租赁会计中英文外文文献翻译2016.pdf.docx
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租赁会计中英文外文文献翻译2016.pdf.docx
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标题:
Economicconsequencesofchangesintheleaseaccountingstandard:
EvidencefromJapan作者:
MasakiKusano,YoshihiroSakuma,NoriyukiTsunogaya期刊:
JournalofContemporaryAccounting&Economics,第12卷,第1期:
73-88.
年份:
2016
原文
Economicconsequencesofchangesintheleaseaccountingstandard:
EvidencefromJapan
MasakiKusano,YoshihiroSakuma,NoriyukiTsunogaya
Abstract
ThepurposeofthisstudyistoinvestigatetheeconomicconsequencesofchangesintheleaseaccountingstandardinJapan.Inparticular,thisstudyexamineswhethercapitalizationoffinanceleaseshassignificanteffectsonfirmbehaviorregardingthechoiceofaccountingtreatmentandthearrangementofleases.Ourfindingsaretwofold.First,firmswithdebtcontractingincentivesaremorelikelytochoosetheexceptionaltreatment,whichrecognizesonlyfinanceleasescontractedaftertheadoptionofStatementNo.13,AccountingStandardforLeaseTransactions.Second,firmschoosingtheexceptionaltreatmentaremorelikelytotransferleasesfromfinanceleasestooperatingleasesinresponsetotheadoptionofStatementNo.13.Thisstudycontributestotheliteratureonrecognitionversusdisclosureaswellastodiscussionsontheglobalconvergenceofaccountingstandards.
Keywords:
conomicconsequences,Leaseaccounting,Recognitionversusdisclosure,Exceptionaltreatment
Introduction
Financeleasesarerequiredtobecapitalizedonlessees'balancesheetinJapan.ThistreatmentisconsistentwiththeregulationsofInternationalFinancialReportingStandards(IFRS)(IAS17)(IASC,1982)andU.S.GenerallyAcceptedAccountingPrinciples(GAAP)(ASC840/SFAS13)
(FASB,1976).However,until2008,Japanesefirmswereallowednottorecognizefinanceleasesontheirbalancesheet.TheAccountingStandardsBoardofJapan(ASBJ)starteddeliberationsontherepealoftheoff-balance-sheettreatment.Finally,inMarch2007,theASBJissuedStatementNo.13,AccountingStandardforLeaseTransactions(ASBJ,2007a),revokingtheoff-balance-sheettreatment.FirmswererequiredtomandatorilyadoptStatementNo.13forfiscalyearsbeginningonorafterApril1,2008.
AlongwithStatementNo.13,theASBJalsoissuedGuidanceNo.16,GuidanceonAccountingStandardforLeaseTransactions(ASBJ,2007b).StatementNo.13requireslesseestorecognizeallfinanceleasesontheirbalancesheetretroactively.However,GuidanceNo.16permitsanimportantexceptionaltreatment:
JapanesefirmsareallowednottorecognizeontheirbalancesheetfinanceleasesthatdonottransferownershiptolesseescontractedbeforetheinitialadoptionofStatementNo.13.Thus,twoaccountingtreatmentsexist:
aprincipletreatmentthatrequireslesseestorecognizeallfinanceleasesontheirbalancesheetretroactively(hereafter,“theprincipletreatment”);anexceptionaltreatmentthatpermitslesseestorecognizeonlyfinanceleasescontractedaftertheadoptionofStatementNo.13(hereafter,“theexceptionaltreatment”).
Firmbehaviorregardingthearrangementofleaseswouldbedifferent
betweenfirmschoosingtheprincipletreatmentandfirmschoosingtheexceptionaltreatment.WhenStatementNo.13wasinitiallyadopted,somefirmschosetheprincipletreatmentandrecognizedallfinanceleasesontheirbalancesheetretroactively.ThesefirmswouldnothaveincentivestoavoidthenegativeimpactsoffinanceleasecapitalizationupontheinitialadoptionofStatementNo.13.ThisindicatesthattheyarelesslikelytoarrangetheirleasesaftertheadoptionofStatementNo.13.ThisisbecausechoosingtheexceptionaltreatmentupontheinitialadoptionofStatementNo.13ismorecost-effectivethanarrangingleasesaftertheadoptionofStatementNo.13.Thus,firmschoosingtheprincipletreatmentarelesslikelytoarrangeleasesinresponsetotheadoptionofStatementNo.13thanarefirmschoosingtheexceptionaltreatment.Wedocumentthatfirmschoosingtheexceptionaltreatmentaremorelikelytodecreasetheirnewfinanceleasecontractsandincreasetheirnewoperatingleasecontractscomparedtofirmschoosingtheprincipletreatment.
Thisstudymakestwocontributionstotheaccountingliteratureandthesettingofaccountingstandards.First,ourresearchcontributestotheliteratureonrecognitionversusdisclosure.Previousstudiesshowthatnewrecognitionrulesleadtochangesinfirmbehavior(AmirandGordon,1996;Amiretal.,2010;Balsametal.,2008;BrownandLee,2011;Carteretal.,2007;ChengandSmith,2013;Choudhary,2011;Choudharyetal.,2009;Hayesetal.,2012;Johnston,2006;Jones,2013;Skantz,2012;
Zhang,2009).Inparticular,somestudiesreportthatlesseestransferleasesfromfinanceleasestooperatingleaseswhentheyarerequiredtorecognizefinanceleasesontheirbal
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