重要會(huì)計(jì)政策的報(bào)告外文翻譯

中文 3570 字 本科畢業(yè) 論文 （ 設(shè)計(jì) ） 外 文 翻 譯 題 目 上市公司會(huì)計(jì)政策的選擇研究 專 業(yè) 會(huì) 計(jì) 學(xué) 外文題目 Reporting Critical Accounting Policies 外文出處 THE CPA JOURNAL 外文 作者 Mark P.Holtzman 1 原文 ： Reporting Critical Accounting Policies Accountants inevitably make many accounting estimates and policy decisions when preparing financial statements. They must select depreciable lives for long-lived assets. choose an inventory costing method, make assumptions about pensions, and make many more judgments. These accounting estimates are driven by an entitys accounting policy as it applies to the issues at hand. These decisions could significantly affect a companys financial statements and how users understand a companys results and financial position. For this reason, the SEC requires companies to report critical accounting policies (CAP) as part of Managements Discussion and Analysis (MD&A). The SEC has issued many comment letters about companies CAPS, indicating their importance. What follows is an overview of the SECS requirements and proposed rule on CAPS, as well as a survey of current practices by large companies. The SECS Interpretation In December 2003, the SEC released FR-72, Interpretation: Commission Guidance Regarding Managements Discussion and Analysis of Financial Condition and Results of Operations (/rules/interp/33-835O.htm). This covered many different areas of MD&A, including critical accounting estimates. The interpretation defines critical accounting estimates as those estimates or assumptions where 1 the nature of the estimates or assumptions is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change and 2 the impact of the estimates and assumptions on financial condition or operating performance is material. The rule states that critical accounting estimate disclosures in the MD&A should supplement the description of significant accounting policies provided at the beginning of the notes to the financial statements required under Accounting Principles Board (APB) Opinion 22 and AICPA Statement of Position (SOP) 94-6. The MD&A disclosure should provide more insight into the quality and variability of 2 information on the balance sheet and income statement. Furthermore, the disclosure should analyze the uncertainties involved in applying an accounting principle, or the variability likely to result from its application over time. Accountants should explain why critical accounting estimates bear the risk of change. Furthermore, they should explain how they arrived at the estimate, how accurate the estimate or assumption has been in the past, how much the estimate or assumption has changed in the past, and whether the estimate or assumption is reasonably likely to change in the future. When quantitative, material information is available, accountants should quantify the sensitivity to change based on reasonably likely outcomes. The SECS Proposed Rule In May 2002, prior to the issuance of the above interpretation, the SEC released a proposed rule. “Disclosure in Managements Discussion and Analysis about the Application of Critical Accounting Policies” This proposed rule provides more complete and direct guidance than the interpretation. The SEC has yet to act upon this proposal; it has not issued any amended proposals or final rules on the matter. Furthermore, the SECS Division of Corporation Finances most recent Current Accounting and Disclosure Issues (November 30, 2006) did not mention CAPS. The proposed rule would redefine the criteria for CAPS to focus on the following: 1) critical accounting estimates that require a company to draw assumptions about highly uncertain matters; and 2) alternate estimates in the current period, or changes in the estimate that are reasonably likely in future periods that would materially impact the presentation of the companys financial condition, changes in financial condition, or results of operations. The proposed rule sets a number of additional disclosures for each estimate. Companies would be required to explain the significance of each critical accounting estimate to the financial statements and, where material, to individual financial statement line items. Furthermore, the proposed rule would require quantifying financial statements sensitivity to changes made in each critical accounting estimate, and disclosing historical changes in a companys critical accounting estimates over the 3 past three years (two years for small business issuers). Companies would he required to explain the reasons for those changes. For initial adoptions of accounting policies, companies would be required to describe the following: 1) the events or transactions that gave rise to the initial adoption; 2) the accounting principle adopted, and the method of applying it; and 3) the qualitative impact of the adoption on the companys financial statements. If there is a choice among acceptable accounting principles, the company would have to identify the alternatives and describe why it made the choice that it did. In the absence of existing accounting literature for unusual or novel transactions, a company would be required to explain its decision regarding the initial adoption. The proposed rule implicitly differentiates CAPS from estimates. Policies are plans of action to guide future decisions, whereas estimates are individual decisions made when preparing financial statement. Companies must disclose information about initial adoptions of new policies. New estimates, however, may need to be reconsidered with every new set of financial statements. Under the proposal, filers would be required to disclose whether they discussed a companys critical accounting estimates with the audit committee. They would not be requited to disclose the nature of those discussions. Companies operating with more than one segment would have to identify specific segments affected by a CAP. In addition to company-wide critical accounting disclosures, companies would have to discuss CAPS for each identified segment. The proposed rule also put forward the idea of requiring an independent audit of MD&A. It would require companies to provide quarterly updates of critical accounting estimates in their quarterly filings, including newly identified critical accounting estimates, and other material changes that would render previous disclosures out of date or misleading. The proposed rule would not require companies to update sensitivity analyses each quarter. Foreign private issuers would be required to meet these same CAP disclosure requirements. Small business issuers would have substantially lower disclosure requirements. Existing safe harbors would apply to forward-looking information. 4 When preparing CAP disclosures, accountants will find the SECS interpretation (FR-72) lacking useful specifies. Even though the SEC has not acted upon it as of yet. accountants should read and consider using the proposed rule as a source of more specific guidance. Current Practice The author reviewed annual reports of the largest 100 publicly traded companies from the Fortune 500. The author analyzed 10-K filings with fiscal year-ends between December 31, 2005, and December 30, 2006. Three accounting issues dominate companies CAP disclosures: impairments, pensions, and income taxes. As indicated in Exhibit 1, 39 out of 100 companies reported CAPS for impairments of intangibles, 25 reported CAPS for impairments in general, and 14 reported impairments of tangible assets. Another six reported CAPS for the valuation of residual costs of leased assets. With respect to postemployment benefits, 64 companies reported CAPS, and two of those companies reported additional CAPS just for other postemployment benefits. With respect to accounting for income taxes, 56 companies reported CAPS. The 100 companies reported many additional types of CAPS, as shown in Exhibit 1. Forty-four companies reported CAPS for contingencies, 32 for revenue recognition, and 32 for bad-debt reserves. Valuation of investments and financial instruments was addressed by CAPS for 30 companies, and inventory for 24. Several CAP disclosures were industry-specific. Insurance companies reported claims liabilities as a CAP. Most retailers and retail suppliers addressed purchase and sales allowances (21 CAPS). Oil and gas companies reported oil and gas accounting (four CAPS). and entertainment companies reported capitalization of entertainment assets (three CAPS). The average company reported 5.6 CAPS in its MD&A. By contrast, a previous study by the Financial Executives Research Foundation reported an average of 6.1 CAPS per company (this author, A Review of 2002 MD&A Disclosures: Critical Accounting Policies). The fewest CAPS reported were two, by an investment bank, but this companys disclosures were very long and detailed. The highest number of 5 CAPS reported was 11, by a grocery chain. Many companies provided very detailed disclosures. For example, Exhibit 2 shows the Ford Motor Companys disclosure about other postemployment benefits (10-K/A, fiscal year-end December 31,2005). This disclosure indicates that management believes that other postemployment benefits are a delicate area of accounting for the company, and that Fords income and financial position are very sensitive to specific assumptions. Ford explains, in detail, the need for estimates and the assumptions used. Furthermore, the sensitivity analysis indicates, for example, that a one-point decrease in the discount rate would have increased the companys liabilities by $6,330 million and its expenses by $530 million. Exhibit 2 also illustrates many important concepts about reporting such policies. First of all, accountants should write disclosures in plain English, using simple declarative sentences. Use the active voice rather than the passive voice. Avoid complex words when simple ones will suffice. Use formatting tools, such as bullet points, to clarity the structure of ideas. Ideally, CAP disclosures should explain why estimates are necessary, emphasizing the necessary judgments and the inherent uncertainty in each area. For example, according to Best Buy; “Our impairment loss calculations contain uncertainties because they require management to make assumptions and to apply judgment to estimate future cash flows and asset fair values, including forecasting useful lives of the assets and selecting the discount rate that reflects the risk inherent in future cash flows” (Form 10-K, 2/25/2006). According to United Technologies: In assessing the need for a valuation allowance, we estimate future taxable income, considering the feasibility of ongoing tax planning strategies and the realizability of tax loss carryforwards. Valuation allowances related to deferred tax assets can be affected by changes to tax laws, changes to statutory tax rates and future taxable income levels. In the event we were to determine that we would not be able to realize all or a portion of our deferred tax assets in the future, we would reduce such amounts through a charge to income in the period in which that determination is made. 6 Conversely, if we were to determine that we would be able to realize our deferred tax assets in the future in excess of the net carrying amounts, we would decrease the recorded valuation allowance through an increase to income in the period in which that determination is made. Subsequently recognized tax benefits associated with valuation allowances recorded in a business combination will be recorded as an adjustment to goodwill (). The disclosures should describe the companys accounting. For example, Delphi Corporation explains how it estimates future cash flows when testing long-lived assets for impairment: “We estimate cash flows using internal budgets based on recent sales data, independent automotive production volume estimates and customer commitment and consultation with and input from external valuation experts” (Form 10-K. 12/31/2005). Companies should provide sensitivity analysis for each critical accounting area, quantifying how different estimates could affect the financial statements. For example, Lockheed Martin issued the following disclosure about Accounting for Design, Development and Production Contracts: Products and services provided under long-term design, development and production contracts make up the majority of our business. Therefore, the amounts we record in our financial statements using contract accounting methods and cost accounting standards are material. Because of the significance of the judgments and estimation processes, it is likely that materially different assumption could he recorded if we used different assumptions or if the underlying circumstances were to change. For example, if underlying assumptions were to change such that our estimated profit at completion for all design, development and production contracts was higher or lower by 1%, our net earnings would increase or decrease by approximately $ 190 million. When adjustments in estimated contract revenues or costs are required, any changes from prior estimates are included in earnlings in the current period (Form 10-K, 12/31/2005). 7 Postenmloyment Benefits Income Taxes Impairment of Intangibles Other Revenue Recognition Bad-Debt Reserves Investments and Financial Instruments Insurance Impairment Inventory Sales and Purchase Allowances Stock-based Compensation Impairment of Tangibles Acquisition and Consolidation Derivatives and Securitization Warranty Costs Restructuring Costs Long-term Contracts Depreciation and Amortization Investments in Leases Environmental Deferred Policy Acquisition Costs Oil and Gas Entertainment Other Postemployment Benefits Frequent-Flyer and Membership Asset Retirement Obligation Critical Accounting Policies Reported Source： Mark P.Holtzman. Reporting Critical Accounting PoliciesJ.THE CPA JOURNAL,2007： 42-44 8 譯文 ： 重要會(huì)計(jì)政策的報(bào)告 當(dāng)準(zhǔn)備財(cái)政決算時(shí)，會(huì)計(jì) 人員 不可避免地做出許多會(huì)計(jì)估計(jì)和政策決策。他們必須選擇長(zhǎng)期資產(chǎn)的折舊年限 ， 選擇一個(gè) 存貨 成本計(jì)算方法，做關(guān)于退休金的假定，并且做許多評(píng)斷。當(dāng)它 運(yùn)用于身邊的 問題時(shí)，這些會(huì)計(jì)評(píng)估 將 被實(shí)體的會(huì)計(jì)政策驅(qū)使 。 這些決定有可能嚴(yán)重影響公司的財(cái)務(wù)報(bào)表以及用戶如何了解一個(gè)公司的業(yè)績(jī)和財(cái)務(wù)狀況。 出于這個(gè)原 因，美國(guó)證券交易委員會(huì)要求公司報(bào)告 “ 重要會(huì)計(jì)政策 ” 作為管理討論與分析（ MD A）的一部分。 美國(guó)證券交易委員會(huì) 已發(fā)出許多關(guān)于公司的重要會(huì)計(jì)政策 的評(píng)論信件，表明他們的重要性。 以下便是美國(guó)證券交易委員會(huì)的要求概述，并提出關(guān)于重要會(huì)計(jì)政策的規(guī)則，以及大型企業(yè)關(guān)于目前做法的調(diào)查。 2003 年 12 月，美國(guó)證券交易委員會(huì)公布的 FR-72， “ 解釋 說(shuō)，在 委員會(huì)的指導(dǎo)下 進(jìn)行了對(duì) 財(cái)務(wù)狀況和經(jīng)營(yíng)業(yè)績(jī)管理的討論與分析 ” 。 這涉及許多不同領(lǐng)域的 管理討論與分析 ，其中包括 重要 的會(huì)計(jì)估計(jì)。 美國(guó)證券交易委員會(huì)的解釋對(duì)重要的會(huì)計(jì)估計(jì)的具體定義如下 ：“ 估計(jì)或假設(shè)，其中 1估計(jì)或假設(shè)的 實(shí)質(zhì)是 由于主觀判斷必須 要 考慮高度不確定性的事項(xiàng)或該事項(xiàng)的敏感性 2這個(gè)估計(jì)或假設(shè) 對(duì)財(cái)務(wù)狀況或經(jīng)營(yíng)業(yè)績(jī)的影響是重大的。 ” 該規(guī)則規(guī)定在財(cái)務(wù)報(bào)告開頭的注釋中由 MD&A 提供重要 的會(huì)計(jì)估計(jì) 的說(shuō)明 必須根據(jù)會(huì)計(jì)原則委員會(huì)（ APB）的 第 22 條 意見和美國(guó)注冊(cè)會(huì)計(jì)師協(xié)會(huì)的聲明（ SOP）94-6。 MD A 里披露的，應(yīng)提供更深入的質(zhì)量和在資產(chǎn)負(fù)債表和損益表信息變異的見解。此外，應(yīng)分析披露會(huì)計(jì)原則在運(yùn)用所涉及的不確定性，或變異可能導(dǎo)致其隨著時(shí)間的推移 的 應(yīng)用。 會(huì)計(jì)師應(yīng)解釋為什么重要的會(huì)計(jì)估 計(jì)會(huì)承擔(dān)變更的風(fēng)險(xiǎn)。此外，他們還應(yīng)解釋怎樣得出這個(gè)估計(jì)，過(guò)去怎樣精確估計(jì)或怎樣假設(shè)，過(guò)去的估計(jì)和假設(shè)發(fā)生了怎樣的變化，這些估計(jì)和假設(shè)在未來(lái)是否可能會(huì)發(fā)生合理地變化。定量的信息是有效的，會(huì)計(jì)師應(yīng)根據(jù)合理的結(jié)果來(lái)量化敏感度。 美國(guó)證券交易委員會(huì)的規(guī)則提案 在 2002 年 5 月，在上述解釋發(fā)行前，證券交易委員會(huì)發(fā)布了一項(xiàng)規(guī)則。“管理討論的披露和關(guān)于重要的會(huì)計(jì)政策的應(yīng)用的分析” 。 這項(xiàng)規(guī)則提供了比在最后9 定案的規(guī)則上發(fā)行任何修正的建議最后定案的規(guī)則的意見。而且，證券交易委員會(huì)對(duì)公司財(cái)務(wù)的最新的現(xiàn)行的會(huì)計(jì)披露問題 (2006 年 11 月 30 日 )沒有提到重要的會(huì)計(jì)政策。 這項(xiàng)規(guī)則重新定義為重要會(huì)計(jì)政策的標(biāo)準(zhǔn)： 1）至關(guān)重要的會(huì)計(jì)估計(jì)需要公司對(duì)高度不確定的事情做出假設(shè)； 2）在當(dāng)前的時(shí)間交替估計(jì)，估計(jì)的變化可能會(huì)在未來(lái)期間對(duì)公司提交的公司財(cái)務(wù)狀況的介紹及其變化或經(jīng)營(yíng)成果產(chǎn)生實(shí)質(zhì)性影響。 這項(xiàng) 規(guī)則設(shè)置一個(gè)額外的 對(duì) 每個(gè)估計(jì)數(shù) 的 信息披露。公司必須解釋財(cái)務(wù)報(bào)表上 每個(gè) 重要 會(huì)計(jì)估計(jì) 的 意義，個(gè)別財(cái)務(wù)報(bào)表項(xiàng)目 也需要解釋 。此外， 這項(xiàng) 規(guī)則要求量化財(cái)務(wù)報(bào)表， 披露 會(huì)計(jì)估計(jì)的變更 和 歷史變遷，在過(guò)去三年 里 公司的重要會(huì)計(jì)估計(jì)（小企業(yè) 為二 年） ， 公司 還 必須解釋這些變化的原因 。 對(duì)于會(huì)計(jì)政策的初步 應(yīng)用 ，公司將被要求 作出以下說(shuō)明 ： 1） 引起政策采用的 事件或交易 ； 2） 采用的會(huì)計(jì)原則和方法； 3）定性的 分析采用的會(huì)計(jì)政策對(duì)財(cái)務(wù)報(bào)表的影響 。如果有一個(gè)可以接受的會(huì)計(jì)原則 可供 選擇，公司將不得不找出辦法 來(lái) 說(shuō)明它為什么做了 這樣的選擇 。在現(xiàn)有會(huì)計(jì)的不尋常 處理 情況下，公司 必須 解釋其 關(guān)于初次采用政策的決定 。 這項(xiàng) 規(guī)則隱含 地 區(qū)別于 重要的會(huì)計(jì)政策估計(jì) 。政策是行動(dòng) 的 計(jì)劃， 用來(lái) 指導(dǎo)未來(lái)的決策，而估計(jì) 是 編制財(cái)務(wù)報(bào)表時(shí)作出 的 個(gè)別決定。公司必須披露有關(guān)新政策的初步 采用 信息。但是，新的估計(jì)可能需要與每一套新的財(cái)務(wù)報(bào)表 連起來(lái) 考慮。 根據(jù)建議，申報(bào)者將被要求披露是否與審核委員會(huì)討論 過(guò) 公司的重要會(huì)計(jì)估計(jì)。他們不需要 公開討論的性質(zhì) 。 公司設(shè)有多個(gè) 部門，必須對(duì)重要會(huì)計(jì)政策的影響進(jìn)行鑒定 。除了 整個(gè) 公司 的重要的會(huì)計(jì)信息披露，公司 必須 討論每一個(gè) 部門的重要會(huì)計(jì)政策 。 該 規(guī)則還提出了一個(gè)要求獨(dú)立 審計(jì)管理討論與分析的意見。 這將要求公司提供季度的重要會(huì)計(jì)估計(jì) 的資料 ，包括新發(fā)現(xiàn)的重要會(huì)計(jì)估計(jì)及其他重大變化， 這樣 將會(huì)使過(guò)時(shí)或誤導(dǎo) 的 披露 得到補(bǔ)償 。 該 規(guī)則不會(huì)要求公司每季度更新敏感性分析。外國(guó)私人發(fā)行人 必 須滿足這些相同的 重要會(huì)計(jì)政策披露的要求 。小企業(yè) 將大大降低披露要求。現(xiàn)有的 避風(fēng)港 將適用于 有遠(yuǎn)見的信息。 在準(zhǔn)備 重要會(huì)計(jì)政策 披露 時(shí) ，會(huì)計(jì)師會(huì)發(fā)現(xiàn)美國(guó)證券交易委員會(huì)的解釋（ FR- 10 72）缺乏有用的 說(shuō)明 。 即使 美國(guó)證券交易委員會(huì) 還 沒有采取行動(dòng) ， 會(huì)計(jì)師 也 應(yīng)閱讀并考慮使用一個(gè)更具體的 規(guī)則來(lái)作為 指導(dǎo) 。 目前的做法 筆者回顧 了 從財(cái)富 500 強(qiáng) 中選取的前 100 家上市公司 的 年度報(bào)告。筆者分析了 2005 年 12 月 31 日到 2006 年 12 月 30 日期間的年度公開文件。 三個(gè)會(huì)計(jì)問題主導(dǎo)公司的 重要的會(huì)計(jì)政策 披露： 減值 ， 養(yǎng)老 金和所得稅。如圖表 1 所示， 100 家公司中有 39 家報(bào) 告關(guān)于 無(wú)形資產(chǎn)減值 的會(huì)計(jì)政策 ， 有 25 家報(bào)告一般的減值的會(huì)計(jì)政策 ， 14 家報(bào)告 有形資產(chǎn) 的 減值 的會(huì)計(jì)政策 。另外六 家報(bào)告 了 關(guān)于 租賃資產(chǎn)的剩余 價(jià)值的會(huì)計(jì)政策 。關(guān)于 就業(yè)后的好處， 64 家公司報(bào)道 重要的會(huì)計(jì)政策 ，這些公司 中有兩家報(bào)道額外的關(guān)于雇員福利的會(huì)計(jì)政策 。關(guān)于所得稅會(huì)計(jì)， 56 家公司報(bào)道 重要的會(huì)計(jì)政策 100 家公司 的會(huì)計(jì)政策報(bào)告中 的 有許多 類型，如圖表 1 所示。四十四家公司報(bào)道了關(guān)于意外事件的會(huì)計(jì)政策選擇 ， 32 家報(bào)到了關(guān)于稅收的政策 ， 32 家報(bào)道了關(guān)于 壞帳準(zhǔn)備 的政策 。 30 家公司