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1、本科毕业论文（设计）外 文 翻 译题 目 外币报表折算方法分析及中国的选择初探 专 业 会 计 学 外文题目 A Brief History of Accounting for the Translation of Foreign Currencies 外文出处 Journal of Management History 外文作者 Todd Jackson, Doris M. Cook 原文：A Brief History of Accounting for the Translation of Foreign CurrenciesAccounting for the translation
2、of foreign currency is a topic that has received a great deal of attention from the various accounting standard-setting bodies this century. The attention given to this topic is a natural result of the phenomenal increase in international trade that has taken place.Trade among enterprises domiciled
3、in different countries can be traced back to ancient times. The Phoenicians are remembered as the great barterers of the ancient world. During the latter part of the Middle Ages, enterprising individuals saw that the establishment of foreign branches could facilitate international trade. The importa
4、nce of international commerce to the economic well-being of nations has increased ever since.Accounting for foreign operations and transactions has taken many forms throughout history. This paper primarily discusses the evolution of accounting for foreign currency translation in the USA in the twent
5、ieth century. However, some of the evidence of foreign currency accounting practices from the ancient Greeks to the colonial Americans are discussed first.Some early foreign currency accounting practicesThe existence of foreign currency transactions can be traced back to the earliest civilization kn
6、own to have used coined money, the ancient Greeks. The invention of coined money is believed to have taken place in this civilization about bc 630 (Chatfield, 1977, p. 21). Although the use of coinage spread rather slowly, in time a number of the Greek city-states issued their own coins. These Greek
7、 city-states engaged in trade with each other, thus resulting in essentially foreign currency transactions. The ancient Greeks often translated to the local coinage transactions denominated in a foreign coinage, but this treatment was not consistent (Littleton and Yamey, 1956, p. 21). They also were
8、 inclined to record quantities of commodities and units of a foreign currency in the accounts.During the middle ages (400 to 1400 ad), international trade expanded significantly as a result of the crusades which stimulated European demand for foreign goods. Toward the end of this period foreign trad
9、e had become quite prevalent and the establishment of foreign business branches was a natural result. In the Datini Archives is a balance sheet for the Barcelona branch dated January 31, 1399, and an income statement covering the period from 11 July 1397 to 31 January 1399. The income statement is i
10、nteresting because it contains an account entitled Pro di Cambio (Profits on foreign exchange (Littleton and Yamey, 1956, p. 145). The Barcelona branch kept the accounts with the foreign correspondents, the Nostro accounts, in terms of both the foreign currencies and the local currency. At a point i
11、n time, the exchange profit or loss was calculated by taking the difference between the balances stated in the foreign currencies and the balances stated in the local currency (Littleton and Yamey, 1956, p. 145).A similar accounting technique was used by colonial American merchants during the 15 yea
12、rs between 1795 and 1810 when businesses were making the transition from English pounds to US dollars. The accounts of these merchants were often kept in terms of both currencies (Littleton and Yamey, 1956, p. 287).Early twentieth century foreign currency accountingA 1900 textbook by George Lisle, a
13、n English chartered accountant, describes accounting for foreign currencies at that time in England (Lisle, 1900). Lisle wrote that domestic companies that have branches in foreign countries “should convert the transactions which take place in the various local currencies into pounds sterling on a c
14、orrect basis, with the view of these transactions being recorded in the Home Book and being submitted in the Annual Abstract of Accounts to the proprietors of the business” (Lisle, 1900, p . 285). He noted that a number of erroneous principles were being used by companies at that time for converting
15、 their foreign transactions.According to Lisle, when the trial balance of a foreign branch is sent home, the first thing to be done is to convert each item to pounds sterling (Lisle, 1900, p. 288). He stated that various exchange rates should be used to translate the items in the trial balance. He e
16、ssentially advocated what later came to be known as the monetary-nonmonetary method.The impact of the First World War on foreign currency accountingBefore the First World War, exchange rates were fairly stable and the volume of trade between USA and European nations was not so great as to make the t
17、opic of foreign currency translation a major issue in the USA. A number of accounting texts were written after Lisles which contain no discussion on the topic. The stability of exchange rates prior to the First World War can be attributed largely to the fact that most nations had established a fixed
18、 relationship between their currencies and the gold standard (Roberts, 1920, p. 321).One of the effects of the First World War was to make the shipping of gold practically impossible. As a result, when the USA entered the war in 1917, it chose to go off the gold standard (Gray, 1983, p. 261). By the
19、 end of the war, most other nations had also gone off the gold standard (Finney, 1923, p. 451).However, the stability of exchange rates is also dependent on a stable set of trade relations. The First World War upset that stability. The European industries became disorganized and were desperately in
20、need of raw materials that could only be obtained from the USA. Roberts described the situation by stating that “we have seen the European exchange sinking lower and lower from month to month” (Roberts, 1920, p. 325).The exchange rate instability prompted renewed interest in accounting for foreign c
21、urrency translation in the USA. In 1921, H.A. Finney wrote that accountants would now “have to understand the principles involved in the accounting for foreign commerce and the conversion of foreign balances” (Finney, 1923, p. 451).In his discussion of the appropriate methodology for translating the
22、 accounts of a foreign branch, Finney advocated the monetary-nonmonetary method that was prescribed by Lisle in 1900 for balance sheet items. However, for nominal accounts, he felt that end of the period exchange rates were preferable to average exchange rates (Finney, 1923, p. 458).The impact of th
23、e Great DepressionBy 1925, most nations had gone back to the gold standard and the foreign exchange stabilized (Gray, 1983, p. 261). The worldwide Great Depression of the 1930s, however, proved to be too much for the gold standard. According to McConnell, each nation became afraid that “its economic
24、 recovery would be aborted by a balance of payments deficit which would lead to an outflow of gold and consequent contractionary effects” (McConnell, 1981, p. 855). In an attempt to bolster exports and reduce imports, several nations began to devalue their currencies in terms of gold (McConnell, 198
25、1, p. 855). The result of these devaluations was a breakdown of the gold standard system.During this time, the number of writings on foreign currency accounting increased. An early article by Cecil S. Ashdown described the current-noncurrent method (Ashdown, 1922, p. 262). The most notable publicati
26、on was a recommendation made in 1931 by a special committee on accounting procedure of the American Institute of Accountants (now AICPA) that the current-noncurrent method be used (AIA, 1931). This was the first official pronouncement on the subject in the USA. This method essentially involves: the
27、translation of current assets and current liabilities at end of year exchange rates; and noncurrent assets and noncurrent liabilities at historical exchange rates. The nominal accounts were to be translated at average exchange rates (the same as monetary-nonmonetary method). The committee reiterated
28、 their position in another bulletin in 1934 (AIA, 1934).Foreign currency provisions of ARB 4The special committee was disbanded in 1938 and the new Committee on Accounting Procedures (CAP) took over. In December 1939, the CAP issued Accounting Research Bulletin No. 4 (ARB 4) entitled “Foreign operat
29、ions and foreign exchange”. In 1953, ARB 4 was incorporated into ARB 43 as chapter 12 (AICPA, 1953). This bulletin essentially repeated the special committees endorsement of the current-noncurrent method but also stressed the desirability of conservatism when reporting foreign earnings and consolida
30、ting foreign subsidiaries. ARB 4 also required that both realized and unrealized losses in foreign exchange be charged against operations and that realized gains be credited to operations (AICPA, 1953). The bulletin stated that unrealized gains should only be recognized to the extent of unrealized l
31、osses charged to income in prior periods (AICPA, 1953).Impact of the Second World WarWith the stimulus of additional economic turmoil created by the Second World War, leaders of the major industrial nations set out to create an economic system that would not be susceptible to the risk of another dep
32、ression. One significant result of their efforts was a fixed exchange rate system established in a conference at Bretton Woods, New Hampshire, in 1944 (Gordon, 1987, p. 544).For some years, the Bretton Woods system worked well. But, economic pressures soon came to bear again and nations began to dep
33、art from the agreement by devaluing their currencies in relation to the US dollar. The resulting instability created new interest in foreign currency accounting. In 1948, A.B. Hecker, an English chartered accountant, described the reporting situation of the time as follows: “Increasing chaos in fore
34、ign currency rates makes impossible general rules for handling statements of foreign subsidiaries” (Hecker, 1948).The economic situation raised many questions about the appropriateness of the current-noncurrent method. One of the critics was Samuel R. Hepworth who is usually given primary credit for
35、 developing the monetary-nonmonetary method of translation (Hepworth, 1956, p. 8). Monetary assets and liabilities are those which are fixed in terms of a number of units of a foreign currency. Nonmonetary assets and liabilities are not so fixed.The current-noncurrent method, however, prevailed as t
36、he only acceptable method until October 1965 when the Accounting Principles Board (APB) Opinion No. 6, in substance, permitted the use of the monetary-nonmonetary method. The Opinion stated that it might often be appropriate to translate long-term receivables and long-term payables, which are essent
37、ially monetary assets and liabilities, at current exchange rates (APB, 1965). At this time, both methods were used in practice and accepted by the authoritative bodies.The exchange rate effects of the Vietnam WarThe problems with the Bretton Woods system became more acute in the 1960s owing to an ac
38、celeration of inflation in the USA, relative to the inflation rates of other countries because of the heavy spending by the US government on the Vietnam War and an easy monetary policy. This change in relative inflation rates caused a decline in US exports and an increase in US imports (Gordon, 1987
39、, p. 545). This change in trade structure made it impossible to maintain a system of fixed exchange rates between the USA and other countries. By 1971, it was clear that a more equitable system had to be devised. That year, the Smithsonian Agreement was made which essentially put the world in a flex
40、ible exchange rate system by 1973 (Gordon, 1987, p. 546).Accounting Research Study No. 12In June 1972, the Accounting Research Division issued Accounting Research Study No. 12, “Reporting foreign operations of US companies in US dollars”, by Leonard Lorensen. This ARS reviewed the current-noncurrent
41、 and monetary-nonmonetary methods then in practice in the USA, as well as the current rate method which had been recommended by standard setting bodies in England and Scotland (Lorensen, 1972, p. 8). This latter method translates all assets and liabilities at the exchange rate effective on the balan
42、ce sheet date.The FASBs efforts to standardize accounting for foreign currency translationThe FASB Statement No. 8 was one of the most heavily criticized pronouncements issued by the FASB. The chief objection to the statement was the required recognition of all exchange gains and losses, whether rea
43、lized or not, in the income statement. Hence, in 1981, FASB Statement No. 52, “Foreign currency translation”, replaced the controversial Statement No. 8. It was adopted by a four to three vote. The primary changes relate to translation of foreign currency statements.The major objectives of Statement
44、 No. 52 are to: provide information that is generally compatible with the expected economic effects of a rate change on an enterprises cash flows and equity; and Reflect in consolidated statements the financial results and relationships of the individual consolidated entities as measured in their fu
45、nctional currencies in conformity with USA generally accepted accounting principles (FASB, 1981). ConclusionProblems in accounting for the translation of foreign currencies are as old as money itself, but in the USA these problems have been of primary concern in the twentieth century. Interest in ac
46、counting for foreign currency translation seems to have varied directly with the instability of exchange rates, Of particular notability is the interest created by the unsettling economic effects of the major wars this century including the First and Second world Wars, and the Vietnam War.The CAP, t
47、he APB, and particularly the FASB have devoted significant efforts to the development of accounting principles in this area. Although no pronouncement has been without criticism, Statement No. 52 appears to be have weathered the storm quite well since its issuance in 1981.Source: Journal of Manageme
48、nt History ,Todd Jackson, Doris M. Cook译文：外币折算会计简史外币折算会计在本世纪受到了各类会计准则委员会的关注。这一关注的产生来源于当今国际贸易的兴起。跨国交易的历史可追溯到古时候。腓尼基人是史上有名的大商人。在中世纪的后半叶，商人们意识到在国外建立企业分支可促进国际贸易，自那时起，国际贸易对于国民经济的重要性与日俱增。外币折算会计在历史上经历了多种形式的转变。本文主要阐述二十世纪以来美国的外币折算会计的演变过程。但在此之前会先讨论从古希腊人到殖民地美国人时期的外币折算会计实践。一些早期的外币折算会计外币交易的产生最早可追溯到古希腊人开始使用铸币的时候。铸币发明于公元前630年，但是铸币的传播相当缓慢，古希腊的一些城邦发行了自己的铸币。这些古希腊城邦彼此之间有贸易往来，因此形成了最早的国际贸易。古希腊人也会在交易时用外国货币直接兑换成本地货币，但这一现象并不常见，他们更倾向于在帐面上记录通过交易收到的外国货币数量和商品数。在中世纪，随着十字军远征至欧洲并大大刺激了欧洲的货物需求，国际贸易得到大力发展。直至世纪末，国际贸易得到普及并自然带来了很多跨国组织。在Datini 档案馆保存有1399年1月31日一家企业设在巴塞罗那的分公司的资产负债表，以及1397年6月31日至1399
