威廉斯科特Scott财务会计理论(第七版)全套PPT课件
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>> Continuห้องสมุดไป่ตู้d
1-8 Copyright © 2015 Pearson Canada Inc.
Market Meltdowns, 2007-2008 (continued)
• Response of other regulators
– Increased disclosure of managerial compensation – Move transactions to security exchanges and clearing
economy
1-2 Copyright © 2015 Pearson Canada Inc.
Chapter 1 Introduction
1-3 Copyright © 2015 Pearson Canada Inc.
1.2 Some Historical Perspective
• Early development • Great depression of 1930s reinforced historical
1-4 Copyright © 2015 Pearson Canada Inc.
1.2 Collapse of the Stock Market Boom of Late 1990s
• Enron • WorldCom • Collapse of public confidence in capital markets • Effects on financial reporting
1-1 Copyright © 2015 Pearson Canada Inc.
Financial Accounting Theory Seventh Edition William R. Scott
Purpose: To create an awareness and understanding of the financial reporting environment in a market
– Liquidity risk
• Liquidity pricing
– Counterparty risk
>> Continued
1-6 Copyright © 2015 Pearson Canada Inc.
Market Meltdowns, 2007-2008 (continued)
• Financial accounting issues leading up to the market meltdowns
– New accounting standards
• Consolidation • Derecognition
– Increased disclosure – Response of standard setters considered in greater
detail in Chapter 7
cost accounting • Alternatives to historical cost
– Current value accounting
• Value-in-use • Fair value (also called exit price, opportunity cost)
– Mixed measurement model
1.3 Market Meltdowns, 2007-2008
• Terminology
– Securitization – Financial instruments
• Asset-backed securities • Collateralized debt obligations • Asset-backed commercial paper • Credit default swaps • Expected loss notes
– Fair value accounting for financial instruments – Liquidity pricing
• Fair value less than value-in-use • Severe criticism of fair value accounting
• High leverage of financial institutions
Copyright © 2015 Pearson Canada Inc.
>> Continued
1-7
Market Meltdowns, 2007-2008 (continued)
• Response of standard setters
– Stopgap measures in response to government pressure
• Fair value accounting guidance during liquidity pricing • Increased use of internal estimates (value-in-use) • Increased use of cost-based valuation
• Off-balance sheet liabilities • Use of expected loss notes to avoid consolidation of
structured investment vehicles • Was disclosure of off-balance sheet liabilities adequate?
houses from shadow banking system – Increased capital reserves for financial institutions
– Increased regulation and corporate governance
• Sarbanes-Oxley Act
– Tighten rules re off-balance sheet entities
1-5 Copyright © 2015 Pearson Canada Inc.
1-8 Copyright © 2015 Pearson Canada Inc.
Market Meltdowns, 2007-2008 (continued)
• Response of other regulators
– Increased disclosure of managerial compensation – Move transactions to security exchanges and clearing
economy
1-2 Copyright © 2015 Pearson Canada Inc.
Chapter 1 Introduction
1-3 Copyright © 2015 Pearson Canada Inc.
1.2 Some Historical Perspective
• Early development • Great depression of 1930s reinforced historical
1-4 Copyright © 2015 Pearson Canada Inc.
1.2 Collapse of the Stock Market Boom of Late 1990s
• Enron • WorldCom • Collapse of public confidence in capital markets • Effects on financial reporting
1-1 Copyright © 2015 Pearson Canada Inc.
Financial Accounting Theory Seventh Edition William R. Scott
Purpose: To create an awareness and understanding of the financial reporting environment in a market
– Liquidity risk
• Liquidity pricing
– Counterparty risk
>> Continued
1-6 Copyright © 2015 Pearson Canada Inc.
Market Meltdowns, 2007-2008 (continued)
• Financial accounting issues leading up to the market meltdowns
– New accounting standards
• Consolidation • Derecognition
– Increased disclosure – Response of standard setters considered in greater
detail in Chapter 7
cost accounting • Alternatives to historical cost
– Current value accounting
• Value-in-use • Fair value (also called exit price, opportunity cost)
– Mixed measurement model
1.3 Market Meltdowns, 2007-2008
• Terminology
– Securitization – Financial instruments
• Asset-backed securities • Collateralized debt obligations • Asset-backed commercial paper • Credit default swaps • Expected loss notes
– Fair value accounting for financial instruments – Liquidity pricing
• Fair value less than value-in-use • Severe criticism of fair value accounting
• High leverage of financial institutions
Copyright © 2015 Pearson Canada Inc.
>> Continued
1-7
Market Meltdowns, 2007-2008 (continued)
• Response of standard setters
– Stopgap measures in response to government pressure
• Fair value accounting guidance during liquidity pricing • Increased use of internal estimates (value-in-use) • Increased use of cost-based valuation
• Off-balance sheet liabilities • Use of expected loss notes to avoid consolidation of
structured investment vehicles • Was disclosure of off-balance sheet liabilities adequate?
houses from shadow banking system – Increased capital reserves for financial institutions
– Increased regulation and corporate governance
• Sarbanes-Oxley Act
– Tighten rules re off-balance sheet entities
1-5 Copyright © 2015 Pearson Canada Inc.