国际会计准则与美国准则比较

By Dr. Ken Feng, Meng_feng@Figure 1: Differences in frameworkFramework US GAAP IFRSPurpose of the frameworkRequire management to consider the framework if no explicit standard exists on an issue.Objective of financial statements Present different objectives for business and non-business financial statement reporting Have one objective for both. AssumptionPlace more emphasis on the going concern assumption.Qualitative characteristicsRelevance and reliability are the primary characteristics. Relevance, reliability, comparability andunderstandability are the primary characteristics. Financial statements elements(1)List revenues, expenses, gains, losses and comprehensive income as the elements related to performance.(2)Define an asset as a future economic benefit.(3)Use “probable” to define assets and liabilities.(4)Don’t allow the values of most assets to be adjusted upward.(1)List income and expenses as the elements related to performance.(2)Define it as a resource from which a future economic benefit isexpected. (3)Use “probable” to define thecriteria for recognition.Figure 2: Differences in 会计事项 US GAAPIFRS会计事项强制性规定选择性规定 强制性规定选择性规定CaseBalance SheetMarketable Investment SecuritiesClassified as held-to-maturity, trading and available-for-sale.Trading securities are known as held-for-trading securities.LIFO, FIFO and the average cost method.FIFO and the average cost method.InventoryOnce an inventory write-down occurs, any subsequent recovery of value is ignored.Subsequent recovery of value can be included.Property and Equipment Don’t permitupwardrevaluations.Permit upwardrevaluations.Property andequipment arereported at fairvalue at therevaluationdate less theaccumulateddepreciationsincerevaluation.Intercorporate Investment: Joint ControlThe equitymethod can beused only.The equitymethod canbe used andproportionateconsolidationis preferred.Intangible Assets Except for certainlegal costs,intangible assetsthat are createdinternally,including researchand developmentcosts, are expensedas incurred.The firm mustexpense costsduring theresearch stagebut cancapitalize costsduring thedevelopmentstage.Identifiable IntangibleAssets Don’t permitupwardrevaluations.Permit upwardrevaluations.IntangibleAssets arereported at fairvalue at therevaluationdate less theaccumulatedamortizationsincerevaluation.Provisions If a contingency isprobable and canbe reasonablyestimated, a loss isrecognized in theincome statementand a liability isrecorded on thebalance sheet.A firm shouldrecognize aliability when ithas a presentobligation thatis result of apast event andthe firm canreliablyestimate thecost to settlethe obligation.Minority interestCan bereported in theliabilitiessection, theequity section,or the“mezzaninesection” of thebalance sheet.Reported in theequity sectionof theconsolidatedbalance sheet. Income StatementRevenue froma barter transactionCan berecognized atfair value onlyif the firm hashistoricallyreceived cashpayments forsuch goodsand servicesand can usethis historicalexperience todetermine fairvalue.Must be basedon the fairvalue ofrevenue fromsimilarnonbartertransactionswith unrelatedparties.ConstructionContract: the outcome of project can’t be reasonably estimatedRequire thecompleted-contractmethod.Revenue isrecognized tothe extent ofcontract costsand profit isonlyrecognized atprojectcompletion.Cost of GoodsSold: LIFOfirms Permit LIFO.Disclose theLIFO reservein the footnotesto theirfinancialstatements.Operating ExpensesDifferentiatesbetween expensesand losses.Losses notrelated to afirm’s primarybusinessoperations areincluded inoperatingexpenses.Interest ExpenseConstructioninterest must becapitalized.Firms canchoose tocapitalizeconstructioninterest.NonrecurringItemsExtraordinaryitems are reportedin the incomestatement, net oftax, below incomefrom continuingoperations.Require firmsto disclosethem instead oftreating themasextraordinaryin the incomestatement.ComprehensiveincomeCan bereported in theincomestatement(below netincome), in aseparatestatement ofcomprehensiveincome, or inthe statementof changes instockholders’equity.Not requiredto report. Cash Flow StatementDividends Dividends paid toshareholders arereported as CFFand that receivedfrom investmentsare reported asCFO.Dividendspaid toshareholdersmay beclassified aseither CFOor CFF andthat receivedfrominvestmentsmay beclassified aseither CFOor CFI.InterestInterest paid orreceived are bothreported as CFO.Interest paidmay beclassified aseither CFOor CFF andthat receivedmay beclassified aseither CFOor CFI.TaxesReported as operating activities.Income taxes are reported as operating activities unless the expense is associated with an investing or financing transaction.Disclosure requirements1. A direct methodpresentation mustdisclose theadjustmentsnecessary toreconcile netincome to cashflow fromoperatingactivities.2. Payments for interest and taxes can be reported in the cash flow statement or disclosed in the footnotes. 2. Payments for interest and taxes must be disclosed separately in the cash flow statement under either method (direct or indirect). 1. This reconciliation is not required.Example: LIFO adjustments for comparison purposesBrownfield Company is a LIFO firm. At the end of last year, Brownfield reported inventory of $2 million and cost of goods sold of $6.4 million. Brownfield’s LIFO reserve was $600,000 at the beginning of the year and $900,000 at year-end.Calculate Brownfield’s COGS and ending inventory on a FIFO basis.Answer:The LIFO reserve increased $300,000 over the year [$900,000-$600,000]. By subtracting the increase in the LIFO reserve from LIFO COGS, COGS on a FIFO basis is $6.1 million [$6.4 million - $300,000].By adding the LIFO reserve of $900,000 to Brownfield’s LIFO inventory of $2 million, inventory on a FIFO basis is $2.9 million [$2 million + $900,000].Figure 3: Differences in othersIFRS GAAPApproach to standard setting Largely a principles-based approach. Traditionally been more rules-based, but moving toward an objectives oriented approach.。