资产减值会计与评估师来自日本的实证外文翻译Word格式.docx
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资产减值会计与评估师来自日本的实证外文翻译Word格式.docx
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AssetImpairmentAccountingandAppraisers:
EvidencefromJapan
1、AssetImpairmentAccountinginJapan
AssetimpairmentaccountingstandardshavebeenintroducedinJapaninrecentyears,andvoluntarilyappliedbysomecompaniesbeginningin2004.ThestandardshavebeenextensivelyusedinJapansince2006.
WhenperformingassetimpairmentaccountinginJapan,aprofessionalappraisalisusuallyobtained,becauseJapaneseaccountingstandardsrequireanappraisalinprincipleforeverythingexceptunimportantrealestate.Althoughanappraisalisnotobtainedforallrealestate,theappraiser’sroleisveryimportant.
Asmentioned,themainrolesofappraisersinassetimpairmentaccountingare
(1)tocontrolthediscretionarybehaviorofcompanydirectorsand
(2)toprovidereliableearningsinformationforthoseconcernedwiththerelevantcompanies.Ifcompanydirectorsareabletomanipulatethemarketvalueofrealestate,theymaydecidetheamountofimpairmentinamannerthatwouldbiasearningsinformation.Investorswhodecidetoinvestbasedonthisinformationmaysufferunexpectedfinancialdamage.
Thegoalofrealestatevaluationbyappraisersistopreventsuchearningscoordinatingbehaviorsbycompaniesandtoprovideinvestorswithfinancialinformationasclosetothecompanies’realfinancialsituationsaspossible.
2、ConceptsinAssetImpairmentAccounting
TheamountofassetimpairmentisequaltothedifferencebetweenthebookvalueandtherecoverablevalueofanassetinJapan.Thesizeofanimpairmentchargecouldhaveasignificantimpactonabusinessanditsmanagement.Therefore,therecoverablevalueofanassetmustbeclearlyandobjectivelyestimatedinorderforbusinessestosuccessfullyimplementanaccountingsystembasedontheimpairmentconcept.Therecoverablevalueshouldbedeterminedbygatheringrelevanttransactiondataintherealestatemarket.Realestateappraisersareexpectedtoplayanimportantroleasmarketexpertsinthisprocess.
Assetimpairmentistreateddifferentlyinothercountries.Theaccountingstandardsdealingwithimpairmentaregenerallydividedintotwogroups:
theUnitedStates’FASBStandardsandtheInternationalAccountingStandardsBoard(IASB)Standards.
IntheUnitedStates,SFASNo.144statesthatimpairmentisaconditionthatexistswhenanasset’sbookvalueexceedsitsfairvalue.Thisstandardalsostatesthattheamountofimpairmentlosscanberecognizedonlywhenanasset’sbookvaluecannotberecoveredandexceedsitsfairvalue.Thestandardstatesthattheamountofimpairmentlosscanbemeasuredasthedifferencebetweenthebookvalueandthefairvalue.
Ontheotherhand,IASNo.36,definesimpairmentasasituationinwhichanasset’sbookvalueexceedsarecoverableamount,whichisthehigherofnetsellingpriceorusevalue.Therefore,theIASB’sstandardscapitalizethedifferencebetweenanasset’sbookvalueandrecoverableamountastheamountofimpairment.
Japan’sstandardsareclosertotheIASBstandardsthantotheFASBstandards,andinvolveappraisersintheevaluationoftheabove-mentionednetsellingprices.Inaddition,notallassetsaresubjecttotheassessmentofimpairment.InJapan,assetscapitalizedasimpairedarespecifieddependingontheamountoffuturecashflowsthatcomesfromthoseassets.TheseideasarebasedontheUnitedStates’standards.Thefinalamountofimpairmentiscapitalizedasanexpenseonaprofitlossstatement,greatlyimpactingprofitand,eventually,thecompany’sfuturemanagement.
Asdiscussedsofar,assetimpairmentaccountingvariesslightlyfromcountrytocountryintermsofprocedures.Thesedifferenceshavecausedmisunderstandingsamongcompaniesthatpursueglobaleconomicactivities.Topreventthesemisunderstandings,overallaccountingstandards,includingthoseregardingassetimpairment,arenowconvergingonaglobalscaleandareexpectedtobeunifiedinthenearfuture.
3、LiteratureReview
Sinceassetimpairmentaccountingstandardshavebeenintroduced,fewempiricalstudieshavefocusedontherelationbetweenassetimpairmentaccountingandappraisers.Thissectionwillreviewtheempiricalstudiesofassetrevaluation,whichhasbeenvoluntarilyappliedasabusinesscustomformanyyearsintheUnitedKingdomandAustralia.
Generally,themethodsforrevaluingtangiblefixedassetsunderaccountingstandards,suchasthoseintheUnitedKingdomandAustralia,areclassifiedaccordingtowhoconductstherevaluation.Whereabusinessadministratorcarriesouttherevaluationitiscalleda“director’svaluation.”An“appraiser’svaluation”isarevaluationbyanappraiserwhohasspecialqualificationstocarryouttherevaluationasathirdparty.
Thesalepriceofrealestateisnormallyformedonthebasisofatransaction’sspecificcircumstances.Moreover,thesalepriceisalsoinfluencedbytherealestate’sindividualattributes.Itmaybeextremelydifficultforanordinarypersontodeterminethemarketvalue.Thus,inordertoevaluatepropertymoreaccuratelyandeasily,avaluationbyanappraiserisacceptedasapropervaluationmethod.However,adirector’svaluationoranappraiser’svaluationcanbechosenatthedirector’sdiscretion.Consequently,thisdiscretionmayaffectthevaluation’sreliabilityanddeterioratethefinancialreport’squality.
Takingintoconsiderationthedifferenttypesofvaluations,theliteraturewasreviewedtoanalyzewhetherappraisers’valuationsarereliable,andwhatmotivespromptdirectorstoselectanappraiser’svaluation.
Studiesfocusingonthereliabilityofappraisers’valuationsincluderesearchbyDietrich,Harris,andMuller,ofcompaniesintheUnitedKingdom,andresearchbyBarthandClinchofcompaniesinAustralia.StudiesinAustraliabyBrown,Izan,andLoh,andbyCotterandRichardsonfocusoncompanydirectors’motivesinselectingappraisers’valuations.Thefollowingsummarizesthesestudies.
4、AnalysisofCompaniesThatUseAssetImpairmentAccounting
ThissectiondescribesthecharacteristicsofcompaniesinJapanthathaveusedassetimpairmentaccountinginrecentyears,andtheactualconditionsofappraisers’participation.Theanalysishasadualpurpose.First,itattemptstoidentifyhowcompaniesbegantoadoptassetimpairmentaccounting,bycomparingandanalyzingcompaniesthatuseassetimpairmentaccountingandthosethatdonot.Second,itattemptstoidentifywhatcontributionsappraisersmaketoassetimpairmentaccounting.
Thesamplecompaniesinthisresearchinclude568businessescontinuouslylistedonthefirstsectionoftheTokyoStockExchangefrom1984to2003.Basedonthefinancialdatainthecompanies’financialreports,about63%,or357companies,applyassetimpairmentaccounting,includingsomewithearlyapplication,i.e.,2004and2005.
5、CharacteristicsofCompaniesUsingAssetImpairmentAccounting
(1)companyAssets
Firstfinancialinformationaboutcompaniesthatuseassetimpairmentaccountingiscollected.ThelargecompaniesinJapanbeganusingassetimpairmentaccountingatanearlystage.Moreover,itisconspicuousthattheratioofamountofimpairmenttototalassetsappliedin2004ismuchhigherthaninotherperiods.Itisclear,therefore,thatthelargecompanieswithlatentlosseschosetoapplyassetimpairmentaccountingatanearlystageontheirowninitiative.
(2)LandValue
Next,thesamplecompanies’processofaccumulatinglandisanalyzed.Theaveragelandbookvaluewasfoundfor1984,1989,1994,1999,and2003.Accordingtotheseresults,thechangeinaveragebookvalueoflandownedbycompaniesapplyingassetimpairmentaccountingin2004differsremarkablyfromothergroups.Theirdegreeofvalueincreaseisoverwhelmingcomparedtoothergroupssince1989.Thecorrelationbetweenuseofassetimpairmentaccountingandchangeinaveragebookvalueofland.
ItshowsanindexofcommercialandindustriallandpriceinJapan.Itappearsthatthosecompaniesthatobtainedlargeamountsoflandduringtherealestatebubblesufferedahighdegreeoflatentloss.Duringtherealestatebubble,manyJapanesecompaniesdidnotsufficientlyconsidertheeconomicfeasibilityoftheirbusinesses.Thecompanies’lossescanalsobeblamedoncommercialbanks.Manybanksintentionallyoverestimatedthevalueofrealestateformortgagefinancingatthattime,andlentasubstantialamountofmoney.
Itisalsotrue,however,thatsomecompaniesthoroughlyanalyzedtheeconomicfeasibilityoftheiroperationsbeforetheyobtainedrealestate.Therateoftheoccurrenceofimpairmentislowerforthesecompaniesthanforothercompanies.Therefore,thereasonthatsomecompaniesinJapanusedassetimpairmentaccounting,andothersdidnot,isrelatedtotheirmanagementpoliciesregardingcorporaterealestateduringthetimewhenlandpriceswererapidlyincreasing.TheseargumentsapplynotonlytoJapan.Thedatasuggeststhatothercountriesalsofacethesamesituation,andrandominvestmentinrealestatewhenlandpricesareincreasingcouldleadtoahugeamountofimpairmentwhenthesepricesdeclineand,eventually,negativelyimpacttheinvestingcompany’smanagement.
(3)Variables
Assetimpairmentaccountinghasbeenappliedextensivelysince2006inJapan.Logitregressionanalysisisusedinthisresearchtoanalyzethedifferencebetweencompaniesthatusedassetimpairmentaccountingin2006(N=264)andthosethatdidnot(N=195).Asanexplainedvariable,1isassignedtotheapplyingcompanies,and0isassignedtothenonapplyingcompanies.Consolidatedfinancialdatafrom2005isusedforthisanalysis.
Explanatoryvariablesareadoptedforownership,Tobin’sq,debtratio,returnonassets(ROA),and
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- 关 键 词:
- 资产 减值 会计 评估 来自 日本 实证 外文 翻译
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