国际视角下的公允价值计量研究
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摘要
会计信息系统的核心职能就是计量。从运用复式簿记记录经济业务,到编制财务报表披露财务信息,都离不开计量。而计量属性的选择是会计计量的核心和关键。在相当长的一段时期内,历史成本计量属性因其先天的可靠性特别是可验证性,一直占据着计量的统治地位。但是,历史成本计量的固有局限也是显而易见的,由于其提供的会计信息主要是面向过去,所以基于历史成本计量而确认或披露的财务信息之于决策,缺乏现时相关性。因此,理论与实务界也在不断探寻历史成本之外的其他计量属性。而公允价值作为一种面向未来的计量属性,受到人们的广泛关注与青睐。
虽然公允价值计量已有近百年的应用与发展历史,但直到上世纪70年代后期才开始迅猛发展。美国财务会计准则委员会(FASB)、国际会计准则理事会(IASB)以及各国准则制定机构都对公允价值进行了积极的探索与研究。美国FASB在2006年发布SFAS157《公允价值计量》准则,开创了公允价值计量指南应用之先河。而IASB更是六年磨一剑,于2011年5月,颁布了IFRS13《公允价值计量》准则,在公允价值计量领域与美国实现了基本趋同。我国财政部于2006年2月发布的企业会计准则,其中公允价值计量属性的运用受到普遍关注。在会计准则国际趋同的大背景下,我国财政部也多次表达了我国与国际财务报告准则趋同的基本立场,那么,对于公允价值计量的应用,我国是与IASB和FASB齐头并进、保持一致步调,还是结合国情保留中国特色?尤其是在经历了2008年开始的全球金融危机之后,当有人剑指公允价值,将其定义为危机“祸首”时,就更使其蒙上了一层神秘面纱。众多学者对公允价值的研究更是趋之若鹜,但我国现有的研究成果大多是关于公允价值的基本内涵、理论基础等理论层面的,实务运用效果的研究成果较少,本文试图通过准则出台这几年公允价值计量的运用情况进行分析,以补充现有研究结论。
实践表明,任何准则的出台与变动,都是与特定时期的经济事件息息相关的。只有立足过去,才能分析未来。本文在系统回顾与梳理美国与IASB公允价值理论与实务研究成果的基础之上,综合2007年至2010年上市公司的年报数据,以投资性房地产为例,全面分析了公允价值计量模式在我国投资性房地产计量项目中的运用现状,较为深入地阐述了我国当前市场环境下公允价值计量存在的问题,并提出改进策略。
本文主要采用规范研究方法和案例分析法。其中,规范研究方法具体又以归纳法占主导,尤其体现在文章对公允价值理论基础的阐述、美国公允价值发展的回顾,以及国际会计准则理事会关于公允价值计量项目的研究进展几个部分。即从大量文献资料的归集、整理、比较与分析中,概括归纳出基本概念、基本观点与研究结论。
案例分析法主要体现在公允价值在我国投资性房地产中的运用部分。为了分析、观察公允价值计量模式在投资性房地产项目中的应用情况,文章在整理2007年至2010年持有投资性房地产上市公司四年的财务数据的基础之上,对投资性房地产项目的准则运用情况进行了一般性的描述性分析(如运用总体情况、公允价值确定方法等)、对主要财务报告(资产负债表、利润表)的具体影响分析以及对企业纳税的影响分析。
本文共分为八个部分：
第一章为绪论。阐明文章研究的目的与意义,并指明文章主要的研究内容、研究方法,主要贡献与不足。
第二章为文献综述。从公允价值基本问题研究,公允价值与会计信息质量以及公允价值的应用问题研究三个层次,系统梳理了公允价值国内外的研究成果。
第三章为公允价值的理论研究。从计量的基本理论出发,分别述及FASB、IASB及我国公允价值内涵的演进,并概括出公允价值的基本特征,为后文的研究寻求理论基础；本文认为,从会计目标论来看,公允价值计量符合决策有用观要求,从收益理论来看,公允价值契合全面收益观念,从资本保全理论来看,公允价值能体现实物资本保全；分别从有效契约观和机会主义观两方面,为企业投资性房地产公允价值计量会计政策的选择构建理论基础。
第四章,美国公允价值的演进与启示。本章系统梳理了美国在各个时期的公允价值的研究的主要成果,将美国公允价值早期理论与实务界的研究成果,按SEC的态度不同划分为SEC全面封杀和SEC全力维护的两个阶段；重点描述了公允价值计量指南的开创先河之作——美国会计准则第157号(SFAS157)的内容,并对其进行了简要评价；针对源自美国的全球金融危机作了简要回顾,重点分析了危机时期人们对公允价值的质疑,全面分析了危机时期SEC的研究报告,并介绍了FASB的应对之策。
第五章,国际会计准则理事会公允价值计量项目的发展与国际趋同。IASB是全球财务报告准则趋同的主要发起者与运作者,本章在回顾、总结IASB公允价值计量项目各个重要阶段研究成果的基础之上,重点阐述了公允价值计量国际趋同的主要进展与趋同障碍,并指出,各国经济利益是趋同的基础、相互学习是趋同路径、积极互动是趋同过程；通过分析IASB公允价值计量项目的国际趋同,提出我国在趋同过程中要注重自我发展、积极参与以及增值国家信誉几个关键点。
第六章,基于投资性房地产的公允价值计量及运用概况。本章首先回顾了公允价值在我国发展的简短历程,然后结合2007年至2010年上市公司年报,重点分析了在我国2007年上市公司执行新企业会计准则后,公允价值在投资性房地产项目中应用的总体情况,最后指出影响投资性房地产公允价值计量的主要因素。
第七章,投资性房地产公允价值计量模式的应用影响及完善对策。本章在上章的基础上,分别就公允价值计量对上市公司资产负债表、利润表和企业所得税的纳税影响进行了深入分析,并结合我国目前的市场环境,提炼出投资性房地产公允价值计量模式运用的主要问题,并有针对性地提出完善治理对策。
第八章,结论与展望。重申文章的主要结论和研究过程所做出的有益探索与尝试。并基于现有研究结论和中国的现时市场环境对未来公允价值模式在投资性房地产中的应用进行了展望。
本文的主要贡献：
1.在构建公允价值基本理论框架的基础之上,系统梳理了美国公允价值的研究成果,重点分析了金融危机前FASB的公允价值研究成果SFAS157,和金融危机带来的美国公允价值计量的变化。实践证明,公允价值计量的发展始终是伴随系列重大经济事件或重要的市场环境的变动。美国作为最早使用公允价值计量,最早深入研究公允价值的国家,系统总结并分析美国经验对我国公允价值计量准则的制定有直接的借鉴意义。
2.2011年5月,IASB发布了IFRS13《公允价值计量》准则,该准则的发布标志着IASB与FASB在公允价值计量方面已经实现了全面趋同。我国企业会计准则体系已经在实质上实现了与IFRS的趋同,而且,在2010年我国财政部又重申了这一趋同立场,那么在现有国际环境下,就很有必要梳理IASB公允价值计量项目的发展历程,通过分析,来判定我国下一步的趋同方式,是直接采纳还是实质趋同或者是暂缓趋同。IFRS13的一大缺陷是以美国的市场环境为基础制定,未全面考虑新兴经济体的特殊情况,这可能会成为准则全球趋同的一个硬伤。
3.自2007年我国企业会计准则实施至今已经过去了四个年头,本文结合2007年至2010年上市公司的年报数据,分别从资产负债表、利润表和纳税影响几个方面分析了公允价值计量模式在投资性房地产中的运用情况。并针对我国特殊的房地产市场情况,深入探讨投资性房地产公允价值计量的问题及改进策略。
本文的研究内容主要是针对我国投资性房地产的一般应用情况分析,而对于实务当中公允价值计量的难点,公允价值计量的方法研究涉及不多,这也是作者今后研究过程中应关注的重点。而研究方法采用规范研究与案例研究法,限于时间和精力,未对年报数据采用实证方法进行论证,也是本文的一个遗憾。
Measurement is the significant function of accounting system. All accounting treatments have close relationship with measurement, such as recording transactions, preparing financial statements and disclosing financial information. While how to decide measurement attribute is the key point. In the past several decades, historical cost is the dominant measuring principle because of its reliability and verifiability. The shortcoming of historical cost is obvious. Financial information determined based on historical cost might lack relevance because the most straightforward evidence of historical cost is acquired on the basis of past events. Thus, many researchers and accountants show great interest in the measurement attributes besides historical cost. Fair value might be the most popular measurement basis nowadays, because it could be quite helpful for the information users to make decisions.
Research and application related to fair value developed rapidly in the late of last century. FASB, IASB and standard-setters of different nations made great progress associated with fair value. FASB forwarded SFAS157Fair Value Measurement in2006, which has be treated as the most famous guidance as for fair value. IASB issued IFRS13Fair Value Measurement in May of2011, and it realized the most significant convergence with US GAAP. Chinese accounting standards issued in2006cover many contents associated with fair value. Ministry of Finance has emphasized our basic attitudes towards convergence of international accounting standards many times before, and now in the atmosphere of convergence, how we should respond to the application of fair value, to keep the same with IASB and FASB, or to maintain Chinese characteristics in practice? Especially in the financial crisis of2008, when somebody pointed out fair value was the cause of crisis, fair value became more and more mysterious. So many scholars focused their attention on the research of basic definitions, fundamental theories of fair value and rare of them made researches, such as applications of fair value and how to determine fair value. This article tends to analyze application of fair value on investment property in China since2007, in order to improve conclusions of fair value which we have got nowadays.
We could say issuance and amendments of almost all the accounting standards might result from big economic events. How to predict future if we had no idea of the past then? This article summarizes data from2007to2010of listed company related to investment property, analyzes application of fair value model in investment property in China, points out main issues existing in practice and puts forward many countermeasures to improve the relevance and reliability of financial information of fair value.
Two methods are applied by the author, normative research method and case study method. Normative research method is mainly about inductive method. It is used in introduction to fundamental knowledge of fair value accounting, review of development of United States fair value accounting, and process of research on fair value accounting of IASB. Many definitions, ideas, conclusions have be summarized in the way of comparisons, analysis of significant amount of materials.
Case study method has been applied in the analysis of application of fair value accounting on investment property in China. In order to analyze and observe how the fair value model has been used by listed companies in China, the article provides the general ideas of application, such as which determination method has been taken by listed companies, statistical data of application, etc. And the article emphasizes on analysis of impact of application of fair value accounting on balance sheet, income statement and income tax (Because investment property would not be required to be depreciated and amortized if fair value model were applied). All those research has been made based on annual financial reporting distributed from2007to2010.
This article could be divided into eight parts:
Part one is introduction. The author tells why is article is about research on fair value, analyzes the framework of research and main methods taken during research, and points out outcomes and weakness of this article.
Part two summarizes main outcomes of research from international and national perspectives. All those conclusions associated with fair value might be classified into three categories, theoretical issues of fair value, relationship between fair value and qualitative characteristics, and application of fair value.
Part three is research on fundamental theory of fair value. This part starts from introduction to the theory of measurement. It reviews developments of definitions of fair value accounting from two aspects, FASB and IASB, and tries to summarize main characteristic of fair value accounting. It seeks out theoretical supporting for the following research from accounting and property perspective. This article concludes that fair value could satisfy requirements of relevance from accounting goal point of view; it could be perfectly matched against comprehensive income view; and it could present physical capital maintenance concept on the face of financial statements. This part tries to build up fundamental theory for choice of accounting policy associated with investment property in the later part from two aspects, effective contract view and opportunism.
Part four focuses on the past and the future of fair value accounting of the United States. This part divides the outcomes of fair value accounting of U.S. into two stages. Before1970s, SEC set up many barriers for application of fair value accounting and after1970s, SEC show complete supporting of fair value accounting. It also introduces SFAS157Fair Value Measurement and comments on it. Financial crisis which began in the late of2007pushed so many scholars to do research on fair value accounting, some of them used to regard fair value as the main reason of this disaster, because fair value could have understated value of entity and it made the market crazy. While SEC issued Report and Recommendations Pursuant to Section133of the Emergency Economic Stabilization Act of2008:Study on Mark-To-Market Accounting in the late of2008and show complete supporting on fair value accounting. And investors in the stock market of U.S. also show great interest in fair value measurement because they believe fair value could provide more relevant and helpful information for decision-making.
Part five is about development of fair value accounting program of IASB and convergence of international accounting standards. IASB is the main sponsor and operator of convergence of accounting standards. This part reviews proposals, discussion paper, exposure draft and final of fair value accounting documents and comments on them. It puts forward the following view, economic benefits is the basis for convergence, mutual study is path for convergence, and communications is process of convergence. By analyzing convergence of fair value accounting between FASB and IASB, it emphasizes that during the process of convergence, we should focus our attention on self-development, active participating, and improvement of national reputation.
Part six analyzes how Chinese listed companies applied fair value accounting model in the accounting treatment of investment property. It introduces the background of Chinese accounting standards first, analyzes the general situation of fair value accounting model in investment property on the basis of annual financial reporting from2007to2010, and points out what might have great impact on the choice of accounting policy for investment property.
Part seven is the most important part of this article. It analyzes how fair value model might affect financial statements of public companies, such as balance sheet, income statement, and how it might impact on income tax accounting. China as the most significant emerging economy in the world, possessed different market compared with developed country, such as U.S., U.N., etc. When we apply fair value model, we should consider our markets and we should not follow idea of techniques of U.S. directly. In some circumstances, a little bit adjustment might be required.
Part eight is conclusion. It summarizes all those contents of this article and shows the author's view on future application of fair value on investment property.
The main outcomes of this article are as follows:
Firstly, this article reviews research outcomes of U.S., especially contents related to SFAS157and analyzes changes in fair value measurement after financial crisis based on fundamental theoretical framework of fair value accounting. Fair value accounting has been applied in U.S. earliest and U.S. is the first nation in the world to set up fair value measurement guidance. All those experience of U.S. might be quite helpful for Chinese practice of fair value measurement.
Secondly, IASB issued IFRS13Fair Value Measurement in May of2011, and it proved to be the most significant document of convergence between FASB and IASB. Chinese accounting standards has realized the convergence with IFRS in nature and staff in MOF emphasized many times in many circumstances, China would continue to keep convergence with IASB. Nowadays, two main standards setting-body has issued fair value measurement guidance. We need to decide what we would do next, after study on development of IASB fair value program. While, we have discovered, IFRS13has been built up based on SFAS157, and special markets of new emerging economies have not been considered much. This weakness of IFRS13might affect steps of convergence.
Thirdly, four years has passed since the issuance of Chinese Accounting Standards in2007. This article analyzes how fair value accounting model might affect balance sheet, income statement and income tax accounting based on data from2007to2010distributed by public companies. And in order to improve the quality of financial information determined based on fair value, this article also discusses how to understand the possible issues in current markets and tries to find solutions to them.
The main drawbacks of this article is that it focuses on the general application situation and it didn't discuss issues associated with determination techniques of fair value accounting, which might be treated as the most controversial issues in practice. The author plans to pay more attention on it in the future. And normative research method is the main method taken, if empirical research method were applied, the outcome of research might be more convinced.
虽然公允价值计量已有近百年的应用与发展历史,但直到上世纪70年代后期才开始迅猛发展。美国财务会计准则委员会(FASB)、国际会计准则理事会(IASB)以及各国准则制定机构都对公允价值进行了积极的探索与研究。美国FASB在2006年发布SFAS157《公允价值计量》准则,开创了公允价值计量指南应用之先河。而IASB更是六年磨一剑,于2011年5月,颁布了IFRS13《公允价值计量》准则,在公允价值计量领域与美国实现了基本趋同。我国财政部于2006年2月发布的企业会计准则,其中公允价值计量属性的运用受到普遍关注。在会计准则国际趋同的大背景下,我国财政部也多次表达了我国与国际财务报告准则趋同的基本立场,那么,对于公允价值计量的应用,我国是与IASB和FASB齐头并进、保持一致步调,还是结合国情保留中国特色?尤其是在经历了2008年开始的全球金融危机之后,当有人剑指公允价值,将其定义为危机“祸首”时,就更使其蒙上了一层神秘面纱。众多学者对公允价值的研究更是趋之若鹜,但我国现有的研究成果大多是关于公允价值的基本内涵、理论基础等理论层面的,实务运用效果的研究成果较少,本文试图通过准则出台这几年公允价值计量的运用情况进行分析,以补充现有研究结论。
实践表明,任何准则的出台与变动,都是与特定时期的经济事件息息相关的。只有立足过去,才能分析未来。本文在系统回顾与梳理美国与IASB公允价值理论与实务研究成果的基础之上,综合2007年至2010年上市公司的年报数据,以投资性房地产为例,全面分析了公允价值计量模式在我国投资性房地产计量项目中的运用现状,较为深入地阐述了我国当前市场环境下公允价值计量存在的问题,并提出改进策略。
本文主要采用规范研究方法和案例分析法。其中,规范研究方法具体又以归纳法占主导,尤其体现在文章对公允价值理论基础的阐述、美国公允价值发展的回顾,以及国际会计准则理事会关于公允价值计量项目的研究进展几个部分。即从大量文献资料的归集、整理、比较与分析中,概括归纳出基本概念、基本观点与研究结论。
案例分析法主要体现在公允价值在我国投资性房地产中的运用部分。为了分析、观察公允价值计量模式在投资性房地产项目中的应用情况,文章在整理2007年至2010年持有投资性房地产上市公司四年的财务数据的基础之上,对投资性房地产项目的准则运用情况进行了一般性的描述性分析(如运用总体情况、公允价值确定方法等)、对主要财务报告(资产负债表、利润表)的具体影响分析以及对企业纳税的影响分析。
本文共分为八个部分：
第一章为绪论。阐明文章研究的目的与意义,并指明文章主要的研究内容、研究方法,主要贡献与不足。
第二章为文献综述。从公允价值基本问题研究,公允价值与会计信息质量以及公允价值的应用问题研究三个层次,系统梳理了公允价值国内外的研究成果。
第三章为公允价值的理论研究。从计量的基本理论出发,分别述及FASB、IASB及我国公允价值内涵的演进,并概括出公允价值的基本特征,为后文的研究寻求理论基础；本文认为,从会计目标论来看,公允价值计量符合决策有用观要求,从收益理论来看,公允价值契合全面收益观念,从资本保全理论来看,公允价值能体现实物资本保全；分别从有效契约观和机会主义观两方面,为企业投资性房地产公允价值计量会计政策的选择构建理论基础。
第四章,美国公允价值的演进与启示。本章系统梳理了美国在各个时期的公允价值的研究的主要成果,将美国公允价值早期理论与实务界的研究成果,按SEC的态度不同划分为SEC全面封杀和SEC全力维护的两个阶段；重点描述了公允价值计量指南的开创先河之作——美国会计准则第157号(SFAS157)的内容,并对其进行了简要评价；针对源自美国的全球金融危机作了简要回顾,重点分析了危机时期人们对公允价值的质疑,全面分析了危机时期SEC的研究报告,并介绍了FASB的应对之策。
第五章,国际会计准则理事会公允价值计量项目的发展与国际趋同。IASB是全球财务报告准则趋同的主要发起者与运作者,本章在回顾、总结IASB公允价值计量项目各个重要阶段研究成果的基础之上,重点阐述了公允价值计量国际趋同的主要进展与趋同障碍,并指出,各国经济利益是趋同的基础、相互学习是趋同路径、积极互动是趋同过程；通过分析IASB公允价值计量项目的国际趋同,提出我国在趋同过程中要注重自我发展、积极参与以及增值国家信誉几个关键点。
第六章,基于投资性房地产的公允价值计量及运用概况。本章首先回顾了公允价值在我国发展的简短历程,然后结合2007年至2010年上市公司年报,重点分析了在我国2007年上市公司执行新企业会计准则后,公允价值在投资性房地产项目中应用的总体情况,最后指出影响投资性房地产公允价值计量的主要因素。
第七章,投资性房地产公允价值计量模式的应用影响及完善对策。本章在上章的基础上,分别就公允价值计量对上市公司资产负债表、利润表和企业所得税的纳税影响进行了深入分析,并结合我国目前的市场环境,提炼出投资性房地产公允价值计量模式运用的主要问题,并有针对性地提出完善治理对策。
第八章,结论与展望。重申文章的主要结论和研究过程所做出的有益探索与尝试。并基于现有研究结论和中国的现时市场环境对未来公允价值模式在投资性房地产中的应用进行了展望。
本文的主要贡献：
1.在构建公允价值基本理论框架的基础之上,系统梳理了美国公允价值的研究成果,重点分析了金融危机前FASB的公允价值研究成果SFAS157,和金融危机带来的美国公允价值计量的变化。实践证明,公允价值计量的发展始终是伴随系列重大经济事件或重要的市场环境的变动。美国作为最早使用公允价值计量,最早深入研究公允价值的国家,系统总结并分析美国经验对我国公允价值计量准则的制定有直接的借鉴意义。
2.2011年5月,IASB发布了IFRS13《公允价值计量》准则,该准则的发布标志着IASB与FASB在公允价值计量方面已经实现了全面趋同。我国企业会计准则体系已经在实质上实现了与IFRS的趋同,而且,在2010年我国财政部又重申了这一趋同立场,那么在现有国际环境下,就很有必要梳理IASB公允价值计量项目的发展历程,通过分析,来判定我国下一步的趋同方式,是直接采纳还是实质趋同或者是暂缓趋同。IFRS13的一大缺陷是以美国的市场环境为基础制定,未全面考虑新兴经济体的特殊情况,这可能会成为准则全球趋同的一个硬伤。
3.自2007年我国企业会计准则实施至今已经过去了四个年头,本文结合2007年至2010年上市公司的年报数据,分别从资产负债表、利润表和纳税影响几个方面分析了公允价值计量模式在投资性房地产中的运用情况。并针对我国特殊的房地产市场情况,深入探讨投资性房地产公允价值计量的问题及改进策略。
本文的研究内容主要是针对我国投资性房地产的一般应用情况分析,而对于实务当中公允价值计量的难点,公允价值计量的方法研究涉及不多,这也是作者今后研究过程中应关注的重点。而研究方法采用规范研究与案例研究法,限于时间和精力,未对年报数据采用实证方法进行论证,也是本文的一个遗憾。
Measurement is the significant function of accounting system. All accounting treatments have close relationship with measurement, such as recording transactions, preparing financial statements and disclosing financial information. While how to decide measurement attribute is the key point. In the past several decades, historical cost is the dominant measuring principle because of its reliability and verifiability. The shortcoming of historical cost is obvious. Financial information determined based on historical cost might lack relevance because the most straightforward evidence of historical cost is acquired on the basis of past events. Thus, many researchers and accountants show great interest in the measurement attributes besides historical cost. Fair value might be the most popular measurement basis nowadays, because it could be quite helpful for the information users to make decisions.
Research and application related to fair value developed rapidly in the late of last century. FASB, IASB and standard-setters of different nations made great progress associated with fair value. FASB forwarded SFAS157Fair Value Measurement in2006, which has be treated as the most famous guidance as for fair value. IASB issued IFRS13Fair Value Measurement in May of2011, and it realized the most significant convergence with US GAAP. Chinese accounting standards issued in2006cover many contents associated with fair value. Ministry of Finance has emphasized our basic attitudes towards convergence of international accounting standards many times before, and now in the atmosphere of convergence, how we should respond to the application of fair value, to keep the same with IASB and FASB, or to maintain Chinese characteristics in practice? Especially in the financial crisis of2008, when somebody pointed out fair value was the cause of crisis, fair value became more and more mysterious. So many scholars focused their attention on the research of basic definitions, fundamental theories of fair value and rare of them made researches, such as applications of fair value and how to determine fair value. This article tends to analyze application of fair value on investment property in China since2007, in order to improve conclusions of fair value which we have got nowadays.
We could say issuance and amendments of almost all the accounting standards might result from big economic events. How to predict future if we had no idea of the past then? This article summarizes data from2007to2010of listed company related to investment property, analyzes application of fair value model in investment property in China, points out main issues existing in practice and puts forward many countermeasures to improve the relevance and reliability of financial information of fair value.
Two methods are applied by the author, normative research method and case study method. Normative research method is mainly about inductive method. It is used in introduction to fundamental knowledge of fair value accounting, review of development of United States fair value accounting, and process of research on fair value accounting of IASB. Many definitions, ideas, conclusions have be summarized in the way of comparisons, analysis of significant amount of materials.
Case study method has been applied in the analysis of application of fair value accounting on investment property in China. In order to analyze and observe how the fair value model has been used by listed companies in China, the article provides the general ideas of application, such as which determination method has been taken by listed companies, statistical data of application, etc. And the article emphasizes on analysis of impact of application of fair value accounting on balance sheet, income statement and income tax (Because investment property would not be required to be depreciated and amortized if fair value model were applied). All those research has been made based on annual financial reporting distributed from2007to2010.
This article could be divided into eight parts:
Part one is introduction. The author tells why is article is about research on fair value, analyzes the framework of research and main methods taken during research, and points out outcomes and weakness of this article.
Part two summarizes main outcomes of research from international and national perspectives. All those conclusions associated with fair value might be classified into three categories, theoretical issues of fair value, relationship between fair value and qualitative characteristics, and application of fair value.
Part three is research on fundamental theory of fair value. This part starts from introduction to the theory of measurement. It reviews developments of definitions of fair value accounting from two aspects, FASB and IASB, and tries to summarize main characteristic of fair value accounting. It seeks out theoretical supporting for the following research from accounting and property perspective. This article concludes that fair value could satisfy requirements of relevance from accounting goal point of view; it could be perfectly matched against comprehensive income view; and it could present physical capital maintenance concept on the face of financial statements. This part tries to build up fundamental theory for choice of accounting policy associated with investment property in the later part from two aspects, effective contract view and opportunism.
Part four focuses on the past and the future of fair value accounting of the United States. This part divides the outcomes of fair value accounting of U.S. into two stages. Before1970s, SEC set up many barriers for application of fair value accounting and after1970s, SEC show complete supporting of fair value accounting. It also introduces SFAS157Fair Value Measurement and comments on it. Financial crisis which began in the late of2007pushed so many scholars to do research on fair value accounting, some of them used to regard fair value as the main reason of this disaster, because fair value could have understated value of entity and it made the market crazy. While SEC issued Report and Recommendations Pursuant to Section133of the Emergency Economic Stabilization Act of2008:Study on Mark-To-Market Accounting in the late of2008and show complete supporting on fair value accounting. And investors in the stock market of U.S. also show great interest in fair value measurement because they believe fair value could provide more relevant and helpful information for decision-making.
Part five is about development of fair value accounting program of IASB and convergence of international accounting standards. IASB is the main sponsor and operator of convergence of accounting standards. This part reviews proposals, discussion paper, exposure draft and final of fair value accounting documents and comments on them. It puts forward the following view, economic benefits is the basis for convergence, mutual study is path for convergence, and communications is process of convergence. By analyzing convergence of fair value accounting between FASB and IASB, it emphasizes that during the process of convergence, we should focus our attention on self-development, active participating, and improvement of national reputation.
Part six analyzes how Chinese listed companies applied fair value accounting model in the accounting treatment of investment property. It introduces the background of Chinese accounting standards first, analyzes the general situation of fair value accounting model in investment property on the basis of annual financial reporting from2007to2010, and points out what might have great impact on the choice of accounting policy for investment property.
Part seven is the most important part of this article. It analyzes how fair value model might affect financial statements of public companies, such as balance sheet, income statement, and how it might impact on income tax accounting. China as the most significant emerging economy in the world, possessed different market compared with developed country, such as U.S., U.N., etc. When we apply fair value model, we should consider our markets and we should not follow idea of techniques of U.S. directly. In some circumstances, a little bit adjustment might be required.
Part eight is conclusion. It summarizes all those contents of this article and shows the author's view on future application of fair value on investment property.
The main outcomes of this article are as follows:
Firstly, this article reviews research outcomes of U.S., especially contents related to SFAS157and analyzes changes in fair value measurement after financial crisis based on fundamental theoretical framework of fair value accounting. Fair value accounting has been applied in U.S. earliest and U.S. is the first nation in the world to set up fair value measurement guidance. All those experience of U.S. might be quite helpful for Chinese practice of fair value measurement.
Secondly, IASB issued IFRS13Fair Value Measurement in May of2011, and it proved to be the most significant document of convergence between FASB and IASB. Chinese accounting standards has realized the convergence with IFRS in nature and staff in MOF emphasized many times in many circumstances, China would continue to keep convergence with IASB. Nowadays, two main standards setting-body has issued fair value measurement guidance. We need to decide what we would do next, after study on development of IASB fair value program. While, we have discovered, IFRS13has been built up based on SFAS157, and special markets of new emerging economies have not been considered much. This weakness of IFRS13might affect steps of convergence.
Thirdly, four years has passed since the issuance of Chinese Accounting Standards in2007. This article analyzes how fair value accounting model might affect balance sheet, income statement and income tax accounting based on data from2007to2010distributed by public companies. And in order to improve the quality of financial information determined based on fair value, this article also discusses how to understand the possible issues in current markets and tries to find solutions to them.
The main drawbacks of this article is that it focuses on the general application situation and it didn't discuss issues associated with determination techniques of fair value accounting, which might be treated as the most controversial issues in practice. The author plans to pay more attention on it in the future. And normative research method is the main method taken, if empirical research method were applied, the outcome of research might be more convinced.
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①财政部副部长王军指出,在中国,市场竞争还不充分的规范,为此我们对于公允价值的引入采取了适度的态度。
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