会计理论与资产评估的替代方法 外文文献翻译
英文文献翻译—中英对照(财会专业)
A V AT Revenue Simulation Model for Tax ReformIn Developing CountriesGlenn P .Jenkins[Abstract]: In this paper, we develop a model to simulate policies and revenues for a value added tax (V AT) system in countries that have an indirect tax system containing sales, excise taxes, and tariffs. An application of the model is carried out for Nepal, which has recently introduced the V AT to replace its sales tax system and rationalize its excise and tariff systems. The study shows that, in a developing country, tax policies that might seem very realistic and politically noncontroversial are likely to yield a very narrow tax base. If a government of a developing country wants to rely more on the V AT over time, it must move aggressively to broaden the base and enhance compliance.[Key words]: V AT revenue, Tax reform, model, NepalⅠ. INTRODUCTIONImport tariffs and excise taxes often constitute the most important revenue sources in developing countries. Because of growing concerns in recent years about economic efficiency and tax simplicity in a competitive and integrated world economy, many countries are lowering trade taxes and replacing distorted excise taxes with consumption-type V AT. With respect to the latter, one of the most important questions is the revenue potential of alternative designs of this new tax as governments attempt to replace or enhance the level of revenues generated by their current tax system.The potential revenue which can be raised from the V AT depends on a number of factors, such as how broad the tax base will be and the extent to which businesses will comply with the tax. This issue has not been widely discussed in the public finance literature. The main purpose of this paper is to provide an analytical framework which can be used to estimate the potential tax base and associated revenues for a V AT in a typical developing country. The model developed for this purpose should be detailed enough to facilitate the estimation of the potentialrevenues for alternative tax options. Such a model can then be used to assist decision makers in setting their tax policies. To illustrate, the model is applied to the economy of Nepal. We chose Nepal because it is typical of many developing countries, having very limited statistical data and moving from a highly distorted indirect tax system to a V AT.Ⅱ. ALTERNATIVE APPROACHES TO THE ESTIMATION OF A V AT BASEThe potential tax revenue of a V AT is greatly dependent on the number and level of tax rates, the scope of the tax base, and the degree of tax compliance. The proposed V AT is assumed to be a multistage consumption tax based on the destination principle, similar to a European-style V AT. The tax is applied to the sales of goods and services at all stages of the production and distribution chain. At each stage, vendors are able to claim tax credits to recover the tax they paid on their business inputs. As a result, the tax system is in effect applying the tax only to the value added by each vendor. Since the only tax that does not get refunded is the tax imposed on final consumption, the tax is equivalent to the retail sales tax on final consumption. While imposing a tax at a destination principle, imports are taxed in the same way as domestically produced goods, and exports are not subject to tax. Therefore, the tax essentially applies to goods and services consumed domestically.A common feature of the tax base in most V AT countries is to not tax a number of important goods or services because of political and socioeconomic considerations, technical difficulties, or administrative complexity. These goods and services generally fall into two major categories, zero-rated and tax exempt. For zero-rated commodities, the V AT is not levied on the selling price of these items. The vendor, however, receives full credit for the V AT paid on inputs used in production. If zero-rated sales occur at an intermediate stage, purchasers would not have a credit to deduct against any subsequent tax due. This would, in fact, provide a cash flow cost and benefit to the vendor and purchaser, respectively. The net revenue implications for the government would nevertheless be nil. By comparison, if zero-rated sales occur at the retail stage, it would effectively remove all the tax burden from consumers and the government would lose all the tax revenue from the sales of these goods and services.For conceptual and technical difficulties, countries employing a V AT generally exempt the domestic sales of financial intermediation and insurance services. For administrative and compliance simplicity, most V AT countries also exempt small businesses from the tax. When these goods and services are exempted, the V AT is not applied to these sales. Unlike zero-rated goods and services, vendors of exempt products are not eligible to receive any credit for the taxes paid on the inputs used to produce that good or service. The denial of input tax credits increases the production cost for the vendor, although the value added of the vendor escapes tax.Like zero-rated sales, tax exemption can occur at either an intermediate or the retail stage. Consider the tax exemption at the retail stage where goods are sold directly to consumers. Only the value added at the retail stage will not be subject to tax. In contrast, if tax exempt sales operate at the intermediate stages of the production-distribution chain, sales by the subsequent businesses acquiring the goods are effectively overtaxed to the extent that the inputs prior the exempt stage are not creditable. As a result, the tax base is not reduced, but is augmented by the cascading effect.The government could ultimately collect a greater amount of tax revenue than it would otherwise.Multiple tax rates are a common feature of some V AT systems in the developing countries. It is not uncommon to observe that a lower rate is applied to goods or services which are regarded as the necessities of life. At the same time, there are luxury goods which may be subjected to a higher rate of V AT or alternatively, a non-increditable excise tax.Three alternative approaches can be used to estimate the tax base and associated revenues, for which input-output tables, national accounts and family expenditure survey data are often required. The first approach is simply to construct an aggregate tax base. It begins with the Gross Domestic Product (GDP) of the economy, which is the sum of the value added in the domestic production of all goods and services. Because we are considering a destination principle V AT, we need to subtract exports and add imports to the GDP. For a consumption type V AT, the base is also reduced by the gross capital formation of the private sector. The base is further reduced by zero-rated or exempted consumption expenditures. Since vendors of exempted goods and services are unable to claim any credits for taxes paid on the inputs acquired to produce that good or service, the tax base will have to be upward adjusted. The second approach computes the base by summing the value added of each industrial sector in the economy. The base has to beadjusted for the fact that the V AT is a destination type tax and, as such, would tax imports on entry into the country and zero-rate exports. Further adjustments would have to be made for changes in inventories and for commodities which are either zero-rated or exempted. Making these adjustments by sector is usually difficult since the values of exports and imports are not readily available on an industry basis. Although an aggregate adjustment for the whole economy may be possible, detailed information by sector would be lost. The third approach is to estimate the value of goods and services purchased by consumers which would automatically capture the destination principle of the V AT since it excludes exports while imports are included. The V AT base by commodity can then be calculated using the commodity sales values at the final consumer level. The approach would also facilitate an analysis of incidence or price impact of the V AT on consumers, issues which are usually important in the political debate over sales tax reform.Ⅲ. GENERAL METHODOLOGY FOR ESTIMATING THE V AT BASEThis section explores the detailed methodology of the third approach described above. This approach depends heavily upon input-output tables. Input-output models are static in nature and, as such, do not allow for behavioral responses to policy changes. Thus, the V AT base estimation discussed in this paper does not take into account behavioral responses due to the replacement of the current sales tax system with the V AT.As was mentioned earlier, the V AT base can be estimated using the final expenditures made by various economic entities. Construction of the base can, therefore, begin with the data for domestic expenditures contained in the final demand matrix of the I-O tables. The final demand matrix generally contains a transaction matrix of a number of commodities by a number of final demand categories. The final demand categories may include many categories under each of the headings such as personal consumption, government expenditures, investment, imports, and exports. Personal consumption refers to those individuals/households or entities who acquire goods and services for their own consumption and who do not produce supplies of a commercial nature. Government expenditures include the current and capital spending by all levels ofgovernment. This would be treated in a fashion similar to personal consumption under a V AT system except that the V AT paid by the same level of government sector will not necessarily increase net government collections. Investment, however, is excluded from the base calculation since the V AT allows for an input tax credit for any business purchases including capital investment. Exports are also excluded because of the destination type V AT. Imports are ignored because purchases made by other final demand categories are inclusive of imports.The starting point in calculating the V AT base is with the amount of personal and government expenditures. This amount is equivalent to the total expenditures shown in the I-O tables. Adjustments must however, be made for several factors in order to arrive at the V AT base. What follows is a description of the relevant deductions and adjustments.Calculation of the current sales taxesSuppose that a country has a manufacturer sales tax system and the government proposes to replace it with a V AT. The gross expenditures contained in the I-O tables, expressed at purchasers' price, include the current sales taxes to be replaced. These taxes are imposed on the manufacturer's sale price of goods produced in the country and on the duty paid value of imported goods. Wholesale and retail trade margins are excluded from the tax base. Usually, these sales taxes apply also to a range of intermediate inputs and capital goods used in the production and distribution of goods and services.In order to remove the current sales taxes paid directly by personal and government sectors from each category of expenditures, one has to first construct the current sales tax base. This is accomplished by removing the retail and wholesale trade margins from purchasers' expenditures on each good or service, inclusive of sales tax.The expected current sales tax revenue from each commodity, say, the ith commodity( Ri), can be calculated by multiplying the derived tax base by the applicable tax rate and by the taxable proportion:where is the sales tax-inclusive base of the ith commodity, is the taxable proportion of theith commodity, and is the sales tax rate of the ith commodity. The magnitude of the taxableproportions depends upon the proportion of the legally taxable sales to the total sales of the items contained in each commodity category.A further calculation must be made for the hidden (or indirect) sales taxes embedded in personal and government expenditures. This represents the sales taxes which are levied on business inputs. These inputs are used in turn to produce goods and services which are ultimately sold to final consumers and governments. If sales taxes are assumed to be fully shifted forward, the taxes will be transformed into a higher price of the final goods and services. The I-O tables can be used to measure the indirect sales tax content in the goods and services purchased by final consumers and governments.The total of the above expected direct and indirect sales tax revenues over all commodities and all entities usually is not the same as the actual tax collections. This is a result of a number of factors, such as bad debt allowances, tax free allowances for small importation, tax evasion, small suppliers exemption. After adjusting for the factors which are known, the expected tax revenues are made equal to the actual tax collections by applying a calculated compliance rate. This rate is simply the ratio of the actual revenue to the expected revenue. Of course, the compliance rate may vary by commodity, depending upon market conditions and other factors.Introduction of the value-added taxThe potential revenue of the V AT extended to the retail level can be calculated by summing domestic personal and government expenditures at retail prices. This does not include expenditures made by businesses since the taxes paid on business purchases are creditable. Thus, the starting point for calculating the V AT base is with the value of all goods and services (shown in the I-O tables) purchased by personal and government sectors, net of all current sales taxes.This is the total potential tax base, which is then multiplied by the taxable proportions for each corresponding commodity in order to arrive at the V AT base. At this point, the taxable proportions are determined by the tax policies and laws under consideration. For example, the proposed V AT may zero-rate or exempt certain goods or services. In such cases, the full value of zero-rated or exempted goods and services purchased by individuals or governments has to be removed from the potential base. For exempt items, however, taxes paid on business inputs used to produce the exempt goods or services are not creditable. Therefore, an additional adjustment to the tax base is needed to account for the extent to which the vendors cannot claim input tax credit for taxes paid on business expenditures. In summary, the total potential V AT base can beexpressed as follows:Where is the percentage wholesale margin for the ith commodity, is the percentage retail margin for the ith commodity, is the total business inputs used in the production of the jthexempt sector under the proposed V AT, is the ratio of taxable inputs to the total inputs usedin the production of the jth exempt sector under the proposed V AT, and Bi ,ai and pi are defined as eqn..Special attention should be paid to long-term residential rent paid by tenants to landlords and imputed rent arising from the consumption flow by owner-occupied housing, which is normally presented as part of personal expenditures in the I-O tables or national accounts. This rent is often tax exempt and should be excluded from the tax base in order to avoid double taxation, since as an alternative, the V AT is sometimes levied on the purchase price of newly constructed dwellings. A portion of gross cash rent and imputed rent, however, would still be subject to V AT as a result of taxable expenditures made for repairs, property insurance, and certain utilities. It should be noted that the value of land is excluded in both the I-O tables and national accounts because it does not represent value added. For our purpose, the value of land is usually included as part of the purchase price of a new home. Thus, when new houses are taxable under the V AT, the personal expenditures must be adjusted upward to account for the full price of new homes. Some adjustments must be also made to gross expenditures in the government sector. For the most part, the production from this sector is usually exempt under a V AT and the associated value added would not attract the tax. On the other hand, the intermediate inputs used to produce government goods and services are usually taxable and, as a consequence, remain in the tax base of the government sector.Finally, to arrive at a benchmark estimate of revenue yield, the tax base for each commodity item is then multiplied by the compliance ratio under the current sales tax system. This adjustment implies that the compliance rate for each commodity under the proposed V AT would not be different from that being subject to the current system. The compliance rate may be adjusted upward however if one believes that the V AT system would enhance taxpayercompliance, or if the government can increase the level of administrative enforcement. On the contrary, the compliance rate may be adjusted downward if tax evasion is expected to spread with the introduction of a V AT. The total expected V AT revenues for the economy will then be equal to the summation of all adjusted tax bases across goods and services purchased by both the personal and government sectors, times the proposed V AT rates.Accrual versus actual revenue collectionsThe model developed so far provides an annual estimate of the V AT paid by final consumers and governments. These estimates are presented on an accrual basis rather than the actual revenues received by the government due to the payment lags built into the V AT system. For example, the V AT may be designed to provide a great deal of flexibility in filing requirements, depending on the size of the business. For large firms, filing may be required on a monthly basis. For smaller firms, filing may be allowed on a quarterly or annual return. Certain types of businesses such as exporters are likely to choose to file their returns on a monthly basis in order to claim input tax credits earlier. Furthermore, all taxpayers are likely to have until the end of the month following the reporting period to file their returns.From a government’s perspective, it is necessary to transform the V AT estimates from an accrual to a collection basis. One can first segregate the above annual estimate of the V AT base into the individual ``value-added'' components for primary producers, manufacturers, wholesalers, retailers, and other service sectors. Each of these components is then converted to a monthly basis using sales and other relevant data. For example, the retail component is distributed to each month based on monthly retail sales data. This should reflect the seasonal patterns in production and distribution channels. The appropriate collection lags should also be incorporated for each type of tax filer. The resulting revenues can then be transformed to a collection basis. This consideration will be particularly important when the V AT is first introduced into a country.Ⅳ. AN APPLICATION TO A CASE FOR NEPALThe current sales tax collected in Nepal in fiscal year 1994-95 was about 6,032 million rupees which accounts for approximately one-third of the total tax revenues. It is the single mostimportant revenue source. Like many other countries, the sales tax is imposed on the manufacturer's sale price of goods produced for domestic consumption, and on the duty paid value of imported goods. As a result, the tax applies to a range of inter-mediate inputs and capital goods used in the production and distribution channels. This tax has become not only administratively complex, but also economically inefficient. The Minister of State for Finance in Nepal announced in the July 1993 budget that the government would focus on gradually transforming the sales tax into a value-added tax. Since then, subsequent governments have had to make a series of tax policies and set tax rates in order to ensure the new sales tax system is fair, simple, efficient and produces revenue in a stable fashion.In the July 1993 budget, it was announced that the number of sales tax rates would be reduced from five to two rates, 10% and 20%. The same tax rates are applied equally to domestically produced goods and to imports in order to streamline the sales tax operation. In addition, there has been a substantial amount of government revenues collected from a number of selective excises on cigarettes, liquor, beer, soft drinks, edible oils, cement and so on. The main objective of this section is to apply the above model to the estimation of potential revenues for a V AT to be implemented in Nepal.Preparation of the basic dataThe data are quite limited in Nepal. In order to present the most up-to-date economic structure for the country, we developed a complete set of data for the FY 1994-95 since this is the latest year that data are available on the expenditure side from national accounts in Nepal.The data are arranged into three major categories-personal, business, and government. First, the detailed personal expenditure data are only available from a Household Budget Survey for 1985. These data also are separated into urban and rural for each class of commodity expenditure. Due to their different expenditure patterns and the recent massive migration from rural to urban areas, the current detailed household expenditures by commodities for the country as a whole are constructed by increasing the proportion of the total national household expenditures made in urban areas from 7% in 1985 to 12% in 1994. Using the FY 1994-95 aggregate private consumption shown in national accounts as a control total, the detailed personal expenditures by commodities are estimated.Second, the information concerning business expenditures on capital investment and intermediate inputs is very limited. The national accounts only provide an aggregate figure on private capital formation which can be further separated into machinery and equipment and construction. Using import information, the totals for machinery and equipment are further allocated among tractors, motor vehicles and parts, aircraft, telecommunications, medical equipment, and other machinery equipment. This is done in anticipation that certain goods or sectors are likely to be either zero-rated or exempted under the proposed V AT. The split between residential and nonresidential construction is also important because of their differences in the composition of mixed construction materials. For nonresidential construction, about one-third is sponsored by international organizations and is classified as expenditures of the government sector. For each construction category, detailed requirements of construction materials, labor cost, as well as profits and contract tax are provided by the Nepal Engineers' Association. In addition, the detailed intermediate inputs demanded by each of the industrial sectors are developed using the 1987 I-O tables.Third, government expenditures are separated into Regular and Development Expenditures. The latter are mostly funded by international organizations such as the World Bank, the Asian Development Bank, and bilateral donors which do not pay tariffs or other commodity taxes on their purchases. Each of the Regular and Development Expenditures can be further broken down into current and capital expenditures by commodity items or economic functions.After the basic detailed expenditures data for FY 1994-95 are constructed, the wholesale and retail margins for each commodity are removed from purchasers' expenditures on each good or service derived above .This would form the manufacturers' or importers' sales totals, inclusive of taxes, by commodity and by entity. The expected sales tax revenue for each commodity can then be calculated based on eqn (1).Simulation of the V AT revenuesThe proposed V AT will be imposed on goods and services consumed in the Kingdom of Nepal except for those specified in Schedules 1 and 2 of the V AT Act. The V AT Act will replace the Sales Tax Act, Hotel Act, Contract Tax Act, and Entertainment Act. This implies that, for revenue-neutral, at least a total of 6,857 million rupees should have been generated in FY 1994-95 if the proposed V AT was implemented.The following basic tax policies are incorporated in the model simulations for illustrative purposes:(ⅰ) impose a single rate of V AT which is extended to the retail level under the destination principle. Most personal and government expenditures are taxed, including government expenditures financed through international organizations.(ⅱ) zero-rate exported goods and services.(ⅲ)exempt unprocessed food, drug and medical services, books and newspapers, water and transportation services.(ⅳ) exempt newly constructed dwellings, residential rents, and financial services.(ⅴ) adjust the excise levies on alcoholic beverages and tobacco products to maintain their current consumer prices.Before turning to the empirical results, it is useful to recall the equivalency of the V AT to that of retail sales tax levied on the final selling price of all goods and services.The data on the latter were derived earlier in the form of gross expenditures by commodities under the personal, business, and government category. These gross expenditures represent the sum of all the expenditures on the various commodities and primary inputs contained in each category. Adjustments must be made for factors such as removal of the current sales taxes, zero-rated and exempt goods and services, and realistic tax compliance by taxpayers in order to arrive at the V AT base and the associated revenues.First, the above gross expenditures by commodities and by entities contain the amounts of the current sales taxes, directly paid by individuals and by governments, which must be deducted in calculating the V AT base. Since sales taxes are assumed to be fully shifted forward to final consumers, a further deduction must be made for the indirect sales taxes embedded in the price of personal and government expenditures. One can observe from Columns (2) and (3) of Table 1 that more than half of the current sales taxes are imposed on intermediate inputs and capital goods in Nepal. These input taxes are now embodied in the form of higher prices of goods and services sold to final consumers and governments.Second, the excise tax on alcoholic beverages and tobacco products are adjusted upward in order to maintain the same level of retail prices for consumers. The excise adjustment (DE) must equal the diff erence between the manufacturers’ sales prices of the excisable good under the newversus the current sales tax systems. That is:where is the single V AT rate, is the V AT compliance rate, is the current sales tax rateof the ith excisable good, and is the compliance rate of the current sales tax systems. is defined as eqn. (1), namely, the current sales tax-inclusive base of the ith excisable good. Hence, the adjustments shown in Column (5) of Table 1 refer to the case if the V AT rate is set at 12% and the tax compliance remains the same as the current tax system.Third, the full value of zero-rated goods or services purchased by final consumers and governments must be removed from gross expenditures. The simulation will only apply to exports, not to the goods and services paid for with foreign exchange but consumeddomestically.Fourth, for exempt goods and services that operate at the retail stage, the V AT is not levied on their selling prices nor are vendors entitled to the input tax credit. As a result, the associated input taxes that are not creditable form part of the V AT base. It should be noted that while not only unprocessed basic groceries but also basic agricultural inputs such as fertilizer seeds and pesticides are exempt. Another interesting case in Nepal is the practical difficulty of imposing a V AT on newly constructed houses because no such market prevails. New houses are normally self-constructed with assistance from relatives or friends. Therefore, new houses are treated as tax exempt and the purchases of construction materials are made subject to tax the business inputs associated with the denied input tax credits are all shown by sector in the second panel of Table 1 to form part of the V AT in Nepal.Fifth, the government is treated in the same fashion as final consumers. In other words, expenditures incurred by the government are taxed.Each of these tax policy measures presented in the V AT Act might appear reasonable and politically prudent, in the context of the economy of Nepal. But the results in Column (7) of Table 1 show that the V AT base, with the current tax compliance, has been reduced to approximately 20% gross domestic expenditure. It is also unrealistic to expect a substantial increase in compliance of the tax in a near term. If significant additional revenues are to be collected, tougher tax policies to broaden the tax base will have to be implemented. Because the share of the formal economy is relatively small in such a developing country, the potential tax base for a V AT is rather narrow. Hence, substantial political will is needed in developing countries to impose taxes on goods and services that might be exempted due to political or social considerations in developed countries.A V AT generally requires a higher level of administrative expenditures than a single stage sales tax system because of the greater number of taxpayers and the initial start up costs. This will reduce the net collection of tax revenues. There is a question of whether the V AT would lead to either greater tax enforcement or greater revenue leakage. One can argue that invoices issued by vendor registrants are proof of tax paid and, thus, constitute the basis for input tax credit claims by purchaser registrants. The invoice system may be considered by some economists or tax practitioners as a mechanism that provides an audit trail and an incentive to record。
会计准则外文文献翻译-财务会计专业
会计准那么外文文献及翻译-财务会计专业(含：英文原文及中文译文)文献出处：Buschhüter M, Striegel A. IAS 37 – Provisions, Contingent Liabilities and Contingent Assets[M]// Kommentar Internationale Rechnungslegung IFRS. Gabler, 2021:955-974.英文原文Accounting Standard (AS) 37Contingent Liabilities and Contingent AssetsBuschhüter M, Striegel AThis International Accounting Standard was approved by the IASC Board in July 1998 and became effective for financial statements covering periods beginning on or after 1 July 1999.Introduction1. IAS 37 prescribes the accounting and disclosure for all provisions, contingent liabilities and contingent assets, except:(a) those resulting from financial instruments that are carried at fair value;(b) those resulting from executory contracts, except where the contract is onerous. Executory contracts are contracts under which neither party has performed any of its obligations or both parties have partially performed their obligations to an equal extent;(c) those arising in insurance enterprises from contracts with policyholders;(d) those covered by another International Accounting Standard. Provisions2. The Standard defines provisions as liabilities of uncertain timing or amount. A provision should be recognised when, and only when:(a) an enterprise has a present obligation (legal or constructive) as a result of a past event; (b) it is probable (i.e. more likely than not) that an outflow of resources embodying economic benefits will be required to settle the obligation;(c) a reliable estimate can be made of the amount of the obligation. The Standard notes that it is only in extremely rare cases that a reliable estimate will not be possible.3. The Standard defines a constructive obligation as an obligation that derives from an enterprise's actions where:(a) by an established pattern of past practice, published policies or a sufficiently specific current statement, the enterprise has indicated to other parties that it will accept certain responsibilities; (b) as a result, the enterprise has created a valid expectation on the part of those other parties that it will discharge those responsibilities.4. In rare cases, for example in a law suit, it may not be clear whether an enterprise has a present obligation. In these cases, a past event is deemed to give rise to a present obligation if, taking account of all available evidence, it is more likely than not that a present obligation exists at thebalance sheet date. An enterprise recognises a provision for that present obligation if the other recognition criteria described above are met. If it is more likely than not that no present obligation exists, the enterprise discloses a contingent liability, unless the possibility of an outflow of resources embodying economic benefits is remote.5. The amount recognized as a provision should be the best estimate of the expenditu required to settle the present obligation at the balance sheet date, in other words, the amount that an enterprise would rationally pay to settle the obligation at the balance sheet date or to transfer it to a third party at that time.6. The Standard requires that an enterprise should, in measuring a provision: (a) take risks and uncertainties into account. However, uncertainty does not justify the creation of excessive provisions or a deliberate overstatement of liabilities;(b) discount the provisions, where the effect of the time value of money is material, using a pre-tax discount rate (or rates) that reflect(s) current market assessments of the time value of money and those risks specific to the liability that have not been reflected in the best estimate of the expenditure. Where discounting is used, the increase in the provision due to the passage of time is recognised as an interest expense;(c) take future events, such as changes in the law and technological changes, into account where there is sufficient objective evidence thatthey will occur; and(d) not take gains from the expected disposal of assets into account, even if the expected disposal is closely linked to the event giving rise to the provision.7. An enterprise may expect reimbursement of some or all of the expenditure required to settle a provision (for example, through insurance contracts, indemnity clauses or suppliers' warranties). An enterprise should:(a) recognise a reimbursement when, and only when, it is virtually certain that reimbursement will be received if the enterprise settles the obligation. The amount recognised for the reimbursement should not exceed the amount of the provision; and(b) recognise the reimbursement as a separate asset. In the income statement, the expense relating to a provision may be presented net of the amount recognised for a reimbursement. 8. Provisions should be reviewed at each balance sheet date and adjusted reflect thecurrent best estimate. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provisioshould be reversed.9. A provision should be used only for expenditures for which the provision was originally recognised.Provisions - Specific Applications10. The Standard explains how the general recognition and measurement requirements for provisions should be applied in three specific cases: future operating losses; onerous contracts; and restructurings. Contingent Liabilities11. An enterprise should not recognise a contingent liability. , unless the12. A contingent liability is disclosed, as required by paragraph 86possibility of an outflow of resources embodying economic benefits is remote.13. Where an enterprise is jointly and severally liable for an obligation, the part of tobligation that is expected to be met by other parties is treated as a contingentThe enterprise recognises a provision for the part of the obligation for which an outflow of resources embodying economic benefits is probable, except in the extremely rare circumstances where no reliable estimate can be made.14. Contingent liabilities may develop in a way not initially expected. Therefore, theare assessed continually to determine whether an outflow of resources embodying probable. If it becomes probable that an outflow of economic benefits has become future economic benefits will be required for an item previously dealt with as a contingent liability, a provision is recognised in the financial statements of the period in which the change in probability occurs (except in the extremely rare circumstances where no reliable estimate can be made).Contingent Assets15. An enterprise should not recognise a contingent asset.16. Contingent assets usually arise from unplanned or other unexpected events that give rise to the possibility of an inflow of economic benefits to the enterprise. An example is a claim that an enterprise is pursuing through legal processes, where the outcome is uncertain. 17. Contingent assets are not recognised in financial statements since this may result in the recognition of income that may never be realised. However, when the realisation of income is virtually certain, then the related asset is not a contingent asset and its recognition is appropriate. 18. A contingent asset is disclosed, as required by paragraph 89 economic benefits is probable.19. Contingent assets are assessed continually to ensure that developments are appropriately reflected in the financial statements. If it has become virtually certain that an inflow of economic benefits will arise, the asset and the related income are recognised in the financial statements of the period in which the change occurs. If an inflow of economic benefits has become probable, an enterprise discloses the contingent asset.Measurement20. The amount recognised as a provision should be the best estimate of the expenditure required to settle the present obligation at the balance sheet date.21. The best estimate of the expenditure required to settle the present obligation is the amount that an enterprise would rationally pay to settle the obligation at the balance sheet date or to transfer it to a third party at that time. It will often be impossible or prohibitively expensive to settle or transfer an obligation at the balance sheet date. However, the estimate of the amount that an enterprise would rationally pay to settle or transfer the obligation gives the best estimate of the expenditure required to settle the present obligation at the balance sheet date. 22. The estimates of outcome and financial effect are determined by the judgement of the management of the enterprise, supplemented by experience of similar transactions and, in some cases, reports from independent experts. The evidence considered23. Uncertainties surrounding the amount to be recognised as a provision are dealt with by various means according to the circumstances. Where the provision being measured involves a large population of items, the obligation is estimated by weighting all possible outcomes by their associated probabilities. The name for thistatistical method of estimation is 'expected value'. The provision will therefore be different depending on whether the probability of a loss of a given amount is, for example, 60 per cent or 90 per cent. Where there is a continuous range of possible outcomes, and each point in that range is as likely as any other, the mid-point of thrange is used. 24. Where a single obligation is beingmeasured, the individual most likely outcome may be the best estimate of the liability. However, even in such a case, the enterprise considers other possible outcomes. Where other possible outcomes are either mostly higher or mostly lower than the most likely outcome, the best estimate will be a higher or lower amount. For example, if an enterprise has to rectify a serious fault in a major plant that it has constructed for a customer, the individual most likely outcome may be for the repair to succeed at the first attempt at a cost of1,000, but a provision for a larger amount is made if there is a significant chance that further attempts will be necessary.25. The provision is measured before tax, as the tax consequences of the provision, , Income Taxes. and changes in it, are dealt with under IAS 12,Income Taxes.Risks and Uncertainties26. The risks and uncertainties that inevitably surround many events and the best estimate of a circumstances should be taken into account in reachin the best estmeate of a provision.27. Risk describes variability of outcome. A risk adjustment may increase the amount at which a liability is measured. Caution is needed in making judgements under conditions of uncertainty, so that income or assets are not overstated and expenses or liabilities are not understated. However, uncertainty does not justify the creation of excessive provisions or adeliberate overstatement of liabilities. For example, if the projected costs of a particularly adverse outcome are estimated on a prudent basis, that outcome is not then deliberately treated as more probable than is realistically the case. Care is needed to avoid duplicating adjustments for risk and uncertainty with consequent overstatement of a provision. Present Value28. Where the effect of the time value of money is material, the amount ofa provision should be the present value of the expenditures expected to be required to settle the obligation.29. The discount rate (or rates) should be a pre-tax rate (or rates) that reflect(s) current market assessments of the time value of money and the risks specific to the liability. The discount rate(s) should not reflect risks for which future cash flow estimates have been adjusted. Future Events 30. Future events that may affect the amount required to settle an obligation should be reflected in the amount of a provision where there is sufficient objective evidence that they will occur.31. Expected future events may be particularly important in measuring provisions. For example, an enterprise may believe that the cost of cleaning up a site at the end of its life will be reduced by future changes in technology. The amount recognised reflects a reasonable expectation of technically qualified, objective observers, taking account of all available evidence as to the technology that will be available at the time of theclean-up. Thus it is appropriate to include, for example, expected cost reductions associated with increased experience in applying existing technology or the expected cost of applying existing technology to a larger or more complex clean-up operation than has previously been carried out. However, an enterprise does not anticipate the new technology for cleaning up unless it is supported by development of a completel sufficient objective evidence.32. The effect of possible new legislation is taken into consideration in measuring an existing obligation when sufficient objective evidence exists that the legislation is virtually certain to beenacted. The variety of circumstances that arise in practice makes it impossible to specify a single event that will provide sufficient, objective evidence in every case. Evidence is required both of what legislation will demand and of whether it is virtually certain to be enacted and implemented in due course. In many cases sufficient objective evidence will not exist until the new legislation is enacted.Expected Disposal of Assets33. Gains from the expected disposal of assets should not be taken into account in measuring a provision.34. Gains on the expected disposal of assets are not taken into account in measuring a provision, even if the expected disposal is closely linked to the event giving rise to the provision. Instead, an enterprise recognisesgains on expected disposals of assets at the time specified by the International Accounting Standard dealing with the assets concerned. Reimbursements35. Where some or all of the expenditure required to settle a provision is expected to be reimbursed by another party, the reimbursement should be recognised when, and only when, it is virtually certain that reimbursement will be received if the enterprise settles the obligation. The reimbursement should be treated as a separate asset. The amount recognised for the reimbursement should not exceed the amount of the provision.36. In the income statement, the expense relating to a provision may be presented net of the amount recognised for a reimbursement.37. Sometimes, an enterprise is able to look to another party to pay part or all of the expenditure required to settle a provision (for example, through insurance contracts, indemnity clauses or suppliers' warranties). The other party may either reimburse amounts paid by the enterprise or pay the amounts directly.38. In most cases the enterprise will remain liable for the whole of the amount in question so that the enterprise would have to settle the full amount if the third party failed to pay for any reason. In this situation, a provision is recognised for the full amount of the liability, and a separate asset for the expected reimbursement is recognised when it is virtuallycertain that reimbursement will be received if the enterprise settles the liability.39. In some cases, the enterprise will not be liable for the costs in question if the third party fails to pay. In such a case the enterprise has no liability for those costs and they are not included in the provision.40. As noted in paragraph 29,severally liable is a contingent liability to the extent that it is expected that the obligation will be settled by the other parties.Changes in Provisions41. Provisions should be reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision should be reversed.42. Where discounting is used, the carrying amount of a provision increases in each period to reflect the passage of time. This increase is recognised as borrowing cost.Use of Provisions43. A provision should be used only for expenditures for which the provision was originally recognised.44. Only expenditures that relate to the original provision are set against it. Setting expenditures against a provision that was originally recognised for another purpose would conceal the impact of two different events.Future Operating Losses45. Provisions should not be recognised for future operating losses.46. Future operating losses do not meet the definition of a liability in paragraph 10.the general recognition criteria set out for provisions in paragraph 1447. An expectation of future operating losses is an indication that certain assets of the operation may be impaired. An enterprise tests these assets for impairment under IAS 36, Impairment of Assets.Onerous Contracts48. If an enterprise has a contract that is onerous, the present obligation under the contract should be recognised and measured as a provision. 49. Many contracts (for example, some routine purchase orders) can be cancelled without paying compensation to the other party, and therefore there is no obligation. Other contracts establish both rights and obligations for each of the contracting parties. Where events make such a contract onerous, the contract falls within the scope of this Standard and a liability exists which is recognised. Executory contracts that are not onerous fall outside the scope of this Standard. 50. This Standard defines an onerous contract as a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower ofthe cost of fulfilling it and any compensation or penalties arising from failure to fulfil it.51. Before a separate provision for an onerous contract is established, an enterprise recognises any impairment loss that has occurred on assets dedicated to that contract(see IAS 36, Impairment of Assets). Restructuring52. The following are examples of events that may fall under the definition of restructuring: (a) sale or termination of a line of business; (b) the closure of business locations in a country or region or the relocation of business activities from one country or region to another; (c) changes in management structure, for example, eliminating a layer of management; (d) fundamental reorganisations that have a material effect on the nature and focus of the enterprise's operations.53. A provision for restructuring costs is recognised only when the general recognition are met. Paragraphs 72-83 set out how criteria for provisions set out in paragraph 14the general recognition criteria apply to restructurings.54. A constructive obligation to restructure arises only when an enterprise:(a) has a detailed formal plan for the restructuring identifying at least: (i) the business or part of a business concerned;(ii) the principal locations affected;(iii) the location, function, and approximate number of employees whowill be compensated for terminating their services;(iv) the expenditures that will be undertaken;(v) when the plan will be implemented;(b) has raised a valid expectation in those affected that it will carry out the restructuring by starting to implement that plan or announcing its main features to those affected by it. . Evidence that an enterprise has started to implement a restructuring plan would be provided, 55for example, by dismantling plant or selling assets or by the public announcement of the main features of the plan. A public announcement of a detailed plan to restructure constitutes a constructive obligation to restructure only if it is made in such a way and in sufficient detail (i.e. setting out the main features of the plan) that it gives rise to valid expectations in other parties such as customers, suppliers and employees (or their representatives) that the enterprise will carry out the restructuring.56. For a plan to be sufficient to give rise to a constructive obligation when communicated to those affected by it, its implementation needs to be planned to begin as soon as possible and to be completed in a timeframe that makes significant changes to the plan unlikely. If it is expected that there will be a long delay before the restructuring begins or that the restructuring will take an unreasonably long time, it is unlikely that the plan will raise a valid expectation on the part of others that theenterprise is at present committed to restructuring, because the timeframe allows opportunities for the enterprise to change its plans.57. A management or board decision to restructure taken before the balance sheet date does not give rise to a constructive obligation at the balance sheet date unless the enterprise has, before the balance sheet date:(a) started to implement the restructuring plan;(b) announced the main features of the restructuring plan to those affected by it in a sufficiently specific manner to raise a valid expectation in them that the enterprise will carry out the restructuring. In some cases, an enterprise starts to implement a restructuring plan, or announces its main features to those affected, only after the balance sheet date. Disclosure may be , Events After the Balance Sheet Date, if the restructuring is of required under IAS 10 such importance that its non-disclosure would affect the ability of the users of the financial statements to make proper evaluations and decisions.58. Although a constructive obligation is not created solely by a management decision, an obligation may result from other earlier events together with such a decision. For example, negotiations with employee representatives for termination payments, or with purchasers for the sale of an operation, may have been concluded subject only to board approval. Once that approval has been obtained and communicated to the other parties, the enterprise has a constructive obligation to restructure, if theconditions of paragraph 72 are met.. 59. In some countries, the ultimate authority is vested in a board whose membership gement (e.g. employees) includes representatives of interests other than those of managment.or notification to such representatives may be necessary before the board decision is taken. Because a decision by such a board involves communication to these representatives, it may result in a constructive obligation to restructure.60. No obligation arises for the sale of an operation until the enterprise is committed to the sale, i.e. there is a binding sale agreement.61. Even when an enterprise has taken a decision to sell an operation and announced that decision publicly, it cannot be committed to the sale until a purchaser has been identified and there is a binding sale agreement. Until there is a binding sale agreement, the enterprise will be able to change its mind and indeed will have to take another course of action if a purchaser cannot be found on acceptable terms. When the sale of an operation is envisaged as part of a restructuring, the assets of the operation , Impairment of Assets. When a sale is only are reviewed for impairme-ent under IAS 36part of a restructuring, a constructive obligation can arise for the other parts of the restructuring before a binding sale agreement exists.62. A restructuring provision should include only the direct expenditures arising form the restrict-uring,which are those that are both:(a) necessarily entailed by the restructuring; and(b) not associated with the ongoing activities of the enterprise.63. A restructuring provision does not include such costs as:(a) retraining or relocating continuing staff;(b) marketing; or(c) investment in new systems and distribution networks.These expenditures relate to the future conduct of the business and are not liabilities for restructuring at the balance sheet date. Such expenditures are recognised on the same basis as if they arose independently of a restructuring.64. Identifiable future operating losses up to the date of a restructuring are not included in a provision, unless they relate to an onerous contract as defined in paragraph 10. , gains on the expected disposal of assets are not taken65. As required by paragraph 51into account in measuring a restructuring provision, even if the sale of assets is envisaged as part of the restructuring.Disclosure66. For each class of provision, an enterprise should disclose:(a) the carrying amount at the beginning and end of the period;(b) additional provisions made in the period, including increases toexisting provisions; (c) amounts used (i.e. incurred and charged against the provision) during the period; (d) unused amounts reversed during the period; and(e) the increase during the period in the discounted amount arising from the passage of time and the effect of any change in the discount rate. Comparative information is not required67. An enterprise should disclose the following for each class of provision:(a) a brief description of the nature of the obligation and the expected timing of any resulting outflows of economic benefits;(b) an indication of the uncertainties about the amount or timing of those outflows. Where necessary to provide adequate information, an enterprise should disclose the major assumptions made concerning future events, as addressed in paragraph 48(c) the amount of any expected reimbursement, stating the amount of any asset that has been recognised for that expected reimbursement.68. Unless the possibility of any outflow in settlement is remote, an enterprise should disclose for each class of contingent liability at the balance sheet date a brief description of the nature of the contingent liability and, where practicable:;(a) an estimate of its financial effect, measured under paragraphs 36(b) an indication of the uncertainties relating to the amount or timing of any outflow; (c) the possibility of any reimbursement.69. In determining which provisions or contingent liabilities may be aggregated to form a class, it is necessary to consider whether the nature of the items is sufficiently similar for a single statement about them to fulfil the requirements of paragraphs 85(a)and (b) and 86(a) and (b). Thus, it may be appropriate to treat as a single class of provision amounts relating to warranties of different products, but it would not be appropriate to treat as a single class amounts relating to normal warranties and amounts that are subject to legal proceedings.70. Where a provision and a contingent liability arise from the same set of -86 in a circumstances, an enterprise makes the disclosures required by paragraphs 84 that shows the link between the provision and the contingent liability.71. Where an inflow of economic benefits is probable, an enterprise should disclose a brief description of the nature of the contingent assets at the balance sheet date, and, where practicable, an estimate of their financial effect, measured using the principles set out for provisions in paragraphs 3672. It is important that disclosures for contingent assets avoid giving misleading ndications of the likelihood of income arising.73 In extremely rare cases, disclosure of some or all of the information required by paragraphs 84-89 can be expected to prejudice seriously the position of the enterprise a dispute with other parties on the subject matterof the provision, contingent or contingent asset. In such cases, an enterprise need not disclose the information, but should disclose the general nature of the dispute, together with the fact that, and reason why, the information has not been disclosed. Transitional Provisions74. The effect of adopting this Standard on its effective date (or earlier) should be reported as an adjustment to the opening balance of retained earnings for the period in which the Standard is first adopted. Enterprises are encouraged, but not required, to adjust the opening balance of retained earnings for the earliest period presented and to restate comparative information. If comparative information is not restated, this fact should be disclosed. , Net Profit or Loss for the75. The Standard requires a different treatment from IAS 8requires Period, Fundamental Errors and Changes in Accounting Policies. IAS 8comparative information to be restated (benchmark treatment) or additional pro forma comparative information on a restated basis to be disclosed (allowed alternative reatment) unless it is impracticable to do so.。
会计理论与资产评估的替代方法外文文献翻译-10页文档资料
会计理论和资产评估的替代方法埃尔温·戴沃特经济学系，不列颠哥伦比亚大学，温哥华，不列颠哥伦比亚省，加拿大，V6N 1Z1电子邮件：diewert@econ.ubc.ca1.介绍在这一章中，我们研究以下问题：在连续的会计期间内，如何对企业所拥有的耐用资产进行价值评估并得出每一期的相应评估结果。
众所周知，在对企业的资产进行评估时，存在多种评估方法。
在这里我们主要介绍七种评估方法：（1）重置成本法；（2）物价指数法；（3）市场法；（4）功能系数法；（5）净现值法；（6）根据资产的具体指数调整历史成本；（7）通过跨期成本分摊来确定价值的方法。
就目前而言，重置成本法广泛被评估师所采用。
但是，这一方法存在着假设前提，即不存在通货膨胀这一现象或通货膨胀影响甚小，可忽略不计。
上述七种评估方法中，第二条至第六条，资产的价格都会随着时间的推移有所变动。
最后一种方法与固定费用跨期分摊紧密相联，将在文章的第八部分作出详细的说明，此处不再赘述。
2. 重置成本法“今天的一美元的购买力肯定与1897年的一美元的购买力不同。
这是由于消费价格总水平的波动，因而美元的购买力发生变化。
这一不同的价格量度就好比英寸与厘米之间的代换或是用橡皮带来测量字段。
”利文斯顿（1918年；114-115）。
历史成本折旧（如：资产价值下跌超过一个会计期间）可定义为：当评估出资产的使用寿命和确定了资产的相应折旧期限时，资产的原值就要合理的分摊与这一会计期限内，而历史成本折旧就是这一相对的周期性折旧金额。
相应的会计期间终结时资产的历史成本价值成本可简单的表述为原值减去累计折旧后的余额除以总使用年限。
在第二章，我们了解到运用历史成本法计价资产时所面临的主要问题：倘若在资产的采购期至企业所处的会计期间这一段时期内，资产的价格有了大幅度的变化（例如由通货膨胀所引起），则运用历史成本计价可能无法真实的反映资产的当前市场价值。
因此在通货膨胀的情况下，历史成本的折旧额会被低估而相应的收入会被夸大，同时企业所得税可能转变为资本得税。
关于会计的英文文献原文(带中文翻译)
The Optimization Method of Financial Statements Based on Accounting Management TheoryABSTRACTThis paper develops an approach to enhance the reliability and usefulness of financial statements. International Financial Reporting Standards (IFRS) was fundamentally flawed by fair value accounting and asset-impairment accounting. According to legal theory and accounting theory, accounting data must have legal evidence as its source document. The conventional “mixed attribute” accounting system should be re placed by a “segregated” system with historical cost and fair value being kept strictly apart in financial statements. The proposed optimizing method will significantly enhance the reliability and usefulness of financial statements.I.. INTRODUCTIONBased on international-accounting-convergence approach, the Ministry of Finance issued the Enterprise Accounting Standards in 2006 taking the International Financial Reporting Standards (hereinafter referred to as “the International Standards”) for reference. The Enterprise Accounting Standards carries out fair value accounting successfully, and spreads the sense that accounting should reflect market value objectively. The objective of accounting reformation following-up is to establish the accounting theory and methodology which not only use international advanced theory for reference, but also accord with the needs of China's socialist market economy construction. On the basis of a thorough evaluation of the achievements and limitations of International Standards, this paper puts forward a stand that to deepen accounting reformation and enhance the stability of accounting regulations.II. OPTIMIZA TION OF FINANCIAL STATEMENTS SYSTEM: PARALLELING LISTING OF LEGAL FACTS AND FINANCIAL EXPECTA TIONAs an important management activity, accounting should make use of information systems based on classified statistics, and serve for both micro-economic management and macro-economic regulation at the same time. Optimization of financial statements system should try to take all aspects of the demands of the financial statements in both macro and micro level into account.Why do companies need to prepare financial statements? Whose demands should be considered while preparing financial statements? Those questions are basic issues we should consider on the optimization of financial statements. From the perspective of "public interests", reliability and legal evidence are required as qualitative characters, which is the origin of the traditional "historical cost accounting". From the perspective of "private interest", security investors and financial regulatory authoritieshope that financial statements reflect changes of market prices timely recording "objective" market conditions. This is the origin of "fair value accounting". Whether one set of financial statements can be compatible with these two different views and balance the public interest and private interest? To solve this problem, we design a new balance sheet and an income statement.From 1992 to 2006, a lot of new ideas and new perspectives are introduced into China's accounting practices from international accounting standards in a gradual manner during the accounting reform in China. These ideas and perspectives enriched the understanding of the financial statements in China. These achievements deserve our full assessment and should be fully affirmed. However, academia and standard-setters are also aware that International Standards are still in the process of developing .The purpose of proposing new formats of financial statements in this paper is to push forward the accounting reform into a deeper level on the basis of international convergence.III. THE PRACTICABILITY OF IMPROVING THE FINANCIAL STATEMENTS SYSTEMWhether the financial statements are able to maintain their stability? It is necessary to mobilize the initiatives of both supply-side and demand-side at the same time. We should consider whether financial statements could meet the demands of the macro-economic regulation and business administration, and whether they are popular with millions of accountants.Accountants are responsible for preparing financial statements and auditors are responsible for auditing. They will benefit from the implementation of the new financial statements.Firstly, for the accountants, under the isolated design of historical cost accounting and fair value accounting, their daily accounting practice is greatly simplified. Accounting process will not need assets impairment and fair value any longer. Accounting books will not record impairment and appreciation of assets any longer, for the historical cost accounting is comprehensively implemented. Fair value information will be recorded in accordance with assessment only at the balance sheet date and only in the annual financial statements. Historical cost accounting is more likely to be recognized by the tax authorities, which saves heavy workload of the tax adjustment. Accountants will not need to calculate the deferred income tax expense any longer, and the profit-after-tax in the solid line table is acknowledged by the Company Law, which solves the problem of determining the profit available for distribution.Accountants do not need to record the fair value information needed by security investors in the accounting books; instead, they only need to list the fair value information at the balance sheet date. In addition, because the data in the solid line table has legal credibility, so the legal risks of accountants can be well controlled. Secondly, the arbitrariness of the accounting process will be reduced, and the auditors’ review process will be greatly simplified. The independent auditors will not have to bear the considerable legal risk for the dotted-line table they audit, because the risk of fair value information has been prompted as "not supported by legalevidences". Accountants and auditors can quickly adapt to this financial statements system, without the need of training. In this way, they can save a lot of time to help companies to improve management efficiency. Surveys show that the above design of financial statements is popular with accountants and auditors. Since the workloads of accounting and auditing have been substantially reduced, therefore, the total expenses for auditing and evaluation will not exceed current level as well.In short, from the perspectives of both supply-side and demand-side, the improved financial statements are expected to enhance the usefulness of financial statements, without increase the burden of the supply-side.IV. CONCLUSIONS AND POLICY RECOMMENDATIONSThe current rule of mixed presentation of fair value data and historical cost data could be improved. The core concept of fair value is to make financial statements reflect the fair value of assets and liabilities, so that we can subtract the fair value of liabilities from assets to obtain the net fair value.However, the current International Standards do not implement this concept, but try to partly transform the historical cost accounting, which leads to mixed using of impairment accounting and fair value accounting. China's accounting academic research has followed up step by step since 1980s, and now has already introduced a mixed-attributes model into corporate financial statements.By distinguishing legal facts from financial expectations, we can balance public interests and private interests and can redesign the financial statements system with enhancing management efficiency and implementing higher-level laws as main objective. By presenting fair value and historical cost in one set of financial statements at the same time, the statements will not only meet the needs of keeping books according to domestic laws, but also meet the demand from financial regulatory authorities and security investorsWe hope that practitioners and theorists offer advices and suggestions on the problem of improving the financial statements to build a financial statements system which not only meets the domestic needs, but also converges with the International Standards.基于会计管理理论的财务报表的优化方法摘要本文提供了一个方法，以提高财务报表的可靠性和实用性。
会计文献中英文对照
The Optimization Method of Financial Statements Based on Accounting Management Theory基于会计管理理论的财务报表的优化方法Abstract—This paper develops an approach to enhance the reliability and usefulness of financial statements. International Financial Reporting Standards (IFRS) was fundamentally flawed by fair value accounting and asset-impairment accounting. According to legal theory and accounting theory, accounting data must have legal evidence as its source document. The conventional “mixed attribute” accounting system should be replaced by a “segregated” system with historical cost and fair value being kept strictly apart in financial statements. The proposed optimizing method will significantly enhance the reliability and usefulness of financial statements.摘要——本文提供了一个方法，以提高财务报表的可靠性和实用性。
国际财务报告准则（IFRS）的根本缺陷是由公平价值核算和资产减值核算。
会计学中英文对照外文翻译文献
(文档含英文原文和中文翻译)中英文资料外文翻译文献Title:Future of SME finance（Background – the environment for SME finance has changedFuture economic recovery will depend on the possibility of Crafts, Trades and SMEs to exploit their potential for growth and employment creation.SMEs make a major contribution to growth and employment in the EU and are at the heart of the Lisbon Strategy, whose main objective is to turn Europe into the most competitive and dynamic knowledge-based economy in the world. However, the ability of SMEs to grow depends highly on their potential to invest in restructuring, innovation and qualification. All of these investments need capital and thereforeaccess to finance.Against this background the consistently repeated complaint of SMEs about their problems regarding access to finance is a highly relevant constraint that endangers the economic recovery of Europe.Changes in the finance sector influence the behavior of credit institutes towards Crafts, Trades and SMEs. Recent and ongoing developments in the banking sector add to the concerns of SMEs and will further endanger their access to finance. The main changes in the banking sector which influence SME finance are:•Globalization and internationalization have increased the competition and the profit orientation in the sector;•worsening of the economic situations in some institutes (burst of the ITC bubble, insolvencies) strengthen the focus on profitability further;•Mergers and restructuring created larger structures and many local branches, which had direct and personalized contacts with small enterprises, were closed;•up-coming implementation of new capital adequacy rules (Basel II) will also change SME business of the credit sector and will increase its administrative costs;•Stricter interpretation of State-Aide Rules by the European Commission eliminates the support of banks by public guarantees; many of the effected banks are very active in SME finance.All these changes result in a higher sensitivity for risks and profits in the finance sector.The changes in the finance sector affect the accessibility of SMEs to finance.Higher risk awareness in the credit sector, a stronger focus on profitability and the ongoing restructuring in the finance sector change the framework for SME finance and influence the accessibility of SMEs to finance. The most important changes are: •In order to make the higher risk awareness operational, the credit sector introduces new rating systems and instruments for credit scoring;•Risk assessment of SMEs by banks will force the enterprises to present more and better quality information on their businesses;•Banks will try to pass through their additional costs for implementing and running the new capital regulations (Basel II) to their business clients;•due to the increase of competition on interest rates, the bank sector demands more and higher fees for its services (administration of accounts, payments systems,etc.), which are not only additional costs for SMEs but also limit their liquidity;•Small enterprises will lose their personal relationship with decision-makers in local branches –the credit application process will become more formal and anonymous and will probably lose longer;•the credit sector will lose more and more its “public function” to provide access to finance for a wide range of economic actors, which it has in a number of countries, in order to support and facilitate economic growth; the profitability of lending becomes the main focus of private credit institutions.All of these developments will make access to finance for SMEs even more difficult and / or will increase the cost of external finance. Business start-ups and SMEs, which want to enter new markets, may especially suffer from shortages regarding finance. A European Code of Conduct between Banks and SMEs would have allowed at least more transparency in the relations between Banks and SMEs and UEAPME regrets that the bank sector was not able to agree on such a commitment.Towards an encompassing policy approach to improve the access of Crafts, Trades and SMEs to financeAll analyses show that credits and loans will stay the main source of finance for the SME sector in Europe. Access to finance was always a main concern for SMEs, but the recent developments in the finance sector worsen the situation even more. Shortage of finance is already a relevant factor, which hinders economic recovery in Europe. Many SMEs are not able to finance their needs for investment.Therefore, UEAPME expects the new European Commission and the new European Parliament to strengthen their efforts to improve the framework conditions for SME finance. Europe’s Crafts, Trades and SMEs ask for an encompassing policy approach, which includes not only the conditions for SMEs’ access to lending, bu t will also strengthen their capacity for internal finance and their access to external risk capital.From UEAPME’s point of view such an encompassing approach should be based on three guiding principles:•Risk-sharing between private investors, financial institutes, SMEs and public sector;•Increase of transparency of SMEs towards their external investors and lenders;•improving the regulatory environment for SME finance.Based on these principles and against the background of the changing environment for SME finance, UEAPME proposes policy measures in the following areas:1. New Capital Requirement Directive: SME friendly implementation of Basel IIDue to intensive lobbying activities, UEAPME, together with other Business Associations in Europe, has achieved some improvements in favour of SMEs regarding the new Basel Agreement on regulatory capital (Basel II). The final agreement from the Basel Committee contains a much more realistic approach toward the real risk situation of SME lending for the finance market and will allow the necessary room for adaptations, which respect the different regional traditions and institutional structures.However, the new regulatory system will influence the relations between Banks and SMEs and it will depend very much on the way it will be implemented into European law, whether Basel II becomes burdensome for SMEs and if it will reduce access to finance for them.The new Capital Accord form the Basel Committee gives the financial market authorities and herewith the European Institutions, a lot of flexibility. In about 70 areas they have room to adapt the Accord to their specific needs when implementing it into EU law. Some of them will have important effects on the costs and the accessibility of finance for SMEs.UEAPME expects therefore from the new European Commission and the new European Parliament:•The implementation of the new Capital Requirement Directive will be costly for the Finance Sector (up to 30 Billion Euro till 2006) and its clients will have to pay for it. Therefore, the implementation – especially for smaller banks, which are often very active in SME finance –has to be carried out with as little administrative burdensome as possible (reporting obligations, statistics, etc.).•The European Regulators must recognize traditional instruments for collaterals (guarantees, etc.) as far as possible.•The European Commission and later the Member States should take over the recommendations from the European Parliament with regard to granularity, access to retail portfolio, maturity, partial use, adaptation of thresholds, etc., which will easethe burden on SME finance.2. SMEs need transparent rating proceduresDue to higher risk awareness of the finance sector and the needs of Basel II, many SMEs will be confronted for the first time with internal rating procedures or credit scoring systems by their banks. The bank will require more and better quality information from their clients and will assess them in a new way. Both up-coming developments are already causing increasing uncertainty amongst SMEs.In order to reduce this uncertainty and to allow SMEs to understand the principles of the new risk assessment, UEAPME demands transparent rating procedures –rating procedures may not become a “Black Box” for SMEs:•The bank should communicate the relevant criteria affecting the rating of SMEs.•The bank should inform SMEs about its assessment in order to allow SMEs to improve.The negotiations on a European Code of Conduct between Banks and SMEs , which would have included a self-commitment for transparent rating procedures by Banks, failed. Therefore, UEAPME expects from the new European Commission and the new European Parliament support for:•binding rules in the framework of the new Capital Adequacy Directive, which ensure the transparency of rating procedures and credit scoring systems for SMEs;•Elaboration of national Codes of Conduct in order to improve the relations between Banks and SMEs and to support the adaptation of SMEs to the new financial environment.3. SMEs need an extension of credit guarantee systems with a special focus on Micro-LendingBusiness start-ups, the transfer of businesses and innovative fast growth SMEs also depended in the past very often on public support to get access to finance. Increasing risk awareness by banks and the stricter interpretation of State Aid Rules will further increase the need for public support.Already now, there are credit guarantee schemes in many countries on the limit of their capacity and too many investment projects cannot be realized by SMEs.Experiences show that Public money, spent for supporting credit guaranteessystems, is a very efficient instrument and has a much higher multiplying effect than other instruments. One Euro form the European Investment Funds can stimulate 30 Euro investments in SMEs (for venture capital funds the relation is only 1:2).Therefore, UEAPME expects the new European Commission and the new European Parliament to support:•The extension of funds for national credit guarantees schemes in the framework of the new Multi-Annual Programmed for Enterprises;•The development of new instruments for securitizations of SME portfolios;•The recognition of existing and well functioning credit guarantees schemes as collateral;•More flexibility within the European Instruments, because of national differences in the situation of SME finance;•The development of credit guarantees schemes in the new Member States;•The development of an SBIC-like scheme in the Member States to close the equity gap (0.2 – 2.5 Mio Euro, according to the expert meeting on PACE on April 27 in Luxemburg).•the development of a financial support scheme to encourage the internalizations of SMEs (currently there is no scheme available at EU level: termination of JOP, fading out of JEV).4. SMEs need company and income taxation systems, which strengthen their capacity for self-financingMany EU Member States have company and income taxation systems with negative incentives to build-up capital within the company by re-investing their profits. This is especially true for companies, which have to pay income taxes. Already in the past tax-regimes was one of the reasons for the higher dependence of Europe’s SMEs on bank lending. In future, the result of rating will also d epend on the amount of capital in the company; the high dependence on lending will influence the access to lending. This is a vicious cycle, which has to be broken.Even though company and income taxation falls under the competence of Member States, UEAPME asks the new European Commission and the new European Parliament to publicly support tax-reforms, which will strengthen the capacity of Crafts, Trades and SME for self-financing. Thereby, a special focus on non-corporate companies is needed.5. Risk Capital – equity financingExternal equity financing does not have a real tradition in the SME sector. On the one hand, small enterprises and family business in general have traditionally not been very open towards external equity financing and are not used to informing transparently about their business.On the other hand, many investors of venture capital and similar forms of equity finance are very reluctant regarding investing their funds in smaller companies, which is more costly than investing bigger amounts in larger companies. Furthermore it is much more difficult to set out of such investments in smaller companies.Even though equity financing will never become the main source of financing for SMEs, it is an important instrument for highly innovative start-ups and fast growing companies and it has therefore to be further developed. UEAPME sees three pillars for such an approach where policy support is needed:Availability of venture capital•The Member States should review their taxation systems in order to create incentives to invest private money in all forms of venture capital.•Guarantee instruments for equity financing should be further developed.Improve the conditions for investing venture capital into SMEs•The development of secondary markets for venture capital investments in SMEs should be supported.•Accounting Standards for SMEs should be revised in order to ease transparent exchange of information between investor and owner-manager.Owner-managers must become more aware about the need for transparency towards investors•SME owners will have to realise that in future access to external finance (venture capital or lending) will depend much more on a transparent and open exchange of information about the situation and the perspectives of their companies.•In order to fulfil the new needs for transparency, SMEs will have to use new information instruments (business plans, financial reporting, etc.) and new management instruments (risk-management, financial management, etc.).外文资料翻译题目：未来的中小企业融资背景：中小企业融资已经改变未来的经济复苏将取决于能否工艺品，贸易和中小企业利用其潜在的增长和创造就业。
资产重估中英文对照外文翻译文献
资产重估中英文对照外文翻译文献(文档含英文原文和中文翻译)资产重估研究摘要一般公认会计准则要求用不同方法来对资产的历史成本进行计价。
在这里，我们提供了一个简单的模型，而这种模型的变化，取决于管理目标和经济力量大小的不同。
该模型的主要特点是企业投资的资产依据的是无法沟通的私人信息。
当出现“柠檬问题”时，需要以强制审计的方式对其进行资产价值重估。
我们发现，最佳的升值策略可以通过看似繁多的资产重估方法来达到，这是一般公认会计准则的特点。
一、简介一般公认会计准则提供了一个令人眼花缭乱而又看似矛盾的的资产重估要求。
这些要求包括：成本或市价孰低法，可收回价值以净流量计价，无后续支出的固定资产采用成本与市价孰低计价，金融工具以公允价值计价。
我们研究了一个因现行规则影响的投资规模和资产价格重估模型。
我们发现，因规管目标和模型参数各异，上述政策都可以成为最佳的政策。
这一发现表明，标准的经济因素可能要求同时运用一般公认会计准则中规定的多项资产重估规则。
该模型的主要特色是一个简单的柠檬原理(乔治·阿克洛夫于1970年提出)，凡投资者收购一项资产，在转售开放市场之前，双方私下约定遵守“相关价值”的信息。
一些潜在的卖主们迫于清算其持有资产对资金流动性影响的担忧，同时，考虑到其他人可能通过私人信息了解因其流动性约束，进行模拟性投机。
正是这种模拟，形成了市场中的“柠檬问题”。
反过来，这种“柠檬问题”可能会影响预期的投资激励措施，作为企业家要预计“错误定价”，并认识到，如果他们最终成为流动性约束，他们可能无法赚取合理的投资回报。
反过来，强制重估实际上远离历史成本的低价值资产，可以在原则上形成更多的准确的价格，从而保护投资者的利益，提高投资回报。
然而，重估法规还可以要求对提出资产重估的一方承担这些昂贵的重估费用。
这些费用，反过来又可能扭曲投资决策，可能会影响的资产重估机构公正性。
对资产重估法规优化设计需要对这些收益和成本进行平衡考虑。
资产重估中英文对照外文翻译文献
资产重估中英文对照外文翻译文献(文档含英文原文和中文翻译)资产重估研究摘要一般公认会计准则要求用不同方法来对资产的历史成本进行计价。
在这里，我们提供了一个简单的模型，而这种模型的变化，取决于管理目标和经济力量大小的不同。
该模型的主要特点是企业投资的资产依据的是无法沟通的私人信息。
当出现“柠檬问题”时，需要以强制审计的方式对其进行资产价值重估。
我们发现，最佳的升值策略可以通过看似繁多的资产重估方法来达到，这是一般公认会计准则的特点。
一、简介一般公认会计准则提供了一个令人眼花缭乱而又看似矛盾的的资产重估要求。
这些要求包括：成本或市价孰低法，可收回价值以净流量计价，无后续支出的固定资产采用成本与市价孰低计价，金融工具以公允价值计价。
我们研究了一个因现行规则影响的投资规模和资产价格重估模型。
我们发现，因规管目标和模型参数各异，上述政策都可以成为最佳的政策。
这一发现表明，标准的经济因素可能要求同时运用一般公认会计准则中规定的多项资产重估规则。
该模型的主要特色是一个简单的柠檬原理(乔治·阿克洛夫于1970年提出)，凡投资者收购一项资产，在转售开放市场之前，双方私下约定遵守“相关价值”的信息。
一些潜在的卖主们迫于清算其持有资产对资金流动性影响的担忧，同时，考虑到其他人可能通过私人信息了解因其流动性约束，进行模拟性投机。
正是这种模拟，形成了市场中的“柠檬问题”。
反过来，这种“柠檬问题”可能会影响预期的投资激励措施，作为企业家要预计“错误定价”，并认识到，如果他们最终成为流动性约束，他们可能无法赚取合理的投资回报。
反过来，强制重估实际上远离历史成本的低价值资产，可以在原则上形成更多的准确的价格，从而保护投资者的利益，提高投资回报。
然而，重估法规还可以要求对提出资产重估的一方承担这些昂贵的重估费用。
这些费用，反过来又可能扭曲投资决策，可能会影响的资产重估机构公正性。
对资产重估法规优化设计需要对这些收益和成本进行平衡考虑。
财务管理类外文文献
Exploration of Accounting Education ReformEducation is the future of accounting Education in accounting to have access to accounting expertise. Receiving education is the starting point of the accounting profession. As in all areas of high use of discipline in the 21st century as well as China's market integration process speeds up, the accounting professional Development goal must be to thick foundation, wide caliber, high-quality general-purpose, intelligent people. accounting degree education reform must strike out.Pay full attention to practical knowledge of accounting education. Fundamentally rationalize the accounting theory and practice of education, the relationship between education and straightened accounting practice of accounting education in the academic education of the whole position, and effectively recognize the accounting practice of education in the future, the role of practical work, a clear accounting practice education is to create Economic applications effective way of talent.Construction of a new accounting practice of science education system, should consistently adhere to the "practice teaching highlights capacity-building" principles, it has the following characteristics: first, the systematicness. Designed by means of accounting practice teaching must be systematic, complete, consistent with the teaching requirements, and to comply with the laws of learning and memory, from the easier to the advanced, from simple to complexity. Second, the practicality. Refers to the new system in a variety of applications, should occur in a typical accounting practice business process through the theory and design. Third, in advance. The new design is the practice of the teaching system, the creation of a new accounting work on behalf of the future direction of elements. In addition, with contemporary science and Technology and information revolution, corresponding to the development, we should further explore the establishment of computerized accounting practices as represented by the teaching system in order to train students to become proficient in the use of machine analysis and the use of the capacity of the major accounting information . Practice of the use of advanced teaching methods. It should be noted, to computerized information-Technology revolution represented, will make more and more traditional manual accounting experiment does not meet the needs of accounting practices. Should establish a high starting point, simulation and strong accounting simulation system so that accounting practices the teaching environment more realistic. Should pay attention to the diversity of accounting experiment, in addition to opening of Financial Management and management accounting experiment, we must also additional business, tax, accounting system design, project feasibility, asset evaluation and other test programs and pilot projects, adequate attention to these aspects of software development and hardware investment.Ideological education and professional ethics. In a market economy environment, the special nature of accounting require accounting personnel should not only have excellent technical expertise, but also have a high Political level and good work ethic. Academic education in the accounting period, to encourage students to serious Political theory courses, a firm belief in Marxism-Leninism, and foster the idea ofserving the people, conscientiously study Deng Xiaoping Theory and "Three Represents" important thought, so that students in the contemporary Political vicissitudes remain sober-minded , there is a firm and correct political position; education students are often concerned about the situation, policy, ethics, law, etc., to improve self-discipline capability and the ability to distinguish right from wrong, and actively participate in various charity activities, to develop team spirit. Students before graduation to open the accounting professional Ethics courses, fully explain the accounting regulations and ethical theory, allow students a clear accounting in economic management in an important position, consciously establish the spirit of dedication, sense of responsibility, to develop students awareness of good professional Ethics .Re-learning ability and sense of Innovation education. It should be noted that in the accounting academic education, the students are equipped with only the most basic knowledge and skills, some of them leave school without the knowledge became obsolete. This is a prominent feature of today's. Diploma and certificate only proof of student's past, but can not prove that its present and future. Must train students in practical work in the future re-learning ability and Innovation awareness and capacity. Such as human resources, accounting, information and knowledge as an intangible asset valuation, derivatives of the measurement of such knowledge, students receive academic education system during the period had a chance to learn and master. Accounting graduates should be able be to study and master the knowledge and competency.Physical and psychological quality education. In addition to these abilities, we should also pay attention to the students physical and psychological quality of training and training to enable students to develop good exercise habits, trained to a healthy body, while students have a tough, tenacious, are not afraid of setbacks, the will to adapt to environmental change and quality has a positive progressive attitude toward life self-improvement and good sense of team identity. Can allow students to practice, through social means of social contact, with full preparation to meet the challenge, fully display his talent.In short, in the accounting degree stage of education to students of accounting theory with a thicker and wider professional caliber, high professional quality, strong operational capabilities to enable students to have a wider space for development to meet the 21st century needs of economic development.会计教育的改革探索教育被认为是得以进入会计专业技能的会计教育之未来，接受教育则是会计行业的起点。
财务报表分析外文文献及翻译
Review of accounting studies,2003,16(8):531-560Financial Statement Analysis of Leverage and How It Informs About Protability andPrice-to-Book RatiosDoron Nissim, Stephen. PenmanAbstractThis paper presents a ?nancial statement analysis that distinguishes leverage that arises in ?nancing activities from leverage that arises in operations. The analysis yields two leveraging equations, one for borrowing to ?nance operations and one for borrowing in the course of operations. These leveraging equations describe how the two types of leverage affect book rates of return on equity. An empirical analysis shows that the ?nancial statement analysis explains cross-sectional differences in current and future rates of return as well as price-to-book ratios, which are based on expected rates of return on equity. The paper therefore concludes that balance sheet line items for operating liabilities are priced differently than those dealing with ?nancing liabilities. Accordingly, ?nancial statement analysis that distinguishes the two types of liabilities informs on future pro?tability and aids in the evaluation of appropriate price-to-book ratios. Keywords: financing leverage; operating liability leverage; rate of return on equity; price-to-book ratioLeverage is traditionally viewed as arising from ?nancing activities: Firms borrow to raise cash for operations. This paper shows that, for the purposes of analyzing pro?tability and valuing ?rms, two types of leverage are relevant, one indeed arising from ?nancing activities but another from operating activities. The paper supplies a ?nancial statement analysis of the two types of leverage that explains differences in shareholder pro?tability and price-to-book ratios.The standard measure of leverage is total liabilities to equity. However, while some liabilities—like bank loans and bonds issued—are due to ?nancing, other liabilities—like trade payables, deferred revenues, and pension liabilities—result from transactions with suppliers, customers and employees in conducting operations. Financing liabilities are typically traded in well-functioning capital markets where issuers are price takers. In contrast, ?rms are able to add value in operations because operations involve trading in input and output markets that are less perfect than capital markets. So, with equity valuation in mind, there are a priori reasons for viewing operating liabilities differently from liabilities that arise in ?nancing.Our research asks whether a dollar of operating liabilities on the balancesheet is priced differently from a dollar of ?nancing liabilities. As operating and ?nancing liabilities are components of the book value of equity, the question is equivalent to asking whether price-to-book ratios depend on the composition of book values. The price-to-book ratio is determined by the expected rate of return on the book value so, if components of book value command different price premiums, they must imply different expected rates of return on book value. Accordingly, the paper also investigates whether the two types of liabilities are associated with differences in future book rates of return.Standard ?nancial statement analysis distinguishes shareholder pro?tability that arises from operations from that which arises from borrowing to ?nance operations. So, return on assets is distinguished from return on equity, with the difference attributed to leverage. However, in the standard analysis, operating liabilities are not distinguished from ?nancing liabilities. Therefore, to develop the speci?cations for the empirical analysis, the paper presents a ?nancial statement analysis that identi?es the effects of operating and ?nancing liabilities on rates of return on book value—and so on price-to-book ratios—with explicit leveraging equations that explain when leverage from each type of liability is favorable or unfavorable.The empirical results in the paper show that ?nancial statement analysis that distinguishes leverage in operations from leverage in ?nancing also distinguishes differences in contemporaneous and future pro?tability among ?rms. Leverage from operating liabilities typically levers pro?tability more than ?nancing leverage and has a higher frequency of favorable , for a given total leverage from both sources, ?rms with higher leverage from operations have higher price-to-book ratios, on average. Additionally, distinction between contractual and estimated operating liabilities explains further differences in ?rms’ pro?tability and their price-to-book ratios.Our results are of consequence to an analyst who wishes to forecast earnings and book rates of return to value ?rms. Those forecasts—and valuations derived from them—depend, we show, on the composition of liabilities. The ?nancial statement analysis of the paper, supported by the empirical results, shows how to exploit information in the balance sheet for forecasting and valuation.The paper proceeds as follows. Section 1 outlines the ?nancial statements analysis that identi?es the two types of leverage and lays out expressions that tie leverage measures to pro?tability. Section 2 links leverage to equity value and price-to-book ratios. The empirical analysis is in Section 3, with conclusions summarized in Section 4.1. Financial Statement Analysis of LeverageThe following ?nancial statement analysis separates the effects of ?nancing liabilities and operating liabilities on the pro?tability of shareholders’ equity. The analysis yields explicit leveraging equations from which the speci?cations for the empirical analysis are developed. Shareholder pro?tability, return on common equity, is measured asReturn on common equity (ROCE) = comprehensive net income ÷common equity(1)Leverage affects both the numerator and denominator of this pro?tability measure. Appropriate ?nancial statement analysis disentangles the effects of leverage. Theanalysis below, which elaborates on parts of Nissim and Penman (2001), begins by identifying components of the balance sheet and income statement that involveoperating and ?nancing activities. The pro?tability due to each activity is then calculated and two types of leverage are introduced to explain both operatingand ?nancing pro?tability and overall shareholder pro?tability.Distinguishing the Protability of Operations from the Protability of Financing ActivitiesWith a focus on common equity (so that preferred equity is viewed as a ?nancial liability), the balance sheet equation can be restated as follows:Common equity =operating assets＋financial assets－operating liabilities－Financial liabilities (2) The distinction here between operating assets (like trade receivables, inventoryand property,plant and equipment) and ?nancial assets (the deposits and marketable securities that absorb excess cash) is made in other contexts. However, on theliability side, ?nancing liabilities are also distinguished here from operating liabilities. Rather than treating all liabilities as ?nancing debt, onlyliabilities that raise cash for operations—like bank loans, short-term commercialpaper and bonds—are classi?ed as such. Other liabilities—such as accounts payable, accrued expenses, deferred revenue, restructuring liabilities andpension liabilities—arise from operations. The distinction is not as simple ascurrent versus long-term liabilities; pension liabilities, for example, areusually long-term, and short-term borrowing is a current liability.Rearranging terms in equation (2),Common equity = (operating assets－operating liabilities)－(financialliabilities－financial assets)Or,Common equity = net operating assets－net financing debt (3)This equation regroups assets and liabilities into operating and ?nancing activities. Net operating assets are operating assets less operating liabilities.So a ?rm might invest in inventories, but to the extent to which the suppliersof those inventories grant credit, the net investment in inventories is reduced.Firms pay wages, but to the extent to which the payment of wages is deferred inpension liabilities, the net investment required to run the business is reduced.Net ?nancing debt is ?nancing debt (including preferred stock) minus ?nancialassets. So, a ?rm may issue bonds to raise cash for operations but may also buybonds with excess cash from operations. Its net indebtedness is its net positionin bonds. Indeed a ?rm may be a net creditor (with more ?nancial assets than ?nancial liabilities) rather than a net debtor.The income statement can be reformulated to distinguish income that comes fromoperating and ?nancing activities:Comprehensive net income = operating income－ net financing expense (4)Operating income is produced in operations and net ?nancial expense is incurredin the ?nancing of operations. Interest income on ?nancial assets is netted againstinterest expense on ?nancial liabilities (including preferred dividends) innet ?nancial expense. If interest income is greater than interest expense, ?nancingactivities produce net ?nancial income rather than net ?nancial expense. Bothoperating income and net ?nancial expense (or income) are after Equations (3)and (4) produce clean measures of after-tax operating pro?tability and theborrowing rate:Return on net operating assets (RNOA) = operating income ÷net operating assets(5)andNet borrowing rate (NBR) = net financing expense ÷net financing debt (6)RNOA recognizes that pro?tability must be based on the net assets investedin operations. So ?rms can increase their operating pro?tability by convincing suppliers, in the course of business, to grant or extend credit terms; creditreduces the investment that shareholders would otherwise have to put in thebusiness. Correspondingly, the net borrowing rate, by excluding non-interestbearing liabilities from the denominator, gives the appropriate borrowing ratefor the ?nancing activities.Note that RNOA differs from the more common return on assets (ROA), usuallyde?ned as income before after-tax interest expense to total assets. ROA does not distinguish operating and ?nancing activities appropriately. Unlike ROA, RNOAexcludes ?nancial assets in the denominator and subtracts operating liabilities.Nissim and Penman (2001) report a median ROA for NYSE and AMEX ?rms from 1963–1999of only %, but a median RNOA of %—much closer to what one would expect as a returnto business operations.Financial Leverage and its Effect on Shareholder ProtabilityFrom expressions (3) through (6), it is straightforward to demonstrate thatROCE is a weighted average of RNOA and the net borrowing rate, with weights derivedfrom equation (3):ROCE= [net operating assets ÷common equity× RNOA]－[net financing debt÷common equity ×net borrowing rate(7)Additional algebra leads to the following leveraging equation:ROCE = RNOA＋[FLEV×( RNOA－net borrowing rate )] (8) where FLEV, the measure of leverage from ?nancing activities, isFinancing leverage (FLEV) =net financing debt ÷common equity (9)The FLEV measure excludes operating liabilities but includes (as a netagainst ?nancing debt) ?nancial assets. If ?nancial assets are greaterthan ?nancial liabilities, FLEV is negative. The leveraging equation (8) works for negative FLEV (in which case the net borrowing rate is the return on net ?nancial assets).This analysis breaks shareholder pro?tability, ROCE, down into that which is due to operations and that which is due to ?nancing. Financial leverage levers the ROCE over RNOA, with the leverage effect determined by the amount of ?nancial leverage (FLEV) and the spread between RNOA and the borrowing rate. The spread can be positive (favorable) or negative (unfavorable).Operating Liability Leverage and its Effect on Operating Protability While ?nancing debt levers ROCE, operating liabilities lever the pro?tability of operations, RNOA. RNOA is operating income relative to net operating assets, and net operating assets are operating assets minus operating liabilities. So, the more operating liabilities a ?rm has relative to operating assets, the higher its RNOA, assuming no effect on operating income in the numerator. The intensity of the use of operating liabilities in the investment base is operating liability leverage:Operating liability leverage (OLLEV) =operating liabilities ÷net operating assets (10)Using operating liabilities to lever the rate of return from operations may not come for free, however; there may be a numerator effect on operating income. Suppliers provide what nominally may be interest-free credit, but presumably charge for that credit with higher prices for the goods and services supplied. This is the reason why operating liabilities are inextricably a part of operations rather than the ?nancing of operations. The amount that suppliers actually charge for this credit is dif?cult to identify. But the market borrowing rate is observable. The amount that suppliers would implicitly charge in prices for the credit at this borrowing rate can be estimated as a benchmark:Market interest on operating liabilities= operating liabilities×market borrowing ratewhere the market borrowing rate, given that most credit is short term, can be approximated by the after-tax short-term borrowing rate. This implicit cost is benchmark, for it is the cost that makes suppliers indifferent in supplying cred suppliers are fully compensated if they charge implicit interest at the cost borrowing to supply the credit. Or, alternatively, the ?rm buying the goods or services is indifferent between trade credit and ?nancing purchases at the borrowin rate.To analyze the effect of operating liability leverage on operatingpro?tability, we de?ne:Return on operating assets (ROOA) =(operating income＋market interest on operating liabilities)÷operating assets(11)The numerator of ROOA adjusts operating income for the full implicit cost of trad credit. If suppliers fully charge the implicit cost of credit, ROOA is thereturn of operating assets that would be earned had the ?rm no operating liability leverage. suppliers do not fully charge for the credit, ROOA measures the returnfro operations that includes the favorable implicit credit terms from suppliers.Similar to the leveraging equation (8) for ROCE, RNOA can be expressed as:RNOA = ROOA＋[ OLLEV ×(ROOA－market borrowing rate )] (12)where the borrowing rate is the after-tax short-term interest ROOA, theeffect of leverage on pro?tability is determined by the level of operatingliability leverage and the spread between ROOA and the short-term after-taxinterest rate. Like ?nancing leverage, the effect can be favorable or unfavorable:Firms can reduce their operating pro?tability through operating liability leverageif their ROOA is less than the market borrowing rate. However, ROOA will also beaffected if the implicit borrowing cost on operating liabilities is different fromthe market borrowing rate.Total Leverage and its Effect on Shareholder ProtabilityOperating liabilities and net ?nancing debt combine into a total leverage measure:Total leverage (TLEV) = ( net financing debt＋operating liabilities)÷commonequityThe borrowing rate for total liabilities is:Total borrowing rate = (net financing expense＋market interest on operating liabilities) ÷net financing debt＋operating liabilitiesROCE equals the weighted average of ROOA and the total borrowing rate, wherethe weights are proportional to the amount of total operating assets and the sumof net ?nancing debt and operating liabilities (with a negative sign), respectively.So, similar to the leveraging equations (8) and (12):ROCE = ROOA ＋[TLEV×(ROOA － total borrowing rate)](13)In summary, ?nancial statement analysis of operating and ?nancing activitiesyields three leveraging equations, (8), (12), and (13). These equations are basedon ?xed accounting relations and are therefore deterministic: They must hold fora given ?rm at a given point in time. The only requirement in identifying the sourcesof pro?tability appropriately is a clean separation between operating and ?nancing components in the ?nancial statements.2. Leverage, Equity Value and Price-to-Book RatiosThe leverage effects above are described as effects on shareholderpro?tability. Our interest is not only in the effects on shareholder pro?tability,ROCE, but also in the effects on shareholder value, which is tied to ROCE in a straightforward way by the residual income valuation model. As a restatement ofthe dividend discount model, the residual income model expresses the value ofequity at date 0 (P0) as:B is the book value of common shareholders’ equity, X is comprehensive incometo common shareholders, and r is the required return for equity investment. Theprice premium over book value is determined by forecasting residual income, Xt –rBt-1. Residual income is determined in part by income relative to book value, that is, by the forecasted ROCE. Accordingly, leverage effects on forecasted ROCE (net of effects on the required equity return) affect equity value relative to book value: The price paid for the book value depends on the expected pro?tability of the book value, and leverage affects pro?tability.So our empirical analysis investigates the effect of leverage on both pro?tability and price-to-book ratios. Or, stated differently, ?nancing and operating liabilities are distinguishable components of book value, so the question is whether the pricing of book values depends on the composition of book values. If this is the case, the different components of book value must imply different pro?tability. Indeed, the two analyses (of pro?tability andprice-to-book ratios) are complementary.Financing liabilities are contractual obligations for repayment of funds loaned. Operating liabilities include contractual obligations (such as accounts payable), but also include accrual liabilities (such as deferred revenues and accrued expenses). Accrual liabilities may be based on contractual terms, but typically involve estimates. We consider the real effects of contracting and the effects of accounting estimates in turn. Appendix A provides some examples of contractual and estimated liabilities and their effect on pro?tability and value. Effects of Contractual liabilitiesThe ex post effects of ?nancing and operating liabilities on pro?tability are clear from leveraging equations (8), (12) and (13). These expressions always hold ex post, so there is no issue regarding ex post effects. But valuation concerns ex ante effects. The extensive research on the effects of ?nancial leverage takes, as its point of departure, the Modigliani and Miller (M&M) (1958) ?nancing irrelevance proposition: With perfect capital markets and no taxes or information asymmetry, debt ?nancing has no effect on value. In terms of the residual income valuation model, an increase in ?nancial leverage due to a substitution of debt for equity may increase expected ROCE according to expression (8), but that increase is offset in the valuation (14) by the reduction in the book value of equity that earns the excess pro?tability and the increase in the required equity return, leaving total value ., the value of equity and debt) unaffected. The required equity return increases because of increased ?nancing risk: Leverage may be expected to be favorable but, the higher the leverage, the greater the loss to shareholders should the leverage turn unfavorable ex post, with RNOA less than the borrowing rate.In the face of the M&M proposition, research on the value effects of ?nancial leverage has proceeded to relax the conditions for the proposition to hold. Modigliani and Miller (1963) hypothesized that the tax bene?ts of debt increase after-tax returns to equity and so increase equity value. Recent empirical evidence provides support for the hypothesis ., Kemsley and Nissim, 2002), although the issue remains controversial. In any case, since the implicit cost of operating liabilities, like interest on ?nancing debt, is tax deductible, the compositionof leverage should have no tax implications.Debt has been depicted in many studies as affecting value by reducing transaction and contracting costs. While debt increases expected bankruptcy costs and introduces agency costs between shareholders and debtholders, it reduces the costs that shareholders must bear in monitoring management, and may have lower issuing costs relative to equity. One might expect these considerations to apply to operating debt as well as ?nancing debt, with the effects differing only by degree. Indeed papers have explained the use of trade debt rather than ?nancing debt by transaction costs (Ferris, 1981), differential access of suppliers and buyers to ?nancing (Schwartz,1974), and informational advantages and comparative costs of monitoring (Smith, 1987; Mian and Smith, 1992; Biais and Gollier, 1997). Petersen and Rajan (1997) provide some tests of these explanations.In addition to tax, transaction costs and agency costs explanations for leverage, research has also conjectured an informational role. Ross (1977) and Leland and Pyle (1977) characterized ?nancing choice as a signal of pro?tability and value, and subsequent papers (for example, Myers and Majluf, 1984) have carried the idea further. Other studies have ascribed an informational role also for operating liabilities. Biais and Gollier (1997) and Petersen and Rajan (1997), for example, see suppliers as having more information about ?rms than banks and the bond market, so more operating debt might indicate higher value. Alternatively, high trade payables might indicate dif?culties in paying suppliers and declining fortunes.Additional insights come from further relaxing the perfect frictionless capital markets assumptions underlying the original M&M ?nancing irrelevance proposition. When it comes to operations, the product and input markets in which ?rms trade are typically less competitive than capital markets. Indeed, ?rms are viewed as adding value primarily in operations rather than in ?nancing activities because of less than purely competitive product and input markets. So, whereas it is difficult to ‘‘make money off the debtholders,’’ ?rms can be seen as ‘‘making money off the trade creditors.’’ In operations, ?rms can exert monopsony power, extracting value from suppliers and employees. Suppliers may provide cheap implicit ?nancing in exchange for information about products and markets in which the ?rm operates. They may also bene?t from ef?ciencies in the ?rm’s supply and distribution chain, and may grant credit to capture future business.Effects of Accrual Accounting EstimatesAccrual liabilities may be based on contractual terms, but typically involve estimates. Pension liabilities, for example, are based on employment contracts but involve actuarial estimates. Deferred revenues may involve obligations to service customers, but also involve estimates that allocate revenues to periods. While contractual liabilities are typically carried on the balance sheet as an unbiased indication of the cash to be paid, accrual accounting estimates are not necessarily unbiased. Conservative accounting, for example, might overstate pension liabilities or defer more revenue than required by contracts withcustomers.Such biases presumably do not affect value, but they affect accounting rates of return and the pricing of the liabilities relative to their carrying value (the price-to-book ratio). The effect of accounting estimates on operating liability leverage is clear: Higher carrying values for operating liabilities result in higher leverage for a given level of operating assets. But the effect on pro?tability is also clear from leveraging equation (12): While conservative accounting for operating assets increases the ROOA, as modeled in Feltham and Ohlson (1995) and Zhang (2000), higher book values of operating liabilities lever up RNOA over ROOA. Indeed, conservative accounting for operating liabilities amounts to leverage of book rates of return. By leveraging equation (13), that leverage effect ?ows through to shareholder pro?tability, ROCE.And higher anticipated ROCE implies a higher price-to-book ratio.The potential bias in estimated operating liabilities has opposite effects on current and future pro?tability. For example, if a ?rm books higher deferred revenues, accrued expenses or other operating liabilities, and so increases its operating liability leverage, it reduces its current pro?tability: Current revenues must be lower or expenses higher. And, if a ?rm reports lower operating assets (by a write down of receivables, inventories or other assets, for example), and so increases operating liability leverage, it also reduces current pro?tability: Current expenses must be higher. But this application of accrual accounting affects future operating income: All else constant, lower current income implies higher future income. Moreover, higher operating liabilities and lower operating assets amount to lower book value of equity. The lower book value is the base for the rate of return for the higher future income. So the analysis of operating liabilities potentially identi?es part of the accrual reversal phenomenon documented by Sloan (1996) and interprets it as affecting leverage, forecasts of pro?tability, and price-to-book ratios.3. Empirical AnalysisThe analysis covers all ?rm-year observations on the combined COMPUSTAT (Industry and Research) ?les for any of the 39 years from 1963 to 2001 that satisfy the following requirements: (1) the company was listed on the NYSE or AMEX; (2) the company was not a ?nancial institution (SIC codes 6000–6999), thereby omitting ?rms where most ?nancial assets and liabilities are used in operations;(3) the book value of common equity is at least $10 million in 2001 dollars; and(4) the averages of the beginning and ending balance of operating assets, net operating assets and common equity are positive (as balance sheet variables are measured in the analysis using annual averages). These criteria resulted in a sample of 63,527 ?rm-year observations.Appendix B describes how variables used in the analysis are measured. One measurement issue that deserves discussion is the estimation of the borrowing cost for operating liabilities. As most operating liabilities are short term, we approximate the borrowing rate by the after-tax risk-free one-year interest rate.This measure may understate the borrowing cost if the risk associated with operating liabilities is not trivial. The effect of such measurement error is to induce a negative correlation between ROOA and OLLEV. As we show below, however, even with this potential negative bias we document a strong positive relation between OLLEV and ROOA.4. ConclusionTo ?nance operations, ?rms borrow in the ?nancial markets, creating ?nancing leverage. In running their operations, ?rms also borrow, but from customers, employees and suppliers, creating operating liability leverage. Because they involve trading in different types of markets, the two types of leverage may have different value implications. In particular, operating liabilities may re?ect contractual terms that add value in different ways than ?nancing liabilities, and so they may be priced differently. Operating liabilities also involve accrual accounting estimates that may further affect their pricing. This study has investigated the implications of the two types of leverage for pro?tability and equity value.The paper has laid out explicit leveraging equations that show how shareholder pro?tability is related to ?nancing leverage and operating liability leverage. For operating liability leverage, the leveraging equation incorporates both real contractual effects and accounting effects. As price-to-book ratios are based on expected pro?tability, this analysis also explains how price-to-book ratios are affected by the two types of leverage. The empirical analysis in the paper demonstrates that operating and ?nancing liabilities imply different pro?tability and are priced differently in the stock market.Further analysis shows that operating liability leverage not only explains differences in pro?tability in the cross-section but also informs on changes in future pro?tability from current pro?tability. Operating liability leverage and changes in operating liability leverage are indicators of the quality of current reported pro?tability as a predictor of future pro?tability.Our analysis distinguishes contractual operating liabilities from estimated liabilities, but further research might examine operating liabilities in more detail, focusing on line items such as accrued expenses and deferred revenues. Further research might also investigate the pricing of operating liabilities under differ ing circumstances; for example, where ?rms have ‘‘market power’’ over their suppliers.会计研究综述，2003,16(8):531-560财务报表分析的杠杆左右以及如何体现盈利性和值比率摘要。
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Market Management Review, 2003, Vol. 6, No. 1, 53-73.Intangible assets appraisal and the out-of-standardcountermeasuresEnzo BaglieriVittorio ChiesaAlberto GrandoABSTRACTIntangible assets are increasingly considered the ultimate roots of company’s success.This paper aims to propose a method to estimate the value embedded inR&D activities,which could be used for: (i) a una tantum evaluation of a firm’s value, related to specific actions such as mergers, acquisition, etc.; and (ii) a periodic evaluation, with the perspective of the economic reporting, focused to estimate theR&D shareholder value creation. The proposed framework is based on the assumption that there is a strong relationship between the R&D contribution to shareholder value and the operational performance of R&D activities. The paper describes such a framework as well as an empirical application.KEY WORDS:intangible assert Performances;measurement R&D Evaluation.INTRODUCTIONIntangible assets evaluation, more and more problems caused by the attention of industry and economic circles.Americans never seriously intangible assets to the universal attention intangible asset, and this is certainly a big improvement.But, in the invisible Asset appraisal.Work in the occurrence of is tempered out-of-standard caused concerns.THE PERFORMANCE OF ANOMIEA, out-of-standard intangible assets evaluation than tangible assets evaluation, often appear more complex disorder phenomenon.Intangible assets assessment of out-of-standard manifests itself in many ways, summarized up mainly displays in the following five aspects.One is the legal anomie.Intangible assets assessment is certain laws, regulations, under the guidance of the state, is based on the policy norms, whatever the nature of the enterprise, regardless of what form of intangible assets evaluation cannot violate national legal norms.But some appraisal institution ignore the state laws and regulations, made many violate state laws and regulations, make something intangible assets evaluation work to appear anomie phenomenon.Some enterprises in no property changes, hire or the entrusted assets evaluation its "goodwill", some still through the news media released its value.This is severely violated the relevant state strictly prohibited without property transactions purpose the rules published the goodwill assessment.Enterprise and advertising department released to the public does not have legal effectiveness of information, is unfair competition, violation of the anti-unfair competition law and advertising, is obvious illegal behavior.Some assessment institution does not obey the current national laws and regulations, not realistic evaluation purpose to evaluate conclusion.Some valuation institution on the intangible asset of an enterprise when evaluating not take the realistic manner, even business requirements, should be quick to enterprise's intangible assets evaluation for hundreds of millions, billions of even tens of billions.If this phenomenon is RenJiZiRan up is bound to the order of the real dangers valuation industry.Some appraisal institution without obtaining legal appraisal qualifications, or hired without evaluating qualification for evaluation personnel.Illegal appraisal institution plus illegal evaluation personnel, itself lacks the necessary legal basis, the appraisal conclusion must be that does not have legal effectiveness.It is science anomie.Intangible assets evaluation should be based on a scientificevaluation system, its evaluation method and value the parameter selection is a strict regulations and requirements.But some evaluation institutions to enterprise intangible assets evaluation, evaluation methods and value when the parameter selection there exist many not scientific and rigorous place.Mainly displays in: evaluation method, figure simple improper selection, loving save trouble, only choose easier evaluation method, unwilling to do serious, meticulous and overall assessment of work;Evaluation value parameter and technology parameter improper, or because the business level is not high, or for professional moral level is not high, leading to evaluate conclusion lack of scientific basis;assessment survey Method and calculation formula choose not accurate, or calculate appear serious faults, leading to assess the nonstandard.Three is the financial anomie.Intangible assets evaluation with basic financial accounting shall be for basic basis, should establish a set of complete financial accounting system and evaluation system, no financial accounting of the intangible assets evaluation is lack of accounting ck of accounting is the basis of the evaluation is not science, is not be legal norms.But some evaluation institutions to enterprise intangible assets evaluation, doesn't follow Financial management's basic requirements for scientific financial accounting, even simple financial statistics are not carried out, it is evaluate conclusion, this is and not serious practice.Evaluate conclusion is against financial standard, of course, is not reliable.Four is ethical anomie.Intangible assets evaluation compared with tangible assets evaluation more complex in the appraisal process, the subjective factors, agent proportion also much greater.Evaluate conclusion is correct, whether accord with the objective reality, to a great extent, depends on the ideological and moral qualities of personnel assessment of the quality and the occupation morals of level.The appraisal industry professional ethical requirements appraisal institution and evaluation personnel shall, in line with responsible to society, is responsible for the customer attitude, make every effort to make the assessment work do serious, careful, make the assessment conclusion objective, fair, and not to cater to a need or pursue certain sensation effect, make the assessment work appeared arbitrary.But some appraisalinstitution is not due to the specific work personnel's service level caused the problem, but because the conclusion distortion subjective reasons or other factors and lead to false data or false conclusion, this is not a business technology issues, but a typical ethical issues.Five is the method anomie.Whether tangible assets evaluation or intangible assets evaluation are approximately three ways, namely cost way, market approach and earnings way.The cost of intangible assets with the income often create correspondence, using different way smaller, such as using the cost way and earnings were evaluated, conflicting approaches the appraisal conclusion may widely divergent.So, in possible conditions, to use as far as possible many assessment approach, the cost assessment approach, market approach and earnings ways organically, and comprehensive evaluation approach the conclusion of the final evaluation results.Intangible assets evaluation methods mainly have reset cost method, earnings present value approach, the current market method, liquidation price and mathematical method.Evaluate the choice of methods must meet the basic requirements of evaluation objects, mostly have requirement of comprehensive evaluation method, used to find the correct conclusion.But, if certain appraisal institution engaged in, using a simple way or evaluation method to assess a conclusion that assessment conclusion assessment is certainly untenable, because their conclusions method is against the intangible assets assessment basic methods.ANOMIE REASONS1. intangible assets evaluation anomie objective factor.1. Is due to the fuzziness of intangible assets evaluation objects may cause the distortion of the appraisal conclusion and anomie.Intangible assets are not have obvious physical carrier, is some unseen, touched, intuitive poor asset, have dependence characteristic;Intangible assets of ownership and use right belongs as tangible assets and effectiveness, always clear vaguely adhesive together, this kind of fuzziness characteristics to intangible assets evaluation more difficult.2. Is to evaluate the investigation and analysis of the complexity may make appraisal institution and evaluation personnel, produce the wrong cognition, make wrong judgment.Because of the intangible assets evaluation objects to investigate the fuzziness of search range, evaluate valuation methods of many factors, assessment of the complex, the assessment .Accounting treatmentMore complex, assessment of the analysis and calculation of the method is also quite complex, need to put a quantitative analysis and qualitative analysis, judgement, the complexity of combining the characteristics of intangible assets assessment that easy to appear anomie phenomenon.3. The hard work is to evaluate the sexual may make the assessment staff due to the time, energy, intelligence and physical factors and appear assessment conclusion the distortion and anomie.All serious assessment work is hard, no matter how assets evaluation purpose, but in time all demand is urgent, has the characteristics of stages and assault.。
会计英文文献及翻译
IMPLEMENTING ENVIRONMENTAL COSTACCOUNTING IN SMALL AND MEDIUM-SIZEDCOMPANIES1．ENVIRONMENTAL COST ACCOUNTING IN SMESSince its inception some 30 years ago, Environmental Cost Accounting (ECA) has reached a stage of development where individual ECA systems are separated from the core accounting system based an assessment of environmental costs with (see Fichter et al., 1997, Letmathe and Wagner , 2002).As environmental costs are commonly assessed as overhead costs, neither the older concepts of full costs accounting nor the relatively recent one of direct costing appear to represent an appropriate basis for the implementation of ECA. Similar to developments in conventional accounting, the theoretical and conceptual sphere of ECA has focused on process-based accounting since the 1990s (see Hallay and Pfriem, 1992, Fischer and Blasius, 1995, BMU/UBA, 1996, Heller et al., 1995, Letmathe, 1998, Spengler and H.hre, 1998).Taking available concepts of ECA into consideration, process-based concepts seem the best option regarding the establishment of ECA (see Heupel and Wendisch , 2002). These concepts, however, have to be continuously revised to ensure that they work well when applied in small and medium-sized companies.Based on the framework for Environmental Management Accounting presented in Burritt et al. (2002), our concept of ECA focuses on two main groups of environmentally related impacts. These are environmentally induced financial effects and company-related effects on environmental systems (see Burritt and Schaltegger, 2000, p.58). Each of these impacts relate to specific categories of financial and environmental information. The environmentally induced financial effects are represented by monetary environmental information and the effects on environmental systems are represented by physical environmental information. Conventional accounting deals with both – monetary as well as physical units – but does not focus on environmental impact as such. To arrive at a practical solution to the implementation of E CA in a company’s existing accounting system, and to comply with the problem of distinguishing between monetary and physical aspects, an integrated concept is required. As physical information is often the basis for the monetary information (e.g. kilograms of a raw material are the basis for the monetary valuation of raw material consumption), the integration of this information into the accounting system database is essential. From there, the generation of physical environmental and monetary (environmental) information would in many cases be feasible. For many companies, the priority would be monetary (environmental) information for use in for instance decisions regarding resource consumptions and investments. The use of ECA in small andmedium-sized enterprises (SME) is still relatively rare, so practical examples available in the literature are few and far between. One problem is that the definitions of SMEs vary between countries (see Kosmider, 1993 and Reinemann, 1999). In our work the criteria shown in Table 1 are used to describe small and medium-sized enterprises.Table 1. Criteria of small and medium-sized enterprisesNumber of employees TurnoverUp to 500employees Turnover up to EUR 50m Management Organization- Owner-cum-entrepreneur -Divisional organization is rare- Varies from a patriarchal management -Short flow of information style in traditional companies and teamwork -Strong personal commitmentin start-up companies -Instruction and controlling with - Top-down planning in old companies direct personal contact- Delegation is rare- Low level of formality- High flexibilityFinance Personnel- family company -easy to survey number of employees- limited possibilities of financing -wide expertise-high satisfaction of employeesSupply chain Innovation-closely involved in local -high potential of innovation economic cycles in special fields- intense relationship with customersand suppliersKeeping these characteristics in mind, the chosen ECA approach should be easy to apply, should facilitate the handling of complex structures and at the same time be suited to the special needs of SMEs.Despite their size SMEs are increasingly implementing Enterprise Resource Planning (ERP) systems like SAP R/3, Oracle and Peoplesoft. ERP systems support business processes across organizational, temporal and geographical boundaries using one integrated database. The primary use of ERP systems is for planning and controlling production and administration processes of an enterprise. In SMEs however, they are often individually designed and thus not standardized making the integration of for instance software that supports ECA implementation problematic. Examples could be tools like the “eco-efficiency” approach of IMU (2003) or Umberto (2003) because these solutions work with the database of more comprehensive software solutions like SAP, Oracle, Navision or others. Umberto software for example (see Umberto, 2003) would require large investments and great background knowledge of ECA – which is not available in most SMEs.The ECA approach suggested in this chapter is based on an integrative solution – meaning that an individually developed database is used, and the ECA solution adopted draws on the existing cost accounting procedures in the company. In contrast to other ECA approaches, the aim was to create an accounting system that enables the companies to individually obtain the relevant cost information. The aim of the research was thus to find out what cost information is relevant for the company’s decision on environmental issues and how to obtain it.2．METHOD FOR IMPLEMENTING ECASetting up an ECA system requires a systematic procedure. The project thus developed a method for implementing ECA in the companies that participated in the project; this is shown in Figure 1. During the implementation of the project it proved convenient to form a core team assigned with corresponding tasks drawing on employees in various departments. Such a team should consist of one or two persons from the production department as well as two from accounting and corporate environmental issues, if available. Depending on the stage of the project and kind of inquiry being considered, additional corporate members may be added to the project team to respond to issues such as IT, logistics, warehousing etc.Phase 1: Production Process VisualizationAt the beginning, the project team must be briefed thoroughly on the current corporate situation and on the accounting situation. To this end, the existing corporate accounting structure and the related corporate information transfer should be analyzed thoroughly. Following the concept of an input/output analysis, how materials find their ways into and out of the company is assessed. The next step is to present the flow of material and goods discovered and assessed in a flow model. To ensure the completeness and integrity of such a systematic analysis, any input and output is to be taken into consideration. Only a detailed analysis of material and energy flows from the point they enter the company until they leave it as products, waste, waste water or emissions enables the company to detect cost-saving potentials that at later stages of the project may involve more efficient material use, advanced process reliability and overview, improved capacity loads, reduced waste disposal costs, better transparency of costs and more reliable assessment of legal issues. As a first approach, simplified corporate flow models, standardizedstand-alone models for supplier(s), warehouse and isolated production segments were established and only combined after completion. With such standard elements and prototypes defined, a company can readily develop an integrated flow model with production process(es), production lines or a production process as a whole. From the view of later adoption of the existing corporate accounting to ECA, such visualization helps detect, determine, assess and then separate primary from secondary processes. Phase 2: Modification of AccountingIn addition to the visualization of material and energy flows, modeling principal and peripheral corporate processes helps prevent problems involving too high shares of overhead costs on the net product result. The flow model allows processes to be determined directly or at least partially identified as cost drivers. This allows identifying and separating repetitive processing activity with comparably few options from those with more likely ones for potential improvement.By focusing on principal issues of corporate cost priorities and on those costs that have been assessed and assigned to their causes least appropriately so far, corporate procedures such as preparing bids, setting up production machinery, ordering (raw) material and related process parameters such as order positions, setting up cycles of machinery, and order items can be defined accurately. Putting several partial processes with their isolated costs into context allows principal processes to emerge; these form the basis of process-oriented accounting. Ultimately, the cost drivers of the processes assessed are the actual reference points for assigning and accounting overhead costs. The percentage surcharges on costs such as labor costs are replaced by process parameters measuring efficiency (see Foster and Gupta, 1990).Some corporate processes such as management, controlling and personnel remain inadequately assessed with cost drivers assigned to product-related cost accounting. Therefore, costs of the processes mentioned, irrelevant to the measure of production activity, have to be assessed and surcharged with a conventional percentage.At manufacturing companies participating in the project,computer-integrated manufacturing systems allow a more flexible and scope-oriented production (eco-monies of scope), whereas before only homogenous quantities (of products) could be produced under reasonable economic conditions (economies of scale). ECA inevitably prevents effects of allocation, complexity and digression and becomes a valuable controlling instrument where classical/conventional accounting arrangements systematically fail to facilitate proper decisions. Thus, individually adopted process-based accounting produces potentially valuable information for any kind of decision about internal processing or external sourcing (e.g. make-or-buy decisions).Phase 3: Harmonization of Corporate Data – Compiling and Acquisition On the way to a transparent and systematic information system, it is convenient to check core corporate information systems of procurement and logistics, production planning, and waste disposal with reference to their capability to provide the necessary precise figures for the determined material/energy flow model and for previously identified principal and peripheral processes. During the course of the project, a few modifications within existing information systems were, in most cases, sufficient to comply with these requirements; otherwise, a completely new softwaremodule would have had to be installed without prior analysis to satisfy the data requirements.Phase 4: Database conceptsWithin the concept of a transparent accounting system, process-based accounting can provide comprehensive and systematic information both on corporate material/ energy flows and so-called overhead costs. To deliver reliable figures over time, it is essential to integrate a permanent integration of the algorithms discussed above into the corporate information system(s). Such permanent integration and its practical use may be achieved by applying one of three software solutions (see Figure 2).For small companies with specific production processes, an integrated concept is best suited, i.e. conventional andenvironmental/process-oriented accounting merge together in one common system solution.For medium-sized companies, with already existing integrated production/ accounting platforms, an interface solution to such a system might be suitable. ECA, then, is set up as an independent software module outside the existing corporate ERP system and needs to be fed data continuously. By using identical conventions for inventory-data definitions within the ECA software, misinterpretation of data can be avoided.Phase 5: Training and CoachingFor the permanent use of ECA, continuous training of employees on all matters discussed remains essential. To achieve a long-term potential of improved efficiency, the users of ECA applications and systems must be able to continuously detect and integrate corporate process modifications and changes in order to integrate them into ECA and, later, to process them properly.中小企业环境成本会计的实施一、中小企业的环境成本会计自从成立三十年以来，环境成本会计已经发展到一定阶段，环境会计成本体系已经从以环境成本评估为基础的会计制度核心中分离出来。
会计专业外文文献翻译原文及译文
企业的社会责任：一种趋势和运动，但社会责任是什么，是为了什么？1企业社会责任（CSR ）已成为一个全球趋势，涉及企业，国家，国际组织和民间社会组织。
但这远远不能清楚CSR的主张，有什么真正的趋势，是从哪里开始，在哪里发展，谁是项目的主要行动者。
如果把它作为一种社会运动，我们必须要问：什么运动和谁执行？讨论有助于我们反思形成的趋势和如何管理某些特点来迅速和广泛地在全球各地进行扩展，并增加了以下体制变革,特别是对变化中国家之间、企业法人和民间社会组织关系之间的界限的作用。
企业社会责任的趋势在三个方面：作为一个管理框架，新的要求，地方企业;作为动员企业行为，以协助国家的发展援助;和作为管理趋势。
每一个这些画像表明，中心的某些行为，关系，驾驭团队和利益。
我的例子表明，没有人对这些意见似乎比别人更准确，而是，活动包括规范的不同利益、作用因素、起源和轨迹。
这些多重身份的趋势可以部分描述其成功以及它的争论，脆弱性和流动性。
许多公司现在有具体的计划和小节在其网站上处理企业社会责任。
在过去，软条例和指导网络，国际公认的规则一直是一种重要机制，作用在公司、国家和国家间组织的需求，例如，发布指导方针和条例的公司。
在这背景下，国际组织仍然是重要的行动者，他们正在寻求与跨国公司进行对话，而不是试图通过国家控制企业社会责任。
各国际组织不是对企业的社会责任监管机构;而他们却是监管和自我约束的倡议之间的经纪人的最合适人选。
对社会负责行为和监测这些行为的需求越来越多地以国家以外的这些组织为渠道，并强调赞成高比例的自律。
因此，我们看到了软法律(Morth, 2004)的出现，或者是Knill 和Lehmkuhl (2002) 所说的“被规管的自律”，和Moran (2002)所归纳的“精细”或“非正式”规章。
我更喜欢“软法律”和“软规章”的说法，因为他们并不总是非正式的。
软规章常常包括正式报告和统筹程序。
还有，从统筹和行政的观点来看，那些规章和精细还是相去甚远的。
会计财务管理类中英文翻译、外文翻译、外文文献翻译
外文翻译译文1并购的收益来源资本市场领域研究的另一个课题是收入的一般来源。
当收入只是别人非盈利成果时，资本市场领域的研究人员还不能确认资产已被重新分配，使之创造财富的盈利回升。
虽然金融经济学家不能合理解释为什么并购是别人的非盈利目标的成果，但是，研究人员推断，这些合乎逻辑的假设值的目标收益不仅是重新通过并购得到的，也是分配产生的结果。
一些研究者认为，股东的利益是从债券持有人处得来的。
丹尼斯和麦康奈尔（1986）不支持这个意见。
另外一个观点是，利润是从目标公司的资源税操作衍生而来的。
从学术上讲这个证据是存在的，但不明确。
奥尔巴赫和雷苏斯（1987）推测，在可能情况下税款这个因素占好处的20%，说明是足够重要的，它将影响并购的决策。
吉尔森（1988）等人却发现，众多有关税收优惠的定义问题，交易成本和信息费复杂化的说法，以及税前利润方面肯定是并购活动产生的原因，或者说并购是公司实现税收优惠的最合适方法。
在一个几项研究中，贾雷尔（1988）等人发现，大部分的并购活动也不能归因于税收方面的原因。
施莱弗和萨默斯（1988）声称，利润从并购产生，因为新的董事会违反嵌入。
施莱弗和萨默斯（1988）声称，利润从并购产生，原因是新的董事会，违反了公司与利益相关者群体的嵌入式就业条件。
链接并购目标公司管理不佳的表现研究是由施莱佛和维什尼（1988）审查的。
他们的研究表明公司还没有建立完善的管理机制来制止执行者开展的活动，这个活动是不会为股东创造价值的。
此外，莫克（1988）等分析这种敌意收购时声称，收购发生的过快，或者下属企业和管理当局不能尽快地减少相关程序或其他相匹配模型。
结果验证了这一事实有代理成本，新股东们认为，这一成本将能够被减少。
收购公司的负面影响提出为什么并购活动能够开始进行的问题。
鲁巴特肯（1983）提供了对这种有明显难度问题的一个可能解释。
他认为与并购有关的行政上的困难会消除潜在的利润。
他还断言，在使用该方法可能不足以发现利润，这与詹森（1986）并购投标人利润公司量化复杂性的观点一致。
会计 外文翻译 外文文献 英文文献 新会计准则
附录外文资料：On February 15, 2006, the Ministry of Finance issued 1 item of basic accounting standards and 38 specific guidelines, the new set of accounting standards system. Standards issued, the community gave wide attention, the securities industry, business circles, academic circles gave height the opinion, think this is the second in 1993 accounting reform after another is of great significance to the accounting reform, marking China's convergence with international financial reporting standards of enterprise accounting standards system formally established, to improve the China's socialist market economic system, improve the level of opening up and accelerate China's integration into the global economy has important significance.Also expressed their concerns and worries, mainly reflected in the following aspects: a fair value is difficult to "fair", and is very likely to become the profit manipulation tools; two is the enterprise may to adjust earnings manipulation debt restructuring, debt restructuring will once again become the darling of the securities market; three is the new standard published may induce "fair" phenomenon, which may lead to the end of 2006 enterprises will impairment assault back, at the same time accounts receivable impairment will still give listing Corporation profit adjustment leaves lots of space. These concerns whether it can become a reality? The new standards will become the corporate profits manipulation of the tool? Here we have to this a few worry about one to launch the analysis:A moderate, fair value applicationThe history of our country is a listing Corporation with the fair value of profit manipulation. Fair value appeared in 1998 in "debt recombines", "non monetary transactions" specific accounting standards, after the actual operation in many companies the abuse of fair value and profit manipulation in 2001 revised guidelines by the restriction of the use of. The new criterion system in financial tool, real estate investment, not the combination under common control, debt restructuring andnon-monetary transactions etc. are carefully adopted the fair value accounting standards, thus becoming the one large window. Past episodes of "story" will repeat itself? To this one problem we analyzed from the following aspects:First of all, the fair value of the assets can be achieved by using fair value valuation is the international accounting standards, the United States and most market economic countries accounting standards in general practice. International already crossed the "want" present value and fair value debate stage, and mainly in "how to use" stage; International did not because of "Enron event" appear and delay the study and adopt present value and the fair value of the process. From the beginning of 1975, 30 years, FASB on the fair value measurement system research has not stopped, the fair value in the accounting standards in the United States are used more and more widely. As of 2004, at the end of 12, FASB has released a total of 153 financial accounting standards, fair value accounting standards and related 60 (forever, 2005).Fair value has a profound theoretical basis for the ten, it accords with the economic income concept, the comprehensive income concept, cash flow and market price of accounting assumption, accounting goal, modern relevance and reliability of quality characteristics of accounting elements, essential characteristics, future basic accounting, value and value concept, measurement values and net surplus theory and financial statements of the primitive logic (Xie Sifone, 2005).The use of fair value can effectively enhance the relevance of accounting information for investors, creditors, and other stakeholders to provide more help to the information for decision making. Take the investment real estate, book 20000000 yuan, if the city price rises to $200000000 accounting should reflect 200000000 yuan, such information is really true and useful. If still persist in the statements that the 20000000 yuan, accounting treatment is simple, but this information does not help the decision-making of investors, even misleading. Any reform will not give up eating for fear of choking, accounting reform is no exception. In line with international standards is the direction, is to represent the general trend, this point is in the affirmative.Secondly, suitable for the application of the fair value of the "soil" preliminary already form. Fair value is the product of the market economy. In 2003 the Central Committee made on perfecting the socialist market economic system a number of issues, symbolizes that our country market economy already from start-up to improve, the market economy status of China has been established. The securities market of our country after ten years of development and perfection, to strengthen corporategovernance, improve operational transparency, clear violations, establishing listing Corporation integrated supervision system has made great progress. China Securities Regulatory Commission promoting the share-trading reform pilot, listing and financing program, has issued a number of regulations, strengthen the listing Corporation information disclosure and fraud and strength; the Ministry of finance to increase the quality of accounting information and the CPA audit quality inspection; listing Corporation governance level rises further, CPA, assets assessment division, independent directors such as rational economic choice for listing Corporation irregularities built several "firewall"; the majority of investors in the analysis of accounting information to judge, effective screening capacity is enhanced, the effectiveness of the securities market gradually improve. In addition, after joining the WTO, large amount of foreign capital into China, financial derivatives trading activity, produce a number, different features of derivative financial instruments, such as futures (Futures), option (Options), forward contract (Forwards Contract), swap (Swaps) etc.. As the derivative financial instruments no initial net investment is required, or very few requirements of net investment, the historical cost of its incapable of action, only the fair value to carry on the accurate recognition and measurement..FASl33 stated: fair value measurement of financial instruments is the best measurement attribute, the derivative financial instruments, fair value measurement attribute is the only. Potential of time shift, which contributes to the application of the fair value of the environment is preliminary already implementation. We must adopt the development strategy view ", not" once bitten, twice shy of ten years".In third, the fair value of the criteria in the new application is more cautious, does not lead to abuse. Compared with international financial reporting standards: China accounting standards system in determining the scope of the application of fair value, the more fully consider China's national conditions, the improvement was prudent. The use of fair value must satisfy certain conditions, in the basic guidelines in section forty-third clearly pointed out that the replacement cost, net realizable value of, present value, fair value, should be to ensure that the identified elements of accounting amounts can be obtained and the reliable measurement. In relation to specific standards, the use of fair value measurement, has clearly defined constraints. For example, in real estate investment criteria specified by the fair value measurement model, the following conditions shall be met simultaneously: one is the investmentproperty real estate located in active trading market of real estate; two is the enterprise can from the real estate trading market on the same or similar real estate market prices and other information, thus the investment real estate to make a reasonable estimate of fair value.Visible in the investing real estate standards, ban contains more hypothetical valuation techniques used, only in a certain reliability on the basis that the use of fair value, and not all of the investment real estate can be applied the fair value. So as long as the strictly in accordance with the standards, fair value will really be fair.For instance in non monetary transactions for the use of fair value, the new standards in exchange of non-monetary assets, fair value and change the carrying value of the assets included in the current profits and losses of the difference between the two conditions, namely the exchange must be commercial in nature, and a change of assets or the fair value of the assets surrendered can be measured reliably. Commercial essence refers to, must be changed in the future cash flow of the assets at risk, time and amount of assets surrendered and were significantly different, or substitution of assets and the assets surrendered the present value of estimated future cash flows are different, and the difference between the assets and the change of the fair value of the assets is more significant than the. The new guidelines are also provided to determine whether is commercial in nature, an enterprise shall pay attention to whether or not the transacting parties are related party relationship. Related party relationship may lead to the occurrence of non monetary assets exchange is not commercial in nature. These preconditions, will effectively restricted to non monetary assets exchange way of earnings manipulation behavior. From these rules, we can see that, the application of fair value is strictly restricted conditions, the fair value is not allowed to abuse.The new standards require that the fair value to "reliable" and not "just, fair value estimate" is no longer the eraser ruler. The author thinks, fair value to be profit manipulation tools need to also have three elements: the listing Corporation management deliberate fraud, accounting audit staff lose occupation moral and securities market regulatory failure. In fact with the three elements, any system can effectively play a protective role, therefore, establishing and perfecting accounting standards supporting management system is urgent.Two, the debt restructuring reform from the bottomThe new debt restructuring guidelines stipulated in debt restructuring gains can be included in the current profits and losses. As a debtor's listing Corporation, the new debt restructuring guidelines means that, once the creditor concessions, listing Corporation acquired interests will be directly included in the current income, into a profit report. Debt restructuring is likely to increase profits, improve earnings per share. But this approach achieved with the international convergence of financial reporting standards, reflects the essence of transaction debt restructuring, debt restructuring gains is after all the creditors rather than owners concessions, the past will not pass the profit and loss statement directly included in the capital reserve, it is under the special background of a matter of expediency, now be included in the profit and loss, is not "white" the "black", but the reform from the bottom. The new guidelines on the definition of debt restructuring, made clear only in "the debtor's financial difficulties." the premise condition, can get debt concession confirmed as debt restructuring gains. This condition will be restricted to a certain extent, the new guidelines on abuse, prevent inappropriate acknowledgement of debt reorganization gains.Some people think that some affiliates can also through a remit a debt, a high performance to price manipulation, insider trading, is still small shareholders suffered losses. In fact, this fear is a bit much. This is because, first, for *ST and ST company, fantasy on debt restructuring benefit, reaching for the stars is futile. Because the 2004 amendment of the Shanghai and Shenzhen Stock Exchange rules, one is freed, after deducting non-recurring profits and losses, net profit is positive. Debt restructuring to listing Corporation profits, in actual accountant operation, will be included in operating income, which belongs to the non-recurring profit and loss, thus can in St, the stars are deducted from; second, has experienced more than 10 years of stock market investors' groundless talk, analysis and judgment ability and self protection consciousness had very big rise, debt restructuring guidelines requiring companies to disclose the fair value of the methods and basis for the ascertainment, investors can easily recognize the debt restructuring packaging profits, in order to make a rational choice .Investors blindly follow Zhuang, slaughter age has gone for ever.In three, the impairment of Chinese characteristicsNew guidelines for asset impairment provisions, asset impairment loss is confirmed, in the later period may not be back. It is based on the real situation of our country, last ditch of major change, it is with international accounting standards, with substantial differences in the. New guidelines for asset impairment will effectively curb the use impairment as a "secret reserve" adjusting profit situation. Guidelines for the implementation, use impairment adjusting profit space will become more and more small, the provision of manual adjustment of profits will be more and more difficult. Some people write civil point out new guidelines for asset impairment induced by releasing will "go" phenomenon, cause some "hidden profits" of the industry and Related Companies, possible impairment in 2006 will be ready to strike back, "crow change Phoenix" may reproduce. We analyze, first of all, if the listing Corporation snatches in the new guidelines before the implementation of the 2006 year rushs impairment, we must first examine whether such actions are the reasonable basis, namely the original has provision for the impairment of an asset value now is really picks up, and if so, to adjust the asset value will make the accounting information more real, related; secondly, in 2006 large red back impairment must make appropriate evidence of the original provision for the impairment of appropriateness, otherwise the previous provision is the abuse of accounting estimation results, should be in accordance with the accounting error handling, a reversal of impairment cannot be used as the 2006 annual profit. Moreover, the financial sector has been aware of this problem, and takes positive and effective measures, prevent the assault to adjust profit listing Corporation. In addition, some time ago the market that new guidelines will make A shares listing Corporation in 2006 to increase net profit 20000000000 Yuan hearsay, the survey is author's subjective, concerned media specially clarification.Others receivables and other four impairment expressed worry, think accounts receivable (especially the "shareholders of account") will become the "eight project" of the main means of profit manipulation. In fact, in the new guidelines, receivables is as financial assets, and the depreciation detailed provisions, requires that there must be "objective evidence" of impairment to provision for impairment, such evidence includes the debtor serious financial difficulties, is likely to fail or other financial restructuring. Can be said that the criterion is more and more perfect, then the "this year that cannot take back full provision, next year 'efforts' and back", this "to practice deception" approach, which itself has violated rules, to pass the CPA audit and hidfrom investors eye, I'm afraid some difficulty.Through the above analysis, we can see some people on the new criterion a few concerns, many in reality does not exist, or is in the process of the reform of the price to be paid for, and far from their imagination so serious. But these concerns also remind standards departments in the formulation of standards to the full attention of guidelines for the technical and economic consequences, in the setting of the new guidelines in the process, give full consideration to guideline implementation may arise in the course of the various problems, and further make a specific interpretation and explanation, improving guidelines operation, improve accounting information quality.Also need to point out in particular, accounting standards is a production of accounting information of the specification, it is to solve the problem of "how to do". On the accounting standards of the malicious misuse of guidelines for the implementation of the "people", from the perspective of the listing Corporation is the ecological problems, to strengthen supervision, occupation moral construction, improve the ability of investors screening accounting information system engineering to solve, cannot be attributed to the guidelines themselves. And the new accounting and auditing standards system come on stage; it is to promote the improvement of listing Corporation governance ecology effective measure. Say from this meaning, we are not going to worry about me, but "criteria for the beat and breathe out".Note: ① according to the "Shanghai Stock Exchange Listing Rules (2004 Revision)" provisions, *ST indicated the presence of terminating the listing of special processing and ST risk for other special treatment.Main referencesMinistry of finance. In 2006 accounting standards for business enterprises. Economic Science PressYu Monishing. The 2005 fair value in the United States of America's application research. Financial theory, 9Xie Stiffen, wearing Zili.2005 present value and fair value accounting: financial reform is the important premise of twenty-first Century. Theory and practice of Finance and economics, 9中文资料：2006年2月15日，财政部发布了包括1项基本准则和38项具体准则在内的新的一整套企业会计准则体系。
会计英文文献及翻译
IMPLEMENTING ENVIRONMENTAL COSTACCOUNTING IN SMALL AND MEDIUM-SIZEDCOMPANIES1．ENVIRONMENTAL COST ACCOUNTING IN SMESSince its inception some 30 years ago, Environmental Cost Accounting (ECA) has reached a stage of development where individual ECA systems are separated from the core accounting system based an assessment of environmental costs with (see Fichter et al., 1997, Letmathe and Wagner , 2002).As environmental costs are commonly assessed as overhead costs, neither the older concepts of full costs accounting nor the relatively recent one of direct costing appear to represent an appropriate basis for the implementation of ECA. Similar to developments in conventional accounting, the theoretical and conceptual sphere of ECA has focused on process-based accounting since the 1990s (see Hallay and Pfriem, 1992, Fischer and Blasius, 1995, BMU/UBA, 1996, Heller et al., 1995, Letmathe, 1998, Spengler and H.hre, 1998).Taking available concepts of ECA into consideration, process-based concepts seem the best option regarding the establishment of ECA (see Heupel and Wendisch , 2002). These concepts, however, have to be continuously revised to ensure that they work well when applied in small and medium-sized companies.Based on the framework for Environmental Management Accounting presented in Burritt et al. (2002), our concept of ECA focuses on two main groups of environmentally related impacts. These are environmentally induced financial effects and company-related effects on environmental systems (see Burritt and Schaltegger, 2000, p.58). Each of these impacts relate to specific categories of financial and environmental information. The environmentally induced financial effects are represented by monetary environmental information and the effects on environmental systems are represented by physical environmental information. Conventional accounting deals with both – monetary as well as physical units – but does not focus on environmental impact as such. To arrive at a practical solution to the implementation of E CA in a company’s existing accounting system, and to comply with the problem of distinguishing between monetary and physical aspects, an integrated concept is required. As physical information is often the basis for the monetary information (e.g. kilograms of a raw material are the basis for the monetary valuation of raw material consumption), the integration of this information into the accounting system database is essential. From there, the generation of physical environmental and monetary (environmental) information would in many cases be feasible. For many companies, the priority would be monetary (environmental) information for use in for instance decisions regarding resource consumptions and investments. The use of ECA in small andmedium-sized enterprises (SME) is still relatively rare, so practical examples available in the literature are few and far between. One problem is that the definitions of SMEs vary between countries (see Kosmider, 1993 and Reinemann, 1999). In our work the criteria shown in Table 1 are used to describe small and medium-sized enterprises.Table 1. Criteria of small and medium-sized enterprisesNumber of employees TurnoverUp to 500employees Turnover up to EUR 50mManagement Organization- Owner-cum-entrepreneur -Divisional organization is rare- Varies from a patriarchal management -Short flow of information style in traditional companies and teamwork -Strong personal commitmentin start-up companies -Instruction and controlling with- Top-down planning in old companies direct personal contact- Delegation is rare- Low level of formality- High flexibilityFinance Personnel- family company -easy to survey number of employees- limited possibilities of financing -wide expertise-high satisfaction of employeesSupply chain Innovation-closely involved in local -high potential of innovationeconomic cycles in special fields- intense relationship with customersand suppliersKeeping these characteristics in mind, the chosen ECA approach should be easy to apply, should facilitate the handling of complex structures and at the same time be suited to the special needs of SMEs.Despite their size SMEs are increasingly implementing Enterprise Resource Planning (ERP) systems like SAP R/3, Oracle and Peoplesoft. ERP systems support business processes across organizational, temporal and geographical boundaries using one integrated database. The primary use of ERP systems is for planning and controlling production and administration processes of an enterprise. In SMEs however, they are often individually designed and thus not standardized making the integration of for instance software that supports ECA implementation problematic. Examples could be tools like the “eco-efficiency” approach of IMU (2003) or Umberto (2003) because these solutions work with the database of more comprehensive software solutions like SAP, Oracle, Navision or others. Umberto software for example (see Umberto, 2003) would require large investments and great background knowledge of ECA – which is not available in most SMEs.The ECA approach suggested in this chapter is based on an integrative solution –meaning that an individually developed database is used, and the ECA solution adopted draws on the existing cost accounting procedures in the company. In contrast to other ECA approaches, the aim was to create an accounting system that enables the companies to individually obtain the relevant cost information. The aim of the research was thus to find out what cost information is relevant for the company’s decision on environmental issues and how to obtain it.2．METHOD FOR IMPLEMENTING ECASetting up an ECA system requires a systematic procedure. The project thus developed a method for implementing ECA in the companies that participated in the project; this is shown in Figure 1. During the implementation of the project it proved convenient to form a core team assigned with corresponding tasks drawing on employees in various departments. Such a team should consist of one or two persons from the production department as well as two from accounting and corporate environmental issues, if available. Depending on the stage of the project and kind of inquiry being considered, additional corporate members may be added to the project team to respond to issues such as IT, logistics, warehousing etc.Phase 1: Production Process VisualizationAt the beginning, the project team must be briefed thoroughly on the current corporate situation and on the accounting situation. To this end, the existing corporate accounting structure and the related corporate information transfer should be analyzed thoroughly. Following the concept of an input/output analysis, how materials find their ways into and out of the company is assessed. The next step is to present the flow of material and goods discovered and assessed in a flow model. To ensure the completeness and integrity of such a systematic analysis, any input and output is to be taken into consideration. Only a detailed analysis of material and energy flows from the point they enter the company until they leave it as products, waste, waste water or emissions enables the company to detect cost-saving potentials that at later stages of the project may involve more efficient material use, advanced process reliability and overview, improved capacity loads, reduced waste disposal costs, better transparency of costs and more reliable assessment of legal issues. As a first approach, simplified corporate flow models, standardizedstand-alone models for supplier(s), warehouse and isolated production segments were established and only combined after completion. With such standard elements and prototypes defined, a company can readily develop an integrated flow model with production process(es), production lines or a production process as a whole. From the view of later adoption of the existing corporate accounting to ECA, such visualization helps detect, determine, assess and then separate primary from secondary processes. Phase 2: Modification of AccountingIn addition to the visualization of material and energy flows, modeling principal and peripheral corporate processes helps prevent problems involving too high shares of overhead costs on the net product result. The flow model allows processes to be determined directly or at least partially identified as cost drivers. This allows identifying and separating repetitive processing activity with comparably few options from those with more likely ones for potential improvement.By focusing on principal issues of corporate cost priorities and on those costs that have been assessed and assigned to their causes least appropriately so far, corporate procedures such as preparing bids, setting up production machinery, ordering (raw) material and related process parameters such as order positions, setting up cycles of machinery, and order items can be defined accurately. Putting several partial processes with their isolated costs into context allows principal processes to emerge; these form the basis of process-oriented accounting. Ultimately, the cost drivers of the processes assessed are the actual reference points for assigning and accounting overhead costs. The percentage surcharges on costs such as labor costs are replaced by process parameters measuring efficiency (see Foster and Gupta, 1990).Some corporate processes such as management, controlling and personnel remain inadequately assessed with cost drivers assigned to product-related cost accounting. Therefore, costs of the processes mentioned, irrelevant to the measure of production activity, have to be assessed and surcharged with a conventional percentage.At manufacturing companies participating in the project,computer-integrated manufacturing systems allow a more flexible and scope-oriented production (eco-monies of scope), whereas before only homogenous quantities (of products) could be produced under reasonable economic conditions (economies of scale). ECA inevitably prevents effects of allocation, complexity and digression and becomes a valuable controlling instrument where classical/conventional accounting arrangements systematically fail to facilitate proper decisions. Thus, individually adopted process-based accounting produces potentially valuable information for any kind of decision about internal processing or external sourcing (e.g. make-or-buy decisions).Phase 3: Harmonization of Corporate Data – Compiling and Acquisition On the way to a transparent and systematic information system, it is convenient to check core corporate information systems of procurement and logistics, production planning, and waste disposal with reference to their capability to provide the necessary precise figures for the determined material/energy flow model and for previously identified principal and peripheral processes. During the course of the project, a few modifications within existing information systems were, in most cases, sufficient to comply with these requirements; otherwise, a completely new softwaremodule would have had to be installed without prior analysis to satisfy the data requirements.Phase 4: Database conceptsWithin the concept of a transparent accounting system, process-based accounting can provide comprehensive and systematic information both on corporate material/ energy flows and so-called overhead costs. To deliver reliable figures over time, it is essential to integrate a permanent integration of the algorithms discussed above into the corporate information system(s). Such permanent integration and its practical use may be achieved by applying one of three software solutions (see Figure 2).For small companies with specific production processes, an integrated concept is best suited, i.e. conventional andenvironmental/process-oriented accounting merge together in one common system solution.For medium-sized companies, with already existing integrated production/ accounting platforms, an interface solution to such a system might be suitable. ECA, then, is set up as an independent software module outside the existing corporate ERP system and needs to be fed data continuously. By using identical conventions for inventory-data definitions within the ECA software, misinterpretation of data can be avoided.Phase 5: Training and CoachingFor the permanent use of ECA, continuous training of employees on all matters discussed remains essential. To achieve a long-term potential of improved efficiency, the users of ECA applications and systems must be able to continuously detect and integrate corporate process modifications and changes in order to integrate them into ECA and, later, to process them properly.。
国际会计准则（1～41）中英文目录对照
国际会计准则（1～41）中英⽂⽬录对照国际会计准则（1～41）中英⽂⽬录对照1.IAS1：Presentation of Financial Statements《IAS1——财务报表的列报》2.IAS2：Inventories《IAS2——存货》3.IAS3：Consolidated Financial Statements《IAS3——合并财务报表》（已被IAS27和IAS28取代）4.IAS4：Depreciation Accounting《IAS4——折旧会计》（已被IAS16、IAS22和IAS38取代）5.IAS5：Information to Be Disclosed in Financial Statements《IAS5——财务报表中披露的信息》（已被IAS1取代）6.IAS6：Accounting Responses to Changing Prices《IAS6——物价变动会计》（已被IAS15取代）7.IAS7：Cash Flow Statements《IAS7——现⾦流量表》8.IAS8：Accounting Policies, Changes in Accounting Estimates and Errors 《IAS8——当期净损益、重⼤差错和会计政策变更》9.IAS9：Accounting for Research and Development Activities《IAS9——研发活动会计》（已被IAS38取代）10.IAS10：Events after the Balance Sheet Date《IAS10——资产负债表⽇后事项》11.IAS11：Construction Contracts《IAS11——建造合同》12.IAS12：Income Taxes《IAS12——所得税》13.IAS13：Presentation of Current Assets and Current Liabilities 《IAS13——流动资产和流动负债的列报》（已被IAS1取代）14.IAS14：Segment Reporting《IAS14——分部报告》15.IAS15：Information Reflecting the Effects of Changing Prices《IAS15——反映物价变动影响的信息》（2003年已被撤销）16.IAS16：Property, Plant and Equipment《IAS16——不动产、⼚场和设备》17.IAS17：Leases《IAS17——租赁》18.IAS18：Revenue《IAS18——收⼊》19.IAS19：Employee Benefits《IAS19——雇员福利》20.IAS20：Accounting for Government Grants and Disclosure of Government Assistance 《IAS20——政府补助会计和政府援助的披露》21.IAS21：The Effects of Changes in Foreign Exchange Rates《IAS21——汇率变动的影响》22.IAS22：Business Combinations《IAS22——企业合并》（已被IFRS3取代）23.IAS23：Borrowing Costs《IAS23——借款费⽤》24.IAS24：Related Party Disclosures《IAS24——关联⽅披露》25.IAS25：Accounting for Investments《IAS25——投资会计》（已被IAS39 和IAS40取代）26.IAS26：Accounting and Reporting by Retirement Benefit Plans《IAS26——退休福利计划的会计和报告》27.IAS27：Consolidated and Separate Financial Statements《IAS27——合并财务报表及对⼦公司投资会计》28.IAS28：Investments in Associates《IAS28——对联合企业投资会计》29.IAS29：Financial Reporting in Hyperinflationary Economies《IAS29——恶性通货膨胀经济中的财务报告》30.IAS30：Disclosures in the Financial Statements of Banks and Similar Financial Institutions 《IAS30——银⾏和类似⾦融机构财务报表中的披露》31.IAS31：Interests in Joint Ventures《IAS31——合营中权益的财务报告》32.IAS32：Financial Instruments: Disclosure and Presentation《IAS32——⾦融⼯具：披露和列报》33.IAS33：Earnings per Share《IAS33——每股收益》34.IAS34：Interim Financial Reporting《IAS34——中期财务报告》35.IAS35：Discontinuing Operations《IAS35——终⽌经营》（已被IFRS5取代）36.IAS36：Impairment of Assets《IAS36——资产减值》37.IAS37：Provisions, Contingent Liabilities and Contingent Assets 《IAS37——准备、或有负债和或有资产》38.IAS38：Intangible Assets《IAS38——⽆形资产》39.IAS39：Financial Instruments: Recognition and Measurement《IAS39——⾦融⼯具：确认和计量》40.IAS40：Investment Property《IAS40——投资性房地产》41.IAS41：Agriculture《IAS41——农业》国际会计准则中⽂版⽂件格式：Pdf可复制性：可复制TAG标签：会计学点击次数：更新时间：2010-03-30 15:23介绍国际会计准则中⽂版，国际会计准则在2008年做了更新，中⽂版不知道是否同步更新，这个对于会计从业⼈员的帮助很⼤，在⽹上找了很久中⽂版都是2003的⽼版本，不知道楼主上传的版本对我是否有⽤。
财务报表分析外文文献及翻译
Review of accounting studies,2003,168:531-560 Financial Statement Analysis of Leverage and How It Informs About Protability and Price-to-Book RatiosDoron Nissim, Stephen. PenmanAbstractThis paper presents a nancial statement analysis that distinguishes leverage that arises in nancing activities from leverage that arises in operations. The analysis yields two leveraging equations, one for borrowing to nance operations and one for borrowing in the course of operations. These leveraging equations describe how the two types of leverage affect book rates of return on equity. An empirical analysis shows that the nancial statement analysis explains cross-sectional differences in current and future rates of return as well as price-to-book ratios, which are based on expected rates of return on equity. The paper therefore concludes that balance sheet line items for operating liabilities are priced differently than those dealing with nancing liabilities. Accordingly, nancial statement analysis that distinguishes the two types of liabilities informs on future protability and aids in the evaluation of appropriate price-to-book ratios.Keywords: financing leverage; operating liability leverage; rate of return on equity; price-to-book ratioLeverage is traditionally viewed as arising from nancing activities: Firms borrow to raise cash for operations. This paper shows that, for the purposes of analyzing protability and valuing rms, two types of leverage are relevant, one indeed arising from nancing activities but another from operating activities. The paper supplies a nancial statement analysis of the two types of leverage that explains differences in shareholder protability and price-to-book ratios.The standard measure of leverage is total liabilities to equity. However, while some liabilities—like bank loans and bonds issued—are due to nancing, other liabilities—like trade payables, deferred revenues, and pension liabilities—result from transactions with suppliers, customers and employees in conducting operations. Financing liabilities are typically traded in well-functioning capital markets where issuers are price takers. In contrast, rms are able to add value in operations because operations involve trading in input and output markets that are less perfect than capital markets. So, with equity valuation in mind, there are a priori reasons for viewing operating liabilities differently from liabilities that arise in nancing.Our research asks whether a dollar of operating liabilities on the balance sheet is priced differently from a dollar of nancing liabilities. As operatingand nancing liabilities are components of the book value of equity, the question is equivalent to asking whether price-to-book ratios depend on the composition of book values. The price-to-book ratio is determined by the expected rate of return on the book value so, if components of book value command different price premiums, they must imply different expected rates of return on book value. Accordingly, the paper also investigates whether the two types of liabilities are associated with differences in future book rates of return.Standard nancial statement analysis distinguishes shareholder protability that arises from operations from that which arises from borrowing to nance operations. So, return on assets is distinguished from return on equity, with the difference attributed to leverage. However, in the standard analysis, operating liabilities are not distinguished from nancing liabilities. Therefore, to develop the specications for the empirical analysis, the paper presents a nancial statement analysis that identies the effects of operating and nancing liabilities on rates of return on book value—and so on price-to-book ratios—with explicit leveraging equations that explain when leverage from each type of liability is favorable or unfavorable.The empirical results in the paper show that nancial statement analysis that distinguishes leverage in operations from leverage in nancing also distinguishes differences in contemporaneous and future protability among rms. Leverage from operating liabilities typically levers protability more than nancing leverage and has a higher frequency of favorable , for a given total leverage from both sources, rms with higher leverage from operations have higher price-to-book ratios, on average. Additionally, distinction between contractual and estimated operating liabilities explains further differences in rms’ protability and their price-to-book ratios.Our results are of consequence to an analyst who wishes to forecast earnings and book rates of return to value rms. Those forecasts—and valuations derived from them—depend, we show, on the composition of liabilities. The nancial statement analysis of the paper, supported by the empirical results, shows how to exploit information in the balance sheet for forecasting and valuation.The paper proceeds as follows. Section 1 outlines the nancial statements analysis that identies the two types of leverage and lays out expressions that tie leverage measures to protability. Section 2 links leverage to equity value and price-to-book ratios. The empirical analysis is in Section 3, with conclusions summarized in Section 4.1. Financial Statement Analysis of LeverageThe following nancial statement analysis separates the effects of nancing liabilities and operating liabilities on the protability of shareholders’ equity. The analysis yields explicit leveraging equations from which the specications for the empirical analysis are developed. Shareholder protability, return on common equity, is measured asReturn on common equity ROCE = comprehensive net income ÷common equity 1 Leverage affects both the numerator and denominator of this protability measure.Appropriate nancial statement analysis disentangles the effects of leverage. Theanalysis below, which elaborates on parts of Nissim and Penman 2001, begins byidentifying components of the balance sheet and income statement that involveoperating and nancing activities. The protability due to each activity is thencalculated and two types of leverage are introduced to explain both operatingand nancing protability and overall shareholder protability.Distinguishing the Protability of Operations from the Protability of FinancingActivitiesWith a focus on common equity so that preferred equity is viewed as a nancialliability, the balance sheet equation can be restated as follows:Common equity =operating assets＋financial assets－operating liabilities－Financial liabilities 2 The distinction here between operating assets like trade receivables, inventoryand property,plant and equipment and nancial assets the deposits and marketablesecurities that absorb excess cash is made in other contexts. However, on theliability side, nancing liabilities are also distinguished here from operatingliabilities. Rather than treating all liabilities as nancing debt, onlyliabilities that raise cash for operations—like bank loans, short-termcommercial paper and bonds—are classied as such. Other liabilities—such asaccounts payable, accrued expenses, deferred revenue, restructuring liabilitiesand pension liabilities—arise from operations. The distinction is not as simpleas current versus long-term liabilities; pension liabilities, for example, areusually long-term, and short-term borrowing is a current liability.Rearranging terms in equation 2,Common equity = operating assets－operating liabilities－financialliabilities－financial assetsOr,Common equity = net operating assets－net financing debt 3This equation regroups assets and liabilities into operating and nancingactivities. Net operating assets are operating assets less operating liabilities.So a rm might invest in inventories, but to the extent to which the suppliersof those inventories grant credit, the net investment in inventories is reduced.Firms pay wages, but to the extent to which the payment of wages is deferred inpension liabilities, the net investment required to run the business is reduced.Net nancing debt is nancing debt including preferred stock minus nancial assets.So, a rm may issue bonds to raise cash for operations but may also buy bonds withexcess cash from operations. Its net indebtedness is its net position in bonds.Indeed a rm may be a net creditor with more nancial assets than nancial liabilitiesrather than a net debtor.The income statement can be reformulated to distinguish income that comesfrom operating and nancing activities:Comprehensive net income = operating income－net financing expense 4Operating income is produced in operations and net nancial expense is incurredin the nancing of operations. Interest income on nancial assets is netted againstinterest expense on nancial liabilities including preferred dividends in netnancial expense. If interest income is greater than interest expense, nancingactivities produce net nancial income rather than net nancial expense. Bothoperating income and net nancial expense or income are after Equations 3 and4 produce clean measures of after-tax operating protability and the borrowingrate:Return on net operating assets RNOA = operating income ÷net operating assets5andNet borrowing rate NBR = net financing expense ÷net financing debt6RNOA recognizes that protability must be based on the net assets investedin operations. So rms can increase their operating protability by convincingsuppliers, in the course of business, to grant or extend credit terms; creditreduces the investment that shareholders would otherwise have to put in thebusiness. Correspondingly, the net borrowing rate, by excluding non-interestbearing liabilities from the denominator, gives the appropriate borrowing ratefor the nancing activities.Note that RNOA differs from the more common return on assets ROA, usuallydened as income before after-tax interest expense to total assets. ROA does notdistinguish operating and nancing activities appropriately. Unlike ROA, RNOAexcludes nancial assets in the denominator and subtracts operating liabilities.Nissim and Penman 2001 report a median ROA for NYSE and AMEX rms from 1963–1999of only %, but a median RNOA of %—much closer to what one would expect as a returnto business operations.Financial Leverage and its Effect on Shareholder ProtabilityFrom expressions 3 through 6, it is straightforward to demonstrate that ROCEis a weighted average of RNOA and the net borrowing rate, with weights derivedfrom equation 3:ROCE= net operating assets ÷common equity× RNOA－net financing debt÷common equity ×net borrowing rate7Additional algebra leads to the following leveraging equation:ROCE = RNOA＋FLEV× RNOA－net borrowing rate 8 where FLEV, the measure of leverage from nancing activities, isFinancing leverage FLEV =net financing debt ÷common equity 9The FLEV measure excludes operating liabilities but includes as a net againstnancing debt nancial assets. If nancial assets are greater than nancialliabilities, FLEV is negative. The leveraging equation 8 works for negative FLEVin which case the net borrowing rate is the return on net nancial assets.This analysis breaks shareholder protability, ROCE, down into that which isdue to operations and that which is due to nancing. Financial leverage levers the ROCE over RNOA, with the leverage effect determined by the amount of nancial leverage FLEV and the spread between RNOA and the borrowing rate. The spread can be positive favorable or negative unfavorable.Operating Liability Leverage and its Effect on Operating Protability While nancing debt levers ROCE, operating liabilities lever the protability of operations, RNOA. RNOA is operating income relative to net operating assets, and net operating assets are operating assets minus operating liabilities. So, the more operating liabilities a rm has relative to operating assets, the higher its RNOA, assuming no effect on operating income in the numerator. The intensity of the use of operating liabilities in the investment base is operating liability leverage:Operating liability leverage OLLEV =operating liabilities ÷net operating assets 10Using operating liabilities to lever the rate of return from operations may not come for free, however; there may be a numerator effect on operating income. Suppliers provide what nominally may be interest-free credit, but presumably charge for that credit with higher prices for the goods and services supplied. This is the reason why operating liabilities are inextricably a part of operations rather than the nancing of operations. The amount that suppliers actually charge for this credit is difcult to identify. But the market borrowing rate is observable. The amount that suppliers would implicitly charge in prices for the credit at this borrowing rate can be estimated as a benchmark:Market interest on operating liabilities= operating liabilities×market borrowing ratewhere the market borrowing rate, given that most credit is short term, can be approximated by the after-tax short-term borrowing rate. This implicit cost is benchmark, for it is the cost that makes suppliers indifferent in supplying cred suppliers are fully compensated if they charge implicit interest at the cost borrowing to supply the credit. Or, alternatively, the rm buying the goods or services is indifferent between trade credit and nancing purchases at the borrowin rate.To analyze the effect of operating liability leverage on operating protability, we dene:Return on operating assets ROOA =operating income＋market interest on operating liabilities÷operating assets11The numerator of ROOA adjusts operating income for the full implicit cost of trad credit. If suppliers fully charge the implicit cost of credit, ROOA is the return of operating assets that would be earned had the rm no operating liability leverage. suppliers do not fully charge for the credit, ROOA measures the return fro operations that includes the favorable implicit credit terms from suppliers.Similar to the leveraging equation 8 for ROCE, RNOA can be expressed as: RNOA = ROOA＋ OLLEV ×ROOA－market borrowing rate 12 where the borrowing rate is the after-tax short-term interest ROOA, the effect of leverage on protability is determined by the level of operating liability leverage and the spread between ROOA and the short-term after-tax interest rate. Like nancing leverage, the effect can be favorable or unfavorable: Firms can reduce their operating protability through operating liability leverage if their ROOA is less than the market borrowing rate. However, ROOA will also be affected if the implicit borrowing cost on operating liabilities is different from the market borrowing rate.Total Leverage and its Effect on Shareholder ProtabilityOperating liabilities and net nancing debt combine into a total leverage measure:Total leverage TLEV = net financing debt＋operating liabilities÷common equityThe borrowing rate for total liabilities is:Total borrowing rate = net financing expense＋market interest on operating liabilities ÷net financing debt＋operating liabilitiesROCE equals the weighted average of ROOA and the total borrowing rate, where the weights are proportional to the amount of total operating assets and the sum of net nancing debt and operating liabilities with a negative sign, respectively. So, similar to the leveraging equations 8 and 12:ROCE = ROOA ＋TLEV×ROOA － total borrowing rate 13 In summary, nancial statement analysis of operating and nancing activities yields three leveraging equations, 8, 12, and 13. These equations are based on xed accounting relations and are therefore deterministic: They must hold for a given rm at a given point in time. The only requirement in identifying the sources of protability appropriately is a clean separation between operating and nancing components in the nancial statements.2. Leverage, Equity Value and Price-to-Book RatiosThe leverage effects above are described as effects on shareholder protability. Our interest is not only in the effects on shareholder protability, ROCE, but also in the effects on shareholder value, which is tied to ROCE in a straightforward way by the residual income valuation model. As a restatement of the dividend discount model, the residual income model expresses the value of equity at date 0 P0 as:B is the book value of common shareholders’ equity, X is comprehensive income to common shareholders, and r is the required return for equity investment. The price premium over book value is determined by forecasting residual income, Xt –rBt-1. Residual income is determined in part by income relative to book value, that is, by the forecasted ROCE. Accordingly, leverage effects on forecasted ROCE net of effects on the required equity return affect equity value relative to bookvalue: The price paid for the book value depends on the expected protability of the book value, and leverage affects protability.So our empirical analysis investigates the effect of leverage on both protability and price-to-book ratios. Or, stated differently, nancing and operating liabilities are distinguishable components of book value, so the question is whether the pricing of book values depends on the composition of book values. If this is the case, the different components of book value must imply different protability. Indeed, the two analyses of protability and price-to-book ratios are complementary.Financing liabilities are contractual obligations for repayment of funds loaned. Operating liabilities include contractual obligations such as accounts payable, but also include accrual liabilities such as deferred revenues and accrued expenses. Accrual liabilities may be based on contractual terms, but typically involve estimates. We consider the real effects of contracting and the effects of accounting estimates in turn. Appendix A provides some examples of contractual and estimated liabilities and their effect on protability and value. Effects of Contractual liabilitiesThe ex post effects of nancing and operating liabilities on protability are clear from leveraging equations 8, 12 and 13. These expressions always hold ex post, so there is no issue regarding ex post effects. But valuation concerns ex ante effects. The extensive research on the effects of nancial leverage takes, as its point of departure, the Modigliani and Miller M&M 1958 nancing irrelevance proposition: With perfect capital markets and no taxes or information asymmetry, debt nancing has no effect on value. In terms of the residual income valuation model, an increase in nancial leverage due to a substitution of debt for equity may increase expected ROCE according to expression 8, but that increase is offset in the valuation 14 by the reduction in the book value of equity that earns the excess protability and the increase in the required equity return, leaving total value ., the value of equity and debt unaffected. The required equity return increases because of increased nancing risk: Leverage may be expected to be favorable but, the higher the leverage, the greater the loss to shareholders should the leverage turn unfavorable ex post, with RNOA less than the borrowing rate.In the face of the M&M proposition, research on the value effects of nancial leverage has proceeded to relax the conditions for the proposition to hold. Modigliani and Miller 1963 hypothesized that the tax benets of debt increase after-tax returns to equity and so increase equity value. Recent empirical evidence provides support for the hypothesis ., Kemsley and Nissim, 2002, although the issue remains controversial. In any case, since the implicit cost of operating liabilities, like interest on nancing debt, is tax deductible, the composition of leverage should have no tax implications.Debt has been depicted in many studies as affecting value by reducing transaction and contracting costs. While debt increases expected bankruptcy costs and introduces agency costs between shareholders and debtholders, it reduces thecosts that shareholders must bear in monitoring management, and may have lower issuing costs relative to equity. One might expect these considerations to apply to operating debt as well as nancing debt, with the effects differing only by degree. Indeed papers have explained the use of trade debt rather than nancing debt by transaction costs Ferris, 1981, differential access of suppliers and buyers to nancing Schwartz,1974, and informational advantages and comparative costs of monitoring Smith, 1987; Mian and Smith, 1992; Biais and Gollier, 1997. Petersen and Rajan 1997 provide some tests of these explanations.In addition to tax, transaction costs and agency costs explanations for leverage, research has also conjectured an informational role. Ross 1977 and Leland and Pyle 1977 characterized nancing choice as a signal of protability and value, and subsequent papers for example, Myers and Majluf, 1984 have carried the idea further. Other studies have ascribed an informational role also for operating liabilities. Biais and Gollier 1997 and Petersen and Rajan 1997, for example, see suppliers as having more information about rms than banks and the bond market, so more operating debt might indicate higher value. Alternatively, high trade payables might indicate difculties in paying suppliers and declining fortunes.Additional insights come from further relaxing the perfect frictionless capital markets assumptions underlying the original M&M nancing irrelevance proposition. When it comes to operations, the product and input markets in which rms trade are typically less competitive than capital markets. Indeed, rms are viewed as adding value primarily in operations rather than in nancing activities because of less than purely competitive product and input markets. So, whereas it is difficult to ‘‘make money off the debtholders,’’ rms can be seen as ‘‘making money off the trade creditors.’’ In operations, rms can exert monopsony power, extracting value from suppliers and employees. Suppliers may provide cheap implicit nancing in exchange for information about products and markets in which the rm operates. They may also benet from efciencies in the rm’s supply and distribution chain, and may grant credit to capture future business. Effects of Accrual Accounting EstimatesAccrual liabilities may be based on contractual terms, but typically involve estimates. Pension liabilities, for example, are based on employment contracts but involve actuarial estimates. Deferred revenues may involve obligations to service customers, but also involve estimates that allocate revenues to periods. While contractual liabilities are typically carried on the balance sheet as an unbiased indication of the cash to be paid, accrual accounting estimates are not necessarily unbiased. Conservative accounting, for example, might overstate pension liabilities or defer more revenue than required by contracts with customers.Such biases presumably do not affect value, but they affect accounting rates of return and the pricing of the liabilities relative to their carrying value the price-to-book ratio. The effect of accounting estimates on operating liability leverage is clear: Higher carrying values for operating liabilitiesresult in higher leverage for a given level of operating assets. But the effect on protability is also clear from leveraging equation 12: While conservative accounting for operating assets increases the ROOA, as modeled in Feltham and Ohlson 1995 and Zhang 2000, higher book values of operating liabilities lever up RNOA over ROOA. Indeed, conservative accounting for operating liabilities amounts to leverage of book rates of return. By leveraging equation 13, that leverage effect ows through to shareholder protability, ROCE.And higher anticipated ROCE implies a higher price-to-book ratio.The potential bias in estimated operating liabilities has opposite effects on current and future protability. For example, if a rm books higher deferred revenues, accrued expenses or other operating liabilities, and so increases its operating liability leverage, it reduces its current protability: Current revenues must be lower or expenses higher. And, if a rm reports lower operating assets by a write down of receivables, inventories or other assets, for example, and so increases operating liability leverage, it also reduces current protability: Current expenses must be higher. But this application of accrual accounting affects future operating income: All else constant, lower current income implies higher future income. Moreover, higher operating liabilities and lower operating assets amount to lower book value of equity. The lower book value is the base for the rate of return for the higher future income. So the analysis of operating liabilities potentially identies part of the accrual reversal phenomenon documented by Sloan 1996 and interprets it as affecting leverage, forecasts of protability, and price-to-book ratios.3. Empirical AnalysisThe analysis covers all rm-year observations on the combined COMPUSTAT Industry and Research les for any of the 39 years from 1963 to 2001 that satisfy the following requirements: 1 the company was listed on the NYSE or AMEX; 2 the company was not a nancial institution SIC codes 6000–6999, thereby omitting rms where most nancial assets and liabilities are used in operations; 3 the book value of common equity is at least $10 million in 2001 dollars; and 4 the averages of the beginning and ending balance of operating assets, net operating assets and common equity are positive as balance sheet variables are measured in the analysis using annual averages. These criteria resulted in a sample of 63,527 rm-year observations.Appendix B describes how variables used in the analysis are measured. One measurement issue that deserves discussion is the estimation of the borrowing cost for operating liabilities. As most operating liabilities are short term, we approximate the borrowing rate by the after-tax risk-free one-year interest rate. This measure may understate the borrowing cost if the risk associated with operating liabilities is not trivial. The effect of such measurement error is to induce a negative correlation between ROOA and OLLEV. As we show below, however, even with this potential negative bias we document a strong positive relation between OLLEV and ROOA.4. ConclusionTo nance operations, rms borrow in the nancial markets, creating nancing leverage. In running their operations, rms also borrow, but from customers, employees and suppliers, creating operating liability leverage. Because they involve trading in different types of markets, the two types of leverage may have different value implications. In particular, operating liabilities may reect contractual terms that add value in different ways than nancing liabilities, and so they may be priced differently. Operating liabilities also involve accrual accounting estimates that may further affect their pricing. This study has investigated the implications of the two types of leverage for protability and equity value.The paper has laid out explicit leveraging equations that show how shareholder protability is related to nancing leverage and operating liability leverage. For operating liability leverage, the leveraging equation incorporates both real contractual effects and accounting effects. As price-to-book ratios are based on expected protability, this analysis also explains how price-to-book ratios are affected by the two types of leverage. The empirical analysis in the paper demonstrates that operating and nancing liabilities imply different protability and are priced differently in the stock market.Further analysis shows that operating liability leverage not only explains differences in protability in the cross-section but also informs on changes in future protability from current protability. Operating liability leverage and changes in operating liability leverage are indicators of the quality of current reported protability as a predictor of future protability.Our analysis distinguishes contractual operating liabilities from estimated liabilities, but further research might examine operating liabilities in more detail, focusing on line items such as accrued expenses and deferred revenues. Further research might also investigate the pricing of operating liabilities under differing circumstances; for example, where rms have ‘‘market power’’ over their suppliers.会计研究综述,2003,168:531-560财务报表分析的杠杆左右以及如何体现盈利性和值比率摘要本文提供了区分金融活动和业务运营中杠杆作用的财务报表分析;这些分析得出了两个杠杆作用等式;一个用于金融业务中的借贷,一个用于运营过程的借贷;这些等式描述了两种杠杆效应如何影响股本收益率;实证分析表明,财务报表分析解。
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会计理论和资产评估的替代方法埃尔温·戴沃特经济学系，不列颠哥伦比亚大学，温哥华，不列颠哥伦比亚省，加拿大，V6N 1Z1电子邮件：diewert@econ.ubc.ca1.介绍在这一章中，我们研究以下问题：在连续的会计期间内，如何对企业所拥有的耐用资产进行价值评估并得出每一期的相应评估结果。
众所周知，在对企业的资产进行评估时，存在多种评估方法。
在这里我们主要介绍七种评估方法：（1）重置成本法；（2）物价指数法；（3）市场法；（4）功能系数法；（5）净现值法；（6）根据资产的具体指数调整历史成本；（7）通过跨期成本分摊来确定价值的方法。
就目前而言，重置成本法广泛被评估师所采用。
但是，这一方法存在着假设前提，即不存在通货膨胀这一现象或通货膨胀影响甚小，可忽略不计。
上述七种评估方法中，第二条至第六条，资产的价格都会随着时间的推移有所变动。
最后一种方法与固定费用跨期分摊紧密相联，将在文章的第八部分作出详细的说明，此处不再赘述。
2. 重置成本法“今天的一美元的购买力肯定与1897年的一美元的购买力不同。
这是由于消费价格总水平的波动，因而美元的购买力发生变化。
这一不同的价格量度就好比英寸与厘米之间的代换或是用橡皮带来测量字段。
”利文斯顿（1918年；114-115）。
历史成本折旧（如：资产价值下跌超过一个会计期间）可定义为：当评估出资产的使用寿命和确定了资产的相应折旧期限时，资产的原值就要合理的分摊与这一会计期限内，而历史成本折旧就是这一相对的周期性折旧金额。
相应的会计期间终结时资产的历史成本价值成本可简单的表述为原值减去累计折旧后的余额除以总使用年限。
在第二章，我们了解到运用历史成本法计价资产时所面临的主要问题：倘若在资产的采购期至企业所处的会计期间这一段时期内，资产的价格有了大幅度的变化（例如由通货膨胀所引起），则运用历史成本计价可能无法真实的反映资产的当前市场价值。
因此在通货膨胀的情况下，历史成本的折旧额会被低估而相应的收入会被夸大，同时企业所得税可能转变为资本得税。
而，历史成本会计隐含的假设条件是在会计期间终结期的货币值与会计初始期的货价值之间价值稳定，即假设物价水平稳定。
然而，会计师editch(1918)在对第一次世界大战期间发生的通货膨胀现象进行观察后，对成本法的上述隐含条件提出了质疑。
对于重置成本会计，被公认的有两大优势：（1）客观性和重复性（2）保守性。
这些优势也同样招致来一些批判。
运用历史成本进行资产的评估所得到的结果并不是客观的，这是因为它含有很多人为因素，不同的会计师在对历史成本折旧额的确定上存在差异，他们不一定会作出相同的假设来得出同一折旧额。
但，最为突出的问题在于在高通货膨胀环境中，历史成本的期末值毫无意义。
也就是说，它们无法反映当前的机会成本或市场价值。
因此，一个完整的会计期间内，历史成本的价值可能是客观的，但也有可能并非客观。
另一争论在于：准确性。
如果我们严格从稳健角度出发，为什么我们不去假设所有的中间的资产价值为零？这种荒谬的假设让我们认识到准确性比稳健性（保守性）更为重要。
在此篇文章中，有必要更为详细的阐述一下“准确性”的定义，在企业可持续经营中，资产的价值的准确性。
能够明确的是，建设期内在用资产的价值难以确定，以及资产的实际出售价格难以确认。
也就是说我们只能估计出一些中间价值。
因此，依据Morgenstern（1936；77）的案例，资产的价值或许是可接受的，但要确定这些被评估的中间价值的概率分布。
因而，“准确性”在此背影下，可被定义为随着相关数据的分布（指数据的差异），提供了一个恰当的中心趋势指标（例如，平均估值）。
然而，在会计理论和实践没有考虑这些因素。
即便，在某一情况下，会计师认识到上述所提及到的统计概念在会计中有着重要的作用。
现在，我们来讨论资产评估的其他评估方法。
这些方法所评估出来的结果与现有的市场价值或机会成本更为密切。
3. 物价指数法“毫无疑问，无论是用英镑或是蒲式耳或是美元来计价，若想使它们的兑换准确，计量单位必须先统一，都要换算成国际通用货币—美元。
然而，在测量自己身高时，大多数人是不会用卷尺来进行测量的，试想谁会浪费大量的时间用卷尺测量身高呢？在商业框架下美元的波动对价值的确定影响至关重要。
”Henry W .Sweeney(1936；再版1964；11)。
Baxter教授（1976）在拉丁美洲建立应对通货膨胀的会计体系时，要经两个阶段：首先是要参照一般指标调整固定资产的折旧；其次，在随后的一个阶段中，通过一些指标的应用，对资产﹑存货和流动资金进行相应调整，改变过去长期固定不变的局面。
这种评估方法提出来源于案例Middleditch(1918) ，它的涉及的内容如下：假设一项资产的收购在会计期间的初始期且价格为0，0折旧率是ō0 以及在期间0内，一般物价的通货膨胀率是0p0,即价格总水平结束的期间除以价格总水平的开始时间，即1+P0.然后，运用历史成本会计计算的资产的价值在会计结束期为（1-ō0）p0；但是，价格总水平调整的价值是（1）VGPLA=（1-ō0）（1+p0）p0.该方法的优点为资产构建时的价值的取得相对简单（资产的历史成本只需要乘以1+p0，在此处，p0表示后期与前期相比物价上升幅度）；除此之外，该方法是很客观的（1+p0是确定的）。
在应对通货膨胀或通货紧缩时，GPLA会计是目前最主要的应对措施，GPLA已被应用与核算历史成本中。
但在这里，值得注意的是，p0的区别，总体通货膨胀率和特定资产的预期通货膨胀率是存在差异的，后者定义为1+i0恒等于P1/P0.在会计期间的初始期与终结期P0与P1是统一资产的不同价格。
正常情况下，P0是不等于IO的，因此GPLA评估值不等于会计结束期市场的价值（排除当一般通货膨胀率p0等于资产的特定通货膨胀率i0）。
此方法的主要缺点：要根据价格调整会计分录，涉及大量工作。
而它的优势在于它能较实际的反映物价水平，考虑了通货膨胀的影响。
剩下的内容将讨论如何选取一般通货率p0.12.最为简单的一种方法是使用交易商品的通货膨胀率（如glod13）为指标来做为一般通货膨胀指数。
另一替代方案是运用一个国家为了稳定币值，外汇汇率的相对变动率。
而并非使用黄金的价格或任一单个商品的价格。
通货膨胀期在会计期间的初期和结束期可能会更好的被看做是价格变化的指向标。
在指标的进一步筛选后，我们可以选取固定的基准价格指数，如舍费尔（1992）理想的价格指数，它能应对价格的变化。
会计人员和经济学家一直挣扎与如何选取一个适当的通货膨胀率这一问题，他们为此而挣扎了一个世纪。
至今为止，仍有许多问题没有得到解决：（1）一般消费品是否能由指数所表示（2）单个价格速率是否应得到足够的重视？如，什么是理论上的价格指数函数是否正确（3）一个相关问题是在价格指数问题上谁能为重要？（4）如果会计期间短与一年，在这种短期（季节性）商品的物价指数调整中是否存在相应指数？尽管回答上述问题是极为困难的，但我们同意Staubus学者的观点，即依据一般通货膨胀来调整历史成本，所得到的结果是一个不完美的指标，仍是有待于不断的改进。
有人宣称总体物价水平的会计处理不会增加额外的会计信息，通过对以往的试算平衡表的阅读，我们就能获取所需要的信息。
也就是意味着，如果投资者想要获取历史成本的价值，他们只需要阅读有关的通货膨胀指数即可，随后便可轻易的计算出调整后的资产的价值。
针对每一会计期间，以下是一个营业单位提供与投资者的有效信息：（1）发生在每一会计期间，新的投资额（2）每一会计期间，所有出售资产或过了使用寿命的资产的净残值。
一般来说这些信息是在资产负债表上是不予以反映的，因此，向投资者提供的累计GPLA资产价值是会提供新的信息的，这些并非能由单个投资者通过阅览相关历史成本的资料获得的。
4.净现值法“某一经济学家,即著名的芝加哥大学教授Jacob Viner,一直认为市场中流通的资产的价值才是会计中惟一的且正确的资产价值评估的基础。
”H．C．Daines(1929;98).“一些市场可以被划分为两种：一种市场是企业进行特定交易形式的市场，一种是企业在特定的时间进行交易的市场；在前一种市场上，价格的获取称为实体价格，后一种称为退出价格。
”Edgar O.Edwards 和 Philip W. Bell (1961;75).一个世纪前，对于会计们而言，运用现值法来评估企业的固定资产的价值是很少见的一种工作方法。
如：在那时，将要流通与市场的资产会采用净现值的方法来进行评估。
而，在12世纪中期，许多企业处于各自目的考虑，肆意重新评估他们的资产。
一直到20世纪30年代，会计师协会采取措施，应对评估资产时，滥用乱用重置成本法。
会计师协会齐心协力的应对此局面并控制了局势的变化（除了经济过热，物价出现大幅度的通货膨胀时短暂性的采用GPRA会计处理法。
）最根本的问题在于现行的价值很难准确的定义会计的“准确性”原则。
Edwards 和 Bell（1961；75）在区分了整体价值（对现有的资产在市场上重新进行购置时最低的成本）和退出价值（企业现有资产在市场上销售时的最高售价与交易成本之间的差额。
例如资产的可确认价值）之间的差异。
在这一部分，我们着重的关注有关于退出价值的问题；在下一节中，我们将讨论整体价值。
重置成本法的拥护者在会计期末企业采用净现值法上，秉持两个原则进行反驳：一个是净现值法缺少客观性；另一个是他们运用性差。
使用净现值法不够客观这一观点主要是依据以下论述提出的：“那些关联的因素能作为计价基础？选取的计价基础是偏高还是偏低还是均值？应当如何找到报价方，如何确定？”YujiIjiri（1970；328）“流动性强的资产的价值一般很难估价，但似乎有时很好确定。
例如，在街上将商品卖给第一个顾客的价格就是随后出售给其他顾客的价格。
如果是这样的话，我们就可以认为这种价值的获取如此荒谬，很显然，退出价格的定义是如此的缺乏逻辑性。
”Robert R.Sterling （1970：328）因此，需要找到资产的可变现净值。
这就有必要确定谁是较为适合的潜在买家以及他们的可能投标的价格。
如果我们无法从资产的潜在买家那里得到资产的价格，那么我们就运用评估出来的资产的价值。
如果我们再次遇到无法确定肯定的评估值这一情况：我们到底要针对资产，作出多少次评估？如何衡量从事评估人员的职业素质和道德素质？评估中要运用哪些标准？与其说假设出来的净现值和评估值是缺乏客观性，不如更加准确的说他们不发通过实质性测试。
例如，两名会计试图为一公司资产确定一净现值，但是这两名会计得出的净现值额是不一致的。
而，运用重置成本和物价指数法的最大优势：除了在定义资产的使用寿命与折旧率两个指标存在一些突出问题外，这两种方法都是能通过实质性程序测试的。