1、1本科毕业论文（设计）外文翻译外文题目THETEMPORALMETHODVERSUSTHECLOSINGRATEMETHOD外文出处COMPARATIVEINTERNATIONALACCOUNTING8THEDITIONMFINANCIALTIMES/PRENTICEHALL,2005394398外文作者CHRISTOPHERNOBES,ROBERTBPARKER原文THETEMPORALMETHODVERSUSTHECLOSINGRATEMETHODTHEOPPOSITIONBETWEENTHETEMPORALMETHODANDTHECLOSINGRATEMETHODTHROUGHOUTTH
2、EACCOUNTANCYWORLDISPROBABLYTHEMOSTIMPORTANTASPECTOFTHETRANSLATIONPROBLEMNOTE,HOWEVER,THATTHISOPPOSITIONWOULDNOTARISEUNDERCURRENTVALUEACCOUNTING,WHENTHETWOMETHODSWOULDGIVETHESAMERESULTSITISTHEAUTHORSOPINIONTHAT,ONLYTHETEMPORALMETHODCANBEJUSTIFIEDFORUSEWITHHISTORICALCOSTACCOUNTINGTHEFUNDAMENTALOBJECTI
3、ONOFTHEACCOUNTINGTHEORISTTOTHECLOSINGRATEMETHODUNDERHISTORICALCOSTACCOUNTINGCANBESTATEDVERYSIMPLYASFOLLOWSTHECLOSINGRATEMETHOD,WHENAPPLIEDTOANASSETSTATEDINTHEFOREIGNSUBSIDIARYSBALANCESHEETATHISTORICALCOST,PRODUCESATRANSLATEDFIGURETHATHASNOMEANINGITISNOTTHEHISTORICALCOSTINTERMSOFTHEHOMECURRENCYNEITHE
4、RISITTHECURRENTREPLACEMENTCOSTNORTHENETREALIZABLEVALUETHENUMBERISINFACTNOTHINGEXCEPTTHEPRODUCEOFMULTIPLYINGTWOUNRELATEDNUMBERSLORENSEN,1972,PAGE107THELEADINGGERMANTHEORIST,BUSSEVONCOLBE,MAKESTHESAMEPOINTRATHERMOREPOLITELYTRANSLATIONOFHISTORICALCOSTS,EXPRESSEDINFOREIGNCURRENCY,ATTHECURRENTRATEDOESNOT
5、RESULTINAVALUATIONTHATCANBEINTERPRETEDINANYMEANINGFULSENSEGRAYETAL,1993,PAGE327THISFAULTOFTHECLOSINGRATEMETHODISSOFUNDAMENTALTHAT,INTHEOPINIONOFMANYACCOUNTINGTHEORISTS,ITMAKESTHEUSEOFTHEMETHODQUITEUNACCEPTABLETHECASEFORTHECLOSINGRATEMETHODWASSETOUTBYTHEBRITISHACCOUNTING2STANDARDSCOMMITTEE（ASC）INED21
6、ISSUEDIN1977,NOTABLYPARAGRAPHS9AND109THECLOSINGRATEMETHODISBASEDONTHECONCEPTTHATAREPORTINGCOMPANYHASANETINVESTMENTINAFOREIGNOPERATIONANDWHATISATRISKFROMCURRENCYFLUCTUATIONSISTHENETINVESTMENT10THECLOSINGRATEMETHODPOSSESSESTHEFOLLOWINGADVANTAGESAITDEALSEFFECTIVELYWITHTHESITUATIONWHEREFIXEDASSETSLOCATE
7、DOVERSEASHAVEBEENFINANCEDBYFOREIGNCURRENCYBORROWINGSANDACHANGEINTHEEXCHANGERATERESULTSINOFFSETTINGGAINSANDLOSSESBTHERELATIONSHIPEXISTINGBETWEENBALANCESINACCOUNTSASORIGINALLYPREPAREDINAFOREIGNCURRENCYISPRESERVEDINTHETRANSLATEDACCOUNTS,WHEREASTHISISNOTTHECASEWHEREHISTORICALRATESAREUSEDFORTRANSLATINGCE
8、RTAINASSETSPRESERVATIONOFRELATIONSHIPSINTHESUBSIDIARYSFINANCIALSTATEMENTSPARAGRAPH10BFROMTHEABOVEQUOTATIONREFERSTOANINTERESTINGANDSOMEWHATDISTURBINGASPECTOFTHETEMPORALMETHOD,NAMELYTHATTHEPROCESSOFTRANSLATIONCANCHANGETHERELATIONSHIPBETWEENINDIVIDUALITEMSINAFINANCIALSTATEMENTTHISARISESBECAUSEDIFFERENT
9、EXCHANGERATESAREUSEDTOTRANSLATEDIFFERENTITEMSTHEHISTORICALRATEISUSEDFORFIXEDASSETSANDTHECLOSINGRATEFORMOSTOTHERITEMSTHUSTHERELATIVEWEIGHTOFFIXEDASSETSINTHETRANSLATEDBALANCESHEETWILLBEDIFFERENTFROMTHATSHOWNINTHESUBSIDIARYSFOREIGNCURRENCYBALANCESHEETTHISWILLAFFECT,AMONGOTHERMATTERS,THEDEBT/EQUITYRATIO
10、MORESIGNIFICANTLY,INTHETRANSLATEDPROFITANDLOSSACCOUNT,THEWEIGHTGIVENTODEPRECIATIONDERIVEDFROMFIXEDASSETSTRANSLATEDATAHISTORICALRATEWILLBEDIFFERENTFROMTHATSHOWNINTHEFOREIGNCURRENCYACCOUNTSIFTHEFOREIGNCURRENCYHASFALLENINVALUERELATIVETOTHEHOMECURRENCYSINCETHEFIXEDASSETSWEREACQUIRED,THISWILLHAVETHEEFFEC
11、TOFINCREASINGTHERELATIVEIMPORTANCEOFTHEDEPRECIATIONEXPENSEINTHETRANSLATEDPROFITANDLOSSACCOUNTTHISCOULDWELLTURNAPROFITREPORTEDINTHESUBSIDIARYSFOREIGNCURRENCYACCOUNTSINTOALOSSINTHETRANSLATEDACCOUNTSTHECLOSINGRATEMETHODDOESNOTSUFFERFROMTHISDISADVANTAGEASTHESAMEEXCHANGERATEISUSEDFORALLITEMS,THETRANSLATE
12、DACCOUNTSAREALWAYSA3LINEARTRANSFORMATIONOFTHEORIGINALFOREIGNCURRENCYACCOUNTSTOPROPONENTSOFTHETEMPORALMETHOD,THISISAHIGHLYAWKWARDRESULTANDTHEYNEEDALLTHEIRINGENUITYTOEXPLAINHOWITISRIGHTFORAPROFITINONECURRENCYTOBETURNEDINTOALOSSWHENTRANSLATEDINTOANOTHERCURRENCYHOWEVER,THEREAREGOODARGUMENTSTOBEMADEFIRST
13、,ITSHOULDBESTRESSEDTHATTHEPURPOSEOFTRANSLATIONISTOPERMITTHEPREPARATIONOFCONSOLIDATEDACCOUNTSASAGENERALRULE,THETRANSLATEDFIGURESOFTHESUBSIDIARYSASSETS,LIABILITIES,REVENUESANDEXPENSESAREAGGREGATEDWITHTHOSEOFTHEPARENTCOMPANYINTHECONSOLIDATEDFINANCIALSTATEMENTSTHEFOREIGNSUBSIDIARYSSEPARATEENTITYISLOSTIN
14、THECONSOLIDATEDACCOUNTSHENCE,THEFACTTHATITHASACERTAINDEBT/EQUITYRATIOASANINDIVIDUALCOMPANYISIRRELEVANTFROMTHEVIEWPOINTOFTHECONSOLIDATEDFINANCIALSTATEMENTSCONVERSELY,IFAPERSONEGAMINORITYSHAREHOLDERORACREDITOROFTHESUBSIDIARYWISHESTOEXAMINETHEFINANCIALPOSITIONOFTHEFOREIGNSUBSIDIARYASASEPARATEENTITY,THE
15、NHEORSHESHOULDLOOKTOITSSEPARATELOCALCURRENCYACCOUNTSTHEGROUPACCOUNTSAREIRRELEVANTFORTHISPURPOSETHECREDITOROFASUBSIDIARYCOMPANYCANNOTNORMALLYDEMANDREPAYMENTOFTHEDEBTFROMTHEPARENTCOMPANY,NORCANAMINORITYSHAREHOLDEREXPECTDIVIDENDSTOBEPAIDOUTOFGROUPPROFITSHOWEVER,WHILETHEABOVEARGUMENTGOESPARTOFTHEWAYTOWA
16、RDSEXPLAININGWHYTHERELATIONSHIPSINTHESUBSIDIARYSFINANCIALSTATEMENTSAREIRRELEVANTFORTHECONSOLIDATEDSTATEMENTS,ITISSTILLUNCOMFORTABLETHATAPROFITINTHESUBSIDIARYSOWNLOCALCURRENCYPROFITANDLOSSACCOUNTCANBETRANSLATEDINTOALOSSINTHECONSOLIDATEDPROFITANDLOSSACCOUNTONEMAYLEGITIMATELYASKTHEQUESTIONWHICHFINANCIA
17、LSTATEMENTPRESENTSTHETRUEANDFAIRVIEWTHESUBSIDIARYSFOREIGNCURRENCYACCOUNTSORTHETRANSLATEDVERSIONINCORPORATEDINTOTHECONSOLIDATEDACCOUNTSIFTHETEMPORALMETHODISCORRECT,THENTHEANSWERTOTHISQUESTIONMUSTBETHATBOTHFINANCIALSTATEMENTSARETRUEANDFAIRTHESUBSIDIARYSOWNFINANCIALSTATEMENTSPRESENTATRUEANDFAIRVIEWFORI
18、TSCREDITORSANDSHAREHOLDERSTHECONSOLIDATEDFINANCIALSTATEMENTSINCORPORATINGTHESUBSIDIARYSTRANSLATEDACCOUNTSPRESENTATRUEANDFAIRVIEWFORTHESHAREHOLDERSOFTHEPARENTCOMPANYHOWISTHISPOSSIBLEITWILLBERECALLEDTHATAPROFITCANBETRANSLATEDINTOALOSSONLYWHENCERTAIN4ASSETSIEFIXEDASSETSANDINVENTORYAREVALUEDINTHEACCOUNT
19、SATHISTORICALCOSTWHENTHISCONVENTIONISFOLLOWEDTHEPERSONSFORWHOMTHESTATEMENTSAREPREPAREDIETHESHAREHOLDERSINTERPRETTHEBOOKVALUEOFTHEASSETSASBEINGTHEAMOUNTOFFINANCETHATISTIEDUPINTHESEASSETSTHEAMOUNTTIEDUPINTHEFIXEDASSETSISEXPRESSEDINTERMSOFTHECURRENCYINWHICHTHEFINANCEWASPROVIDEDINTHECASEOFAPARENTCOMPANY
20、OWNINGASSETSABROADVIAASUBSIDIARY,THEPOSITIONISTHATULTIMATELYTHESEASSETSHAVEBEENFINANCEDBYTHEPARENTCOMPANYSSHAREHOLDERSWHENTHEASSETSWEREACQUIREDTHESESHAREHOLDERSMADEAFINANCIALSACRIFICEITISOFNOCONSEQUENCEFORTHEARGUMENTWHETHERTHISSACRIFICEWASVOLUNTARYORINVOLUNTARY,ORWHETHERTHEACQUISITIONOFTHEASSETSWASF
21、ACILITATEDBYAREMITTANCEOFCASHFROMTHEPARENTCOMPANYORBYAREDUCTIONINTHEDIVIDENDFROMTHESUBSIDIARYTHEESSENTIALPOINTISTHATINAPASTYEARTHEPARENTCOMPANYSSHAREHOLDERSMADEAFINANCIALSACRIFICEANDTHATTHISSACRIFICEISMEASUREDINTERMSOFTHEAMOUNTOFHOMECURRENCYFORGONEINTHATYEARTHISISTHEJUSTIFICATIONFORSTATINGTHESUBSIDI
22、ARYSASSETSINTHECONSOLIDATEDFINANCIALSTATEMENTSATTHEIRHISTORICALCOSTINTERMSOFTHEHOMECURRENCYTHEPOSITIONOFMINORITYSHAREHOLDERSOFTHEFOREIGNSUBSIDIARYISRATHERDIFFERENTTHEIRSACRIFICEWASINTERMSOFTHEIROWNCURRENCYWHEN,SUBSEQUENTLY,THELOCALCURRENCYFALLSINVALUERELATIVETOTHEHOMECURRENCY,THESACRIFICEMADEBYTHEPA
23、RENTCOMPANYSSHAREHOLDERSWILLBECOMEVALUEDRATHERMOREHIGHLYTHANTHATMADEBYTHESUBSIDIARYSMINORITYSHAREHOLDERSHENCETHEPARADOXOFAPROFITBEINGTRANSLATEDINTOALOSSTOSUMMARIZE,THERESPONSETOTHEASCSPARAGRAPH10BIS,FIRST,THATTHERELATIONSHIPSINTHEFOREIGNSUBSIDIARYSFINANCIALSTATEMENTSSECOND,WHERETHEYARERELEVANT,THERE
24、LATIONSHIPPRODUCEDBYTHEAPPLICATIONOFTHETEMPORALMETHODISTHECORRECTONEFROMTHEVIEWPOINTOFTHESHAREHOLDERSOFTHEPARENTCOMPANYNATURALLY,THESEPROBLEMSAREDUETOTHEUSEOFHISTORICALCOSTACCOUNTINGANDWOULDNOTARISEUNDERACURRENTVALUESYSTEMTHENETINVESTMENTCONCEPTNEST,THEASCSPARAGRAPH10AHASTOBECONSIDEREDTHISISCLOSELYT
25、IEDUPWITHTHESTATEMENTINASCPARAGRAPH9SEEEARLIERQUOTETHATTHECLOSINGRATEMETHOD5ISBASEDONTHECONCEPTTHATAREPORTINGCOMPANYHASANETINVESTMENTINAFOREIGNOPERATIONANDWHATISATRISKFROMCURRENCYFLUCTUATIONSISTHATNETINVESTMENTTHISSTATEMENTISRATHERBRIEFTHEFULLLINEOFREASONINGCANBEPRESENTEDASFOLLOWS1INMANYCASES,INPRAC
26、TICE,FOREIGNSUBSIDIARIESARELARGELYAUTONOMOUSDECISIONSASTOWHICHASSETSTOACQUIREORHOLD,ANDONTRADINGOPERATIONS,ARETAKENBYTHELOCALBOARDOFDIRECTORS2ADDITIONALLY,THESEFOREIGNSUBSIDIARIESAREOFTENLARGELYSELFFINANCING,USINGLOCALLOANSANDRETAINEDPROFITS3INTHESECIRCUMSTANCES,THEPARENTCOMPANYSMAININTERESTINTHESUB
27、SIDIARYISTHEANNUALDIVIDENDIFTHISISSATISFACTORY,THEPARENTCOMPANYWILLNOTCONCERNITSELFINDETAILWITHTHESUBSIDIARYSFINANCIALPOSITIONOROPERATIONS4HENCETHEPARENTCOMPANYISNOTINTERESTEDINTHEDETAILEDASSETS,LIABILITIES,REVENUESANDEXPENSESOFTHESUBSIDIARYITSINTERESTISINTHENETINVESTMENTINTHESUBSIDIARYTHATISTHESOUR
28、CEOFTHEONLYTANGIBLEBENEFIT,THEANNUALDIVIDENDS5THEVALUEOFTHISNETINVESTMENTISBESTREFLECTEDINTRANSLATINGTHENETWORTHATTHECLOSINGRATE6SINCETHENETWORTHISTOBETRANSLATEDATTHECLOSINGRATE,ALLTHEOTHERITEMSINTHEBALANCESHEETMUSTBETRANSLATEDATTHESAMERATEIFTHEBALANCESHEETISTOBALANCETHISLINEOFREASONINGAPPEARSVERYST
29、RONGWHENONECONSIDERSTHECASEOFADEVALUATIONOFTHEHOMECURRENCYINTHENORMALSITUATIONOFAFOREIGNSUBSIDIARYWITHNETMONETARYLIABILITIESIETOTALLIABILITIESEXCEEDINGMONETARYASSETS,THEAPPLICATIONOFTHETEMPORALMETHODWILLLEADTOAFALLINTHEVALUEOFTHESUBSIDIARYSTRANSLATEDNETWORTH,BECAUSETHETRANSLATEDVALUEOFTHEFIXEDASSETS
30、WILLREMAINUNCHANGEDBUTTHETRANSLATEDVALUEOFNETLIABILITIESWILLINCREASETHISHARDLYSEEMSLOGICALAFTERTHEDEVALUATION,THEFOREIGNCURRENCYISWORTHMOREINTERMSOFTHEHOMECURRENCYTHANBEFORETHENETINVESTMENTTHATISEXPRESSEDINTERMSOFTHEFOREIGNCURRENCYSHOULDALSOBEWORTHMOREANALTERNATIVEARGUMENTISTHAT,FOLLOWINGTHEDEVALUAT
31、ION,THEANNUALDIVIDENDFROMTHESUBSIDIARYWILLPROBABLYBEWORTHMOREINTERMSOFTHEHOMECURRENCYTHISWILLCERTAINLYBETHECASEIFONEMAKESTHEREASONABLYCONSERVATIVEASSUMPTIONOFNOCHANGEINTHEANNUALDIVIDENDINTERMSOF6THEFOREIGNCURRENCYTHENETINVESTMENTINTHEFOREIGNSUBSIDIARY,THESOURCEOFTHESEDIVIDENDS,SHOULDTHEREFOREBEWORTH
32、MOREONTHEPRINCIPLEOFANINVESTMENTBEINGVALUEDASTHENETPRESENTVALUEOFFUTURERECEIPTSTHISISESSENTIALLYTHECASESETOUTINPARAGRAPH10ATHISARGUMENTAPPEARSBOTHLOGICALANDCOHERENTHOWEVER,THEANSWEROFTHEPROPONENTSOFTHETEMPORALMETHODISSIMPLETHEABOVEPROCEDUREMAYBEAPPROPRIATEWHERETHEPARENTCOMPANYSINVESTMENTINTHEFOREIGN
33、SUBSIDIARYISPRESENTEDINTHEPARENTCOMPANYSBALANCESHEETASASINGLEITEM,THATIS,INTHESAMEWAYTHATTHEINTERESTINANASSOCIATEDCOMPANYISCOMMONLYPRESENTEDHOWEVER,ITISNOTAPPROPRIATEWHERETHEASSETS,LIABILITIES,REVENUESANDEXPENSESOFTHESUBSIDIARYAREINCORPORATEDASSUCHINTHEGROUPSCONSOLIDATEDFINANCIALSTATEMENTSESSENTIALL
34、YTHEABOVELINEOFARGUMENTFALLSDOWNINTWOPLACESFIRST,THEMETHODOFVALUATIONTHATISAPPROPRIATEFORTHENETWORTHISNOTNECESSARILYAPPROPRIATEFOREACHOFTHEINDIVIDUALASSETSANDLIABILITIESTHISLINEOFREASONINGLEADSDIRECTLYTOTHENONSENSEOFTHEHISTORICALCOSTOFANASSETSBEINGTRANSLATEDATTHECLOSINGRATESECOND,IFASUBSIDIARYIS,INF
35、ACT,ALARGELYINDEPENDENTENTITY,THENITISNOTAPPROPRIATETOCONSOLIDATEFULLYTHISSUBSIDIARYINTHEGROUPSCONSOLIDATEDFINANCIALSTATEMENTSCONSOLIDATIONISDEFINEDINTHEUNITEDKINGDOMSFRS2ASAPROCESSTHATPRESENTSTHEPARENTANDTHESUBSIDIARIESASASINGLEECONOMICENTITYPARAGRAPH5THEEUSSEVENTHDIRECTIVEARTICLE26STATESTHATTHECON
36、SOLIDATEDACCOUNTSSHALLSHOWTHEFINANCIALPOSITIONOFTHEUNDERTAKINGSINCLUDEDINTHECONSOLIDATIONASIFTHELATTERWEREASINGLEUNDERTAKINGTHEUSEOFTHETERMSSINGLEENTITYANDSINGLEUNDERTAKINGISVERYSIGNIFICANTITISCLEARTHATTHEEXISTENCEOFASINGLEENTITYISAPRECONDITIONFORTHEPREPARATIONOFCONSOLIDATEDFINANCIALSTATEMENTSTHUSTH
37、ECLOSINGRATEMETHOD,WHICHISBASEDONTHECONCEPTOFTHEPARENTCOMPANYHAVINGANETINVESTMENTINASEMIAUTONOMOUSFOREIGNSUBSIDIARY,SHOULDNOTBEUSEDINTHEPREPARATIONOFCONSOLIDATEDFINANCIALSTATEMENTSTHECONCLUSIONISESCAPABLEEITHERTHEFOREIGNSUBSIDIARYISLARGELYAUTONOMOUS,INWHICHCASEFULLYCONSOLIDATEDSTATEMENTSSHOULDNOTBEP
38、REPAREDANDINTHISCASETHEPARENTCOMPANYSINVESTMENTINTHESUBSIDIARYWOULDNORMALLYBEPRESENTEDINITSBALANCESHEETASA7SINGLEITEMPERHAPSUSINGTHEEQUITYMETHODORTHEPARENTCOMPANYANDTHEFOREIGNSUBSIDIARYMAYBECONSIDEREDASINGLEENTITY,INWHICHCASETHEAPPROPRIATETRANSLATIONMETHODTOUSEISTHETEMPORALMETHODWHICH,INTHEWORDSOFPA
39、RAGRAPH11OFED21,ISBASEDONTHECONCEPTTHATASINGLEENTERPRISEISREPORTINGANDFOREIGNOPERATIONSAREANEXTENSIONOFTHEACTIVITIESOFTHEPARENTBODY,WHICHISPRECISELYTHECONCEPTONWHICHALLCONSOLIDATEDFINANCIALSTATEMENTSAREBASEDHOWEVER,ALTHOUGHTHEAUTHORISPERSONALLYCONVINCEDONTHISMATTER,THEARGUMENTHASBEENSETTLEDINFAVOURO
40、FTHECLOSINGRATEMETHODINDECEMBER1981THEFASBFINALLYGAVEWAYTOTHECONSIDERABLEPRESSURETOWHICHITHADBEENSUBJECTEDANDISSUEDANEWSTANDARD,FAS52FASB,1981,WHICHEFFECTIVELYREVERSEDFAS8ANDPRESCRIBEDTHEUSEOFTHECLOSINGRATEMETHODUNDERMOSTCIRCUMSTANCESSOURCECOMPARATIVEINTERNATIONALACCOUNTING8THEDITIONMFINANCIALTIMES/
41、PRENTICEHALL,20053943988译文时态法与期末汇率法在会计界，时态法与期末汇率法之间的争论可能是有关折算问题的一个最重要的方面。然而，需要注意的是在现行价值会计下，不会出现这种对立，这时两种方法会得到一致的结论。笔者认为，在历史成本会计下，只有采用时态法才是正确的。会计学家们反对在历史成本会计中使用期末汇率法的意见可以概括如下对外国子公司资产负债表上以历史成本计价的资产，采用期末汇率法得到的折算数字毫无意义，因为这个数字既不是以母公司所在国的货币表示的历史成本，也不是以子公司所在国的货币表示的历史成本，既非现行重置成本，也非可变现净值。“实际上，这个数字仅仅是两个互不相关数字
42、的乘积而已”（LORENSEN，1972，第107页）。德国的著名会计学家布斯范科伯（BUSSEVONCOLBE）更为委婉地指出了这一点，“用现行汇率对以外币计价的历史成本进行折算，所得的数字没有任何意义”（GRAY，1993，第327页）。在许多会计学家看来，期末汇率法的这一根本性的缺陷使得人们难以接受这种方法。采用期末汇率的理由在英国会计准则委员会（ASC）制定的第21号征求意见稿（1977年颁布）中有所提及，其中的第9段和第10段值得注意9期末汇率法是基于以下概念，即报告公司在某一外国经营活动中有净投资，正是这一净投资经受货币波动的风险。10期末汇率法具有如下优点（A）它能有效地处理海外
43、的固定资产通过外币借款筹集资金的情况，汇率变动使得利得与损失相互抵消。（B）以外币计价编制的报表上的余额之间的关系在折算后仍然存在，而采用历史汇率对某些资产进行折算时，情况并非如此。子公司财务报表中各种关系的保留上面引述的第10段（B）指出了时态法（即在历史成本会计下采用时态原则）的一个值得注意同时又有点困扰的方面，即在折算过程中可能会改变财务报表中各个项目之间的关系。这一情况的产生是因为采用不同的汇率对不同的项目进行9折算对固定资产采用历史汇率，而对绝大多数的其他项目采用期末汇率法。因此子公司以外币计价的资产负债表中固定资产的比重，与折算后的资产负债表中固定资产的比重不同。这至少会影响到债务
44、与权益比率。更为重要的是，在折算后的利润表中，折旧的比重产生于以历史汇率折算的固定资产也不同于原先的外币报表中折旧的比重。如果在取得固定资产后，外币贬值（相对本国货币），则折算后的利润表中折旧费用的比重会增加。这很可能使得子公司外币报表报告的利润，在折算后的报表上反而变为损失。期末汇率法则不存在这一缺点，因为所有的项目都适用同一汇率，所以折算报表与原先的外币报表始终是线性关系。对于时态法的支持者而言，这是一个相当尴尬的结果，他们必须绞尽脑汁解释为什么某种币值的利润在折算为另一种货币时变为亏损是合理的。不过还是有一些理由来解释这一点的。首先，需要强调的是，折算的目的在于编制合并报表。作为一般原则
45、，子公司资产、负债、收入与费用的折算数据，在合并财务报表中，要和母公司的相应数据相加；外国子公司的独立实体在合并报表中不复存在。因此，从合并财务报表的角度来看，作为独立公司所具有的负债/权益比率这一事实是无关紧要的。相反，如果有人（例如子公司的少数股东或债权人）希望将外国子公司作为独立实体来考察其财务状况，那么，他应该考察子公司以所在地货币计价的单独报表，集团报表与此并不相关。子公司的债权人一般不可能要求母公司偿付债务，同样，子公司的少数股东也不可能从集团利润中分配股利。尽管上述论证部分解释了为什么子公司财务报表间的关系与合并报表不相关，但对于为什么子公司利润表（当地货币）中的利润折算为合并利
46、润表可能变为损失，仍没有令人满意的解释。人们自然会提出这样的疑问哪一类财务报表代表着公允的观点是子公司的外币报表还是并入合并报表后的折算金额如果时态法是正确的，那么对这一问题的回答肯定是两者都是公允的。就子公司的债权人和股东而言，子公司自己的财务报表代表了公允的观点；就母公司的股东而言，合并财务报表（已合并子公司折算后金额的报表）也代表了公允的观点。这怎么可能呢回想一下，只有当某些资产（即固定资产和存货）在报表中以历史成本计价时，利润才可能在折算后变为亏损。采用这种做法时，报表的服务对象（即股东）会将该资产的账面价值理解为占用这些资产的资金金额。占用这些固定资产的资10金金额，是以提供资金的那
47、种货币计价的。以通过子公司拥有海外资产的控股公司为例，这些资产最终是由母公司的股东提供资金。取得资产时，股东们付出了资金的代价。这种代价的付出是否出于自愿，或者资产的取得是由母公司汇出现金还是通过减少子公司的股利，这样的争论毫无意义。重要的一点是，在过去的一年间，母公司的股东付出了资金代价，并且这一代价是以投资当年所放弃的本国货币计价的。因此，在合并财务报表中，必须以本币的历史成本来记录子公司的这些资产。至于外国子公司的少数股东，情况则截然不同，他们付出的代价是以其当地货币计价的。所以，在其后当地货币相对母公司货币贬值时，母公司股东所付出的代价远高于子公司少数股东所付出的代价，因此可能出现利润
48、被折算为损失的怪事。总之，对英国会计准则委员会第10段（B）部分的答复是首先，外国子公司财务报表间的关系在很大程度上与合并财务报表并不相关；其次，如果相关，从母公司股东的角度出发，应用时态法而得出的关系是正确的。当然，这些问题是由于历史成本会计的应用而产生的，在现行价值体系中不会出现这些问题。关于“投资净额”的概念最后，必须对英国会计准则委员会的第10段（A）部分加以考虑。这一部分与其第9段的内容（见前面的引述）是紧密相关的，即期末汇率法是基于这样一个概念报告公司在某一外国经营活动中有净投资，正是这一净投资经受货币波动的风险。这一陈述相当简要，其完整的推导过程可表述如下（1）在实务中，许多情况
49、下外国子公司都享有自主权；当地的董事会有权决定取得或持有哪一些资产，或是进行经营决策。（2）此外，这些外国子公司多数自筹资金，使用当地的贷款或是留存收益。（3）在这些情况下，母公司享有的子公司利益主要表现为每年的股利。如果每年的股利令人满意，则母公司不会过分干预子公司的财务状况或经营情况。（4）因此母公司并不关注子公司的资产、负债、收入及费用的详尽信息，所关注的是对子公司的投资净额，因为它是唯一的有形利益每年股利的来源。（5）这一投资净额的价值在以期末汇率折算资本净值时，得到最好的体11现。（6）由于采用期末汇率折算资本净值，因而为保持折算后资产负债表的平衡，对资产负债表的其他项目进行折算时，也必须采用同一种汇率。考虑到本币贬值的情形，上述的推导过程似乎无懈可击。在常见的外国子公司具有净货币性负债（即负债总额超过货币性资产）的情况下，采用时态法会导致子公司折算后的资本净值减少，因为固定资产的折算价值不会发生变化，但是折算后的负债净额会增加。这显然不合逻辑。本国货币贬值之后，外国货币相对于本币的价值更高了，因而以外币计价的投资净额的价值也应该增加。另一种观点认为，随着本币的贬值，以本币计价的子公司每年的股利也可能增值。如果人们合理地进行保守的假定，即以外币计价的每年股利不会发生变动，那
