無形資產(chǎn)審計(jì)和評估公平市場價(jià)值以重新獲得的特許經(jīng)營權(quán)為例【外文翻譯】

1、<p>　　本科畢業(yè)論文（設(shè)計(jì)）</p><p>　　外 文 翻 譯</p><p>　　題 目 公允價(jià)值審計(jì)相關(guān)問題研究 </p><p>　　專 業(yè) 會 計(jì) 學(xué) </p><p>　　外文

2、題目 Auditing Intangible Assets and Evaluating Fair Market Value: The Case of Reacquired Franchise Rights </p><p>　　外文出處 Accounting Horizons, September 2006,Vol.20, No. 3: pp. 287–303.

3、 </p><p>　　外文作者 馬克J可貝克，杰夫利R科恩等 </p><p><b>　　原文：</b></p><p>　　Auditing Intangible Assets and Evaluating Fair Market Val

4、ue: The Case of Reacquired Franchise Rights</p><p>　　ABSTRACT: The Roman Holiday Pizza Paradise case provides a setting that requires students to understand and perform procedures related to the audit of a f

5、air value estimate in connection with the impairment of an unusual intangible asset, reacquired franchise rights, in the pizza restaurant industry. The case focuses on one key aspect—auditing fair market values—a concept

6、 that is increasing in importance as ?nancial accounting standards evolve toward a fair value basis and one that requires the </p><p>　　Keywords: auditing; fair values; intangible assets.</p><p>

7、;　　INTRODUCTION</p><p>　　Roman Holiday Pizza Paradise (Roman Holiday, or the Company) is a restaurant franchise featuring Chicago-style wood-?red pizzas. The Company was founded in Atlanta, Georgia, in 1970.

8、 The Company’s efforts were concentrated in the Georgia, South Carolina, and North Carolina markets for much of its early life. By 1995, the Company had steadily grown to 120 restaurants (40 of which were franchised) in

9、the three-state region (an average of ?ve restaurants were opened per year). The Company developed</p><p>　　By 2006, the number of Company-owned restaurants had increased to 127, and the Company had franchis

10、ed an additional 800 operations. Restaurant sales posted a high growth rate of approximately 19 percent per annum in 2006 (see Exhibit 1 for industry growth rates during this period). Despite this growth program, the Com

11、pany captured less than 5 percent of the U.S. quick-service restaurant (QSR) pizza category market. Roman Holiday ?nanced its growth by attracting investors through the IPO and debt</p><p>　　Pizza Paradise&l

12、t;/p><p>　　Roman Holiday is a specialty pizza restaurant offering dine-in and carry-out services. Operations in some low-density residential areas also provide delivery services. Its principal business is to ow

13、n and franchise Roman Holiday pizza restaurants in the U.S. The restaurants offer Chicago-style (deep-dish) pizzas made to order, along with side items including breadsticks, salads, and bottled and fountain soft drinks.

14、 Beer and wine are available to dine-in customers only. Roman Holiday markets its</p><p>　　The specialty crusts are made from a proprietary recipe and are available in white and whole-wheat variations, layer

15、ed with a proprietary-recipe herbed tomato sauce made daily from fresh (not canned or concentrated) tomatoes. Pizza dough and tomato sauce are provided by regional commissaries (RCs), which are owned and operated by the

16、Company for quality-control purposes. Available toppings include fresh vegetables and a variety of meatsand cheeses, and are customized to local tastes. The proprie</p><p>　　A typical Roman Holiday restauran

17、t averages 2,000 to 2,500 square feet, and is designed to promote an entertaining dining experience for adults and families. Large glass windows provide visual access to the kitchen, permitting diners to watch their pizz

18、a being made and then baked in the kitchen’s wood-?red ovens. The dining areas feature the Company’s signature-style rustic wood furniture and are decorated in a southern Italian travel theme.</p><p>　　Roman

19、 Holiday generates revenue from three sources: (1) pro?ts from the operation of Company-owned restaurants, (2) franchise fees and royalties from franchise restaurants (discussed in the following section), and (3) pro?ts

20、of the regional commissaries from which all restaurants (company-owned and franchised) are required to purchase pizza dough and sauce (see Figure 1). In addition to a royalty stream, franchising allows the Company to exp

21、and its markets without providing the required capital </p><p>　　The Franchise Business</p><p>　　Roman Holiday restaurants are divided into three categories. First, Company restaurants are those

22、 owned and operated by Roman Holiday. Second, the Company has had an Associate program since the mid-1970s, where restaurants are owned and operated by franchisees. Associates enter into ten-year licensing agreements to

23、operate speci?c restaurants and are expected to concentrate on operations of these existing restaurants rather than on developing new markets. Associates pay nonrefundable franchise a</p><p>　　The third cate

24、gory is the Senior Franchisee program, launched in the mid-1990s, where senior franchisees have responsibilities to develop new territories in addition to operating existing restaurants. Development targets pertaining to

25、 the territory include the number of restaurants and timing of development, and are speci?ed in the Senior Franchise agreements. The Senior Franchise agreements have durations from ten to 20 years and also grant the righ

26、t to create sub-franchises. Senior Franchisees</p><p>　　A total of 206 Roman Holiday restaurants were opened in 2007. This number consisted of 20 Company restaurants, 61 Associate restaurants, and 125 restau

27、rants opened by Senior Franchisees or their sub-franchisees. Approximately one-half of the Company’s growth over the next few years is expected to come from the Senior Franchise agreements. In general, Roman Holiday requ

28、ires a population of 25,000 within ?ve miles of a proposed location before it would open a restaurant itself or grant a franchise</p><p>　　As of December 31, 2007, there were 147 Company restaurants, 132 Ass

29、ociates operating 361 restaurants, and 64 Senior Franchisees operating 625 restaurants. The Senior Franchisees were under contract to open an additional 179 restaurants over the duration of their contract periods. All fr

30、anchise fees for initial restaurants are due at the time the franchise agreement is signed. Any franchise fees for subsequent restaurants are due when the restaurant opens. Percentage fees on restaurant sales are</p&g

31、t;<p>　　In addition to initial franchise contracting rights, the Company provides layout and design services to franchisees. Franchisees may also purchase kitchen equipment packages (including the wood-?red ovens)

32、 from a third-party supplier at a discount arranged through the Company. The Company provides, for an additional fee, site-selection services to franchisees. Site-selection services encompass economic analyses of market

33、demands, foot and automobile traf?c patterns, local demographic characteris</p><p>　　Planning Meeting</p><p>　　Roman Holiday has been a client of your auditing ?rm for over ten years and has gro

34、wn in importance with the audit fees that have accompanied its recent growth spurt. The client is one of the of?ce’s top 20 audit clients in terms of recurring audit fees, and is the primary client for the past three yea

35、rs for the partner in charge of the audit who will be rotating out from the client in two years. Your ?rm provides no signi?cant nonaudit services to Roman Holiday.</p><p>　　Preliminary ?nancial information

36、for 2007, along with comparative ?nancial information extracted from Roman Holiday’s 2006 annual report, is provided in Exhibits 2 through. The ?nancial information includes the comparative balance sheet, statement of op

37、erations, and accounting policies related to intangible assets. An unquali?ed audit opinion with no explanatory language accompanied both the 2006 ?nancial statements and the 2006 audit of the internal controls over ?nan

38、cial reporting.</p><p>　　During 2007, management completed its interim documentation and assessment of internal controls as required by Section 404 of the Sarbanes-Oxley Act of 2002. Management concluded tha

39、t there were no substantive problems with the internal control system. The 2007 ?nancial statement audit is to begin in the next few weeks. The audit manager held a planning meeting with the audit senior and other staff

40、assigned to the engagement. The following dialog is from the portion of the planning meeting that </p><p>　　MANAGER: Welcome everybody. The Roman Holiday audit this year is going to provide a number of chall

41、enges for us and I believe each of you will have a very rewarding experience. I want to remind everyone that Roman Holiday is an important client for our of?ce. First, I want to introduce the newest member of our team, C

42、hris, who will be the audit senior for the engagement.</p><p>　　SENIOR: Thank you. I look forward to the audit and working with everyone. I believe my previous audit experience in the franchise industry will

43、 contribute to the quality of the audit.</p><p>　　MANAGER: I would like to start with an industry update—both pizza in general and franchised operations. Chris, would you like to provide the update?</p>

44、;<p>　　SENIOR: Certainly. The industry consists of a number of household names that are present in many parts of the country and a large number of family-owned restaurants. The industry is therefore very competiti

45、ve. Overall, the quick-service pizza restaurant business continues to experience strong growth. However, this growth is not uniformly distributed among industry members. The larger players (such as Pizza Hut, Domino’s) c

46、ontinue to grow, primarily through restaurant openings rather than same-re</p><p>　　MANAGER: What about the franchise part of the business?</p><p>　　SENIOR: Franchising is very common among the

47、larger players and is, in fact, how these businesses became household names. Franchising continues to provide the capital to ?nance their growth. These companies lend their brand name and operating expertise for a share

48、of the revenue (typically between 3 and 4 percent of revenue). In addition to royalty payments, franchisors commonly require up-front fees to purchase the franchise and many require franchisees to purchase supplies from

49、a central locat</p><p>　　Source: Mark J. Kohlbeck, Jeffrey R. Cohen, and Lori L. Holder-Webb. Auditing Intangible Assets and Evaluating Fair Market Value:The Case of Reacquired Franchise Rights[J].ISSUES IN

50、ACCOUNTING EDUCATION, February 2009,Vol. 24, No. 1:pp.45–61.</p><p><b>　　譯文</b></p><p>　　無形資產(chǎn)審計(jì)和評估公平市場價(jià)值：以重新獲得的特許經(jīng)營權(quán)為例</p><p>　　摘要：羅馬假日比薩天堂案例提供了一個(gè)假定，要求學(xué)生理解和執(zhí)行關(guān)于對一個(gè)不尋常的無形

51、資產(chǎn)減值方面公允價(jià)值估計(jì)的審計(jì)程序，重新獲得了比薩餐飲業(yè)特許經(jīng)營權(quán)。案件集中在一個(gè)關(guān)鍵方面，市場公允價(jià)值審計(jì)——這是一個(gè)越來越重要的，即財(cái)務(wù)會計(jì)標(biāo)準(zhǔn)的發(fā)展走向一個(gè)需要審計(jì)師的判斷發(fā)展的公允價(jià)值為基礎(chǔ)的概念。規(guī)劃活動以及年終審計(jì)是在這種自我包含的模塊，結(jié)合客戶的互動，并取得外部證據(jù)包括程序的性能。</p><p>　　關(guān)鍵詞：審計(jì)，公允價(jià)值，無形資產(chǎn)。</p><p><b>　　

52、引言</b></p><p>　　羅馬假日比薩樂園（羅馬假日，或那個(gè)公司）是一家餐飲連鎖店特色芝加哥式燃木比薩餅。該公司于1970年成立于亞特蘭大，佐治亞州。該公司早期的努力集中在格魯吉亞，南卡羅來納州和北卡羅萊納州的市場。到1995年，在這三個(gè)國家地區(qū)公司已穩(wěn)步增長至120餐廳（其中40個(gè)專利），（每年平均開設(shè)五家餐廳）。該公司開發(fā)了一種在20世紀(jì)90年代后期雄心勃勃以擴(kuò)大在整個(gè)美國大陸的發(fā)展計(jì)劃。

53、該公司最初資助與此形成和高級加盟商在發(fā)展中保留少數(shù)股權(quán)聯(lián)盟企業(yè)的發(fā)展。對支持這些聯(lián)盟安排的詳情如下：在1999年，公司從提高首次公開發(fā)行股票（上市），其中約2.5億股分別為5000萬美元的總收益與銷售注入的資本擴(kuò)張計(jì)劃。</p><p>　　到2006年，公司經(jīng)營的餐館數(shù)目已增至127個(gè)，而本公司已增加800專營業(yè)務(wù)。餐廳銷售發(fā)表于2006年（見圖表在此期間，工業(yè)增長率1）每年約百分之19的高增長率。且不管這個(gè)增

54、長方案，這公司還抓住擁有小于百分之五的美國快餐店（QSR品牌）比薩類市場份額。羅馬假日吸引資金通過IPO和債務(wù)融資的投資者，再投資收益和增長。債務(wù)包含一個(gè)五年7500萬美元的保險(xiǎn)企業(yè)與財(cái)團(tuán)循環(huán)信貸協(xié)議。該協(xié)議在2010年到期并進(jìn)行了倫敦銀行同業(yè)拆借利率（倫敦銀行同業(yè)拆放利率，銀行收取一到另一個(gè)銀行借錢的利率）利率加百分之二點(diǎn)五。該公司的普通股投資者受益與回報(bào)超過了近幾年的整體市場，平均在過去三年每年百分之十六。</p>&

55、lt;p>　　羅馬假日是一家專業(yè)比薩餅餐廳，提供堂食和外賣的服務(wù)。在一些業(yè)務(wù)低密度住宅區(qū)還提供送貨服務(wù)。其主要業(yè)務(wù)是為擁有和在美國的特許經(jīng)營。羅馬假日比薩餐館的餐廳提供芝加哥式（深盤）比薩定做隨著方項(xiàng)目，包括面包條、沙拉、飲料瓶裝和噴泉。啤酒和葡萄酒可堂食客戶。羅馬假日市場作為美味比薩餐廳本身和目標(biāo)消費(fèi)者愿意支付溢價(jià)的產(chǎn)品。例如，比薩餅的價(jià)格大約是必勝客、棒約翰達(dá)美樂比薩的百分之二十，更實(shí)惠。</p><p&g

56、t;　　特制的比薩皮是由一個(gè)專有配方，并在白和全麥的變化，應(yīng)以專有配方香草料的番茄醬，分層夾以每日的新鮮（不是罐頭或集中）番茄。比薩面團(tuán)和番茄醬是由區(qū)域小賣部（鄉(xiāng)），這是擁有和質(zhì)量控制目的公司經(jīng)營。可用配料包括新鮮蔬菜和奶酪的肉松的品種，是當(dāng)?shù)氐目谖抖ㄖ啤Ｌ刂频谋人_皮和醬為我們提供了一個(gè)非常忠誠的客戶群的公司。</p><p>　　一個(gè)典型的羅馬假日飯店的平均2000至2500平方英尺，旨在促進(jìn)成人和家庭娛樂的用

57、餐體驗(yàn)。巨大的玻璃窗提供視角看到廚房，允許食客看著自己的比薩餅，然后在正在廚房里的燃木烤爐烤制。地區(qū)特色的餐飲公司的招牌式的鄉(xiāng)村木家具，而且是一個(gè)意大利南部旅游主題裝飾。</p><p>　　羅馬假日產(chǎn)生的收入有三個(gè)來源：（1）從公司經(jīng)營的餐館經(jīng)營利潤，（2）特許經(jīng)營費(fèi)和特許權(quán)使用費(fèi)的餐廳（在下一節(jié)討論），和各區(qū)域小賣部，（3）利潤從哪個(gè)所有食肆（公司擁有和專利），必須購買比薩面團(tuán)，醬（見圖1）。除了版稅流，特許

58、經(jīng)營使公司能夠擴(kuò)大沒有提供所需的資金，以資助開辦的每個(gè)位置的UPS的市場。加盟商提供了擴(kuò)張的資本。小賣部安排允許獨(dú)立餐廳，以降低其通過規(guī)模經(jīng)濟(jì)并不適用于個(gè)別餐館出售的商品的成本。本公司銷售捕獲這些額外的利潤空間，同時(shí)保持一貫的質(zhì)量水平在餐館。</p><p><b>　　特許經(jīng)營業(yè)務(wù)</b></p><p>　　羅馬假日飯店分為三大類。首先，由羅馬假日擁有和經(jīng)營的公司

59、餐廳。其次，公司又經(jīng)歷了一個(gè)從70年代中期，這里的餐廳是由特許經(jīng)營商擁有并經(jīng)營的副學(xué)士課程。聯(lián)營公司進(jìn)入為期十年的授權(quán)協(xié)議進(jìn)入具體操作的餐廳，預(yù)計(jì)在這些現(xiàn)有的餐廳集中行動，而不是開發(fā)新的市場。聯(lián)營公司支付不可退還的第一家餐廳專營權(quán)協(xié)議的費(fèi)用20,000美元，另外每增加5,000美元的餐廳開業(yè)。聯(lián)營公司還支付了3個(gè)百分點(diǎn)餐廳銷售特許權(quán)使用費(fèi)。該許可協(xié)議在一個(gè)十年期結(jié)束如經(jīng)營享有良好的信譽(yù)將自動延長（不按照協(xié)議的情況下）。</p>

60、;<p>　　第三類是在1990年代中期設(shè)立的高級加盟商計(jì)劃，除了現(xiàn)有的餐館經(jīng)營，高級加盟商有責(zé)任發(fā)展開發(fā)新領(lǐng)地。發(fā)展目標(biāo)有關(guān)的領(lǐng)土包括餐館和發(fā)展的時(shí)間數(shù)量，并在指定的高級專營權(quán)協(xié)議。高級特許經(jīng)營協(xié)議，從10到20年的持續(xù)時(shí)間，并有權(quán)授予創(chuàng)建子的專營權(quán)。高級加盟商有顯著較高的費(fèi)用：他們支付（1）不可退還50,000美元的費(fèi)用，成為一名高級加盟商，（2）4個(gè)百分點(diǎn)對所有的銷售，（3）第一家餐廳特許權(quán)使用費(fèi)初步特許30,000

61、美元費(fèi)用，每增加一間餐廳10,000美元。然而，高級特許可以收取他們的分專營商甚至更高的費(fèi)用。高級特許經(jīng)營協(xié)議，也可再生，如果雙方同意。根據(jù)這兩種加盟聯(lián)營公司及高級課程，羅馬假日保留在任何專營權(quán)（或特許經(jīng)營）簽訂協(xié)議或餐廳開業(yè)的最終批準(zhǔn)。</p><p>　　206個(gè)共羅馬假日飯店2007年開業(yè)。這個(gè)數(shù)字包括20公司餐廳，61副餐館和高級加盟商或他們的分專營商開設(shè)125間餐廳。預(yù)計(jì)來自特許經(jīng)營的高級協(xié)議大約三分之

62、一的公司在未來幾年增長的一半。在一般情況下，羅馬假日在五英里以內(nèi)位置的地方需要25000人，才會開一家餐館本身或授予特許經(jīng)營許可進(jìn)行開設(shè)經(jīng)營。該公司還建立了一個(gè)基地，多個(gè)地區(qū)的大小餐廳內(nèi)不允許經(jīng)營。這項(xiàng)政策增加了成功的可能性和限制潛在羅馬假日飯店之間蠶食。</p><p>　　截至2007年12月31日，有147個(gè)公司的餐廳，132家聯(lián)營公司經(jīng)營361家酒樓，64個(gè)高級加盟經(jīng)營625家餐廳。高級加盟商，并根據(jù)合同

63、，在合同期內(nèi)增加額外的179家餐廳。初次飯店全部特許經(jīng)營費(fèi)在特許經(jīng)營協(xié)議簽訂的時(shí)間決定。隨后的任何一家餐廳的特許經(jīng)營費(fèi)是在餐廳開業(yè)時(shí)收取。在餐廳銷售百分比月底匯到總公司，他們由加盟商賺取。</p><p>　　除了最初的特許經(jīng)營承包權(quán)，本公司提供的布局和設(shè)計(jì)服務(wù)，特許經(jīng)銷商。加盟商也可以購買第三方供應(yīng)商在通過本公司安排的折扣廚房設(shè)備（包括燃木烤爐）封裝。該公司提供，需要支付額外費(fèi)用，選址服務(wù)的特許經(jīng)銷商。選址服務(wù)

64、，包括市場需求，步行和汽車的交通模式，當(dāng)?shù)厝丝谔卣?，和其他競爭要素的?jīng)濟(jì)分析。加盟商不需要購買本公司的選址援助。</p><p><b>　　規(guī)劃會議</b></p><p>　　羅馬假日十余年來一直是你的審計(jì)事務(wù)所的客戶，在審計(jì)一起成長的重要性已伴隨其最近的井噴式增長的費(fèi)用。客戶是在辦公室的前20名審計(jì)客戶之一，經(jīng)常性審計(jì)費(fèi)用方面，是在過去三年的審計(jì)中誰是旋轉(zhuǎn)從兩年

65、的客戶主管合伙人年出的主要客戶。你的公司沒有提供重大非審計(jì)服務(wù)給羅馬假日。</p><p>　　2007年初步財(cái)務(wù)信息和比較財(cái)務(wù)信息一起從羅馬假日的2006年年度報(bào)告中提取的信息，提供了公布。財(cái)務(wù)信息包括比較資產(chǎn)負(fù)債表，經(jīng)營報(bào)表，以及有關(guān)無形資產(chǎn)的會計(jì)政策。一個(gè)沒有無保留審計(jì)意見的解釋性語言都伴隨著2006年財(cái)務(wù)報(bào)表和2006年的內(nèi)部控制審計(jì)財(cái)務(wù)報(bào)告一起。</p><p>　　2007年期

66、間，管理部門完成了臨時(shí)文件和2002年的薩班斯法案第404部分要求的內(nèi)部控制評估。管理部門得出結(jié)論是，內(nèi)部控制制度并沒有實(shí)質(zhì)性的問題。 2007年財(cái)務(wù)報(bào)表審計(jì)在未來數(shù)星期內(nèi)開始。審計(jì)經(jīng)理和審計(jì)署的高層和其他分配到這個(gè)業(yè)務(wù)的人員舉行了規(guī)劃會議。下面的對話是從規(guī)劃會議的一部分，涉及到（1）背景和更新客戶端，以及（2）重新取得無形資產(chǎn)的審計(jì)。</p><p>　　經(jīng)理：歡迎大家。羅馬假日審計(jì)今年將提供一個(gè)對我們的挑戰(zhàn)，

67、我相信你們每個(gè)人將有一個(gè)非常有益的經(jīng)驗(yàn)。我想提醒大家，羅馬假日是我們辦事處的重要客戶。首先，我想介紹我們的團(tuán)隊(duì)，克里斯，最新成員誰將會是審計(jì)的高層接觸。</p><p>　　上司：謝謝你。我期待著與大家的審計(jì)和工作。我相信我在以前的審計(jì)內(nèi)的特許經(jīng)營經(jīng)驗(yàn)，將有助于審計(jì)質(zhì)量。</p><p>　　經(jīng)理：我想先與業(yè)界更新，在一般和特許經(jīng)營比薩餅?？死锼梗阍敢馓峁└?？</p>&

68、lt;p>　　上司：當(dāng)然可以。該行業(yè)由很多在全國各地家喻戶曉的名字和大量的家族經(jīng)營的餐館組成。因此，該行業(yè)競爭非常激烈?？傮w而言，快速的服務(wù)比薩餅店業(yè)務(wù)的持續(xù)強(qiáng)勢增長。然而，這種增長是不是均勻分布在業(yè)界各個(gè)成員。較大的公司（如必勝客，達(dá)美樂）繼續(xù)增長，而不是主要通過同店增長餐廳開設(shè)。規(guī)模較小的廠商往往以服務(wù)市場的一個(gè)子集（利基）。這些公司的增長取決于他們所服務(wù)的利基，并能夠執(zhí)行各自的戰(zhàn)略。例如，餐廳提供美味的比薩餅正在經(jīng)歷新的更高

69、的位置和市場的增長正在制定中。出現(xiàn)了有較高的這種比薩餅類型消費(fèi)者的需求。</p><p>　　經(jīng)理：業(yè)務(wù)專營部分又是怎么樣的呢？</p><p>　　上司：特許經(jīng)營是其中規(guī)模較大的球員非常普遍，事實(shí)上，這些企業(yè)如何成為家喻戶曉的。特許經(jīng)營將繼續(xù)提供資金，以資助他們的成長。這些公司提供的收入（一般3%至4%收入的比例）分享他們的品牌和運(yùn)營經(jīng)驗(yàn)。除了專利費(fèi)，特許經(jīng)營一般需要預(yù)付費(fèi)用，以購買特許