1、中文3570字本科畢業論文（設計）外文翻譯題 目 專 業 外文題目 外文出處 外文作者上市公司會計政策的選擇研究會計學Report ing Critical Acco unting PoliciesTHE CPA JOURNALMark P.Holtzma n原文：Reporting Critical Accounting PoliciesAccountants inevitably make many accounting estimates and policy decisions when preparing financial statements. They must select

2、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

3、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, indica

4、ting their importance. What follows is an overview of the SEC S requirements and proposed rule on CAPS,as well as a survey of current practices by large companies.The SEC SntIerpretationIn December 2003, the SEC released FR-72, Interpretation: Commission Guidance Regarding Managements Discussion and

5、 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

6、estimates or assumptions is material due to the levels of subjectivity and judgment necessaryto 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

7、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) 9

8、4-6. The MD&A disclosure should provide more insight into the quality and variability of 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 appl

9、ication 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 wh

10、ether 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 RuleIn May 2002, prior to the issuance of the above interpr

11、etation, the SEC released a proposed rule. “ Disclosurein Managements Discussion and Analysis about the Application of Critical Accounting Policies T”his 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

12、 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 accounti

13、ng 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

14、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 statemen

15、t 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 past three years (two years for small business issuers)

16、. 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 app

17、lying 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 litera

18、ture 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 pre

19、paring 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

20、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 woul

21、d 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 accountin

22、g 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 busines

23、s issuers would have substantially lower disclosure requirements. Existing safe harbors would apply to forward-looking information.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. acco

24、untants should read and consider using the proposed rule as a source of more specific guidance.Current PracticeThe 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 D

25、ecember 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

26、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 com

27、panies 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 compan

28、ies, 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 entertainm

29、ent 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: Cri

30、tical Accounting Policies). The fewest CAPS reported were two, by an investment bank, but this companys disclosures were very long and detailed. The highest number ofCAPS reported was 11, by a grocery chain.Many companies provided very detailed disclosures. For example, Exhibit 2 shows the Ford Moto

31、r 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 Ford s income and financial position are verysensiti

32、ve 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

33、 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. U

34、se 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 con

35、tain uncertainties becausethey 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 ” (F-Kor,m2/2150/2006

36、).According to United Technologies:In assessingthe 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

37、 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

38、 determination is made.Conversely, if we were to determine that we would be able to realize our deferred tax assetsin the future in excess of the net carrying amounts, we would decreasethe recorded valuation allowance through an increase to income in the period in which that determination is made. S

39、ubsequently 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

40、 when testing long-lived assets for impairment:“We estimsahteflcoaws using internal budgets based on recent salesdata, 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

41、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 und

42、er 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 proce

43、sses, 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

44、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).Poste nmlo

45、yme nt Ben efitsIn come TaxesImpairme nt of Intan giblesOtherReve nue Recog niti onBad-Debt ReservesIn vestme nts and FinancialIn sura neeImpairme ntInven torySales and Purchase Allowa neeIn strume ntsStock-based Compe nsatiorImpairme nt of Tan giblesAcquisiti on and Con solidati onDerivatives and S

46、ecuritizationWarra nty CostsRestructuri ng CostsLon g-term Con tractsDepreciati on and Amortizati onIn vestme nts in LeasesEn viro nmen talDeferred Policy Acquisiti onCostsOil and GasEn terta inmentOther Postemployme nt Ben efitsFreque nt-Flyer and MembershipAsset Retireme nt Obligati on50bCritical

47、Acco unting Policies ReportedSource： Mark P.Holtzman. Reporting Critical Accounting PoliciesJ.THE CPAJOURNAL,2007 : 42-44譯文：重要會計政策的報告當準備財政決算時， 會計人員不可避免地做出許多會計估計和政策決策。 他 們必須選擇長期資產的折舊年限， 選擇一個存貨成本計算方法， 做關于退休金的 假定，并且做許多評斷。 當它運用于身邊的問題時， 這些會計評估將被實體的會 計政策驅使。這些決定有可能嚴重影響公司的財務報表以及用戶如何了解一個公 司的業績和財務狀況。出于這個原因，美國

48、證券交易委員會要求公司報告“重要會計政策”作為管 理討論與分析（MDfcA）的一部分。美國證券交易委員會已發出許多關于公司的 重要會計政策的評論信件， 表明他們的重要性。 以下便是美國證券交易委員會的 要求概述，并提出關于重要會計政策的規則， 以及大型企業關于目前做法的調查。2003年12月，美國證券交易委員會公布的 FR-72,“解釋說，在委員會的指導下進行了對財務狀況和經營業績管理的討論與分析”。 這涉及許多不同領域 的管理討論與分析， 其中包括重要的會計估計。 美國證券交易委員會的解釋對重 要的會計估計的具體定義如下：“估計或假設， 其中1 估計或假設的實質是由于 主觀判斷必須要考慮高度

49、不確定性的事項或該事項的敏感性 2 這個估計或假 設對財務狀況或經營業績的影響是重大的。 ”該規則規定在財務報告開頭的注釋中由 MD&A提供重要的會計估計的說明必 須根據會計原則委員會（APB的第22條意見和美國注冊會計師協會的聲明（SOP 94-6。M跌A里披露的，應提供更深入的質量和在資產負債表和損益表信息變異 的見解。 此外， 應分析披露會計原則在運用所涉及的不確定性， 或變異可能導致 其隨著時間的推移的應用。會計師應解釋為什么重要的會計估計會承擔變更的風險。 此外，他們還應解 釋怎樣得出這個估計， 過去怎樣精確估計或怎樣假設， 過去的估計和假設發生了 怎樣的變化， 這些估計和假設在未來

50、是否可能會發生合理地變化。 定量的信息是 有效的，會計師應根據合理的結果來量化敏感度。美國證券交易委員會的規則提案在 2002年 5 月，在上述解釋發行前， 證券交易委員會發布了一項規則。 “管 理討論的披露和關于重要的會計政策的應用的分析” 。這項規則提供了比在最后 定案的規則上發行任何修正的建議最后定案的規則的意見。 而且，證券交易委員 會對公司財務的最新的現行的會計披露問題 （2006 年 11月 30日）沒有提到重要 的會計政策。這項規則重新定義為重要會計政策的標準： 1）至關重要的會計估計需要公 司對高度不確定的事情做出假設； 2）在當前的時間交替估計，估計的變化可能 會在未來期間對

51、公司提交的公司財務狀況的介紹及其變化或經營成果產生實質 性影響。這項規則設置一個額外的對每個估計數的信息披露。 公司必須解釋財務報表 上每個重要會計估計的意義， 個別財務報表項目也需要解釋。 此外，這項規則要 求量化財務報表， 披露會計估計的變更和歷史變遷， 在過去三年里公司的重要會 計估計（小企業為二年） ，公司還必須解釋這些變化的原因。對于會計政策的初步應用，公司將被要求作出以下說明： 1）引起政策采用 的事件或交易； 2 ）采用的會計原則和方法； 3）定性的分析采用的會計政策對 財務報表的影響。 如果有一個可以接受的會計原則可供選擇， 公司將不得不找出 辦法來說明它為什么做了這樣的選擇。

52、 在現有會計的不尋常處理情況下， 公司必 須解釋其關于初次采用政策的決定。這項規則隱含地區別于重要的會計政策估計。 政策是行動的計劃， 用來指導 未來的決策， 而估計是編制財務報表時作出的個別決定。 公司必須披露有關新政 策的初步采用信息。但是，新的估計可能需要與每一套新的財務報表連起來考慮。根據建議，申報者將被要求披露是否與審核委員會討論過公司的重要會計估 計。他們不需要公開討論的性質。公司設有多個部門， 必須對重要會計政策的影響進行鑒定。 除了整個公司的 重要的會計信息披露，公司必須討論每一個部門的重要會計政策。該規則還提出了一個要求獨立審計管理討論與分析的意見。 這將要求公司提 供季度的

53、重要會計估計的資料， 包括新發現的重要會計估計及其他重大變化， 這 樣將會使過時或誤導的披露得到補償。 該規則不會要求公司每季度更新敏感性分 析。外國私人發行人必須滿足這些相同的重要會計政策披露的要求。 小企業將大 大降低披露要求。現有的避風港將適用于有遠見的信息。在準備重要會計政策披露時， 會計師會發現美國證券交易委員會的解釋 （ FR- 72）缺乏有用的說明。 即使美國證券交易委員會還沒有采取行動， 會計師也應閱 讀并考慮使用一個更具體的規則來作為指導。目前的做法筆者回顧了從財富 500強中選取的前 100家上市公司的年度報告。 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。三個會計問題主導公司的重要的會計政策披露： 減值，養老金和所得稅。 如 圖表 1 所示，100家公司中有 39 家報告關于無形資產減值的會計政策，有 25家 報告一般的減值的會計政策， 14 家報告有形資產的減值的會計政策。另外六家 報告了關于租賃資產的剩余價值的會計政策。關于就業后的好處， 64 家公司報 道重要的會計政策， 這些公司中有兩家報道額外的關于雇員福利的會計政策。 關 于所得稅會計， 56 家公司報道重要的會計政策100家公司的會計政策報告中的有許多