斯科特财务会计理论PPT课件第一章

Copyright©2012PearsonCanadaInc1-1FinancialAccountingTheorySixthEditionWilliamR.ScottPurpose:TocreateanawarenessandunderstandingofthefinancialreportingenvironmentinamarketeconomyCopyright©2012PearsonCanadaInc1-2Chapter1IntroductionCopyright©2012PearsonCanadaInc1.2SomeHistoricalPerspective•Earlydevelopment•Greatdepressionof1930sreinforcedhistoricalcostaccounting•Alternativestohistoricalcost–Currentvalueaccounting•Value-in-use•Fairvalue(exitprice,opportunitycost)–Mixedmeasurementmodel1-3Copyright©2012PearsonCanadaInc1-41.2CollapseoftheStockMarketBoomofLate1990s•Enron•WorldCom•Collapseofpublicconfidenceincapitalmarkets•Effectsonfinancialreporting–Sarbanes-OxleyAct–Moreconservativeaccounting?Copyright©2012PearsonCanadaInc1.3MarketMeltdowns,2007-2008•Terminology–Securitization–Financialinstruments•Asset-backedsecurities•Collateralizeddebtobligations•Asset-backedcommercialpaper•Creditdefaultswaps•Expectedlossnotes–Liquidityrisk•Liquiditypricing–CounterpartyriskContinued1-5Copyright©2012PearsonCanadaIncMarketMeltdowns,2007-2008(continued)•Financialaccountingissuesleadinguptothemarketmeltdowns–Fairvalueaccountingforfinancialinstruments•Complicatedbyliquiditypricing–Highleverageoffinancialinstitutions•Off-balancesheetfinancingliabilities•Useofexpectedlossnotestoavoidconsolidationofstructuredinvestmentvehicles•Wasdisclosureofoff-balancesheetliabilitiesadequate?Continued1-6Copyright©2012PearsonCanadaIncMarketMeltdowns,2007-2008(continued)•Responseofstandardsetters–Stopgapmeasuresinresponsetogovernmentpressure•Fairvalueaccountingguidanceduringliquiditypricing•Increaseduseofinternalestimates(value-in-use)•Increaseduseofcost-basedvaluation–Newaccountingstandards•Consolidation•Derecognition–Increaseddisclosure–ResponseofstandardsettersconsideredingreaterdetailinChapter7Continued1-7Copyright©2012PearsonCanadaIncMarketMeltdowns,2007-2008(continued)•Responseofotherregulators–Increaseddisclosureofmanagerialcompensation–Movetransactionstosecurityexchangesfromshadowbankingsystem–IncreasedcapitalreservesforfinancialinstitutionsContinued1-8Copyright©2012PearsonCanadaIncMarketMeltdowns,2007-2008(continued)•Implicationsforaccountants–Needfortransparency–Value-in-usev.fairvalueaccounting–Fulldisclosureofoff-balancesheetactivities–Newaccountingstandardstopreventfutureabuses?1-9Copyright©2012PearsonCanadaInc1.4ConservativeAccounting•Writedownbutdonotwriteup–Apartialapplicationofcurrentvalueaccounting•Lowerofcostormarket•Ceilingtests•Currentvalueaccounting–Currentvalueaccountingwritesupanddown•Increasedconservatisminrecentyears–Aresponsetothevolatileandfleetingnatureofcurrentvalues?1-10Copyright©2012PearsonCanadaInc1.5EthicalBehaviourbyAccountants/Auditors•Wasaccountant/auditorbehaviourleadinguptoEnron,WorldCom,and2007-2008marketmeltdownsepisodesethical?–Servetheclientorservesociety?•Whywouldyoubehaveethicallyinsimilarcircumstances?–Ethicalprinciplestodotherightthing?–Yoursandtheprofession’slongruninterests?–Noteeachreasonproducessimilarbehaviour•Butmindsetdiffers1-11Copyright©2012PearsonCanadaInc1.6Rules-Basedv.Principles-BasedAccountingStandards•Dorules-basedaccountingstandardswork?–Enron,WorldCom–Expectedlossnotes•Willmorerulesinnewaccountingstandardsworktopreventabuse?•Principles-basedstandards–ImportantroleofConceptualFramework–Reliesonethicalaccounting/auditingprofession1-12Copyright©2012PearsonCanadaInc1.7TheComplexityofInformation•Individualreactionstosameinformationmaydiffer•Reportingtoinvestorsv.reportingonstewardship•Informationalsoaffectshowwellmarketswork1-13Copyright©2012PearsonCanadaInc1-141.9InformationAsymmetry•RoleofInformationinaMarketEconomy–Toimproveoperationofcapitalmarkets•Adverseselectionproblem–Toimproveoperationofmanageriallabourmarkets•Moralhazardproblem–Bothrolescrucialifmarketsaretoworkwell•E.g.,2007-2008marketmeltdowns–Lackoftransparencyofasset-backedsecurities–Excessiveriskencouragedbyoff-balance-sheetactivities–ExcessiveriskencouragedbymanagercompensationstructureContinuedCopyright©2012PearsonCanadaInc1-15InformationAsymmetry(continued)•Roleofaccountinginformationtocontroladverseselection–Convertinsideinformationintooutside–Supplyusefulinformationtoinvestors•Roleofaccountinginformationtocontrolmoralhazard–Controlmanagershirking–ImprovecorporategovernanceCopyright©2012PearsonCanadaInc1-161.10TheFundamentalProblemOfFinancialAccountingTheory•Thebestmeasureofnetincometocontroladverseselectionnotthesameasthebestmeasuretomotivatemanagerperformance–Investorswantinformationaboutfuturefirmperformance•Currentvalueaccounting?–Goodcorporategovernancerequiresthatmanagers“workhard”•Dohistoricalcostaccounting,conservatismbetterreflectmanagereffort?Copyright©2012PearsonCanadaInc1-171.11RegulationasaReactiontotheFundamentalProblemofStandardSetting•Standardsettingisaformofregulation•Isstandardsettingneeded?–Marketforcesmotivatefirmstoproduceinformation–Butmarketforcessubjecttofailure•Adverseselection•Moralhazard–Regulationstepsintotrytocorrectmarketfailures•Regulationiscostly»ContinuedCopyright©2012PearsonCanadaI