第五章决策有用的计量观ppt课件

1、.,1,决策有用性的计量观,决策有用性计量观的兴起 Ohlson 净盈余模型 决策有用性计量观的应用,.,2,P157 决策有用性的计量观是指，在保证相当可靠性的前提下，会计师承担起将公允价值适当并入财务报表的责任，从而确认了在帮助投资者预测企业价值方面更多的义务。 比较：将信息的有用性等同于信息含量的观点称为决策有用性的信息观。,一、决策有用性计量观的兴起,.,3,决策有用性计量观兴起的背景,信息观立论基础市场有效性面临挑战 实证证据表明报告盈余只解释了盈余公布日前后证券价格变化的很小部分。P170 净盈余理论支持了决策有用性的计量观 有助于审计师应对财务危机的法律责任,.,4,（一）证券市

2、场是有效的吗？,20世纪80年代对证券市场的大量实证研究发现了许多现代金融学无法解释的异象(anomalies) 。 为了解释这些异象,一些金融学家将认知心理学的研究成果应用于对投资者的行为分析,至90年代,形成最具活力的行为金融学派。 它从微观个体行为以及产生这种行为的心理等动因来解释、研究和预测金融市场的发展。,.,5,1.行为金融学对投资者行为的分析,行为金融学发现,人在不确定条件下的决策过程中并不是完全理性的。 （P158-159） 有限理性(limited attention)：人的理性能力受制于所处环境的复杂性和不确定性，以及人类自身神经、生理、语言等方面的限制，从而是有限的。投资

3、者可能没有时间和能力处理所有可获得的信息。 过度自信(overconfident)：投资者高估了他们自己所收集信息的准确度。 自我归因偏误(self-attribution bias)：将好的结果归于自我能力，将坏的结果归因于运气不佳。,.,6,前景理论（prospect theory）,前景理论(Kahneman oa: operating assets 公司价值是当期账面价值、当期超常经营收益、 当期经营资产和当期其他信息的线性函数,.,24,三、计量观的应用,传统应用： 应收/应付账款 合同固定现金流 成本与市价孰低规则 push-down accounting 固定资产上限测试 退休金

4、和其它退休后福利 减值贷款,.,25,公允价值在金融工具计量中的应用,1公允价值计量在金融工具领域应用的现状如何？国内外有哪些显著差异？ 2公允价值计量金融工具的优势和困境是什么？ 3 如何改进公允价值计量在我国的应用？,思考,.,26,（一）公允价值在金融工具中的应用：准则,美国涉及披露的准则： SFAS No 107, 119(Superseded) ，159； 涉及确认和计量的准则： SFAS No 115, 123 (revised),133，137，138，149，161 IASB：IAS32，39；IFRS 2，7 中国：No 22，23，24，37,.,27,美国,SFAS No

5、 107, Disclosures about fair value of financial instruments (FASB, 1991) SFAS No 119, Disclosure about derivative financial instruments and fair value of financial instruments (FASB, 1994).(Superseded) SFAS No 115, Accounting for certain investments in debt and equity securities (FASB, 1993) SFAS No

6、 123 (revised), Share-based payments (FASB, 2004) SFAS No 133,Accounting for derivative instruments and hedging activities (FASB, 1998).,.,28,Statement No. 137 Accounting for Derivative Instruments and Hedging ActivitiesDeferral of the Effective Date of FASB Statement No. 133an amendment of FASB Sta

7、tement No. 133 (1999) Statement No. 138 ，Accounting for Certain Derivative Instruments and Certain Hedging Activities-an amendment of FASB Statement No. 133(2000) Statement No. 148，Accounting for Stock-Based CompensationTransition and Disclosurean amendment of FASB Statement No. 123（2002） Statement

8、No. 149，Amendment of Statement 133 on Derivative Instruments and Hedging Activities(2003),.,29,Statement No. 150 Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity (2003) Statement No. 155，Accounting for Certain Hybrid Financial Instrumentsan amendment o

9、f FASB Statements No. 133 and 140(2006) Statement No. 157，Fair Value Measurements(2006) Statement No. 159，The Fair Value Option for Financial Assets and Financial LiabilitiesIncluding an amendment of FASB Statement No. 115(2007) Statement No. 161，Disclosures about Derivative Instruments and Hedging

10、Activitiesan amendment of FASB Statement No. 133,.,30,IASB和中国准则,国际会计准则理事会 IAS 32 Financial Instruments: Disclosure and Presentation (IASB, 2003a), IAS 39, Financial Instruments: Recognition and Measurement (IASB, 2003b). IFRS 7，Financial Instruments: Disclosures (IASB, 2005).,中国金融工具相关准则22号：金融工具确认和计量

11、 23号：金融资产转移 24号：套期保值 37号：金融工具列报,.,31,（二）公允价值在金融工具中的应用：具体内容比较,1根据IASB，金融资产的确认和计量基于以下分类（中国同） (a) financial assets at fair value through profit or loss; (b) held-to-maturity investments; (c) loans and receivables; (d) available-for-sale financial assets. 美IASB FAS115指出： At acquisition, an enterprise sh

12、all classify debt and equity securities into one of three categories:held-to-maturity, available-for-sale, or trading. At each reporting date, the appropriateness of the classification shall be reassessed.,.,32,2 金融资产和负债的计量原则IAS39（IASB）,All financial assets and liabilities should be recognized when

13、the entity becomes a party to the contractual provisions of an instrument. When a financial asset or financial liability is recognised initially, an entity shall measure it at its fair value plus, transaction costs that are directly attributable to the acquisition or issue of the financial asset or

14、financial liability.,.,33,After initial recognition, an entity shall measure financial assets, including derivatives that are assets, at their fair values, except for the following financial assets： (a) loans and receivables (b) held-to-maturity investments, (c) investments in equity instruments tha

15、t do not have a quoted market price in an active market and whose fair value cannot be reliably measured and derivatives that are linked to and must be settled by delivery of such unquoted equity instruments, which shall be measured at cost,.,34,SFAS 115 (FASB),Investments in debt securities shall b

16、e classified as held-to-maturity and measured at amortized cost in the statement of financial position only if the reporting enterprise has the positive intent and ability to hold those securities to maturity. Investments in debt securities that are not classified as held-to-maturity and equity secu

17、rities that have readily determinable fair valuesshall be classified in one of the following categories( trading securities /available-for-sale securities) and shall be measured at fair value in the statement of financial position.,.,35,Subsequent measurement of financial liabilities,After initial r

18、ecognition, an entity shall measure all financial liabilities at amortised cost using the effective interest method, except for financial liabilities at fair value through profit or loss,etc.,.,36,subsequent measurement,.,37,SFAS133 (FASB),Fair value is the most relevant measure for financial instruments and the only relevant measure for derivative instruments. An entity shall recognize all of its derivative instruments in its statement of financial position as either assets or liabilities depending on the rights or