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1、,Consolidated Balance Sheet,Consolidated Statement of Profit and Loss,Consolidated Statement of Cash Flows,GAAP US and IFRS Harmonization,GAAP US and IFRS Harmonization,GAAP US and IFRS Harmonization,Consolidated Balance Sheet,DocumentationHighly effective,1.FV hedge2.Cash flow hedge3.Foreign curren
2、cy hedge,EJE ALL#11,Consolidated Statement of Profit and Loss,Consolidated Statement of Cash Flows,Managements judgment under Fin 48,Managements judgment under Fin 48,Managements judgment under Fin 48,Case 1 EJE ALL#22|Case 2 AccuService,US GAAP and IFRS Harmonization,Mountain heights of US GAAP,Chi
3、nese Accounting Standard=CAS,Chinese Accounting Standard=CAS,An application of share based payment/compensation,全球金融危机引发的公允价值废除论Where is IFRS going?Roadmap for convergence,全球金融危机引发的公允价值废除论Where is IFRS going?Roadmap for convergence,The first challenge comes to the behavior dilemmaFor many years acco
4、untants are used to either IFRS or US GAAP reporting,and now you are asking to switch to a new set of standard,it is a human nature for them to resist to such change.IFRS and US GAAP convergence is a continuously learning process of two sets of standards;it is an ongoing process of reconciling the d
5、ifference,then comes up a new set of rules which combines the best two of the world.IASB has stopped issuing new standards and ED before 2010.While FASB and other US standard setters never and stop and wait for you:they keep on issuing and updating new guidance every week.After you have figured out
6、the difference,you have to jump onto reconcile with the new updates.That is,the convergence process is quite challenging.The greatest challenge would be：Is it possible to come up with an universal standard which fits all situations?The answer is almost No because the accounting world is so complicat
7、ed.It leaves standard setters to work out the balance between the detail and the general.,What are the main challenges/roadblock of convergence?,It may provide more room for managements judgment and truer reflection of economic reality with principles-based standards,e.g.Fin 48,there is no such equi
8、valent in IFRS framework.Improve transparency and comparability.The secondary characteristics of accounting information may in turn lead to improvement in the primary characteristics of relevance and reliability.Reduce cost and work load,and may lead to more timely information.,What are the main ben
9、efits of company?,全球金融危机引发的公允价值废除论Where is fair value going?,全球金融危机引发的公允价值废除论-背景资料Where is fair value going?,中信泰富267.hk RMB154-180 million lost in accumulator,部分到期,12月24日披露最终亏损达91.55亿港元,公允价值计算,九龙建业34.hk RMB34 million lost in securities for trading,但并没有完全实现.,Fair value accounting requires assets to b
10、e valued at market prices,it has been blamed for billions of dollars in write-downs by some banks such Goldman Sachs(Q4Y08$2.12 billion loss 坏帐计提直接进损溢表),UBS and Morgan Stanley on MBS,公允价值过度夸大其词?造成极大的帐面损溢?动摇市场信心,股价波动?,全球金融危机引发的公允价值废除论-背景资料,美国FASB 115的定义Fair value is the amount at which a financial in
11、strument could be exchanged in a current transaction between willing parties,other than in a forced or liquidation sale公允价值是指一项金融工具在自愿当事人之间的当前交易(不属于被迫或清算性出售)中可交换的金额国际IAS 39的定义Fair value is the amount for which an asset could be exchanged,or a liability settled,between knowledgeable,willing parties i
12、n an arms length transaction香港HKFRS7 the same as IAS39中国ASBE 22的定义公允价值是指在公平交易中，熟悉情况的交易双方自愿进行资产交换或负债清偿的金额,全球金融危机引发的公允价值废除论,FASB115 关于公允价值的最新定义FASB在2006.9.15发布了SFAS 157“Fair Value Measurements”(公允价值计量),2007.11.5起付诸实施SFAS 157将公允价值定义为Fair value is the price that would be received to sell an asset or pai
13、d to transfer a liability in an orderly transaction between market participants at the measurement date公允价值是指市场参与者假设在计量日的有序交易中，出售一项资产可收到或转让一项负债应支付的价格,全球金融危机引发的公允价值废除论,IASB于2008年10月13日对国际会计准则第39号-金融工具：确认与计量和国际财务报告准则第7号-金融工具：披露进行了修订该修订允许某些以公允价值计量且其变动计入当期损益和可供出售的金融资产在特定情况下可进行重分类修订要点如下：在极少数情况下，允许将非衍生的交易
14、性金融资产从以公允价值计量且其变动计入当期损益的金融资产重分类至其他类金融资产；预计未来仍将持有且有能力持有的可供出售金融资产可被重分类至贷款及应收款类，如果该可供出售金融资产满足贷款及应收款项的定义；已经计入损益表的金额不允许冲回；该修订自2008年7月1日起生效，并且追溯适用的期间截至2008年11月1日止。,全球金融危机引发的公允价值废除论,全球金融危机引发的公允价值废除论,本人认同辩方:不应废除,应该继续沿用历史成本法也好,公允价值也好,就像量度温度的华氏度和摄氏度:人病了不管是华氏93度或是摄氏度39度,人就是发高烧,要及时治疗.公司管理不善,出现问提,历史成本法也好,公允价值也好同样会反影出公司面临的问提.公允价值更能提前预警,增加透明度,让投资者和监管机构及时了解次贷危机的严重性.,全球金融危机引发的公允价值废除论,
