公允价值会计——不断变化的环境分析【外文翻译】.doc
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1、 1 外文翻译 原文 Fair-Value AccountingAnalyzing the Changing Environment Material Source: The CPA Jouranl Author: By Rebecca Toppe Shortridge, Amanda Schroeder, and Erin Wagoner APRIL 2006 - FASBs exposure draft, Fair Value Measurement, has brought renewed attention to the debate between historical-cost m
2、easurement and fair-value measurement in financial statements. Perhaps the strongest argument for a move to fair-value accounting is that historical-cost financial statements do not provide information that is relevant to investors. The fact that the market value of publicly traded firms on the New
3、York Stock Exchange is five times their asset values serves to highlight this deficiency. The primary driver of this disparity was clearly illustrated by thenFederal Reserve Chairman Alan Greenspan, as quoted in Cracking the Value Code: How Successful Businesses Are Creating Wealth in the New Econom
4、y (Richard E.S. Bolton, Barry D. Libert, and Steve M. Samek; HarperCollins, 2000). Greenspan said: Virtually unimaginable a half-century ago was the extent to which concepts and ideas would substitute for physical resources and human brawn in the production of goods and services. The fair-value expo
5、sure draft would establish a framework for measuring assets and liabilities at fair value. Critics, however, have expressed concerns with the proposal. Recent FASB Projects FASB has issued numerous standards in recent years to require the use of or provide guidance for calculating fair-value measure
6、ments in financial accounting. This change from prior practice signifies to many a deliberate movement away from historical-cost financial statements and toward fair market value statements. Statement of Financial Accounting Concepts 7. As FASB increases the items reported using fair value, determin
7、ing how to actually measure value is critical. For example, how should a company establish the value of a customer list acquired in a 2 business combination? Statement of Financial Accounting Concepts (SFAC) 7, Using Cash Flow Information and Present Value in Accounting, provides a framework for usi
8、ng the present value of future cash flows to establish fair value. According to SFAC 7, the only objective of present value, when used in accounting measurements is to estimate fair value. Stated differently, present value should attempt to capture the elements that when taken together would compris
9、e a market price, if one existed. Essentially, SFAC 7 provides a discussion of present-value techniques that can be used to estimate fair value when a market-based value does not exist. By providing a method for establishing fair value, FASB extended the potential uses of fair-value accounting. Stat
10、ement of Financial Accounting Standards 141. FASB released Statement of Financial Accounting Standards (SFAS) 141, Business Combinations, in June 2001. This was a groundbreaking standard, because intangible assets that had never been recognized now had to be separately identified and reported in a b
11、usiness combination. FASB indicated that numerous users had indicated a desire for better information regarding intangible assets because they had become increasingly important in the U.S. knowledge economy. Thus, SFAS 141 requires that all intangible assets acquired in a business combination be rec
12、ognized as an asset apart from goodwill if it arises from contractual or other legal rights or if it is separable. The intangible assets now required to be separately measured and recognized include such items as trade dress, customer lists, computer software, and employment contracts. SFAS 141 furt
13、her indicates that intangible assets acquired in a business combination should initially be assigned an amount based on their fair value. Fair value is defined as the amount at which the asset could be bought or sold in a current transaction between willing parties. The statement also notes that jud
14、gment is required in estimating the period and amount of expected cash flows, and that these judgments should be consistent with the objective of measuring fair value. While assets required to be measured at market value in this standard are related to arms-length transactions, there was previously
15、no requirement to separately identify intangible assets such as customer lists and employment contracts. This statement suggests that FASB is changing its focus from measuring only hard assets to also measuring the soft assets that are increasingly important in the current U.S. economy. 3 Statement
16、of Financial Accounting Standards 142. SFAS 142, Goodwill and Other Intangible Assets, covers three topics: 1) the postacquisition accounting treatment for all intangibles, including those acquired through a business combination; 2) accounting for the acquisition of intangible assets in circumstance
17、s outside of business combinations; and 3) accounting for internally generated intangible assets. First, SFAS 142 defines the requirements for postacquisition accounting of intangible assets. If the intangible asset has a definite useful life, amortization is required over the life of the asset. If
18、the intangible asset has an indefinite useful life (e.g., goodwill), it is not subject to amortization and is instead tested annually for impairment. Second, SFAS 142 requires that intangible assets acquired outside of business combinations be recorded at fair value (see Rose Marie L. Bukics and J.
19、Chapman Benson, The Big Splash: Goodbye, Pooling; Hello, Goodwill Impairment Testing, The CPA Journal, March 2002). Finally, SFAS 142 clearly states that the costs of internally developing, maintaining, or restoring intangible assets that are not specifically identifiable, that have indeterminate li
20、ves, or that are inherent in a continuing business and related to an entity as a whole, shall be recognized as an expense when incurred. Consistent with SFAS 141, this standard requires recognition of intangible assets that were previously not reported in historical-cost financial statements. This s
21、tandard also recognizes that the value of assets may not decline equally over time, thus they should be measured for impairment. This requires companies to establish methods for assessing value for individual assets and operating units. Statement of Financial Accounting Standards 144. SFAS 144, Acco
22、unting for the Impairment or Disposal of Long-Lived Assets, uses fair-value measurements to assess whether long-lived assets are permanently impaired. This standard, issued in August 2001, states that impairment is the condition that exists when the carrying amount of a long-lived asset (asset group
23、) exceeds its fair value. This statement again requires using fair-value measurements to determine the appropriate accounting treatment. SFAS 144 provides traditional guidance on assessing fair value. In particular, it indicates that the fair value of an asset is the amount that the asset could be p
24、urchased or sold for in a third-party transaction. Paragraph 22 dictates that actively quoted market prices are the best measure but that prices of similar assets may be used when necessary. Paragraph 23 provides that it may be necessary to use the 4 present value of discounted cash flows technique
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