重要会计政策的报告外文翻译

1、中文3570字本科毕业论文（设计）外文翻译题 目 专 业 外文题目 外文出处 外文作者上市公司会计政策的选择研究会计学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译文：重要会计政策的报告当准备财政决算时， 会计人员不可避免地做出许多会计估计和政策决策。 他 们必须选择长期资产的折旧年限， 选择一个存货成本计算方法， 做关于退休金的 假定，并且做许多评断。 当它运用于身边的问题时， 这些会计评估将被实体的会 计政策驱使。这些决定有可能严重影响公司的财务报表以及用户如何了解一个公 司的业绩和财务状况。出于这个原因，美国

48、证券交易委员会要求公司报告“重要会计政策”作为管 理讨论与分析（MDfcA）的一部分。美国证券交易委员会已发出许多关于公司的 重要会计政策的评论信件， 表明他们的重要性。 以下便是美国证券交易委员会的 要求概述，并提出关于重要会计政策的规则， 以及大型企业关于目前做法的调查。2003年12月，美国证券交易委员会公布的 FR-72,“解释说，在委员会的指导下进行了对财务状况和经营业绩管理的讨论与分析”。 这涉及许多不同领域 的管理讨论与分析， 其中包括重要的会计估计。 美国证券交易委员会的解释对重 要的会计估计的具体定义如下：“估计或假设， 其中1 估计或假设的实质是由于 主观判断必须要考虑高度

49、不确定性的事项或该事项的敏感性 2 这个估计或假 设对财务状况或经营业绩的影响是重大的。 ”该规则规定在财务报告开头的注释中由 MD&A提供重要的会计估计的说明必 须根据会计原则委员会（APB的第22条意见和美国注册会计师协会的声明（SOP 94-6。M跌A里披露的，应提供更深入的质量和在资产负债表和损益表信息变异 的见解。 此外， 应分析披露会计原则在运用所涉及的不确定性， 或变异可能导致 其随着时间的推移的应用。会计师应解释为什么重要的会计估计会承担变更的风险。 此外，他们还应解 释怎样得出这个估计， 过去怎样精确估计或怎样假设， 过去的估计和假设发生了 怎样的变化， 这些估计和假设在未来

50、是否可能会发生合理地变化。 定量的信息是 有效的，会计师应根据合理的结果来量化敏感度。美国证券交易委员会的规则提案在 2002年 5 月，在上述解释发行前， 证券交易委员会发布了一项规则。 “管 理讨论的披露和关于重要的会计政策的应用的分析” 。这项规则提供了比在最后 定案的规则上发行任何修正的建议最后定案的规则的意见。 而且，证券交易委员 会对公司财务的最新的现行的会计披露问题 （2006 年 11月 30日）没有提到重要 的会计政策。这项规则重新定义为重要会计政策的标准： 1）至关重要的会计估计需要公 司对高度不确定的事情做出假设； 2）在当前的时间交替估计，估计的变化可能 会在未来期间对

51、公司提交的公司财务状况的介绍及其变化或经营成果产生实质 性影响。这项规则设置一个额外的对每个估计数的信息披露。 公司必须解释财务报表 上每个重要会计估计的意义， 个别财务报表项目也需要解释。 此外，这项规则要 求量化财务报表， 披露会计估计的变更和历史变迁， 在过去三年里公司的重要会 计估计（小企业为二年） ，公司还必须解释这些变化的原因。对于会计政策的初步应用，公司将被要求作出以下说明： 1）引起政策采用 的事件或交易； 2 ）采用的会计原则和方法； 3）定性的分析采用的会计政策对 财务报表的影响。 如果有一个可以接受的会计原则可供选择， 公司将不得不找出 办法来说明它为什么做了这样的选择。

52、 在现有会计的不寻常处理情况下， 公司必 须解释其关于初次采用政策的决定。这项规则隐含地区别于重要的会计政策估计。 政策是行动的计划， 用来指导 未来的决策， 而估计是编制财务报表时作出的个别决定。 公司必须披露有关新政 策的初步采用信息。但是，新的估计可能需要与每一套新的财务报表连起来考虑。根据建议，申报者将被要求披露是否与审核委员会讨论过公司的重要会计估 计。他们不需要公开讨论的性质。公司设有多个部门， 必须对重要会计政策的影响进行鉴定。 除了整个公司的 重要的会计信息披露，公司必须讨论每一个部门的重要会计政策。该规则还提出了一个要求独立审计管理讨论与分析的意见。 这将要求公司提 供季度的

53、重要会计估计的资料， 包括新发现的重要会计估计及其他重大变化， 这 样将会使过时或误导的披露得到补偿。 该规则不会要求公司每季度更新敏感性分 析。外国私人发行人必须满足这些相同的重要会计政策披露的要求。 小企业将大 大降低披露要求。现有的避风港将适用于有远见的信息。在准备重要会计政策披露时， 会计师会发现美国证券交易委员会的解释 （ FR- 72）缺乏有用的说明。 即使美国证券交易委员会还没有采取行动， 会计师也应阅 读并考虑使用一个更具体的规则来作为指导。目前的做法笔者回顾了从财富 500强中选取的前 100家上市公司的年度报告。 笔者分析 了 2005 年 12 月 31 日到 2006

54、年 12 月 30 日期间的年度公开文件。三个会计问题主导公司的重要的会计政策披露： 减值，养老金和所得税。 如 图表 1 所示，100家公司中有 39 家报告关于无形资产减值的会计政策，有 25家 报告一般的减值的会计政策， 14 家报告有形资产的减值的会计政策。另外六家 报告了关于租赁资产的剩余价值的会计政策。关于就业后的好处， 64 家公司报 道重要的会计政策， 这些公司中有两家报道额外的关于雇员福利的会计政策。 关 于所得税会计， 56 家公司报道重要的会计政策100家公司的会计政策报告中的有许多类型，如图表 1 所示。四十四家公司 报道了关于意外事件的会计政策选择， 32家报到了关于

55、税收的政策， 32 家报道 了关于坏帐准备的政策。 30家公司报道了关于投资和金融工具的政策， 24 家报 道了关于存货的政策。特定行业的一些会计政策披露。保险公司的索赔报告是一个重要的会计政 策。大多数零售商和零售供应商处理销售折让；石油和天然气公司的会计报告； 娱乐公司报告的娱乐资产资本化。公司平均在管理讨论与分析中报告 5.6 个重要的会计政策。 相比之下，财务 执行官研究基金会在过去的研究报告中显示， 每家公司平均报告 6.1 个重要的会 计政策。（作者， 2002 年 MDA 里披露述评：重要的会计政策） 。最少的是投资 银行，它只报告了两个重要的会计政策， 但该公司的信息披露的篇幅很长， 内容 也非常细。 重要的会计政策的报告数最高的是杂货店，它报告了 11 个。许多公司提供了非常详细的披露。 例如，福特汽车公司的有关退休福利的披 露（会计年度结束日 2005年 12月31日）。本披露表明，管理层认为，退休福利 是公司会计所管辖的一部门， 而在特定的假设条件下福特的收入和财务状况是非 常敏感的。 福特详细地解释说， 这是估计和假设的需要。 此外，分析表明，例如， 贴现率减少一个百分点将增加 6330