非货币性X交易的会计处理外文翻译及原文.docx
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非货币性X交易的会计处理外文翻译及原文
外文文献翻译
原文:
AccountingforNonmonetaryExchanges
Businessesusenonmonetaryexchangesforavarietyofreasons.Theserangefromroutinetrade-insofoldequipmenttosophisticatedexchangesofrealestate.InDecember2004,FASBissuedSFAS153,ExchangesofNonmonetaryAssets,anAmendmentofAPBOpinionNo.29,whichpreservesthefundamentalprinciplethattheaccountingfornonmonetarytransactionsshouldbebasedonthefairvaluesoftheassetsexchanged.Accordingly,anonmonetaryassetreceivedinareciprocalexchangeshouldberecordedusingthefairvalueoftheassetrelinquished,orthevalueoftheassetreceivedifitismoreclearlyevident.
Since1973,APBO29,AccountingforNonmonetaryTransactions,permittedanexceptiontothisfairvalueprincipleforexchangesinvolving"similarproductiveassets."Suchexchangesweregenerallymeasuredandrecognizedbyreferencetothebookvalueoftheassetsrelinquished.SFAS153eliminatesthatexception,butintroducesanewexceptionforexchangesthatlack"commercialsubstance."(APBO29alsoaddressedothertypesofnonmonetarytransactions,including"nonreciprocal"transferswithowners--e.g.,dividendsin-kind;orotherparties--e.g.,in-kindcharitablecontributions.ThesetransactionswerenotimpactedbySFAS153.)Thisstandardwasissuedaspartoftheshort-termconvergenceprojectwiththeInternationalAccountingStandardsBoard(IASB).Infact,FASBlargelyadoptedtherevisionspreviouslymadetoIAS16,Property,PlantandEquipment.
ImplementingSFAS153requiresanunderstandingoftheterm"commercialsubstance"andhowthisconceptintroducesauniqueelementofsubjectivitytotheaccountingfornonmonetarytransactions.GiventhelackofimplementationguidanceinSFAS153,specificillustrationsareprovidedbelowandcontrastedwithpriorpractice.TheauthorsbelievethatSFAS153notonlypresentsanumberofinterestingandchallengingissues,italsointroduceselementsofprofessionaljudgmentthatarelikelytorecurinfuturestandards.
UnderlyingConceptsandChangesinPractice
UnderAPBO29(para.3c),an"exchange"wasdefinedasareciprocaltransferwherebyanentityacceptsanassetorservice(orsatisfiesaliability)byrelinquishinganotherasset,providingaservice,orincurringanotherobligation.SFAS153(para.2a)amendsthisdefinitionofexchangebyrequiringthetransferortorelinquishtheusualrisksandrewardsoftheassetandhaveno"substantialcontinuinginvolvement"therein.APBO29alsofocusedonthe"attributes"oftheassetsexchanged(i.e.,similarordissimilar)todeterminethebasisformeasurementandrecognitionofanyassociatedgainorlossonthetransaction.Areciprocalexchangeinvolvingsimilarproductiveassetswasgenerallyrecordedusingthebookvalueofthetransferredasset[similarproductiveassetsare"ofthesamegeneraltype,thatperformthesamefunctionorthatareemployedinthesamelineofbusiness"(APBO29,par3e).
Manyaccountantsasserted,andFASBagreed,thatassessingthe"similarity"ofassetsexchangedcouldbeoverlysubjectiveanddifficulttoapplyinpractice.ThiscontentionexisteddespitetheexhaustiveguidanceavailableinEITFIssues98-3,DeterminingWhetheraNonmonetaryTransactionInvolvesReceiptofProductiveAssetsorofaBusiness,and01-2,InterpretationsofAPBOpinionNo.29.
Formorethan30years,thefairvalueexceptionforsimilarproductiveassetswassupportedbythefollowingreasoning:
*Theearningsprocesswasnotcompletewhensuchexchangestranspired.
*Revenueshouldberecognizedfromthesaleofgoodsandservicesemanatingfromtheproductionprocess,notbythemeresubstitutionofproductiveassets.
*Theentitywasofteninsubstantiallythesameeconomicpositionaftertheexchange.
*Theuseoffairvaluescouldresultinthearbitraryrecognitionofgains.
Thisexceptionpermittedanumberofnonmonetaryexchangestoberecordedatbookvaluedespitethefactthatthetransactionsmayhavesignificantlychangedtheeconomicpositionofthereportingentity.InSFAS153,FASBconcludedthattherecognitionandmeasurementprinciplesapplicabletothesetransactionsarebetterviewedbyevaluatingchangestotheeconomicsofthereportingentity(commercialsubstance).Thisapproachwasdeemedpreferabletothesubjectiveevaluationofthe"similarity"ofassetsandthe"timing"oftheearningsprocess.
ScopeandApplicability
SFAS153isapplicabletononmonetaryexchangesoccurringafterJune15,2005.Certaintransactionsarespecificallyexcludedfromitsscope:
*businesscombinations;
*nonmonetaryexchangesofassetsbetweenentitiesundercommoncontrol;
*nonmonetaryassets(orservices)acquiredinexchangeforthereportingentity'scommonstock;
*stockdividendsandsplits;
*atransferofassetsinexchangeforanequityinterestinthatentity;
*transfersoffinancialassets;and
*certaintransactionsbyoilandgasproducers.
SFAS153alsoamendsthescopeofSFAS140,AccountingforTransfersandServicingofFinancialAssetsandExtinguishmentsofLiabilities,toincludeexchangesofequity-methodinvestmentsforsimilarproductiveassets.
DuringitsdeliberationsoverSFAS153(para.A20),FASBconsideredamendingthescopeofSFAS66,AccountingforSalesofRealEstate,toalsoincludeexchangesofrealestate.FASBlaterdecidedthataccountingguidanceforreciprocalexchangesofrealestatewouldremainwithinthescopeofAPBO29.
ANewFocusonCommercialSubstance
SFAS153requiresthatnonmonetaryexchangesberecordedusingthebookvalueoftheassetrelinquished(afterareductionforimpairment,ifapplicable)ifoneofthefollowingthreeconditionsapplies:
*Thefairvalueoftheassetrelinquishedorreceivedcannotbedetermined(withinreasonablelimits).
*Thereisanexchangeofinventoryforinventorythatwillbesoldinthesamelineofbusinesstofacilitatesalestocustomers.
*Thetransactionlackscommercialsubstance.
ThefirsttwoconditionsareessentiallyunchangedfromAPBO29.Thethirdconditionreplacesthepriorexceptionforsimilarproductiveassets.
"Commercialsubstance"isanewconceptinU.S.GAAPandpresentsunique,subjectivechallengesforpractitioners.Unfortunately,FASBdidnotspecificallydefinethisterm.Theconceptfocusesonthebusinesspurposeorrationaleoftheexchange,andrequiresanexaminationofchangesintheentity'seconomicpositionasaresultofthetransaction.Essentially,commercialsubstanceexists"iftheentity'sfuturecashflowsareexpectedtosignificantlychangeasaresultoftheexchange"(para.2d).FASBbelievesthatcashflowtestsprovide"objectiveevidence"ofthebusinesspurposeofthetransaction,eventhoughtheexistenceofcommercialsubstanceandtheunderlyingassumptionsaredeterminedbyitsmanagement.
Commercialsubstanceisdeemedtoexistifeitherofthefollowingconditionsispresent(para2d):
*The"configuration"ofthefuturecashflowsrelatedtotheassetreceivedisexpectedtobesignificantlydifferentfromthatoftheassettransferred.Configurationrelatestotherisk,timing,andamountofcashflows.
*The"entity-specificvalue"oftheassetreceiveddiffersfromtheentity-specificvalueoftheassettransferred,andthisdifferenceissignificantwhencomparedtothefairvaluesoftheassetsexchanged.
Thoughthedeterminationofcommercialsubstancesuggeststheneedfordetailedcalculations,FASBindicatesthata"qualitativeassessment"maybeallthatisrequired.
Theterm"entity-specificvalue"isrelativelynewtoFASBstandards,thoughitwasintroducedaspartoftheconceptualframeworkinStatementofFinancialAccountingConcepts7,UsingCashFlowInformationandPresentValueinAccountingMeasurements.Essentially,itrepresentsthepresentvalueoftheentity'sexpectedfuturecashflowsfromtheuseanddispositionoftheasset.Entity-specificvaluediffersfromfairvalue,becauseitreflectstheentity'sexpectationsastotheamounts,timing,anduncertaintyofcashflowsversusthoseassumedbyothersinthemarketplace.
Thefactorsthatmanagementshouldconsiderwhendetermininganasset'sentity-specificvaluehavebeenbroadlyinterpreted.Theseincludethemannerinwhichtheassetisintegratedwiththeentity'soperationsaswellasthesynergiesexpectedasaresultoftheexchange.TheminutesofFASB'sApril22,2003,meetingindicatethatchangesinentity-specificvaluecanbeassessed"withandwithouttheinboundasset."
Illustrations:
SFAS153VersusPriorPractice
ManyrespondentstotheexposuredraftofSFAS153requestedthatFASBprovideillustrationsorimplementationguidance,particularlywithrespecttothenewcommercialsubstanceprovisions.Itdeclined,however,toprovidesuchguidance(para.A12)"becauseitbelievesthattheadditionalguidancerelatedtocommercialsubstancesufficientlyclarifiesthemeaningofthatterm."FASBwasalsoconcernedthatsuchexamples"mightbeviewedasbrightlines"byaccountants.
Theauthors'informaldiscussionswithpractitionersandaccountingeducatorssuggesttheneedforaddedclarityconcerningthenewconceptsandthesubjectivityintroducedinSFAS153.Accordingly,Exhibits1(Trade-inofEquipment),2(ExchangeofEquipment),and3(ExchangeofRealProperty)highlightkeyprovisionsinSFAS153andcontrastthemwithpriorpractice.
RememberthatgainsandlossesonexchangesofsimilarproductiveassetsarestilldeferredfortaxpurposesunderIRCsection1031(a).Accordingly,temporarydifferencesanddeferredtaxconsequenceswillariseifcommercialsubstanceexists.
Whataboutboot?
Ingeneral,SFAS153retainsthemeasurementandrecognitionconceptsinAPBO29incaseswhere