会计论文附录.docx

1、会计论文附录附录1Fair Value MeasurementsIn February 2021 the International Accounting Standards Board (IASB)and the US Financial Accounting Standards Board (FASB) published a Memorandum of Understanding reaffirming their commitment to the convergence of US generally accepted accounting principles (GAAP) and

2、 International Financial Reporting Standards (IFRSs) and to their shared objective of developing high quality, common accounting standards for use in the worlds capital markets. The convergence work programme set out in the Memorandum reflects the standard-setting context of the roadmap developed by

3、 the US Securities and Exchange Commission in consultation with the IASB, FASB and European Commission for the removal of the reconciliation requirement for non-US companies that use IFRSs and are registered in the US. The work programe includes a project on measuring fair value. The FASB has recent

4、ly issued Statement of Financial Accounting Standards No. 157 Fair Value Measurements (SFAS 157), on which work was well advanced before the Memorandum of Understanding was published. SFAS 157 establishes a single definition of fair value together with a framework for measuring fair value for US GAA

5、P. The IASB recognised the need for guidance on measuring fair value in IFRSs and for increased convergence with US GAAP. Consequently, the IASB decided to use the FASBs standard as the starting point for its deliberations. As the first stage of its project, the IASB is publishing in this discussion

6、 paper its preliminary views on the principal issues contained in SFAS 157. The IASB plans to hold round-table meetings on this discussion paper in conjunction with the development of an exposure draft. Please indicate in your response to this Invitation to Comment if you are interested in taking pa

7、rt in a round-table meeting. Please note that, because of timing and space constraints, not all of those indicating an interest may be able to take part.The IASB will consider responses to this Invitation to Comment and the related round-table discussions in developing an exposure draft of an IFRS o

8、n fair value measurement. The exposure draft will be prepared specifically for application to IFRSs. Although provisions of SFAS 157 may be used in the preparation of an exposure draft, they may be reworded or altered to be consistent with other IFRSs and to reflect the decisions of the IASB. The IA

9、SB plans to publish an exposure draft by early 2021.In November 2021 the IASB published for comment a discussion paper, Measurement Bases for Financial Accounting Measurement on Initial Recognition, written by the staff of the Canadian Accounting Standards Board. Although that paper contained a disc

10、ussion of fair value, its primary purpose was to discuss which measurement attributes were appropriate for initial recognition. That paper is part of the ongoing Conceptual Framework project that seeks to establish, among other things, a framework for measurement in financial reporting. Because of t

11、he different scope and intent of that paper, it is not discussed in this discussion paper. However, comments on that discussion paper relating to the measurement of fair value will be considered in the development of the exposure draft of an IFRS on fair value measurement as well as in the Conceptua

12、l Framework project. Issue 1. SFAS 157 and fair value measurement guidance in current IFRSsIFRSs require some assets, liabilities and equity instruments to be measured at fair value in some circumstances. However, guidance on measuring fair value is dispersed throughout IFRSs and is not always consi

13、stent. The IASB believes that establishing a single source of guidance for all fair value measurements required by IFRSs will both simplify IFRSs and improve the quality of fair value information included in financial reports. A concise definition of fair value combined with consistent guidance that

14、 applies to all fair value measurements would more clearly communicate the objective of fair value measurement and eliminate the need for constituents to consider guidance dispersed throughout IFRSs. The IASB emphasises that the Fair Value Measurements project is not a means of expanding the use of

15、fair value in financial reporting. Rather, the objective of the project is to codify, clarify and simplify existing guidance that is dispersed widely in IFRSs. However, in order to establish a single standard that provides uniform guidance for all fair value measurements required by IFRSs, amendment

16、s will need to be made to the existing guidance. As discussed further in Issue 2, the amendments might change how fair value is measured in some standards and how the requirements are interpreted and applied.In some IFRSs the IASB (or its predecessor body) consciously included measurement guidance t

17、hat results in a measurement that is treated as if it were fair value even though the guidance is not consistent with the fair value measurement objective. For example, paragraph B16 of IFRS 3 Business Combinations provides guidance that is inconsistent with the fair value measurement objective for

18、items acquired in a business combination such as tax assets, tax liabilities and net employee benefit assets or liabilities for defined benefit plans. Furthermore, some IFRSs contain measurement reliability criteria. For example, IAS 16 Property, Plant and Equipment permits the revaluation model to

19、be used only if fair value can be measured reliably This project will not change any of that guidance. Rather, that guidance will be considered project by project. However, the IASB plans to use the Fair Value Measurements project to establish guidance where there currently is none, such as in IAS 1

20、7 Leases, as well as to eliminate inconsistent guidance that does not clearly articulate a single measurement objective.Because SFAS 157 establishes a single source of guidance and a single objective that can be applied to all fair value measurements, the IASB has reached the preliminary view that S

21、FAS 157 is an improvement on the disparate guidance in IFRSs. However, as discussed in more detail below, the IASB has not reached preliminary views on all provisions of SFAS 157.Issue 2. Differences between the definitions of fair value in SFAS 157 and in IFRSsParagraph 5 of SFAS 157 defines fair v

22、alue as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Bycomparison, fair value is generally defined in IFRSs as the amount for which an asset could be exchanged, or a liability settled,

23、 between knowledgeable, willing parties in an arms length transaction (withsome slight variations in wording in different standards). Thedefinition in SFAS 157 differs from the definition in IFRSs in three important ways:(a)The definition in SFAS 157 is explicitly an exit (selling)price. Thedefiniti

24、on in IFRSs is neither explicitly an exit price nor an entry (buying) price.(b)The definition in SFAS 157 explicitly refers to market participants. The definition in IFRSs refers to knowledgeable, willing parties in an arms length transaction.(c)For liabilities, the definition of fair value in SFAS

25、157 rests on the notion that the liability is transferred(the liability to the counterparty continues; it is not settled with the counterparty). The definition in IFRSs refers to the amount at which a liabilitycould be settled between knowledgeable, willing parties in an arms length transaction.Thes

26、e differences are discussed in more detail below.Issue 2A. Exit price measurement objectiveThe Basis for Conclusions of SFAS 157 includes the following discussion:C26The transaction to sell the asset or transfer the liability is a hypothetical transaction at the measurement date, considered from the

27、 perspective of a market participant that holds the asset or owes the liability. Therefore, the objective of a fair value measurement is to determine the price that would be received for the asset or paid to transfer the liability at the measurement date, that is, an exit price. The Board FASB concl

28、uded that an exit price objective is appropriate because it embodies current expectations about the future inflows associated with the asset and the future outflows associated with the liability from the perspective of market participants. The emphasis on inflows and outflows is consistent with the

29、definitions of assets and liabilities in FASB Concepts Statement No. 6, Elements of Financial INVITATION TO COMMENT Statements. Paragraph25 of Concepts Statement 6 defines assets in terms of future economic benefits (future inflows). Paragraph 35 of Concepts Statement 6 defines liabilities in terms

30、of future sacrifices of economic benefits(future outflows).Paragraph 49 of the IASBs Framework for the Preparation and Presentation of Financial Statements similarly defines assets and liabilities in terms of inflows and outflows of economic benefits. The majority of IASB members believe that a fair

31、 value measurement with an exit price objective is consistent with these definitions and is appropriate because it reflects current market-based expectations of flows of economic benefit into or out of the entity. Other IASB members agree with this view, but in their view an entry price also reflect

32、s current market-based expectations of flows of economic benefit into or out of the entity. Therefore, they suggest replacing the term fair value with terms that are more descriptive of the measurement attribute, such as current entry price or current exit price.An entry price measurement objective

33、would differ from the exit price objective in SFAS 157 in that it would be defined as the price that would be paid to acquire an asset or received to assume a liability in an orderly transaction between market participants at the measurement date. Some members of the IASB are of the view that an entry price and an exit price would