IASC/IASB B UDC 厦门大学博硕士论文摘要库 The Evolution of Accounting Standard-Setting for Financial Instruments by IASC/IASB: Wi

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1 IASC/IASB B UDC The Evolution of Accounting Standard-Setting for Financial Instruments by IASC/IASB: With A Discussion on the Application of Fair Value Attribute

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4 IASC ED 48 IAS IAS 32 IAS 39 IASB IFRS 7IAS 32 IAS IOSCO IAS 39

5 ABSTRACT ABSTRACT The accounting for financial instruments is one of the toughest difficulties in the field of financial accounting. And the standard-setting has experienced a long way: from the disclosure and presentation (the easy procedures) to the recognition and measurement (the much harder ones). However, this job is still far from perfect and the standard setters are confused with many questions, both in technique and politics, including how to measure all the financial assets and liabilities in fair value the key to develop the accounting standards, which remains a barrier. This means a fascination for me. This paper reviews the history of standard-setting and improving for financial instruments by IASC (now IASB) during the past two decades in an all-around way. The project to establish accounting standard was forced to split into two stages, disclosure and measurement, due to many practical difficulties in the end of And then IAS 32 was first released to regulate the information disclosure and presentation both on the face and in the notes of financial statements. It might be right and necessary in theory to disclose the important contents when some items can not be recognized in the financial statements for those rigorous criteria. IASC, however, appeared to have made a mistake logically, which acted against the basic procedure of traditional financial accounting. Why should an entity present any financial instruments in balance sheet and how to disclose the accounting policies of recognition and measurement before they are recorded in books and displayed in financial statements? In the following days, any modification in IAS 32 always came after those in IAS 39, the recognition and measurement standard. The IASC/IASB might be conscious of the logical inconsistency that the presentation procedure has been operated before those of recognition and measurement and it appears confusing when it was regulated with the disclosure simultaneously. This finally results in a single while comprehensive disclosure standard IFRS 7 s coming into being, with the driving of market force. It is a meaningful but difficult jump for financial instruments, especially those derivatives, to be invited into the balance sheet since the release of IAS 39. But IAS 39 is still tentative and each amendment seems to be running with time. For instance,

6 ABSTRACT the final appraisal of core standards project cooperated with IOSCO, or the simplified application by the European listed companies before Some essential questions remain in the scale and the objective for standard-setting to realize the full fair value measurement keeps far away. Fair value is the most relevant measurement attribute to all financial instruments and related studies on capital market have already provided plentiful evidences. The reliability of fair value information is still questioned, however, which is of the same importance to the users of financial statements. So to define the concept of fair value clearly and design a framework for fair value estimation properly is the key to improve the standard-setting for financial instruments. Chinese entities have been involved into the global economic and financial activities more and more frequently and it becomes necessary for China s accounting standards to converge with the IFRSs, including the financial instruments accounting standards. Since the reference model is still imperfect and changing continuously, it is sensible for us to keep an eye on both the past and the current international developments so as to improve the CASs. Key Words: Financial Instrument; Accounting Standard; Fair Value.

7 IAS IASC/CICA IAS 32 IAS IASB FASB IAS IFRS

8 IAS 39(1998) ED IAS (1987):... 88

9 6.1.2 (1993)( )

11 CONTENTS CONTENTS CHAPTER 1 Introduction Research Bachground and Issue Presentation Research Method Structure of This Paper Innovations and Limitations... 4 CHAPTER 2 Review of Standard-Settting for Financial Instruments Overview IAS 25 Investment Accounting IASC/CICA Steering Committee's Efforts IAS 32 & IAS Financial Instruments-Disclosure and Presentation Financial Instruments-Recognition and Measurement Continuous Amendments and International Convergence Committee's Reorganization and Continuous Amendments Standard-Setting CooperationIASB & FASB CHAPTER 3 Evolution of The Disclosure and Presentation Standard Summary of IAS and Appraisals Presentation Principles and Some Suspicion Disclosure Principles and Some Suspicion Reconsideration of Presentation and Disclosure Amendments to IAS Two Technical Amendments A Fundamental Amendment IFRS 7: A Single and Comprehensive Disclosure Standard Overview Summary of IFRS 7 and Appraisals CHAPTER 4 Evolution of The Recognition and Measurement Standard Summary of IAS and Appraisals Proposals of ED Summary of IAS and Appraisals Amendments to IAS Some Technical Amendments Amendments as of Technique Improvement Project... 53

12 CONTENTS 4.3 The Fair Value Option Overview Limited Application of Fair Value Option CHAPTER 5 Standard-Setting and Fair Value Measurement Objective and Reality for Standard-Setting ObjectiveComprehensive Fair Value Accounting RealityPartial Fair Value Accounting Relevance and Reliability of Fair Value Information Viewpoints From Standard Setters Evidences From Capital Market Research An Analysis of Fair Value Concept Traditional Definition and Limitations Definition Amendment and Reconsideration Comprehensive Fair Value Accounting Some Evidences From Capital Market Research Fair Value Measurement Framework: Valuation Techniques and Inputs Fair Value Measurement for Financial Instruments Fair Value Measurement for Financial Liabilities: Some Issues Disclosure: Necessary Supplement to Recognition CHAPTER 6 Evolution of China's Financial Instruments Accounting Development of Financial Entities Accounting System National Banks' United Basic Accounting System Financial Entities Accounting System & Early Accounting Standards Improvements to Financial Entities Accounting System Accounting for Derivative Financial Instruments Commodities Futures Accounting: Some Experiences Disclosure Off the Balance Sheet Recognition and Measurement China's Accounting Standards for Financial Instruments(2006) Overview Some Suspicion Appendix Application of Financial Instruments Accounting Standards: A Case Study on CAO's Annual Reports ( ) Reference Acknowledgements

13 2-1. IASC/IASB ED 48 FAS IAS IAS GAAP IAS ED48IAS IAS FASB A A A A A A A A-8. X A-9. X...114

15 1.1 IAS 30IAS 32IAS 39IFRS 7 IASC/IASB IAS 32 IAS 39 GAAP IASC/IASB 2006 CAS 22CAS 23CAS 24 CAS 37 IAS 32IAS 39 IFRS

16 IASC/IASB 1.3 IASC/IASB IAS 32 IAS 39 IAS IASC/IASB FASB IAS IASC IAS IAS 39 IASC/IASB IFRS 7 IAS 32 IAS 39 ED 48 IAS

17 Degree papers are in the Xiamen University Electronic Theses and Dissertations Database. Full texts are available in the following ways: 1. If your library is a CALIS member libraries, please log on and submit requests online, or consult the interlibrary loan department in your library. 2. For users of non-calis member libraries, please mail to etd@xmu.edu.cn for delivery details.

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