On Jan. 1 st, 2007, Chinese public companies commenced the implementation of one basic and 38 specific accounting standards. A significant feature of these new standards is their focus on fair value （FV） and fair va...On Jan. 1 st, 2007, Chinese public companies commenced the implementation of one basic and 38 specific accounting standards. A significant feature of these new standards is their focus on fair value （FV） and fair value measurement （FVM）. Company interviews and training sessions designed to promote understanding of the new accounting regime have revealed a number of problems relating to both theoretical understanding and practical application. This paper proceeds as follows. It commences with a discussion of the development of FV and FVM concepts by examining IAS 39, FAS 157, FAS 159 and CAS. There follows an analysis of the current status of FV and FVM theory and application. The paper concludes with an exploration of some related problems arising within the FV theoretical framework and its practical application.展开更多
Following the outbreak of the subprime financial crisis,international accounting standards came under heavy fire for being strongly pro-cyclical.Under those standards,financial reporting mixes financial statement data...Following the outbreak of the subprime financial crisis,international accounting standards came under heavy fire for being strongly pro-cyclical.Under those standards,financial reporting mixes financial statement data with financial analysis data,seriously weakening the public interest function of financial reporting.An analysis using Marx’s fictitious capital theory shows that fair value accounting and asset impairment accounting are both defective.In line with the principle of“accounting based on legal fact,”we use the methodology of“historical cost accounting plus fair value disclosure”to distinguish between legal fact and financial expectations in financial reporting.This is a viable means of appropriately resolving the contradiction between ensuring that enterprise financial reporting observes domestic law and ensuring that it accords with international trends.展开更多
文摘On Jan. 1 st, 2007, Chinese public companies commenced the implementation of one basic and 38 specific accounting standards. A significant feature of these new standards is their focus on fair value （FV） and fair value measurement （FVM）. Company interviews and training sessions designed to promote understanding of the new accounting regime have revealed a number of problems relating to both theoretical understanding and practical application. This paper proceeds as follows. It commences with a discussion of the development of FV and FVM concepts by examining IAS 39, FAS 157, FAS 159 and CAS. There follows an analysis of the current status of FV and FVM theory and application. The paper concludes with an exploration of some related problems arising within the FV theoretical framework and its practical application.
基金the result of the Major Project of the National Social Science Fund of China(16ZDA029)the Key Project of the National Social Science Fund of China(13AFX019)+2 种基金supported by the Humanities and Social Science Fund of Ministry of Education(13YJC790223)the Research Fund “Branding Research Project” of Renmin University of China,i.e.the Basic Research Funds for the Central Universities(16XNI006)
文摘Following the outbreak of the subprime financial crisis,international accounting standards came under heavy fire for being strongly pro-cyclical.Under those standards,financial reporting mixes financial statement data with financial analysis data,seriously weakening the public interest function of financial reporting.An analysis using Marx’s fictitious capital theory shows that fair value accounting and asset impairment accounting are both defective.In line with the principle of“accounting based on legal fact,”we use the methodology of“historical cost accounting plus fair value disclosure”to distinguish between legal fact and financial expectations in financial reporting.This is a viable means of appropriately resolving the contradiction between ensuring that enterprise financial reporting observes domestic law and ensuring that it accords with international trends.
