发布时间：2020-12-19 热度：
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financial Accounting paper范文选节
新经济与全球化影响下发达国家的经济演化相关，从以工业为基础的财富生产经济转型到以科技和思想理念为基础的知识经济。新经济成功的关键就在于科技的利用程度、品质的保障力度和思想与革新在经济各方面的嵌入力度。新经济的一些特征可以被形容为知识经济，互联网，信息，知识分享，网络效应等等，
由于经济的转型，很多评论员开始谈论新经济与传统经济和财务报告拆分开来的做法。他们认为财务报表中提供的信息对于做出投资决定的使用者来说还不够充分。需要披露更多非财务信息和前瞻性信息，比如说无形资产，商誉，管理决策，分析师等等，
因此，财务会计准则委员会为了提升财务报告的质量，特别推出了这份专题报告。该报告的关注焦点是是否需要改变现有的财务报告模型，如果需要的话，又该怎样操作。专题报告主要涵盖了下面的三个领域，以及来自美国和欧洲某些机构的建议，将在下文进行讨论。
New Economy referring to an evolution of developed countries from an industrial-based wealth producing economy into a knowledge-and-idea-based economy due to effect of globalization. The key to success in the new economy are the extent to which technology can be utilized, quality can be provided, and ideas and innovation can be embedded in all sectors of the economy. Some features of a new economy are described as intellectual capital, The Internet, information, knowledge sharing, network effect and etc.
Due to the changing of economy, many commentators remarked on the disconnect between the new economy and traditional business and financial reporting. Information provided in the financial statements is deemed to be inadequate for its users in making investment decision. It is contended that more disclosure of nonfinancial and forward-looking information such as intangible assets, goodwill, management decision and analyst ant etc. are needed.
Therefore, FASB had carried out this Special Report with the intention to improve the quality of business and financial reporting. The main concern of the report is whether there is a need to change the existing reporting model, if so, how it will be done. This Special Report examine the following three areas and some recommendations from agencies in US and Europe which will be discuss in the next few chapters.
Vast information about nonfinancial value drivers
Forward-looking financial statement which present the entity’s creation of value.
Recognition and measurement of (externally required and internally generated) intangible asset in financial statements
Chapter 1 – Introduction to the Problem
Chapter 1 reviews the new economy and its impacts to the business and financial reporting. It is said that there are two assertions that lead to theinteraction between new economy and business and financial reporting. First, a change of economy of 2000 compare to economy of 1950 and before (From the Industrial Revolution to the digital age). Second, traditional financial reporting may not be able to capture the nonfinancial value drivers that dominate the new economy.
There are three propositions that some people view as accounting’s failure to keep pace with a changing economy. (Attributes of the disconnect between new economy and the business and financial reporting).
Proposition 1- Traditional financial statements are reported based on historical information and focus on the entity’s ability to realize the value from existing assets and liabilities.
Proposition 2- The key value drivers of the new economy are usually nonfinancial and do not present in a traditional financial report.
Proposition 3- Existing financial statements recognized only those intangible assets that acquired from others, there is no treatment or recognition and measurement for internally generated intangible assets.
Proposition 4 (rarely stated) – Existing business and financial reporting is adequate to the purpose for which it is intended (e.g. provide useful information for users of business and financial reporting in investment their decision making). A mandated change in the existing business and financial reporting might be harmful to the credibility of reporting.
In additional, there are several solutions that recommended by some accounting bodies, standard setter and government regulators such as AICAP, ICAEW, Netherland Ministry of Economic Affairs and etc. Mostly, all the agencies stated in this Series Report suggested at least a new metric that would measure and report information about nonfinancial value drivers while few of the agencies also proposed new paradigms that would measure information about future cash flow and recognition of intangible assets in balance sheet.
Chapter 2 – New Reporting Paradigm
Traditional financial statements are mostly backward-looking because the value was capture from the existing assets and liabilities. The new financial reporting paradigm comes out with the creation of value. There are two types of new reporting paradigm being proposed in this chapter- CICA Total Value CreationTM (TVC®) System and Accounting For The Future (AFTF).
The CICA Total Value CreationTM (TVC®) emphasises on the value-creating activities, different from the traditional financial statement which focuses on the value-realizing activities. It is initially designed for the internal reporting, and later after research process, brings into consideration to make the value creation performance accessible for the external stakeholders. Basically, TVC is a continuum step from traditional financial reporting to the measurement of the non-financial performance through capture the value creation. It is an event-based present value model which provides information related to company’s planned activities. It uses a fully discounted cash-flow model which offers timely information, complete transparency and professional assurance, due diligence, on changes to assumptions. It also disclose and analysis outcome variance. Through TVC, all the stakeholders would be able to assess the performance of the organization by assessing the ability of company to create value and future revenue. According to CAmagazine, some people think that TVC is leading towards the value-creation performance which has internationally accepted measurement and reporting standards.
CICA emphasize that TVC will not substitute for the traditional financial reporting for now and future because of its usefulness in reporting the realization of value. However, in this new economy, CICA see that the value creation process is always took place before the value realization. The traditional financial reporting has the limited capability to measure and report on this pre-transactional value creation. When the value is being realized and not being created, although traditional financial reporting will certainly captured the value, but it takes years to realize after creation.
Similar to TVC, in Accounting For The Future (AFTF), Mr Humphrey H. Nash presents a corporation’s activities in financial terms by utilizing a system of projected future cash flows are. He assigns new meanings to the traditional labels such as assets, equity and liabilities. He proposes as below:
AFTF value = Present value of entire expected future net cash flows discounted at the market cost of capital
Value added = AFTPend of a time period - AFTPstart of a time period
AFTF assets refer to the present value of entire expected future cash inflows into the corporation. AFTF liabilities refer to the present value of entire expected future cash outflows from the corporation. AFTF shareholder equity equals AFTF assets minus AFTF liabilities. Net AFTF shareholder equity is known as company valuation. AFTP assess the value of actual shareholders using present value.
