衍生金融工具会计信息披露研究
本站原创 论文中文摘要：随着维系全球经济的布雷顿森林体系的正式瓦解,各国开始普遍采用浮动汇率制,许多国家纷纷放宽了对汇率的金融管制。在国际金融市场上利率和汇率出现了剧烈的波动,基础金融工具的价值也相应地产生了前所未有的波动,国际金融市场随之产生了规避风险的强烈需求。在这样一种环境下,衍生金融工具应运而生,它为基础金融工具的持有者提供了一种有效的对冲风险的手段。衍生金融工具在20世纪70年代后发展迅速,尤其是在过去的10多年间,它的规模空前扩大。然而衍生金融工具同时也是一种风险很大,投机性很强的金融工具,近年来一系列震惊全球的危机和事件几乎都与衍生金融工具的交易有关：巴林银行破产事件、住友金属巨亏事件、中航油巨亏事件和这次金融危机中美国三家投资银行的破产事件。在这些事件中传统财务报告在危机出现之前看不到任何“先兆”,仍然显示出良好的业绩和健康的财务状况,这将误导投资者,在很大程度上损害了投资者的利益。所以,随着衍生金融工具的发展和应用,传统财务报表的披露会越显不足。对衍生金融工具会计信息披露的研究,对完善传统财务报表的披露有重要的意义。本文分为三个部分共六章来研究衍生金融工具的信息披露问题。第一部分(2-3章)是衍生金融工具概述及对传统会计的冲击。首先从衍生金融工具的定义、特征和种类上对衍生金融工具作了一个基本的介绍。之后分析衍生金融工具对传统会计的冲击：第一,对会计要素的冲击。按照资产和负债两要素的定义,其未来经济利益从企业的流入和流出都必须来自过去的交易或事项。而衍生金融工具的实质是来自双方签订的合约,它所引起的未来的是经济利益的流入或流出,根据传统会计模式下的确认标准很难将衍生金融工具纳入会计报表的资产中予以核算。但是,随着衍生金融工具对企业财务的影响越来越大,只是作为表外业务予以反映,必然会导致会计信息披露严重失真。第二,对会计确认的冲击。按照传统会计权责发生制的要求,企业应该在经济业务发生的期间记录这些业务对企业的影响,而不是收到或付出时记录其影响。衍生金融工具在合约订立时,交易双方权利义务虽然基本确定,但交易并未实际发生,而且可能在到期时也不会发生,因此不符合权责发生制下会计确认的要求。但如果不确认衍生金融工具,就不能及时揭示衍生金融工具的潜在风险,也不能正确反映衍生金融工具的未实现持有损益,这就不能满足会计信息质量特征中的相关性的要求。第三,对会计计量的冲击。历史成本坚持会计计量采用历史成本计量属性。衍生金融工具价值在持有期间内的任何变动,都应该分阶段真实地反映,这就会造成以历史成本计量属性严重的脱离实际情况,从而也导致以历史成本为计量基础的传统会计报告根本无法反映真实情况,大大降低了会计信息的决策相关性。第四,对会计信息披露的冲击。衍生金融工具对会计确认(包括会计要素)和会计计量的冲击,最终必将会涉及到传统的会计报告。传统会计报表对企业过去的业绩和财务状况提供了真实而公正的描述,但它无法准确地预测企业未来的业绩和财务状况,也不会揭示任何风险和不确定性。传统资产负债表按流动性排列,主要体现受托责任的目标,为债权人提供偿债能力的信息,但却无法体融资产与金融负债的内容。传统利润表只披露已实现损益,而不披露未实现损益,而金融衍生工具具有高度的不确定性和巨大的风险性,其价值随时波动,将产生大量的未实现损益,这些未实现损益对会计信息使用者具有重大的决策价值。所以,绝大多数衍生金融工具的信息在现行财务报表中都不能得到充分的披露,这显然不能满足会计信息质量特征的决策相关性的要求。随着衍生金融工具的快速发展,必须对现行的会计信息披露做出调整,使其能适应当前的金融环境,增加会计信息披露的透明度,满足决策相关性的要求。第二部分(4-5章)是衍生金融工具对传统会计冲击的实质和会计对此的调整以及调整后对会计信息披露的影响。通过美国会计学会、美国财务会计准则委员会、国际会计准则委员会对会计目标的表述,可以看出决策有用观以取代受托责任观成为企业对外提供财务报告的首要目标。会计是基于受托责任而发展起来的,因此会计信息的可靠性要求是与生俱来的,传统会计理论和实务偏重于可靠性。但资本市场发展起来后,对相关性要求很高,因而相关性的要求实际上占据了主导地位。为了体现这两个转向,实现会计的“反应性”,使衍生金融工具的披露达到会计信息质量的特征相关性的要求,传统会计理论必须得到调整。传统收益决定是建立在交易已经发生的基础上,而衍生金融工具的事项不是过去而是未来发生,它显然不满足传统收益的确认。但是,衍生金融工具价值的变动却是巨大的,对企业的影响也是巨大的,如果不确认,显然不能满足决策相关的要求。因此,会计学界引入了全面收益的概念,认为收益包括已实现和未实现的权益变动。企业的收益是企业期末净资产比期初净资产的净增长额,而净资产又是由资产减去负债计算得到的,衍生金融工具价值的变动就先体现在资产负债的变动,再确认损益,于是资产负债观也被确认下来。以全面收益代替传统收益成为传统会计应对衍生金融工具冲击的一个发展趋势,但全面收益的确定,离不开对资产负债项目价值变化的金额确定,会计计量属性必然要改为公允价值计量属性。采用公允价值计量,反映了人们对未来不确定性所达成的共识,更贴近于衍生金融工具的真实价值。会计信息使用者可以利用这种具有预测性的公允价值信息辅助决策,公允价值更符合“决策有用观”的会计目标和“相关性”的信息质量特征。美国财务会计准则委员会认为“对衍生工具而言,公允价值是唯一相关的计量属性”。但是问题因此产生,衍生金融工具按照公允价值计量,产生大量的未实现损益,未实现损失按照谨慎性原则还能进行确认,而未实现收益和利得是在传统会计体系之外的,所以实务的发展不能贯彻传统收益确定的模式,净利润与净资产的变动不能挂钩,导致了资产负债表与利润表逻辑关系的瓦解。报表间逻辑关系瓦解实质原因在于传统财务会计模式对会计环境的变化不适应,即会计环境在变化,而适应会计环境变化的财务会计概念框架未能一致地构建起来。所以,重建和改进适合衍生金融工具的财务会计报表体系是财务会计发展的必然趋势,而采用渐进式改进是合理的选择。第三部分(6～7章)是衍生金融工具会计信息披露的改进。对于资产负债表的改进,本文首先对资产负债要素进行重新定义,使金融衍生工具其符合其定义,认为可以把资产重新定义为“企业(特定主体)由于过去的交易或事项,以及虽然是未来的交易或事项但在法律上具有不可撤销(更改)性而拥有或控制的……”；然后分析了流动性、货币性、核心性和金融性四种资产负债项目分类标准,指出资产负债表项目按流动性分类的不足和按金融性分类的优势所在：衍生工具流动性难以判断、金融性分类适应会计目标的转变、金融性分类符合公允价值计量的要求、金融性分类适应会计信息质量特征的转变、金融性分类对现行报表变动较小符合渐进式改进的要求；最后将资产负债表按金融性分类,对现行资产负债表进行改进,将衍生金融工具纳入表内。对于利润表的改进,考虑到现行利润表不能披露对衍生金融工具未实现损益并且报表间逻辑关系混乱,本文首先引入全面收益观,使利润表能反映衍生金融工具等的未实现损益,体现决策有用观和资产负债观,重建报表的逻辑关系；然后借鉴国外主流会计的全面收益报告模式,结合我国的实际情况和渐进式改进的要求,指出了我国现阶段应采用单报表模式；最后按照上述理念提出对我国利润表的改进方法：保留传统利润表的完整性,把传统利润表未披露的衍生金融工具未实现损益和一些绕过利润表直接计入权益的部分在利润表后全面收益里列示,对现行利润表进行改进。本文可能的创新有以下三点：(1)目前,我国衍生金融工具会计的研究主要是衍生金融工具对传统会计循环过程中会计确认和会计计量的影响,而对会计信息披露的研究较少。本文除了探讨这种影响外,更从冲击的实质：会计目标和会计信息质量特征的转向进行了研究,并由此从会计信息披露的角度对衍生金融工具会计理论体系进行了探讨。(2)衍生金融工具不满足传统会计要素的定义,无法纳入传统会计报表中进行披露。本文认为应对会计要素进行重新定义,才能将衍生金融工具等新业务纳入会计报表中。(3)在会计报表信息披露的改进上,基于以前学者关于财务报表原本逻辑关系的瓦解研究,结合衍生金融工具对财务报表逻辑关系的影响,提出了对传统资产负债表和利润表改进的方案
Abstract（英文摘要）： With the formal disruption of the Bretton Woods system, the maintenance of the global economy, States began to adopt floating exchange rate system widely. Many countries he relaxed controls on the exchange rate of finance. In the international financial market interest rates and exchange rate fluctuated in a sharp. Correspondly, the value of the basic financial instruments resulted in a manner unprecedented volatility. International financial markets were also made a strong demand for risk-erse. Derivatives appeared in such an environment, it provides an effective means of hedging for the holders of the basic financial instruments. Derivatives developed rapidly in 20th century 70s,especially in the past 10 years, its scale enlarged unprecedented. However, Derivatives are also a risky, highly speculative financial instruments. In recent years, a series of crises and events that shocked the world were related with almost all derivatives transactions In recent years, a series of crises and events that shocked the world were related with almost all derivatives transactions:Bankruptcy of Barings Bank, Sumitomo Metal huge loss event, CAO huge loss events and United States Bankruptcy of three investment banks in the current financial crisis. In these cases, we cannot see any "indication" form the traditional financial reporting before the crisis, they still showed a good performance and healthy financial position. This will mislead investors, and to a large extent undermined the interests of investors. So, with the derivatives developing and applicating, the disclosure of the traditional financial statements would be increasingly inadequate. The reasearch on disclosure of the derivatives accounting is important for the improvement of the traditional financial statement disclosures.This paper is divided into three parts:The partⅠ(chapter 2～3):is an overview of derivatives and the impact of the traditional traditional accounting. made a basic introduction to derivatives from the angles of the definition of derivative financial instruments, basic elements and characteristics. Subsequently, made an analysis the impact of the traditional accounting by derivatives. First, the impact of the accounting elements. According to the conceptiong of the assets and liabilities, Future economic benefits must come from past transactions or events. Second, the impact of the accounting recognition. According to the traditional requirements of accrual accounting, Enterprises should recorded the impact of these business enterprises when they were accured, rather than when cash was received or paid record. Third, the impact of accounting measurement. The value of derivative held by any change in the period, should reflect the true phases, which will result in a serious historical cost measurement attributes of touch with reality, and thus lead to the historical cost basis for measuring the fundamental traditional accounting reports does not reflect the real situation, reduces the relevance of accounting information in decision-making. Fourth, the impact of accounting information disclosure, the impact of the accounting (including accounting elements) and accounting measurement by derivative financial instruments will eventually involve the traditional accounting reports.PartⅡ(chapter 4～5):The real impact of the traditional accounting by derivatives, the accounting adjustments, and the impact of accounting information disclosure after adjusting. Through the American Accounting Association, the U.S. Financial Accounting Standards Board, the International Accounting Standards Board statement on accounting objectives, we can see that decision-usefulness view to replace the concept of fiduciary duty of corporate financial reporting outside the primary objective. Therefore, the accounting academia the concept of the introduction of comprehensive income that includes realized gains and for the implementation of changes in equity. Use of fair value measurement, reflecting the uncertainty about the future consensus, closer to the true value of derivative financial instruments. The improvement of the disclosure of derivatives accounting information. The balance sheet and income statement logic is the direct cause of the collapse of a comprehensive concept of income and fair value measurement. The real reason is that traditional financial accounting model is not suit to the accounting changes in the environment. Therefore, the reconstruction and improvement of derivative financial instruments for financial and accounting statements of financial accounting system is the inevitable trend of development.PartⅢ(chapter 6～7):The improvement of the disclosure of derivatives accounting. For the improvement of the balance sheet, we should redefine the elements of balance sheet first, and then make the derivatives consistent with its definitions. We then analyzed the liquidity, monetary, core and four kinds of financial assets and liabilities of the project classification standards that the traditional lack of liquidity, and by the financial basis for classification. Finally, we get derivative financial instruments included in the table on the current balance sheet improvements according to the financial classification. To the improvement of income statement, we first get the introduction of a comprehensive concept of income, then take reference to the foreign dominant accounting pattern, and make recommendations by the base of our actual situation of China. Finally according to the above ideas, we put forward improvement of Balance sheet and owner of changes in equity.This article may he the following three points of innovation:(1)Currently, the research of China’s derivatives accounting is mainly focused on the impact of the derivatives accounting to the traditional cycle of accounting recognition and measurement, but the research on disclosure of accounting information is too less. This paper discuss the impact, but also discuss the essence of this shock, and thus has studied the theory of derivative financial instruments.(2) Derivative financial instruments do not meet traditional definitions of accounting elements, This paper presents a response to the accounting elements of re-definition of the derivative financial instruments and others into the accounting statements(3) This paper put forward the improvement program of the traditional balance sheet and Income Statement.
论文关键词： 衍生金融工具；会计信息披露；报表改进；
Key words（英文摘要）： Derivatives；Disclosure of accounting information；Report Improvement；
Abstract（英文摘要）： With the formal disruption of the Bretton Woods system, the maintenance of the global economy, States began to adopt floating exchange rate system widely. Many countries he relaxed controls on the exchange rate of finance. In the international financial market interest rates and exchange rate fluctuated in a sharp. Correspondly, the value of the basic financial instruments resulted in a manner unprecedented volatility. International financial markets were also made a strong demand for risk-erse. Derivatives appeared in such an environment, it provides an effective means of hedging for the holders of the basic financial instruments. Derivatives developed rapidly in 20th century 70s,especially in the past 10 years, its scale enlarged unprecedented. However, Derivatives are also a risky, highly speculative financial instruments. In recent years, a series of crises and events that shocked the world were related with almost all derivatives transactions In recent years, a series of crises and events that shocked the world were related with almost all derivatives transactions:Bankruptcy of Barings Bank, Sumitomo Metal huge loss event, CAO huge loss events and United States Bankruptcy of three investment banks in the current financial crisis. In these cases, we cannot see any "indication" form the traditional financial reporting before the crisis, they still showed a good performance and healthy financial position. This will mislead investors, and to a large extent undermined the interests of investors. So, with the derivatives developing and applicating, the disclosure of the traditional financial statements would be increasingly inadequate. The reasearch on disclosure of the derivatives accounting is important for the improvement of the traditional financial statement disclosures.This paper is divided into three parts:The partⅠ(chapter 2～3):is an overview of derivatives and the impact of the traditional traditional accounting. made a basic introduction to derivatives from the angles of the definition of derivative financial instruments, basic elements and characteristics. Subsequently, made an analysis the impact of the traditional accounting by derivatives. First, the impact of the accounting elements. According to the conceptiong of the assets and liabilities, Future economic benefits must come from past transactions or events. Second, the impact of the accounting recognition. According to the traditional requirements of accrual accounting, Enterprises should recorded the impact of these business enterprises when they were accured, rather than when cash was received or paid record. Third, the impact of accounting measurement. The value of derivative held by any change in the period, should reflect the true phases, which will result in a serious historical cost measurement attributes of touch with reality, and thus lead to the historical cost basis for measuring the fundamental traditional accounting reports does not reflect the real situation, reduces the relevance of accounting information in decision-making. Fourth, the impact of accounting information disclosure, the impact of the accounting (including accounting elements) and accounting measurement by derivative financial instruments will eventually involve the traditional accounting reports.PartⅡ(chapter 4～5):The real impact of the traditional accounting by derivatives, the accounting adjustments, and the impact of accounting information disclosure after adjusting. Through the American Accounting Association, the U.S. Financial Accounting Standards Board, the International Accounting Standards Board statement on accounting objectives, we can see that decision-usefulness view to replace the concept of fiduciary duty of corporate financial reporting outside the primary objective. Therefore, the accounting academia the concept of the introduction of comprehensive income that includes realized gains and for the implementation of changes in equity. Use of fair value measurement, reflecting the uncertainty about the future consensus, closer to the true value of derivative financial instruments. The improvement of the disclosure of derivatives accounting information. The balance sheet and income statement logic is the direct cause of the collapse of a comprehensive concept of income and fair value measurement. The real reason is that traditional financial accounting model is not suit to the accounting changes in the environment. Therefore, the reconstruction and improvement of derivative financial instruments for financial and accounting statements of financial accounting system is the inevitable trend of development.PartⅢ(chapter 6～7):The improvement of the disclosure of derivatives accounting. For the improvement of the balance sheet, we should redefine the elements of balance sheet first, and then make the derivatives consistent with its definitions. We then analyzed the liquidity, monetary, core and four kinds of financial assets and liabilities of the project classification standards that the traditional lack of liquidity, and by the financial basis for classification. Finally, we get derivative financial instruments included in the table on the current balance sheet improvements according to the financial classification. To the improvement of income statement, we first get the introduction of a comprehensive concept of income, then take reference to the foreign dominant accounting pattern, and make recommendations by the base of our actual situation of China. Finally according to the above ideas, we put forward improvement of Balance sheet and owner of changes in equity.This article may he the following three points of innovation:(1)Currently, the research of China’s derivatives accounting is mainly focused on the impact of the derivatives accounting to the traditional cycle of accounting recognition and measurement, but the research on disclosure of accounting information is too less. This paper discuss the impact, but also discuss the essence of this shock, and thus has studied the theory of derivative financial instruments.(2) Derivative financial instruments do not meet traditional definitions of accounting elements, This paper presents a response to the accounting elements of re-definition of the derivative financial instruments and others into the accounting statements(3) This paper put forward the improvement program of the traditional balance sheet and Income Statement.
论文关键词： 衍生金融工具；会计信息披露；报表改进；
Key words（英文摘要）： Derivatives；Disclosure of accounting information；Report Improvement；