Digging deep into derivatives accounting for derivatives--how the accounting standards stack up【外文翻译】.doc

1、本科毕业论文（设计）外文翻译题目衍生金融工具会计问题研究专业会计学外文题目DIGGINGDEEPINTODERIVATIVESACCOUNTINGFORDERIVATIVESHOWTHEACCOUNTINGSTANDARDSSTACKUP外文出处BALANCESHEET外文作者THERESADUNNE,CHRISTINEHELLIAR,DAVIDPOWER原文OVERVIEWCURRENTREPORTINGREQUIREMENTSABOUTDERIVATIVESUSAGEAREINFLUXNOTLONGAFTERTHEACCOUNTINGSTANDARDSBOARDASBISSUEDFINAN

2、CIALREPORTINGSTANDARD13FRS13,NEWPROPOSALSHAVEEMERGEDTHATWILLALTERHOWCOMPANIESACCOUNTFORDERIVATIVEPRODUCTSFRED23ANDFRED30TOCOMPLICATEMATTERSFURTHER,LARGEQUOTEDCOMPANIESWILLHAVETOCOMPLYWITHINTERNATIONALACCOUNTINGSTANDARDSIASFROM2005THERELEVANTINTERNATIONALSTANDARDONACCOUNTINGFORDERIVATIVEPRODUCTSIAS39

3、ISDIFFERENTFROMTHATCURRENTLYMANDATEDINTHEUKDIFFERENTFROMTHATPROPOSEDFORTHEUKANDEXPECTEDTOCHANGEINTHENEARFUTUREBASEDONTHEJWGPROPOSALSANADDEDDIFFICULTYISTHATTHEFINANCIALACCOUNTINGSTANDARDSBOARDFASBINTHEUSAMANDATEDIFFERENTACCOUNTINGRULESFORCOMPANIESWHICHUSEDERIVATIVESANDARECENTSURVEYBYPWCFOUNDTHATMANYE

4、UROPEANCOMPANIESADOPTEDTHESEUSPROCEDURESTABLEITHISARTICLEOUTLINESTHEDIFFERENCESANDSIMILARITIESBETWEENTHEVARIOUSSTANDARDSANDPROPOSEDSTANDARDSONREPORTINGFORDERIVATIVEINSTRUMENTSITALSOHIGHLIGHTSWHYCOMPANIESMIGHTBELOBBYINGFORONEPARTICULARPROPOSALOVERANOTHER,INTHECURRENTCLIMATEINTERNATIONALDERIVATIVESACC

5、OUNTINGSTANDARDSFAS133ACCOUNTINGFORDERIVATIVEINSTRUMENTSANDHEDGINGACTIVITIESWASISSUEDINJUNE1998THISSTANDARDREPRESENTSTHECULMINATIONOFTHEUSFINANCIALACCOUNTINGSTANDARDSBOARDSNEARLYDECADELONGEFFORTTODEVELOPACOMPREHENSIVEFRAMEWORKFORDERIVATIVESANDHEDGEACCOUNTINGTHEGOALOFFAS133ISTOPROVIDEINVESTORSWITHMOR

6、EINFORMATIONONCOMPANIESRISKMANAGEMENTPRACTICESANDDERIVATIVETRANSACTIONSHOWEVER,THESTANDARDGOESMUCHFURTHERTHANTHATOFFRS13BYREQUIRINGTHATTHEFINANCIALSTATEMENTSNOTONLYPROVIDENOTESANDDISCLOSURES,BUTALSODECREESTHATTHEIMPACTOFCERTAINHEDGINGACTIVITIESBEREFLECTEDTHROUGHTHEEARNINGSSTATEMENTINPARTICULAR,FAS13

7、3REQUIRESTHAT1ANENTITYRECOGNIZEALLDERIVATIVESASEITHERASSETSORLIABILITIESINTHEFINANCIALSTATEMENTS2DERIVATIVEFINANCIALINSTRUMENTSAREMEASUREDATFAIRVALUE3ACCOUNTINGFORCHANGESINTHEFAIRVALUEOFADERIVATIVETHATIS,GAINSANDLOSSESBEDEALTWITHTHROUGHTHEEARNINGSSTATEMENTAND4SPECIALRULESEXISTFORHEDGEACCOUNTINGTHESE

8、HEDGEACCOUNTINGRULESSTATETHATTHEREMUSTBEFORMALDOCUMENTATIONCOMMENCINGATTHEINCEPTIONOFTHEHEDGETHATEXPLAINSHOWTHEHEDGEWILLWORKANDHOWEFFECTIVENESSWILLBEMEASUREDTHOSEHEDGESTHATFAILTHE“EFFECTIVENESSTEST”,ORARENOTPROPERLYDESIGNATEDASHEDGESATINCEPTION,MUSTBEREGULARLYMARKEDTOMARKETWITHCHANGINGVALUATIONSGOIN

9、GDIRECTLYTOTHEPROFITANDLOSSACCOUNT,RATHERTHANTHEBALANCESHEETTHEINTERNATIONALACCOUNTINGSTANDARDSBOARDISSUEDINTERNATIONALACCOUNTINGSTANDARD39“FINANCIALINSTRUMENTSRECOGNITIONANDMEASUREMENT”IAS39HEREAFTER,WHICHBECAMEEFFECTIVEFORANNUALSTATEMENTSCOVERINGFINANCIALYEARSBEGINNINGONORAFTER1JANUARY2001PRIORTOT

10、HEINTRODUCTIONOFIAS39,THEIASCRELEASEDIAS32“FINANCIALINSTRUMENTSDISCLOSUREANDPRESENTATION”,THISSTANDARDDEALTWITHISSUESRELATINGTODISCLOSUREANDPRESENTATIONALFORMATTHEEUROPEANCOMMISSIONHASMANDATEDTHATALLEULISTEDCOMPANIESMUSTPREPARETHEIRACCOUNTSUNDERINTERNATIONALACCOUNTINGSTANDARDSBY2005ACCORDINGTOIAS39,

11、ALLFINANCIALASSETSANDLIABILITIESARERECOGNIZEDONTHEBALANCESHEET,INCLUDINGDERIVATIVESTHEYAREINITIALLYMEASUREDATCOST,WHICHISTHEFAIRVALUEOFWHATEVERWASPAID,ORRECEIVED,TOACQUIRETHEFINANCIALASSETORLIABILITY,ANDARETHENREGULARLYREVALUATEDTOREFLECTTHEIRFAIRVALUETHEJOINTWORKINGGROUPJWGONFAIRVALUEACCOUNTINGWASS

12、ETUPBYTHEINTERNATIONALACCOUNTINGSTANDARDSCOMMITTEEIASCINNOVEMBER1997ANDWASCOMPRISEDOFTENNATIONALACCOUNTINGSTANDARDSSETTERSTHECOMMITTEEWASDISBANDEDONTHEFORMATIONOFTHEINTERNATIONALACCOUNTINGSTANDARDSBOARDIASB,BUTTHEFINDINGSOFTHEJWG,COVERINGOVER300PAGES,WEREREPORTEDINDECEMBER2000,ANDWEREADOPTEDFORDISCU

13、SSIONBYTHEIASBTHETHREECENTRALTENETSOFTHEJWGPROPOSALSARESUMMARIZEDHEREFIRST,ALLENTITIESSHOULDMEASUREEVERYFINANCIALINSTRUMENTATFAIRVALUE,ANDSHOULDRECOGNIZEALLCHANGESTOTHOSEFAIRVALUESIMMEDIATELYINTHEPROFITANDLOSSACCOUNTSECOND,THEFAIRVALUEOFANINSTRUMENTSHOULDBEITSESTIMATEDMARKETEXITPRICEFINALLY,THERESHO

14、ULDBENOHEDGEACCOUNTINGFORFINANCIALINSTRUMENTSTHISFINALREQUIREMENTHASPROVEDTOBETHEMOSTCONTROVERSIALISSUETHEISSUEOFHEDGEACCOUNTINGTHECENTRALDIFFERENCEBETWEENTHEAPPROACHESADOPTEDBYTHEASB,THEJWG,THEFASBANDTHEIASBRELATESTOTHEISSUEOFHEDGEACCOUNTINGFRS13ISADISCLOSUREONLYSTANDARDITDOESNOTDEALWITHMEASUREMENT

15、ORVALUATIONOFDERIVATIVEFINANCIALINSTRUMENTSTHEREFORE,THESTANDARDDOESNOTCONTAINANYPRONOUNCEMENTSCONCERNINGTHEUSEOFHEDGEACCOUNTINGFAS133ANDIAS39ALLOWHEDGEACCOUNTINGWHILETHEJWGAPPROACHDOESNOTALLOWTHEUSEOFTHISAPPROACHMUCHOFTHEDISCUSSIONCONCERNINGWHATFORMTHEACCOUNTINGRULESSHOULDACTUALLYTAKECENTERSAROUNDT

16、HERELATIVEMERITSOFHEDGEACCOUNTINGANDFAIRVALUEACCOUNTINGANDTHEQUESTIONOFWHATTHEQUALIFYINGCRITERIAFORHEDGEACCOUNTINGSHOULDBETWOALTERNATIVETREATMENTSOFACCOUNTINGFORDERIVATIVEFINANCIALACTIVITIESEXISTFAIRVALUEACCOUNTINGANDHEDGEACCOUNTINGBROADLYSPEAKING,HEDGEACCOUNTINGISTHEPREFERREDMETHODOFACCOUNTINGFROMA

17、COMPANYSVIEWPOINTTHISPREFERENCEARISESFROMTHEPERCEIVEDREDUCTIONINEARNINGSVOLATILITYASSOCIATEDWITHHEDGEACCOUNTINGESSENTIALLY,HEDGEACCOUNTINGREFERSTOAMETHODOFACCOUNTINGFORDERIVATIVEFINANCIALINSTRUMENTSWHEREBYGAINSORLOSSESONAPARTICULARINSTRUMENTAREONLYRECOGNIZEDINTHEPROFITANDLOSSACCOUNTWHENTHECORRESPOND

18、INGLOSSESORGAINSONTHEITEMBEINGHEDGEDARERECOGNIZEDTHREEVARIANTSOFHEDGEACCOUNTINGARERECOGNIZEDFIRST,THEFAIRVALUEOFTHEDERIVATIVEISRECORDEDONTHEBALANCESHEETASANASSETORLIABILITYANDANYREALIZEDGAINSORLOSSESARERECORDEDINTHEINCOMESTATEMENTIMMEDIATELYTHISMETHODWOULDONLYBEAPPROPRIATEDIFUNREALIZEDGAINSORLOSSESO

19、NTHEITEMBEINGHEDGEDAREACCOUNTEDFORINTHISWAYSECOND,THEFAIRVALUEOFTHEDERIVATIVEISRECORDEDONTHEBALANCESHEETASANASSETORLIABILITYANDANYGAINSORLOSSESARERECORDEDASEITHERASTANDALONEBALANCESHEETITEM,ANADJUSTMENTTOTHERESERVESFIGUREINTHEBALANCESHEET,WITHDISCLOSUREOFTHEFIGUREINTHESTATEMENTOFTOTALRECOGNIZEDGAINS

20、ORLOSSESTHISPROCEDUREWOULDBEPARTICULARLYAPPROPRIATEFORADERIVATIVEWHICHISBEINGUSEDTOHEDGEANEXISTINGASSETORLIABILITYWHICHISRECORDEDONTHEBALANCESHEETBUTFORWHICHGAINSORLOSSESAREONLYRECOGNIZEDASINCOMEWHENREALIZEDTHIRD,NOACCOUNTINGENTRIESAREMADEINRESPECTOFTHEDERIVATIVEUNTILSOMETIMEAFTERTHEPOSITIONISESTABL

21、ISHED,INOTHERWORDS,THEDERIVATIVEISTREATEDASANOFFBALANCESHEETITEMUNTILTHISTIMETHEUSEOFHEDGEACCOUNTINGCOMPLIESWITHTHE“MATCHINGCONCEPT”ANDMAYBEUSEFULTOTREASURERSINTHEIRATTEMPTSTOSMOOTHTHEIRBOTTOMLINEEARNINGSTHEREAREANUMBEROFTESTSTODETERMINEWHETHERAHEDGEISALLOWABLEORNOTTHEFIRSTOFTHESETESTSEXAMINESTHE“EF

22、FECTIVENESSOFATRANSACTION,WHEREBYBROADLY,80PERCENTTO120PERCENTOFANYGAINORLOSSONTHEASSETORLIABILITYBEINGHEDGEDISMATCHEDBYANOPPOSITEANDOFFSETTINGGAINORLOSSONTHEHEDGEINSTRUMENTANUMBEROFOTHERCALCULATIONSCANBEPERFORMEDFORTHEEFFECTIVENESSTEST,ANDCOMPANIESHAVETODECIDEBEFORETHEOUTSETWHICHMETHODTHEYWILLUSETH

23、ISMETHODISNOTALLOWEDTOCHANGEDURINGTHELIFEOFTHEHEDGETHERESULTSCANBEDRAMATICALLYDIFFERENTBETWEENTHEDIFFERENTTESTS,ASLESSTHANONEAHEDGEMAYBEEFFECTIVE,WHILEUNDERANOTHER,ITMAYNOTBE1REACTIONSTOINTERNATIONALDEVELOPMENTSTHEINITIALRESPONSETOTHERECENTINTERNATIONALDEVELOPMENTSHASBEENEXTREMELYNEGATIVEANASSOCIATI

24、ONFORFINANCEPROFESSIONALSAFPSURVEYFOUNDTHATMORETHANTWOTHIRDSOFTHERESPONDENTSCONSIDEREDTHATFAS133IMPOSEDANEXCESSIVEBURDENONREPORTINGCOMPANIESITWASNOTEDTHATMOSTOFTHEFRUSTRATIONWITHFAS133STEMMEDFROMTHEISSUEOFHEDGEACCOUNTINGTHEREQUIREMENTSOFFAS133TODOCUMENTEVERYHEDGEFROMTHEOUTSETINORDERTOAVAILOFHEDGEACC

25、OUNTING,ANDTOMARKTOMARKETTHEIRDERIVATIVESEVERYQUARTER,WEREPROVINGQUITEDIFFICULT,EVENFORLARGERCOMPANIESFOREXAMPLE,GENERALELECTRICWASREPORTEDTOHAVESPENT8MILLIONOVERTHEPASTTWOYEARSDEVELOPINGSYSTEMSTOPERFORMTHESEFUNCTIONSITWASALSONOTEDTHATSOME,ARGUABLYSENSIBLE,HEDGINGSTRATEGIESWEREBEINGABANDONEDBECAUSEC

26、OMPANYBOARDSDIDNOTWANTTOSEEVOLATILITYINTHEREPORTEDPROFITNUMBERSTHECRUXOFTHEARGUMENTAPPEARSTOBETHATTHISINCREASEDVOLATILITYWILLMAKEFIRMSAPPEARRISKIERTHANTHEYAREREALLYFURTHER,ALTHOUGHTREASURERSHADALWAYSPREFERREDPLAINVANILLADERIVATIVEPRODUCTSSUCHASEXCHANGERATEFORWARDSANDINTERESTRATESWAPS,THISCHOICEWASEX

27、ACERBATEDATTHEEXPENSEOFINTERESTRATEANDCURRENCYOPTIONSITWASCONSIDEREDTHATFAS133WOULDTHEREFOREDRIVECHANGESINTREASURYPOLICYTHUS,TREASURERSOPERATIONALPRACTICESSEEMEDTOHAVEBEENCHANGEDBYFAS133,EVENTHOUGHITWASAFINANCIALREPORTINGSTANDARDHOWEVER,NOTALLTHECOMMENTARYONFAS133HASBEENNEGATIVESOMEHAVEARGUEDTHATTHE

28、INTRODUCTIONOFTHESTANDARDIMPOSEDGREATERDISCIPLINEONRISKMANAGEMENTPROGRAMSCOMPANIESWOULDBECOMPELLEDTOARTICULATETHEIRRISKMANAGEMENTPOLICIESMORECLEARLYMOREPRECISEFORECASTSANDMEASUREMENTOFEXPOSURESWOULDENSUE,INADDITIONTOTHEMOREFREQUENTANDACCURATEMEASUREMENTOFTHEPERFORMANCEOFHEDGINGSTRATEGIESIAS39HASALSO

29、BEENTHESUBJECTOFWIDESPREADCOMMENTTHESTANDARDHASBEENDESCRIBEDAS”CONCEPTUALLYFLAWED”AND“UNWORKABLEINPRACTICE”SOMECONSIDERTHE2STANDARDTOBEUNNECESSARILYCOMPLEXTHEIMPLICATIONSOFTHESTANDARDFORSMALLCOMPANIESAREREPORTEDTOBEEVENMOREPRONOUNCEDBOTHFAS133ANDIAS39COULDDRAMATICALLYCHANGETHEFIGURESREPORTEDINTHEBAL

30、ANCESHEETANDPROFITANDLOSSACCOUNTOFANYCOMPANYUSINGFINANCIALINSTRUMENTSTHISIMPACTWOULDBEEVENMOREPRONOUNCEDFORHEAVYUSERSOFDERIVATIVESITHASBEENPOINTEDOUTTHATTHERATIONALEFORAPARTICULARFINANCIALDECISIONSHOULDNOTBEBASEDONACCOUNTINGIMPLICATIONSANDTREATMENTSYETITAPPEARSASIFTHISWOULDBETHERESULTOFTHESTANDARDTH

31、EREFORE,THOSEIMPLEMENTINGACCOUNTINGORTREASURYSYSTEMSCOULDFACEFUNDAMENTALCHALLENGESANDDIFFICULTIESBECAUSEOFTHEIMPOSITIONOFTHESEACCOUNTINGSTANDARDSCONCLUSIONBRINGINGTREASURYCLOSERINCONCLUSION,ITHASBEENNOTEDTHATDESPITECHANGESTOTREASURYPROCESSESANDPROCEDURES,MANYCOMPANIESAREBEGINNINGTOSEETHEPOSITIVESIDE

32、TODERIVATIVESREPORTINGSTANDARDSSOMECOMPANIESVIEWFAS133ASANOPPORTUNITYTOGETTREASURY“OUTOFITSIVORYTOWER”ANDCLOSERTOTHECENTRALBUSINESSFUNCTIONTHEIMPLEMENTATIONOFTHESTANDARDALLOWSCOMPANIESTOENSURETHATEXPOSURESAREPROPERLYCAPTUREDANDTHATHEDGINGPOLICIESAREALIGNEDTOCORPORATEOBJECTIVESITCANBEARGUEDTHATTHEIMP

33、OSITIONOFANACCOUNTINGSTANDARDTHATPLACESTHERESPONSIBILITYFORENSURINGTHATSTAFFAREADEQUATELYTRAINED,INFORMEDANDSUPPORTEDINTHEIRUSEOFDERIVATIVEFINANCIALINSTRUMENTSONCOMPANYMANAGEMENT,ISANIMPROVEMENTSUCHASTANDARDMAYALSOAFFORDCOMPANIESTHEUNIQUEOPPORTUNITYTOREINFORCEFINANCIALRISKMANAGEMENTPRACTICESTHUSIMPR

34、OVINGTREASURYMANAGEMENTGUIDELINESANDPRACTICESANDENSURINGTHATMOREROBUSTCONTROLMECHANISMSAREINPLACESOURCETHERESADUNNE,CHRISTINEHELLIAR,DAVIDPOWERDIGGINGDEEPINTODERIVATIVESACCOUNTINGFORDERIVATIVESHOWTHEACCOUNTINGSTANDARDSSTACKUPJBALANCESHEET2003113译文概况当前关于衍生金融工具的使用报告要求正在发生变化。在会计准则委员会发布第13号财务报告标准不久后,出现了

35、可以改变公司如何解释衍生金融产品的新的建议。使得问题进一步复杂化的是从2005年起大型的上市公司将必须遵守国际会计标准IAS。相关的国际标准对衍生产品IAS39的解释是有别于目前英国的授权方式，不同于英国提出的建议，预期将在不久的将来有所改观基于JWG建议。额外的麻烦是美国财务会计准则委员会FASB对各个使用衍生金融工具的公司制定了不同的会计准则。同时，从普华永道最近的调查中发现许多欧洲公司采取这些美国的程序表1。本文概述了报道衍生金融工具的各种标准和被提议的标准之间的区别与联系。本文还强调在目前的氛围下，为什么许多公司可能正游说于一个又一个的提议中。国际衍生品会计准则FAS133在1998年

36、6月，发行了美国衍生金融工具和套期保值活动的解释。本标准代表了美国财务会计准则委员会长达10年之久努力开发综合准则衍生品和对冲会计达到顶峰。FAS133的目标是为投资者提供了更多关于公司的风险管理方式和衍生产品交易的信息。然而,不仅对提供和披露财务报表和法令的要求，而且对收益表反映出来的某些对冲活动的影响的判定上准则要比FRS13要求的更近一步。FAS133的特别要求有1一个实体识别财务报表中的所有衍生金融资产和负债2衍生金融工具用公允价值测量。3公允价值变动通过收益表即利润和损失反映。4对冲会计的特殊准则。这些对冲会计准则表明，正式文书自成立之初就必须对如何进行对冲运作以及如何有效的测量进行

37、解释。那些对冲使“有效性测试”受挫,或在起初不适当地指定为模糊限制语,必须定期在损益帐内,而不是资产负债表内改变市场上的估值。4国际会计准则委员会发布国际会计准则39“金融工具确认和计量”IAS39以后,成为涵盖金融年或2001年1月1日之后有效的年度报表。IAS39被公布前，IASC公布了IAS32号“金融工具披露和报告”,这个标准解决了信息披露和呈现的方式。到2005年，欧盟委员会已经下令隔离所有欧盟上市公司必须在国际会计标准下准备他们的账户。根据IAS39，所有的金融资产和负债在资产负债表上确认,包括衍生品。初试确认时，以支付的公允价值成本，或是为获得该金融资产或金融负债的所得，定期重新

38、估值，从而反映其公允价值。联合工作组JWG关于公允价值会计建立在1997年11月的国际会计准则委员会IASC上，有10个国家的会计准则制定者组成。筹备委员被国际会计准则委员会IASB解散，但JWG的这一发现,覆盖了超过300页的报告，并在2000年12月被IASB采取进行讨论。JWG提议的三个主要原则总结如下。首先，所有的实体应该按公允价值测量，并且根据公允价值的变动，立即以在损益帐内反映。其次，衍生金融工具的公允价值应成为其预计的市场出口价格。最后,不应该有任何对冲金融工具会计。这最后的要求已经成为是最具有争议性的议题。对冲会计的问题ASB，JWG，FASB和IASB最主要的区别在于在对冲会

39、计上所采取的方法不同。FRSB是信息披露的唯一标准,它不涉及处理衍生金融工具的确量和评估。因此，准则不包含任何关于使用对冲会计的声明。FAS133和IAS39允许采取对冲会计，而JWG方法并不允许使用这种方法。大部分的讨论是关于会计准则应该采纳哪种形式并以它为中心围绕着以下几点展开对冲会计和公允价值会计的相对优势；以及什么才是对冲会计的资格的标准问题。存在两种不同的处理衍生金融活动的会计处理方法公允价值会计和对冲会计。大致说来,从一家公司的眼光来看，对冲会计是一种较好的会计方法。这种优越性会在使用对冲会计时察觉到的收入波动的减少时产生。事实上，对冲会计是指一种针对衍生金融工具的会计处理方法。无

40、论对于某项特定的收益或损失在相应的有关项目的对冲被确认后，它都要在收益或损失的账户上反映。在对冲会5计中有三个公认的变量第一，衍生品的公允价值作为一项资产或债务被记录在资产负债表中,任何实现的收益或亏损也将立即被记录到利润表里。该方法只有当未实现的收益或亏损的项目被套期的时候才适用。第二，衍生品的公允价值作为一项资产或负债被记录在资产负债表，任何的收益或亏损被记录为一个独立的资产负债表项目，对资产负债表储备数据的调整是伴随全部已确认收益或亏损揭露的数据。这个程序将非常适合衍生工具用于对冲现有的资产或负债，这些资产或负债记录在资产负债表如果没有收益或亏损，他们仅仅在实现时确认为收入。第三，直到衍

41、生品的地位被确立一段时间后，会计条目才制定，换句话说，衍生工具被认为是一种资产负债表外的项目。使用对冲会计符合“匹配概念”，并且可能有助于出纳员努力平滑他们的最低收入。有很多测试能决定是否允许对冲。第一个测试就是检验交易是否“有效”，广泛地说，被对冲的80到120的资产或负债的收益或亏损要进行套保，这与抵消或反抗对冲收益或亏损的对冲工具相匹配。许多其他计算能进行有效性测试，公司在一开始就不得不决定使用哪一种方法，这种方法在对冲的整个期间内都不允许更改。结果引起可能在不同的测试中有巨大的差异，就如一个对冲或许在一个测试中有效，而在另一测试中它可能无效。对国际发展的回应对于最近的国际发展的一开始回

42、应是相当消极的。一家财务专业人士协会调查发现，超过三分之二的受访者认为FAS133对报告的公司施加了过度的负担。他指出，大多数对FAS133的挫折感源于对冲会计。从一开始，FAS133为了开展对冲会计要求用文件证明每一次对冲。甚至对于大型企业，每季度对衍生品逐日盯价也相当困难。例如，据通用电气报道，在过去的两年中，花了8百万美元用于开发系统功能。它还指出，套期保值策略被终止因为公司董事会不想看到波动对报告利润数据的影响。争论的关键看起来是这种增加的波动会使公司比真实情况更危险。而且，虽然出纳员总是比较喜欢普通的衍生金融产品，例如汇率前锋和利率掉期，但是它加重了利率和币种选择的支出。FAS133

43、认为因此将会推动改革财政金融6政策。因此，通过FAS133出纳员运作系统似乎已经改变了，即使这是一个财务报告的标准。然而，并不是当前所有对FAS133的评论都是消极的。有些人认为，标准的引入强加给风险管理程序更严格的条例；公司将被迫更加清楚地说出他们的风险管理政策。接着会有更多精确的预测和测量，除了对套期保值策略的性能更频繁和精确的测量IAS39也成为了广泛被评论的话题。标准被说成是“概念性错误”和“在实践中不可行”。一些人认为这种标准没必要这么复杂。对于小型公司，标准的意义据说是更加明显。FAS133和IAS39都极大地改变在资产负债表上报道的数字以及使用金融工具的公司的收益和损失的账户；对

44、大量使用衍生品的用户来说影响更加明显。它指出，对某一特定财务决策不应基于会计的影响以及调整。然而它看上去是这个标准的结果。于是，由于实施这些会计准则，会计或财政系统的实行将面临基本挑战和困难。总结离财务更近总之，它已经注意到，尽管财务过程及程序发生改变，许多公司正开始发现衍生品报告准则积极的一面。一些公司的观点为FAS133是一个让财务离开“象牙塔”同时更接近中央业务功能的机会。标准的执行委员会允许公司暴露的正确性以及对冲政策与企业的目标相一致。可以认为，会计准则的实施，即负责保证员工有足够的训练，见多识广，而且是对于他们在公司管理上使用衍生金融工具给予支持，这些都是一种进步。这种规范也可以给公司提供独特的机会，以加强财务风险管理从而提高财务管理的指导思想和实践，确保适当强健的控制机制的建立。SOURCETHERESADUNNE,CHRISTINEHELLIAR,DAVIDPOWERDIGGINGDEEPINTODERIVATIVESACCOUNTINGFORDERIVATIVESHOWTHEACCOUNTINGSTANDARDSSTACKUPJBALANCESHEET200311资料来源THERESADUNNE,CHRISTINEHELLIAR,DAVIDPOWER深入研究衍生品衍生品会计会计准则如何发展J资产负债表200311