKERAGEMARKETRESEARCHREPORTS

30、,BUTDUETOTHEUNEVENLEVELOFASSESSMENT,ANDASSESSMENTMETHODSANDPARAMETERSOPTIONALTOO,LEADINGTOTHEACTUALFAIRVALUEISNOTRELIABLETHEREFORE,MOSTCOMPANIESSTILLUSETHECOSTMODELPRICING3,FLUCTUATIONSINTHEPERFORMANCEOFLISTEDCOMPANIESAGREATERIMPACTWHENTHEREALESTATEMARKETMOREPROSPEROUSCIRCUMSTANCES,THEREALESTATEPRIC

31、ESARERISING,USINGFAIRVALUEMEASUREMENTMODELOFINVESTMENTREALESTATECANBRINGMOREPROFITSTOBUSINESSES,BUTBECAUSEOFTHEREALESTATEINDUSTRYISAHIGHRISKINDUSTRIES,SUBJECTTOMACROECONOMICSITUATIONAGREATERIMPACTINTHEREALESTATEMARKETSLUMP,THEUSEOFFAIRVALUEMEASUREMENTOFINVESTMENTINREALESTATEVALUESWILLSIGNIFICANTLYSH

32、RUNK,RESULTINGINASUBSTANTIALDECLINEINBUSINESSPERFORMANCE,THISWILLMAKETHEVOLATILEPERFORMANCEOFLISTEDCOMPANIES,THEREFORE,BUSINESSTOUSEFAIRVALUEMEASUREMENTOFINVESTMENTPROPERTYWITHCAUTION4,INACCORDANCEWITHTHEEXISTINGMODESOFASSESSMENT,THEAMOUNTOFVALUEADDEDREALESTATEINVESTMENTWILLNOTBETOOHIGHGENERALLYINVE

33、STINREALESTATEASSESSMENTS,ONEUSINGDISCOUNTEDFUTURECASHFLOWMETHOD,ANDINTHERATIOOF300400TIMESTHECURRENTRENTALSITUATION,INORDERTORENTASCALCULATEDBYDISCOUNTINGFUTURECASHFLOWSOUTOFTHEPRESENTVALUEISFARFROMLESSTHANMARKETVALUETHEREISAWAYTOREFERTOMARKETVALUE,BUTBECAUSEOFCHINASREALESTATEMARKETISCURRENTLYVERYH

34、EAVYTAXES,INCLUDINGSALESTAX,LANDVALUEADDEDTAX,INCOMETAX,STAMPDUTY,DEEDTAX,ETC,IFTHESELLINGPRICEACCORDINGTOMARKETVALUE,ASOBTAINEDAFTERDEDUCTINGTHERELEVANTTAXESEVALUATIONOFTHEPRICEISOFTENLOWERTHANTHEACTUALMARKETPRICEOFMORETHANHALF,VALUEADDEDRATEISFARFROMIMAGINARYSOHIGH5,THEUSEOFFAIRVALUEMEASUREMENTMOD

35、ELOFTHEFOLLOWUPCOSTSAREHIGHERIFYOUINVESTINREALESTATEUSINGFAIRVALUEMEASUREMENTMODEL,THENTHELISTEDCOMPANIESNEEDTOHIREANINDEPENDENTAPPRAISERPERYEARONTHEIRINVESTMENTINREALESTATEASSESSEDANDDETAILEDDISCLOSUREINTHEANNUALREPORTCURRENTBOOKVALUEOFINVESTMENTREALESTATECHANGESINMOVEMENTSOFTHEFAIRTHEVALUEOFTHECON

36、FIRMATIONMETHODANDTHEREASONSFORANDSOON,WHICHWILLGREATLYINCREASETHEUSEOFFAIRVALUEMEASUREMENTMODELOFTHEFOLLOWUPCOSTSBCOPINGSTRATEGIESALTHOUGHTHEUSEOFFAIRVALUEOFTHEEXISTENCEOFALARGENUMBEROFDIFFICULTIES,BUTTHEUSEOFFAIRVALUEMEASUREMENTMODELWITHTHEINTERNATIONALTRENDISNOTGOINGTOCHANGE,MAINLYSHOULDDOTHEFOLL

37、OWING1,ASSOONASPOSSIBLETODEVELOPANDIMPROVETHESTANDARDSSETBYTHEFAIRVALUEFIRST,THEDEVELOPMENTOFSTANDARDOPENMARKETTRANSACTIONSALREADYEXISTSFORTHEACTIVE,OPENMARKET,ANDBYTHENATIONALREGULATORYAUTHORITIESORINDUSTRYASSOCIATIONSWHICHCLEARLYMEETTHECRITERIAFORDETERMININGTHEFAIRVALUEOFTHEMARKET,ITSTRADINGPRICES

38、CANBEUSEDDIRECTLYTOFORMTHECOUNTRY,THEINDUSTRYAUNIFIED,STANDARDINFORMATIONPLATFORMFORTHEFAIRVALUEOFTOENSURETHATAREASONABLEFAIRVALUETHESECONDISTODEVELOPANDIMPROVESPECIFICGUIDELINESFORMEASURINGFAIRVALUETOIMPROVETHEOPERABILITYOFACCOUNTINGMEASUREMENT,WEMUSTSTUDYTHEMARKETSTRUCTURE,MARKETVALUATIONOFASSETSO

39、RLIABILITIESOFTHESYSTEM,GIVENEXPLICITLYINTHEACCOUNTINGSTANDARDSTHATARECONDUCIVETOASPECIFICPRACTICALOPERATIONOFTHEREGULATORYREQUIREMENTSBYTHEVARIOUSSTATEREGULATORYAUTHORITIESORINDUSTRYASSOCIATIONSDESIGNATEDRDINSTITUTIONSTODEVELOPASTANDARDVALUATIONMODELSYSTEM,CENTRALIZEDMARKETDATACOLLECTIONANDEFFECTIV

40、E,TIMELYAMENDMENTSTOTHEMODEL,WHILESIMPLIFYINGTHESYSTEMTHEUSERCANCONTROLTHEELEMENTS,ASMUCHASPOSSIBLETOREDUCETHEIMPACTOFSUBJECTIVEFACTORSONTHEVALUATIONTHIRD,THEGOVERNMENTHASTOESTABLISHAMARKETINFORMATIONDATABASEGOVERNMENTDEPARTMENTSSHOULDMAKEUSEOFGOVERNMENTRESOURCES,COMBINEDWITHAVARIETYOFCIRCUMSTANCES,

41、TOCOLLECTALLKINDSOFMARKETDATA,ESTABLISHANINFORMATIONDATABASE,STORINGMARKETINFORMATIONDATA,BOTHFORTHEDETERMINATIONOFTHEFAIRVALUEOFBUSINESSES,BUTALSOCONDUCIVETOTHEAUDITSTAFF,SOURCEWILLIAMREESANALYSISOFINVESTMENTPROPERTYFAIRVALUEMEASUREMENTMODELD,UNIVERSITYOFGENOA,2008译文投资性房地产的公允价值计量模型分析随着经济的发展,投资前景是变了

42、,因为目前在西方国家,公司、房地产作为一种投资工具,已经是很常见的经济现象。近几年来,这个投资行为的一些企业在我国日益流行,甚至一些企业做新的经济增长点。为了顺应产业融合中国经济的发展趋势,本着收敛国际会计实践,我国财政部2006年2月15日发布了指导意见为3号,”投资资产”。第一次指南、投资性房地产作为一个单独的资产被认可,并且第一次介绍了资产公允价值计量。然而,在实践中,公司还需要解决许多投资性房地产相关的确认和计量技术问题。本文分析了公允价值计量的使用的优点和不足之处房地产投资,分析了存在的问题和解决方案。首先,投资性房地产的公允价值和测量方法的研究进行了展望A房地产投资的概念随着经济观

43、念的改变发展及投资、房地产、就像一个国内投资的价值增加几个品种,一些公司越来越受欢迎了。然而,在本法施行前新的指导方法去会计处理,公司投入房地产被当作一个固定资产,根据他们的预计使用年限提取固定资产折旧,净经常不能反映房地产投资的真正价值,因为几年后,其市场价值的房地产可能不仅以高于其账面净值,但常常有几倍他们的书的原值甚至几十次。房地产投资的企业是指获得出租或资本增值,或两者,手里拿着一个房地产”。这主要有出让土地使用权持有并准备增添价值,土地使用权转让、出租建筑物。B公允价值的概念中国会计准则的公允价值所给出的定义“在公平交易,熟悉情况的各方的交易的,志愿交换一个资产或负债结算数量”。应按

44、照公允价值遵循存在活跃市场的资产、负债时,活跃市场价格应被用于确定其公允价值没有活跃市场、熟悉情况的交易与自愿,双方最近的一市场交易指价格或者其他完全相同目前的资产或负债的公允价值,没有活跃市场,不符合上述两种情况,估值方法应该被用于决定资产或负债的公允价值其次,投资性房地产使用公允价值计量利弊A使用公允价值计量的优越性引进新的指导方法去测量公允价值模型是一个坚定的中国会计准则、会计准则它改变中国的历史意义是无法估量的。1,公允价值计量更精确地反映公司资产的真正价值,更加显得满足会计信息使用者的需要。以前的测量的会计要素,强调历史成本为基础来量度,但是在目前的经济环境,变化无穷的投资类型,再次

45、历史成本定价再也不能真实反映公司资产的真正价值。投资性房地产集团的目的是为了增加价值或赚租金,而不是出售。在这个时候由于资产价格大幅上升，引入公允价值计量模型能够真实的反映市场价值，更为精确地反映企业的生存能力、偿债能力、负担金融风险,更多有用的信息使企业作出更好的正确的决定。2判断资产的公允价值是很不容易的。在发达国家市场,市场交易在不同的生产要素很活跃、更容易承认按公允值列帐,而在我国,产权和要素市场并不十分活跃,中介诚信是低,市场宽松的执法和管理学、会计学人员的低素质等方面,相关的公允价值难以取得。3、公允价值计量很容易导致价格波动频繁。在历史成本计量系统、资产的价值通常是固定的,但公允

46、价值的变化,市场价格的变化,虽然可以合理地反映的资产价值,但是如果资产价格趋于频繁的变化,将不可避免地导致的财务状况和盈利能力的变化的波动,以影响投资者的印象,公司的财务不稳定。再次,房地产投资的实际应用中使用公允价值计量的问题和解决方案A使用的实际应用中存在的问题,公允价值计量据统计,2007年开始实施的新指导方针,有房地产投资有630上市公司,但绝大多数的这些公司投资房地产用于成本计量模型。只有18上市公司对公允价值的投资性房地产为后续计量,2007年投资资产公允价值计量的公允价值变动造成的纯收入18公司2279亿元,净利润261持有这种业务,占的023净利润为上市公司。从统计数据,我们可

47、以看出,大多数公司不允许上市公司采用与工作有关的投资功效卓越的公允价值模式,更多的爱持续使用历史成本计量模型,它是值得注意的现象。这是为什么会产生这种现象呢主要在以下方面1、管理谨慎的考虑。虽然中国财政部引入了投资性房地产的公允价值计量模式,但可以看出,公司管理机构不鼓励使用公允价值,在公司管理不愿意的情况下,很难推广。2、国内投资是很难决定的房地的产公允价值。如前面提到的,国家评估机制等不适,所以很难确定合理的公允值。采纳公允价值评估的上市公司,大多数的使用评估机构颁发的专业评估房地产价格以确定房地产的公允价值,有几个上市公司选择投资于房地产位置有关房地产活动市场研究报告的数据,但由于不均匀

48、程度的评估,评价方法和参数也可导致实际公允价值的不可靠。因此,大多数公司仍然使用成本模式定价。3、波动的风险影响上市公司业绩。当房地产市场更繁荣的情况下,房地产价格上升时,会给使用公允价值计量模型的投资房地产企业带来利益,而房地产业是一项高风险行业，宏观经济形势影响很大。当房地产市场疲软时,使用公允价值计量房地产价值会大大缩小,导致对于经营绩效的实质衰退降低,这会挥发上市公司业绩。因此,使用公允价值计量投资财产的时候要谨慎。4,依照现行模式的评价,将大部分投资性房地产的增值不会太高。一般投资性房地产以未来现金流量现值评估,为租金来计算未来现金流量的现值远低于市场价值。有一种查阅的市场价值,而是因为中国房地产市场目前极重的税项,包括销售税,土地增值税、所得税、印花税、契税,等等,如果销售价格按取得时的市场价值,在扣除有关税款后通常看到的价格是实际的市场价格的一半多、增值率远没想象的那么高。5,使用公允价值计量模型的后续成本更高。如果投资房地产使用公允价值计量模型,上市公司需要独立评估师评估投资性房地产和在年度报告中披露详细目前房地产投资的账面价值的变化,这将大大增加使用公允价值计量模型的后续费用。来源威廉里斯投资性房地产的公允价值计量模型分析D,热那亚大学,2008P1115