非货币性交易的会计处理外文文献翻译
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文献信息:
文献标题:Accounting for Nonmonetary Exchanges(非货币性交易的会计处理)
国外作者:Fornaro, James M;Buttermilch, Rita J;Biondo, John
文献出处:《The CPA Journal》,2008(2),38-41.
字数统计:英文2070单词,11667字符;中文4017汉字
外文文献:
Accounting for Nonmonetary Exchanges
Businesses use nonmonetary exchanges for a variety of reasons. These range from routine trade-ins of old equipment to sophisticated exchanges of real estate. In December 2004, FASB issued SFAS 153, Exchanges of Nonmonetary Assets, an Amendment of APB Opinion No. 29, which preserves the fundamental principle that the accounting for nonmonetary transactions should be based on the fair values of the assets exchanged. Accordingly, a nonmonetary asset received in a reciprocal exchange should be recorded using the fair value of the asset relinquished, or the value of the asset received if it is more clearly evident.
Since 1973, APBO 29, Accounting for Nonmonetary Transactions, permitted an exception to this fair value principle for exchanges involving "similar productive assets." Such exchanges were generally measured and recognized by reference to the book value of the assets relinquished. SFAS 153 eliminates that exception, but introduces a new exception for exchanges that lack "commercial substance." (APBO 29 also addressed other types of nonmonetary transactions, including "nonreciprocal" transfers with owners--e.g., dividends in-kind; or other parties--e.g., in-kind charitable contributions. These transactions were not impacted by SFAS 153.) This standard was issued as part of the short-term convergence project with the International Accounting Standards Board (IASB). In fact, FASB largely adopted the revisions previously made to IAS 16, Property, Plant and Equipment.
Implementing SFAS 153 requires an understanding of the term "commercial substance" and how this concept introduces a unique element of subjectivity to the accounting for nonmonetary transactions. Given the lack of implementation guidance in SFAS 153, specific illustrations are provided below and contrasted with prior practice. The authors believe that SFAS 153 not only presents a number of interesting and challenging issues, it also introduces elements of professional judgment that are likely to recur in future standards.
Underlying Concepts and Changes in Practice
Under APBO 29 (para. 3c), an "exchange" was defined as a reciprocal transfer whereby an entity accepts an asset or service (or satisfies a liability) by relinquishing another asset, providing a service, or incurring another obligation. SFAS 153 (para. 2a) amends this definition of exchange by requiring the transferor to relinquish the usual risks and rewards of the asset and have no "substantial continuing involvement" therein. APBO 29 also focused on the "attributes" of the assets exchanged (i.e., similar or dissimilar) to determine the basis for measurement and recognition of any associated gain or loss on the transaction. A reciprocal exchange involving similar productive assets was generally recorded using the book value of the transferred asset [similar productive assets are "of the same general type, that perform the same function or that are employed in the same line of business" (APBO 29, par 3e).
Many accountants asserted, and FASB agreed, that assessing the "similarity" of assets exchanged could be overly subjective and difficult to apply in practice. This contention existed despite the exhaustive guidance available in EITF Issues 98-3, Determining Whether a Nonmonetary Transaction Involves Receipt of Productive Assets or of a Business, and 01-2, Interpretations of APB Opinion No. 29.
For more than 30 years, the fair value exception for similar productive assets was supported by the following reasoning:
* The earnings process was not complete when such exchanges transpired.
* Revenue should be recognized from the sale of goods and services emanating from the production process, not by the mere substitution of productive assets.
* The entity was often in substantially the same economic position after the exchange.
* The use of fair values could result in the arbitrary recognition of gains.
This exception permitted a number of nonmonetary exchanges to be recorded at
book value despite the fact that the transactions may have significantly changed the economic position of the reporting entity. In SFAS 153, FASB concluded that the recognition and measurement principles applicable to these transactions are better viewed by evaluating changes to the economics of the reporting entity (commercial substance). This approach was deemed preferable to the subjective evaluation of the "similarity" of assets and the "timing" of the earnings process.
Scope and Applicability
SFAS 153 is applicable to nonmonetary exchanges occurring after June 15, 2005. Certain transactions are specifically excluded from its scope:
* business combinations;
* nonmonetary exchanges of assets between entities under common control;
* nonmonetary assets (or services) acquired in exchange for the reporting entity's common stock;
* stock dividends and splits;
* a transfer of assets in exchange for an equity interest in that entity;
* transfers of financial assets; and
* certain transactions by oil and gas producers.
SFAS 153 also amends the scope of SFAS 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, to include exchanges of equity-method investments for similar productive assets.
During its deliberations over SFAS 153 (para. A20), FASB considered amending the scope of SFAS 66, Accounting for Sales of Real Estate, to also include exchanges of real estate. FASB later decided that accounting guidance for reciprocal exchanges of real estate would remain within the scope of APBO 29.
A New Focus on Commercial Substance
SFAS 153 requires that nonmonetary exchanges be recorded using the book value of the asset relinquished (after a reduction for impairment, if applicable) if one of the following three conditions applies:
* The fair value of the asset relinquished or received cannot be determined (within reasonable limits).
* There is an exchange of inventory for inventory that will be sold in the same line of business to facilitate sales to customers.
* The transaction lacks commercial substance.
The first two conditions are essentially unchanged from APBO 29. The third condition replaces the prior exception for similar productive assets.
"Commercial substance" is a new concept in U.S. GAAP and presents unique, subjective challenges for practitioners. Unfortunately, FASB did not specifically define this term. The concept focuses on the business purpose or rationale of the exchange, and requires an examination of changes in the entity's economic position as a result of the transaction. Essentially, commercial substance exists "if the entity's future cash flows are expected to significantly change as a result of the exchange" (para. 2d). FASB believes that cash flow tests provide "objective evidence" of the business purpose of the transaction, even though the existence of commercial substance and the underlying assumptions are determined by its management.
Commercial substance is deemed to exist if either of the following conditions is present (para 2d):
* The "configuration" of the future cash flows related to the asset received is expected to be significantly different from that of the asset transferred. Configuration relates to the risk, timing, and amount of cash flows.
* The "entity-specific value" of the asset received differs from the entity-specific value of the asset transferred, and this difference is significant when compared to the fair values of the assets exchanged.
Though the determination of commercial substance suggests the need for detailed calculations, FASB indicates that a "qualitative assessment" may be all that is required.
The term "entity-specific value" is relatively new to FASB standards, though it was introduced as part of the conceptual framework in Statement of Financial Accounting Concepts 7, Using Cash Flow Information and Present Value in Accounting Measurements. Essentially, it represents the present value of the entity's expected future cash flows from the use and disposition of the asset. Entity-specific value differs from fair value, because it reflects the entity's expectations as to the amounts, timing, and uncertainty of cash flows versus those assumed by others in the marketplace.
The factors that management should consider when determining an asset's entity-specific value have been broadly interpreted. These include the manner in which the asset is integrated with the entity's operations as well as the synergies
expected as a result of the exchange. The minutes of FASB's April 22, 2003, meeting indicate that changes in entity-specific value can be assessed "with and without the inbound asset."
Illustrations: SFAS 153 Versus Prior Practice
Many respondents to the exposure draft of SFAS 153 requested that FASB provide illustrations or implementation guidance, particularly with respect to the new commercial substance provisions. It declined, however, to provide such guidance (para. A12) "because it believes that the additional guidance related to commercial substance sufficiently clarifies the meaning of that term." FASB was also concerned that such examples "might be viewed as bright lines" by accountants.
The authors' informal discussions with practitioners and accounting educators suggest the need for added clarity concerning the new concepts and the subjectivity introduced in SFAS 153. Accordingly, Exhibits 1 (Trade-in of Equipment), 2 (Exchange of Equipment), and 3 (Exchange of Real Property) highlight key provisions in SFAS 153 and contrast them with prior practice.
Remember that gains and losses on exchanges of similar productive assets are still deferred for tax purposes under IRC section 1031 (a). Accordingly, temporary differences and deferred tax consequences will arise if commercial substance exists.
What about boot? In general, SFAS 153 retains the measurement and recognition concepts in APBO 29 in cases where boot (i.e., monetary consideration) is paid or received. Exhibits 1 and 2 include situations where boot is paid in an otherwise nonmonetary exchange. The consensus in Issue 8(a) of EITF 01-02, Interpretations of APB Opinion No. 29, also remains unchanged. In other words, nonmonetary exchanges that involve "significant" boot, defined as 25% or more of the fair value of the exchange, are deemed to be monetary. Indeed, both parties should record these exchanges at fair value and recognize all gains or losses accordingly.
Disclosure. SFAS 153 did not change the disclosure requirements under para. 28 of APBO 29. Accordingly, the following information regarding nonmonetary exchanges must still be disclosed:
* The nature of the transaction;
* The basis of accounting for the assets transferred; and
* The amount of gain or loss recognized during the period.
Future Implications
This article summarizes and illustrates the salient aspects of SFAS 153 and the associated implications for accounting practice. A close examination of the standard, however, reveals that the subjectivity inherent in assessing commercial substance could result in inconsistent application of SFAS 153's provisions. FASB is expected to use the commercial substance concept in future accounting standards. Accordingly, the authors recommend that FASB consider providing additional guidance on how accountants should implement this concept in the future.
EXHIBIT 1 Trade-in of Equipment (Plus Boot): Commercial Substance--Change in Configuration of Future Cash Flows
Spirit Wineries, Inc., owns several crusher-destemmer machines used to peel, press, and extract juice from grapes during harvest. One of the large-capacity units, though operating well, is oversized for the current facility and less efficient than desired. This unit originally cost $100,000 and has accumulated depreciation of $40,000. Its fair value is $70,000, an amount quoted by an independent dealer. Spirit purchases a new model, costing $90,000, by trading in its existing unit and paying cash of $20,000.
Analysis:
Prior GAAP. Under APBO 29, this transaction would represent an exchange of similar productive assets. Accordingly, the gain of $10,000 (fair value of $70,000 less net book value of $60,000) would be deferred, and the new crusher would be recorded at $60,000 (net book value of $60,000 plus boot paid of $20,000). The following journal entry illustrates this exchange:
Dr. Equipment, New $80,000
Dr. Accumulated Depreciation, Old 40,000
Dr. Equipment, Old $100,000
Cr. Cash 20,000 SFAS 153. Under SFAS 153, Spirit must assess whether the exchange has commercial substance. Accordingly, Spirit examines whether there will be a significant change in the configuration of future cash flows. Though SFAS 153 does not require a detailed quantitative analysis, management examines the risk, timing, and amount of cash flows as part of its capital budgeting process. The analysis reveals that the change in the amount and timing from the upfront cash payment, coupled
with projected higher throughput and lower processing costs from the new unit, will likely have a significant economic impact. Spirit concludes that the transaction has commercial substance.
Spirit will record the new equipment at its fair value of $90,000 and recognize the gain of $10,000 on the trade-in of the old equipment The journal entry is as follows:
Dr. Equipment, New $90,000
Dr. Accumulated Depreciation, Old 40,000
Cr. Equipment, Old $100,000
Cr. Cash 20,000
Cr. Gain on Exchange 10,000
Compared with APBO 29, the commercial substance approach under SFAS 153 results in a higher asset valuation and a recognized gain of $10,000. For tax purposes, Spirit would not recognize any gain on this transaction. Spirit will, however, have a deferred tax liability under SFAS 109.
中文译文:
非货币性交易的会计处理
企业利用非货币交易的原因有很多,包括日常的旧设备的以旧换新以及复杂的不动产的交换。
2004年12月,FASB发布财务会计准则公告第153号《非货币性资产交换》(FASB 153),并对APB意见书第29号《非货币性交易》进行修订,,它保留了基本原则,即对非货币性交换的会计处理仍以交换资产的公允价值为计价基础。
因此,在一项非货币性资产交易中应以换出资产的公允价值作为换入资产的入账价值,但如果所收到资产的公允价值比换出资产的公允价值更加明显,则应以所收到的资产的公允价值计量成本。
1973年,美国会计原则委员会(APB)发布的《会计原则委员会意见书第29号一一非货币性交易会计》,其中以公允价值为计价基础涉及同类生产性资产可以例外。
这样交换要求被放弃的资产的账面价值可计量并且确认。
SFAS第153号消除了异常,但在交换中引入了一个新的异常“商业实质”。
(APB意见书第29号还涉及其他类型的非货币性交易,其中包括与所有者的非互惠性转让,如向股东发放股票股利,与所有者之外的企业进行的非互惠性转让,如企业将非货币性资产捐赠给慈善组织、政府将土地等划拨给企业等。
这些交易不会受到影响而SFAS第153号。
本标准是作为与国际会计准则委员会的短期趋同项目的一部分发行。
事实上,大部分采用财务会计准则委员会先前作出的IAS 16,物业,厂房及设备的修改。
)
实施SFAS第153号要求对“商业实质”以及这一概念引入了独特的主观元素的非货币交易的有会计理解。
由于SFAS第153号的实施缺乏指导,下面提供了具体的插图,并与之前的做法作了对比。
笔者认为,SFAS第153号不仅全面展现了有趣的和富有挑战性的一些问题,并介绍了专业的判断,很可能会再次出现在未来的标准元素。
目前的相关概念与变迁
根据APB意见书第29号(第3C)的,一次“交易”的定义是一个实体的相互转移,即为了接受另一种资产或服务(或满足负债)而提供服务,或者承担其他义务。
SFAS第153号(第2A)修订,要求交换符合转让方放弃一般风险和回
报的资产而且没有“实质性的持续参与”的定义。
APB意见书第29号还关注交换的资产的“属性”(即同类或不同类),以确定计量任何相关的收益或损失确认的交易基础。
对于同类资产交换,规定在确认换入资产入账价值时,如果换出资产的账面价值高于其公允价值,应以换出资产的公允价值作为换入资产的入账价值,将换出资产的账面价值与公允价值之间的差额确认为当期损失;对于不同类资产交易,如不涉及补价,以换出资产的公允价值作为计量标准,如果换入资产的公允价值比换出资产的公允价值更清楚,则以换入资产的公允价值作为计量标准。
许多会计师宣称,而且FASB也认同,评估交换的资产的“同类性”可能过于主观,而且难以在实际中应用。
尽管这一论点存在详尽的指导,如EITF第98-3问题,确定非货币性交易是否涉及生产性资产的接收或业务,和01-2,对APB 意见书第29号的诠释。
在超过30多年的时间里,公允价值对类似的生产性资产例外得到支持有以下原因:
* 交换完成时获利过程尚未完成;
* 在商品销售和产生销售服务的过程中也应该确认收入,而不是仅仅在生产性资产交换的过程中;
* 交换实体在交换后大体上还处于相同的经济地位;
* 公允价值的使用可以使收益可靠地计量;
这一例外允许许多非货币性交易以账面值入账,尽管该交易可能大大改变了报告实体经济地位的事实。
在SFAS 153,FASB的结论是,确认和计量原则适用于这些交易都是以更好的评估报告实体(商业物质)的经济变化来看的。
这种方法被认为是最好的“相似性”资产和“时间”的盈利过程中的主观评价。
范围和适用性
SFAS第153条适用于后05年6月15日发生的非货币性交易。
某些交易被明确排除在其范围之外:
* 企业合并;
* 共同控制下的非货币性实体之间的资产交易;
* 非货币性资产(或服务)交换的报告主体是通过普通股股票收购的;
* 股票股利与分裂;
* 为该实体权益而交易转让的资产;
* 金融资产转移;
* 是有和天然气生产商的某些交易。
SFAS第153条亦修订SFAS第140条,转让、提供服务的金融资产及负债消灭的会计处理,范围包括权益法投资交易的类似的生产性资产。
在对SFAS第153号(第A20)进行审议,财务会计准则委员会考虑修订SFAS 第66条,对房地产销售会计核算,还包括房地产交易。
财务会计准则委员会后来决定,房地产相互交换的指导将仍然属于APB意见书第29号的范围。
关于商业实质的新焦点
SFAS第153号规定,非货币的交易记录放弃使用该资产的账面价值(减去减值准备后,如适用)时如果下列三个条件之一者:
* 无法确定换入或换出资产的公允价值(在合理范围内);
* 将在同一业务范围内要出售的,有一个交易的库存清单,以方便销售;
* 交易缺乏商业实质。
前两个条件基本上是从APB意见书第29号不变,第三个条件取代了以前类似的生产性资产的例外。
“商业实质”是美国通用会计准则的新概念,并提出了对从业者独特的,主观的挑战。
不幸的是,财务会计准则委员会并没有具体界定这个术语。
这个概念的重点是商业目的或交易的根据,并需要在实体作为交易的结果经济状况变动的审查。
从本质上讲,“作为交易的结果,如果实体的未来现金流量预计将显着改变”(第2d),则商业实质存在。
财务会计准则委员会认为,现金流测试提供了交易的经营宗旨的“客观证据”,即使商业实质和基本假设的存在是由其管理层决定的。
如果存在下列条件之一,商业实质是认为存在的(第2d):
* 与资产相关的可收到的未来现金流量的“配置”预计与资产转移有显著的不同。
配置涉及到的风险,时间和现金流量的金额;
* 所收到的资产“实体的特定价值”不同于实体所转让资产的具体价值,与交换资产的公允价值相比有显着差异;
虽然商业实质的测定表明需要进行详细的计算,财务会计准则委员会指出,一项“定性评估”可能是所有需要的。
术语“实体层的价值”,相对财务会计准则委员会的标准是较新的,虽然它在财务会计概念7中是作为财务会计概念框架中的一部分来介绍的,会计计量中使用现金流量信息和现值。
从本质上讲,它代表了该实体使用和处置资产的预计未来现金流量的现值。
实体层的价值不同于公允价值,因为它是以实体的期望反映的金额,时间和市场上在其他不确定性假设下的现金流量。
管理应考虑确定一个资产的实体层的价值已被广泛解释的因素时,这些措施包括在该资产与实体之间完整的业务,以及作为交换的结果预期的协同效应。
2003年4月22日,财务会计准则委员会的会议纪要表明,在实体的特定值的变化是可以评估“有没有入账的资产。
”
实例:SFAS第153号对战之前的实践
许多受访者的征求意见稿对SFAS第153号,要求财务会计准则委员会提供执行规定的实例指导特别是关于新的商业实质的内容的指导,但是它谢绝提供这种指导(第A12)。
因为它认为,补充的指导已充分阐明了“商业实质”这个词的含义。
财务会计准则委员会还担心,这样的例子可能被会计师看作是“光明行”。
作者与从业人员及会计教育工作者进行过非正式讨论,建议增加使新概念和SFAS第153条提出的主体更明确的需要。
因此,案例1(设备的以旧换新),2(设备交换),3(不动产交易)突出SFAS第153号中的主要规定和与以前的实践的对比。
请记住,收益及同类生产性资产交换损失仍然按照税法第1031条递延纳税的。
因此,如果存在商业实质则会导致出现暂时性差异和递延税款。
关于交易中涉及补价?大体上,SFAS第153号保留了APB意见书第29号中的个案中测量和确认的概念补价的(即金钱代价)支付或收到的。
案例1和案例2包括了其他非货币性交易中支付补价的情况。
已颁布的8(a)EITF第01-02一致同意,APB意见书第29号的解释说明,也保持不变。
换句话说,非货币交换涉及的金额是“重大”的,定义为超过公允价值的25%时,被认为是货币性的。
事
实上,双方应以公允价值记录这些交易,并记录所有相应的收益或损失。
披露。
SFAS第153号没有改变APB意见书第29号第28条下的披露要求。
因此,下面的有关非货币性交易的信息仍然必须予以披露:
* 该交易的性质;
* 交换资产的计量基础;
* 期间确认的收益和损失;
未来的影响
本文总结和阐述了SFAS第153号的突出的问题和相关的会计实务的问题。
一个标准的仔细检查,然而,结果显示在评估主体商业实质的内在时可能导致SFAS 第153号的规定不一致的应用。
财务会计准则委员会将在未来的会计标准里利用商业实质的概念。
因此,作者建议,财务会计准则委员会应考虑提供有关在未来会计师应如何实施这个概念的进一步指导。
实例1:设备的交易(涉及补价):商业实质 - 未来的现金流量的改变
一家葡萄酒公司拥有数个用于剥离的除梗压碎机,按一下,就可以提取葡萄汁。
其中一个大容量的机器,虽然运作良好,但是现有设施过大而且低于预期效益。
这个机器原始价值100,000美元,累计折旧40000美元。
由一个独立的经销商报价,它目前的公允价值是70,000元,。
如果购买一台新的这种机器,要花90,000美元,现在以它来作交易,只需付2万元现金。
分析:
根据以前的会计准则,APB第29号,这个交易属于一个同类的生产性资产交换。
因此,10,000美元(70,000美元公允价值减60,000美元的账面净值)收益将被递延,新的破碎机将在60,000美元(60,000美元,另加20,000美元支付补价的账面净值)入账。
下面的会计分录解释了这种交换:
借:固定资产——新机器 80,000
累计折旧——旧机器 40,000
贷:固定资产——旧机器 100,000
现金 20,000
SFAS第153号。
根据SFAS第153号,酒公司必须判断交易是否具有商业实
质。
因此,检查酒公司是否在有未来现金流量上发生了重大变化。
SFAS第153号虽然不要求详细的定量分析和探讨有关风险管理,时间以及作为其资本预算过程的一部分的现金流量的金额。
分析结果显示,新的机器的加工成本低,相比较在现金支付前后的数量的变化,预测的更高的产量,将可能产生一个重大的经济影响。
酒公司的结论是,该交易具有商业实质。
酒公司将这台新机器以公允价值90,000美元入账,并确认对以旧换新的旧设备的10,000元收益:
借:固定资产——新机器 90,000
累计折旧——旧机器 40,000
贷:固定资产——旧机器 100,000
现金 20,000
营业外收入 10,000
与APB意见书第29号相比,根据SFAS第153号,商业实质的方法更接近于以一个更高的资产估价和确认10,000美元的收益。
对于税收这方面,酒公司不会确认对这一交易的收益。
不过,根据SFAS第109号,酒公司会有一个递延所得税负债。