未来的会计和财务报告第二部分彩色的方法文献翻译Word格式文档下载.docx
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未来的会计和财务报告第二部分彩色的方法文献翻译Word格式文档下载.docx
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TheColorizedApproach
外文出处AccountingHorision1996(6)
外文作者StevenM.H.Wallman
原文:
ThefutureofAccountingandFinancialReportingPartⅡ:
TheColorizedApproach
InthissequeltoanearlierCommentaryontheFutureofAccountingandFinancial
Reporting,theauthorfirstdiscussestheimportanceofaccountingandfinancialreportingto
(1)asset,capitalandinvestmentallocation,
(2)contractingand"
exposfsettlingup,"
and(3)corporatestewardshipandmonitoring.Hethenreviewsseveralreasonsfortheconcernthataccountingandfinancialreportingarebecomingincreasinglylessuseful,includingchangingconceptsofthetraditional'
Tirm,"
recognitionandmeasurementdifficulties,issuesrelatedtothetimelinessoffinancialreports,andlimitationsassociatedwithcurrentinformationdistributionchannels.Arefinementtothecurrent"
blackandwhite"
accountingparadigmissuggestedtobegintoaddresscertainoftheseconcerns,andtoquickenthedebateontheneedandbenefitsforchange.Bydecreasingtheemphasiscurrentlydevotedtodeterminingwhetheraparticularitemshouldberecognized,andfocusing
greaterattentiononwhethertheitemisrelevantandthedegreeofattestationthatmaybeassociatedwithanyrelateddisclosure,amorefinelytextured"
colorized"
accountingmodelmightbedeveloped.Thegoalofsuchasystemwouldbetoprovidemoreusefulinformationinconnectionwithaccountingandfinancialreporting,whilemaintainingthecurrentcoredisclosures.Theauthorprovidesexamplesofhowthe"
modelmightoperate,discusseslimitationsofthemodel,andsuggeststhatgreaterattentionbedevotedtorefiningthecurrentaccountingparadigmtomeettheneedsofusersofaccountingandfinancialinformationbetter,regardlessofwhethersucha"
modeliseveradopted.
TheImportanceOfAccountingAndFinancialReporting
Fromthemostgeneralizedperspective,thepurposeofaccountingandfinancialreportingistoprovideinformationthatisusefultoinvestors,creditors,monitorsandothers—increasinglyincludingemployeesandmajorsuppliersandcustomers—^inmakinginvestment,credit,monitoringandotherdecisions.Thisgeneralgoalmaybefurtherdefinedandanalyzedbydescribingthreespecificanddistinctpurposesandfunctionsoffinancialreporting:
(1)asset,capitalandinvestmentallocation;
(2)"
contracting"
and"
expostsettling-up"
;
and(3)corporatestewardshipandmonitoring.
Determining"
What"
toValue:
RecognitionandMeasurementIssues
Wealsoshouldquestionexactly"
what"
itiswearemeasuringandreporting.Asdiscussedabove,historically,theassetsandliabilitiesusedtoproducewealthwererecognizedinfinancialstatementsatcostandwere"
hard"
ortangible—likeplantandequipment.However,theshifttoaknowledge-basedeconomyhascreatedorfocusedincreasedattentiononentirelydifferentcategoriesofassetssuchasbrandnamesandother"
soft"
assetspreviouslymentioned.
Withcertainlimitedexceptions,suchasthepurchaseofabrandname,these"
assetsarenotrecognizedinthefinancialstatements.Theprimaryobstaclesrelatetovaluationdifficulties,theinherentuncertaintyofanyvalueultimatelydetermined,andtheresultingpotentialforfraud.Asaresultoftheseconcerns,weattributenovalueinfinancialreportstosomethingasobviouslysignificantasDisney'
sMickeyMouse.Thiscannotbethecorrectresultforthelong-termutilityoffinancialreporting,particularlygiventheincreasingimportanceoffirmswith"
assets.
Somesuggestthatthevaluesoftheseassetsareultimatelyreflected,implicitly,inthestatementofcashfiowsorinearnings,andthereforetheyneednotberefiectedelsewhere.Unfortunately,however,becauseitwouldmakelifeveryeasyifsuchananswerwereright,thesamecanbesaidforallotherassetsonthebalancesheet.Ourtasktheniseithertoimprovethecredibilityandreliabilityofsoftassetvaluations,ortofindothercreativesolutionstotheproblem—nottoignorethisfastgrowingsegmentofoureconomy.
"
When"
toReport?
TheTimelinessofFinancialReporting
Therapidaccelerationofeventsthatmaysignificantlyaffectsharevalueshasstartedtomakeoursystemofannualauditsandquarterlyreportsobsolete.Today’sannualandevenquarterlyreports—relyingonrecognizeditemsasthecoreofthereports—donotcaptureandcommunicatematerialdevelopmentsinsufficienttimetomeetthemarketsinformationneeds.Productcycleshaveshortened,riskmanagementpracticeshaveimprovedandaremoreprevalent,andproductsandwholecompaniesbecomeobsoletemuchmorequicklynowthaneverbefore.Itishardtoobtainagoodpictureofan3hingthatismovingsoquicklyandchangingsooftenwhenonlysnapshotsaretakenatrelativelylongintervals.AsImentionedlastyear,Iamnotnowsuggestingasystemofmonthly,weekly,ordailyauditsandreportfilingswiththeCommission.Iamsuggesting,though,thatovertimewewillneedtodevelopasystemthatfillstheneedfortimely—andultimatelyrealtime—financialinformation.Forwardlookinginformationwillobviouslybeanincreasinglycriticalcomponentofthedisclosures.
ADifferentPerspective:
ColorVS.BlackAndWhite
Backgroundbedividedintofourbroadsegments.Atthefirstlevelwehavethefinancialstatementsthemselves,whichfocusonrecognizeditemsthatpertaintotheresources(assets)ofanentity,theclaimstosuchresources(liabilitiesandequity)andtheresultsofoperations.Withinthissystem,therecognitionofitemsinthefinancialstatementsassumesprimarystanding.Toberecognizedinfinancialstatementsanitemmustmeeteachoffourcriteria:
•First,theitemmustmeetthedefinitionofanelementofthosefinancialstatements:
Itmustbeanasset,liabilityorcomponentofequity;
•Second,theitemmustbemeasurahle:
Itmustbesusceptibletoquantificationin
monetaryunitswithsufficientreliability;
•Third,theitemmustberelevant:
Itmustmakeadifferencetotheinvestmentor
creditdecision;
and
•Finally,theitemmustbereliable:
Itmusthaverepresentationalfaithfulness,be
verifiableandneutral.
Itisgenerallyexpectedthatthemostusefulinformationaboutassets,liabilities,revenues,expensesandotheritemsoffinancialstatementswouldberecognized.Thereisalsoanexpectationthatsuchinformationwouldhaveutilityinmakingcapitalallocationdecisions.Thatis,itcanbeusedtohelppredictfuturecashflowsandiscomparableacrossentities.Inaddition,becausesuchinformationisviewedasmorereliableandisaudited,itisviewedashavinggreaterutilityincontractingandmonitoring.Thesecondsubsetoffinancialreportingconsistsofthenotestothefinancialstatements.Thenotesaredesignedtoexplaininformationinthefinancialstatements.Thefinaltwocategoriesaresupplementaryinformation(suchasinformationrelatedtochangingprices)andotherinformationsuppliedbyacompany(suchasmanagement'
sdiscussionandanalysis).Thisinformationaddstothefinancialstatementsorthenotes.Itoftenincludesinformationthatmayberelevant
butthatdoesnotmeetallcriteriaforrecognition.Itisfrequentlynotsubjecttothird
partyattestation.
Thecurrentaccountingandfinancialreportingmodelworksreasonablywellformanyoftheitemsthatarerecognizedwithinfinancialstatements.However,themodelincreasinglyissubjecttocriticism.First,potentiallyrelevantitemsareomittedbecausetheydonotmeetrecognitioncriteria(usuallyduetoreliabilityconcerns).Second,itemsthatarelessandlessusefulduetovaluationorotherconcernsareneverthelessincluded.Finally,itisnotalwaysclearwhysoirieinformationisincludedandotherinformationisexcludedfromfinancialreports.Theseconcernsareexacerbatedbythedevelopmentsinthegeneralbusinessenvironmentpreviouslydiscussed.
TheAlternativeModel
Inresponsetotheseconcerns,Ibelieveitistimetorefineourperspectiveonfinancialreporting.Weneed,inparticular,tomoveawayfromamodelthatprimarilyreliesonblackandwhiterecognitioninthefinancialstatements.Weneedtomovetowardsamodelwherefinancialstatementsandrelateddisclosuresareviewedmoreasdifferentlayersofinformation—justasafinelytexturedcolorpicturecanprovidemoreinformationthanablackandwhiterepresentation.
ThemodelthatIamabouttodescribemaybeviewedasrefiningthecurrentsystembyaddingnewsetsorlayersofinformation.Italsorefocusesouranalysistode-emphasizerecognitionandtowardsprovidinggreaterdisclosureofusefulinformation.
Inthismodel,theprimaryfocusisonprovidingrelevantinformation,withspecificationofboththeitemstobereportedandtheformandlevelofassuranceoftheseitems.Themostrelevantandreliablymeasureditemswouldrepresentthecoreofthefinancialreports—theclearblackandwhite,withnoshadesofgrayorcolor—similartotherecognizedcontentofthefinancialstatementitemsintodaysmodel.Successiveouterlayersofthefinancialreportingpicturewouldconsistofinformationthatmeetsome—butnotall—oftherequirementsofrecognition,orthatarenotassusceptibletoverificationprocedures.
Underthisapproach,insteadofstartingwiththequestionofwhetheranitemmustberecognizedinthefinancialstatements,thefirstquestionwouldbewhetheranitem
shouldbepartofthefirm'
sfinancialdisclosure,withaprogressionthentoadiscussion
oftheappropriatelayerinwhichtheitemshouldbereported.Suchaframework—wherethediffe
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