時(shí)態(tài)法與期末匯率法外文翻譯

1、<p><b>　　中文3780字</b></p><p>　　本科畢業(yè)論文（設(shè)計(jì)）</p><p>　　外 文 翻 譯</p><p>　　外文題目 The temporal method versus the closing rate method </p><p>　　外文出處 Comp

2、arative International Accounting (8th Edition)</p><p>　　[M]. Financial Times/ Prentice Hall, 2005.394-398. </p><p>　　外文作者 Christopher Nobes , Robert B Parker. </p><p&

3、gt;<b>　　原文：</b></p><p>　　The temporal method versus the closing rate method</p><p>　　The opposition between the temporal method and the closing rate method throughout the accountancy

4、 world is probably the most important aspect of the translation problem. Note, however, that this opposition would not arise under current value accounting, when the two methods would give the same results. It is the aut

5、hor’s opinion that, only the temporal method can be justified for use with historical cost accounting. The fundamental objection of the accounting theorist to the closing rate method </p><p>　　The case for t

6、he closing rate method was set out by the British Accounting Standards Committee （ASC）in ED 21 (issued in 1977), notably paragraphs 9 and 10:</p><p>　　9 The closing rate method is based on the concept that a

7、 reporting company has a net investment in a foreign operation and what is at risk from currency fluctuations is the net investment…</p><p>　　10 The closing rate method possesses the following advantages:<

8、;/p><p>　　(a) It deals effectively with the situation where fixed assets located overseas have been financed by foreign currency borrowings and a change in the exchange rate results in offsetting gains and loss

9、es.</p><p>　　(b) The relationship existing between balances in accounts as originally prepared in a foreign currency is preserved in the translated accounts, whereas this is not the case where historical rat

10、es are used for translating certain assets.</p><p>　　Preservation of relationships in the subsidiary’s financial statements</p><p>　　Paragraph 10(b) from the above quotation refers to an interes

11、ting and somewhat disturbing aspect of the temporal method, namely that the process of translation can change the relationship between individual items in a financial statement. This arises because different exchange rat

12、es are used to translate different items: the historical rate is used for fixed assets and the closing rate for most other items. Thus the relative weight of fixed assets in the translated balance sheet will be differen&

13、lt;/p><p>　　To proponents of the temporal method, this is a highly awkward result and they need all their ingenuity to explain how it is right for a profit in one currency to be turned into a loss when translat

14、ed into another currency. However, there are good arguments to be made. First, it should be stressed that the purpose of translation is to permit the preparation of consolidated accounts. As a general rule, the translate

15、d figures of the subsidiary’s assets, liabilities, revenues and expenses are aggre</p><p>　　However, while the above argument goes part of the way towards explaining why the relationships in the subsidiary’s

16、 financial statements are irrelevant for the consolidated statements, it is still uncomfortable that a profit in the subsidiary’s own (local currency) profit and loss account can be translated into a loss in the consolid

17、ated profit and loss account. One may legitimately ask the question: which financial statement presents the true and fair view-the subsidiary’s foreign currency acco</p><p>　　It will be recalled that a profi

18、t can be translated into a loss only when certain assets (i.e. fixed assets and inventory) are valued in the accounts at historical cost. When this convention is followed the persons for whom the statements are prepared

19、(i.e. the shareholders) interpret the book value of the assets as being the amount of finance that is tied up in these assets. The amount tied up in the fixed assets is expressed in terms of the currency in which the fin

20、ance was provided. In the ca</p><p>　　To summarize, the response to the ASC’s paragraph 10(b) is, first, that the relationships in the foreign subsidiary’s financial statements. Second, where they are releva

21、nt, the relationship produced by the application of the temporal method is the correct one from the viewpoint of the shareholders of the parent company. Naturally, these problems are due to the use of historical cost acc

22、ounting and would not arise under a current value system.</p><p>　　The ‘net investment’ concept</p><p>　　Nest, the ASC’s paragraph 10(a) has to be considered. This is closely tied up with the st

23、atement in ASC paragraph 9 (see earlier quote) that the closing rate method is based on the concept that a reporting company has a net investment in a foreign operation and what is at risk from currency fluctuations is t

24、hat net investment. This statement is rather brief. The full line of reasoning can be presented as follows:</p><p>　　1 In many cases, in practice, foreign subsidiaries are largely autonomous; decisions as to

25、 which assets to acquire or hold, and on trading operations, are taken by the local board of directors.</p><p>　　2 Additionally, these foreign subsidiaries are often largely self-financing, using local loans

26、 and retained profits.</p><p>　　3 In these circumstances, the parent company’s main interest in the subsidiary is the annual dividend. If this is satisfactory, the parent company will not concern itself in d

27、etail with the subsidiary’s financial position or operations.</p><p>　　4 Hence the parent company is not interested in the detailed assets, liabilities, revenues and expenses of the subsidiary; its interest

28、is in the net investment in the subsidiary that is the source of the only tangible benefit, the annual dividends.</p><p>　　5 The value of this net investment is best reflected in translating the net worth at

29、 the closing rate.</p><p>　　6 Since the net worth is to be translated at the closing rate, all the other items in the balance sheet must be translated at the same rate if the balance sheet is to balance.<

30、/p><p>　　This line of reasoning appears very strong when one considers the case of a devaluation of the home currency. In the normal situation of a foreign subsidiary with net monetary liabilities (i.e. total l

31、iabilities exceeding monetary assets), the application of the temporal method will lead to a fall in the value of the subsidiary’s translated net worth, because the translated value of the fixed assets will remain unchan

32、ged but the translated value of net liabilities will increase. This hardly seem</p><p>　　This argument appears both logical and coherent. However, the answer of the proponents of the temporal method is simpl

33、e. The above procedure may be appropriate where the parent company’s investment in the foreign subsidiary is presented in the parent company’s balance sheet as a single item, that is, in the same way that the interest in

34、 an associated company is commonly presented. However, it is not appropriate where the assets, liabilities, revenues and expenses of the subsidiary are incorporat</p><p>　　Consolidation is defined in the Uni

35、ted Kingdom’s FRS 2 as a process that presents the parent and the subsidiaries ‘a(chǎn)s a single economic entity’ (paragraph 5). The EU’s seventh Directive (Article 26) states that ‘the consolidated accounts shall show the fi

36、nancial position of the undertakings included in the consolidation as if the latter were a single undertaking’. The use of the terms ‘single entity’ and ‘single undertaking’ is very significant. It is clear that the exis

37、tence of a single entity </p><p>　　●either the foreign subsidiary is largely autonomous, in which case fully consolidated statements should not be prepared (and in this case the parent company’s investment i

38、n the subsidiary would normally be presented in its balance sheet as a single item—perhaps using the equity method);</p><p>　　●or the parent company and the foreign subsidiary may be considered a single enti

39、ty, in which case the appropriate translation method to use is the temporal method which, in the words of paragraph 11 of ED 21, ‘is based on the concept that a single enterprise is reporting and foreign operations are a

40、n extension of the activities of the parent body’, which is precisely the concept on which all consolidated financial statements are based.</p><p>　　However, although the author is personally convinced on th

41、is matter, the argument has been settled in favour of the closing rate method. In December 1981 the FASB finally gave way to the considerable pressure to which it had been subjected and issued a new standard, FAS 52 (FAS

42、B,1981), which effectively reversed FAS 8 and prescribed the use of the closing rate method under most circumstances.</p><p>　　Source: Comparative International Accounting (8th Edition) [M]. Financial Times/

43、 Prentice Hall, 2005.394-398.</p><p><b>　　譯文：</b></p><p><b>　　時(shí)態(tài)法與期末匯率法</b></p><p>　　在會(huì)計(jì)界，時(shí)態(tài)法與期末匯率法之間的爭(zhēng)論可能是有關(guān)折算問題的一個(gè)最重要的方面。然而，需要注意的是：在現(xiàn)行價(jià)值會(huì)計(jì)下，不會(huì)出現(xiàn)這種對(duì)立，這時(shí)兩種方法

44、會(huì)得到一致的結(jié)論。筆者認(rèn)為，在歷史成本會(huì)計(jì)下，只有采用時(shí)態(tài)法才是正確的。會(huì)計(jì)學(xué)家們反對(duì)在歷史成本會(huì)計(jì)中使用期末匯率法的意見可以概括如下：對(duì)外國(guó)子公司資產(chǎn)負(fù)債表上以歷史成本計(jì)價(jià)的資產(chǎn)，采用期末匯率法得到的折算數(shù)字毫無意義，因?yàn)檫@個(gè)數(shù)字既不是以母公司所在國(guó)的貨幣表示的歷史成本，也不是以子公司所在國(guó)的貨幣表示的歷史成本，既非現(xiàn)行重置成本，也非可變現(xiàn)凈值?！皩?shí)際上，這個(gè)數(shù)字僅僅是兩個(gè)互不相關(guān)數(shù)字的乘積而已”（Lorensen，1972，第107

45、頁(yè)）。德國(guó)的著名會(huì)計(jì)學(xué)家布斯·范科伯（Busse von Colbe）更為委婉地指出了這一點(diǎn)，“用現(xiàn)行匯率對(duì)以外幣計(jì)價(jià)的歷史成本進(jìn)行折算，所得的數(shù)字沒有任何意義”（Gray，1993，第327頁(yè)）。在許多會(huì)計(jì)學(xué)家看來，期末匯率法的這一根本性的缺陷使得人們難以接受這種方法。</p><p>　　采用期末匯率的理由在英國(guó)會(huì)計(jì)準(zhǔn)則委員會(huì)（ASC）制定的第21號(hào)征求意見稿（1977年頒布）中有所提及，其中的第9

46、段和第10段值得注意：</p><p>　　9．期末匯率法是基于以下概念，即報(bào)告公司在某一外國(guó)經(jīng)營(yíng)活動(dòng)中有凈投資，正是這一凈投資經(jīng)受貨幣波動(dòng)的風(fēng)險(xiǎn)。</p><p>　　10．期末匯率法具有如下優(yōu)點(diǎn)：</p><p>　?。╝）它能有效地處理海外的固定資產(chǎn)通過外幣借款籌集資金的情況，匯率變動(dòng)使得利得與損失相互抵消。</p><p>　　（b）

47、以外幣計(jì)價(jià)編制的報(bào)表上的余額之間的關(guān)系在折算后仍然存在，而采用歷史匯率對(duì)某些資產(chǎn)進(jìn)行折算時(shí)，情況并非如此。</p><p>　　子公司財(cái)務(wù)報(bào)表中各種關(guān)系的保留</p><p>　　上面引述的第10段（b）指出了時(shí)態(tài)法（即在歷史成本會(huì)計(jì)下采用時(shí)態(tài)原則）的一個(gè)值得注意同時(shí)又有點(diǎn)困擾的方面，即在折算過程中可能會(huì)改變財(cái)務(wù)報(bào)表中各個(gè)項(xiàng)目之間的關(guān)系。這一情況的產(chǎn)生是因?yàn)椴捎貌煌膮R率對(duì)不同的項(xiàng)目進(jìn)行折

48、算：對(duì)固定資產(chǎn)采用歷史匯率，而對(duì)絕大多數(shù)的其他項(xiàng)目采用期末匯率法。因此子公司以外幣計(jì)價(jià)的資產(chǎn)負(fù)債表中固定資產(chǎn)的比重，與折算后的資產(chǎn)負(fù)債表中固定資產(chǎn)的比重不同。這至少會(huì)影響到債務(wù)與權(quán)益比率。更為重要的是，在折算后的利潤(rùn)表中，折舊的比重(產(chǎn)生于以歷史匯率折算的固定資產(chǎn))也不同于原先的外幣報(bào)表中折舊的比重。如果在取得固定資產(chǎn)后，外幣貶值（相對(duì)本國(guó)貨幣），則折算后的利潤(rùn)表中折舊費(fèi)用的比重會(huì)增加。這很可能使得子公司外幣報(bào)表報(bào)告的利潤(rùn)，在折算后的報(bào)

49、表上反而變?yōu)閾p失。期末匯率法則不存在這一缺點(diǎn)，因?yàn)樗械捻?xiàng)目都適用同一匯率，所以折算報(bào)表與原先的外幣報(bào)表始終是線性關(guān)系。</p><p>　　對(duì)于時(shí)態(tài)法的支持者而言，這是一個(gè)相當(dāng)尷尬的結(jié)果，他們必須絞盡腦汁解釋為什么某種幣值的利潤(rùn)在折算為另一種貨幣時(shí)變?yōu)樘潛p是合理的。不過還是有一些理由來解釋這一點(diǎn)的。首先，需要強(qiáng)調(diào)的是，折算的目的在于編制合并報(bào)表。作為一般原則，子公司資產(chǎn)、負(fù)債、收入與費(fèi)用的折算數(shù)據(jù)，在合并財(cái)務(wù)報(bào)

50、表中，要和母公司的相應(yīng)數(shù)據(jù)相加；外國(guó)子公司的獨(dú)立實(shí)體在合并報(bào)表中不復(fù)存在。因此，從合并財(cái)務(wù)報(bào)表的角度來看，作為獨(dú)立公司所具有的負(fù)債/權(quán)益比率這一事實(shí)是無關(guān)緊要的。相反，如果有人（例如子公司的少數(shù)股東或債權(quán)人）希望將外國(guó)子公司作為獨(dú)立實(shí)體來考察其財(cái)務(wù)狀況，那么，他應(yīng)該考察子公司以所在地貨幣計(jì)價(jià)的單獨(dú)報(bào)表，集團(tuán)報(bào)表與此并不相關(guān)。子公司的債權(quán)人一般不可能要求母公司償付債務(wù)，同樣，子公司的少數(shù)股東也不可能從集團(tuán)利潤(rùn)中分配股利。</p>

51、;<p>　　盡管上述論證部分解釋了為什么子公司財(cái)務(wù)報(bào)表間的關(guān)系與合并報(bào)表不相關(guān)，但對(duì)于為什么子公司利潤(rùn)表（當(dāng)?shù)刎泿牛┲械睦麧?rùn)折算為合并利潤(rùn)表可能變?yōu)閾p失，仍沒有令人滿意的解釋。人們自然會(huì)提出這樣的疑問：哪一類財(cái)務(wù)報(bào)表代表著公允的觀點(diǎn)—是子公司的外幣報(bào)表還是并入合并報(bào)表后的折算金額？如果時(shí)態(tài)法是正確的，那么對(duì)這一問題的回答肯定是兩者都是公允的。就子公司的債權(quán)人和股東而言，子公司自己的財(cái)務(wù)報(bào)表代表了公允的觀點(diǎn)；就母公司的股東

52、而言，合并財(cái)務(wù)報(bào)表（已合并子公司折算后金額的報(bào)表）也代表了公允的觀點(diǎn)。這怎么可能呢？</p><p>　　回想一下，只有當(dāng)某些資產(chǎn)（即固定資產(chǎn)和存貨）在報(bào)表中以歷史成本計(jì)價(jià)時(shí)，利潤(rùn)才可能在折算后變?yōu)樘潛p。采用這種做法時(shí)，報(bào)表的服務(wù)對(duì)象（即股東）會(huì)將該資產(chǎn)的賬面價(jià)值理解為占用這些資產(chǎn)的資金金額。占用這些固定資產(chǎn)的資金金額，是以提供資金的那種貨幣計(jì)價(jià)的。以通過子公司擁有海外資產(chǎn)的控股公司為例，這些資產(chǎn)最終是由母公司的

53、股東提供資金。取得資產(chǎn)時(shí)，股東們付出了資金的代價(jià)。這種代價(jià)的付出是否出于自愿，或者資產(chǎn)的取得是由母公司匯出現(xiàn)金還是通過減少子公司的股利，這樣的爭(zhēng)論毫無意義。重要的一點(diǎn)是，在過去的一年間，母公司的股東付出了資金代價(jià)，并且這一代價(jià)是以投資當(dāng)年所放棄的本國(guó)貨幣計(jì)價(jià)的。因此，在合并財(cái)務(wù)報(bào)表中，必須以本幣的歷史成本來記錄子公司的這些資產(chǎn)。至于外國(guó)子公司的少數(shù)股東，情況則截然不同，他們付出的代價(jià)是以其當(dāng)?shù)刎泿庞?jì)價(jià)的。所以，在其后當(dāng)?shù)刎泿畔鄬?duì)母公司貨

54、幣貶值時(shí)，母公司股東所付出的代價(jià)遠(yuǎn)高于子公司少數(shù)股東所付出的代價(jià)，因此可能出現(xiàn)利潤(rùn)被折算為損失的怪事。</p><p>　　總之，對(duì)英國(guó)會(huì)計(jì)準(zhǔn)則委員會(huì)第10段（b）部分的答復(fù)是：首先，外國(guó)子公司財(cái)務(wù)報(bào)表間的關(guān)系在很大程度上與合并財(cái)務(wù)報(bào)表并不相關(guān)；其次，如果相關(guān)，從母公司股東的角度出發(fā)，應(yīng)用時(shí)態(tài)法而得出的關(guān)系是正確的。當(dāng)然，這些問題是由于歷史成本會(huì)計(jì)的應(yīng)用而產(chǎn)生的，在現(xiàn)行價(jià)值體系中不會(huì)出現(xiàn)這些問題。</p&g

55、t;<p>　　關(guān)于“投資凈額”的概念</p><p>　　最后，必須對(duì)英國(guó)會(huì)計(jì)準(zhǔn)則委員會(huì)的第10段（a）部分加以考慮。這一部分與其第9段的內(nèi)容（見前面的引述）是緊密相關(guān)的，即期末匯率法是基于這樣一個(gè)概念：報(bào)告公司在某一外國(guó)經(jīng)營(yíng)活動(dòng)中有凈投資，正是這一凈投資經(jīng)受貨幣波動(dòng)的風(fēng)險(xiǎn)。這一陳述相當(dāng)簡(jiǎn)要，其完整的推導(dǎo)過程可表述如下：</p><p>　　在實(shí)務(wù)中，許多情況下外國(guó)子公司都

56、享有自主權(quán)；當(dāng)?shù)氐亩聲?huì)有權(quán)決定取得或持有哪一些資產(chǎn)，或是進(jìn)行經(jīng)營(yíng)決策。</p><p>　　此外，這些外國(guó)子公司多數(shù)自籌資金，使用當(dāng)?shù)氐馁J款或是留存收益。</p><p>　　在這些情況下，母公司享有的子公司利益主要表現(xiàn)為每年的股利。如果每年的股利令人滿意，則母公司不會(huì)過分干預(yù)子公司的財(cái)務(wù)狀況或經(jīng)營(yíng)情況。</p><p>　　因此母公司并不關(guān)注子公司的資產(chǎn)、負(fù)債、

57、收入及費(fèi)用的詳盡信息，所關(guān)注的是對(duì)子公司的投資凈額，因?yàn)樗俏ㄒ坏挠行卫妗磕旯衫膩碓础?lt;/p><p>　　這一投資凈額的價(jià)值在以期末匯率折算資本凈值時(shí)，得到最好的體現(xiàn)。</p><p>　　由于采用期末匯率折算資本凈值，因而為保持折算后資產(chǎn)負(fù)債表的平衡，對(duì)資產(chǎn)負(fù)債表的其他項(xiàng)目進(jìn)行折算時(shí)，也必須采用同一種匯率。</p><p>　　考慮到本幣貶值的情形，上述的

58、推導(dǎo)過程似乎無懈可擊。在常見的外國(guó)子公司具有凈貨幣性負(fù)債（即負(fù)債總額超過貨幣性資產(chǎn)）的情況下，采用時(shí)態(tài)法會(huì)導(dǎo)致子公司折算后的資本凈值減少，因?yàn)楣潭ㄙY產(chǎn)的折算價(jià)值不會(huì)發(fā)生變化，但是折算后的負(fù)債凈額會(huì)增加。這顯然不合邏輯。本國(guó)貨幣貶值之后，外國(guó)貨幣相對(duì)于本幣的價(jià)值更高了，因而以外幣計(jì)價(jià)的投資凈額的價(jià)值也應(yīng)該增加。另一種觀點(diǎn)認(rèn)為，隨著本幣的貶值，以本幣計(jì)價(jià)的子公司每年的股利也可能增值。如果人們合理地進(jìn)行保守的假定，即以外幣計(jì)價(jià)的每年股利不會(huì)發(fā)

59、生變動(dòng)，那么情況當(dāng)然如此?；谝豁?xiàng)投資是以未來收入的凈現(xiàn)值計(jì)價(jià)這一原則，對(duì)外國(guó)子公司的投資凈額，即這些股利的來源，將會(huì)增加。這基本上就是第10段（a）部分所闡述的情況。</p><p>　　這一觀點(diǎn)看起來既合乎邏輯又能自圓其說。時(shí)態(tài)法的支持者們的回答則很簡(jiǎn)單。當(dāng)母公司對(duì)外國(guó)子公司的投資在母公司的資產(chǎn)負(fù)債表中作為單列項(xiàng)目反映，即采用與列示聯(lián)營(yíng)公司中的權(quán)益相同的方法時(shí)，則上述的程序可能是適當(dāng)?shù)?。但是，如果子公司的資產(chǎn)

60、、負(fù)債、收入及費(fèi)用都納入集團(tuán)合并財(cái)務(wù)報(bào)表的相應(yīng)部分時(shí)，這種程序就不適當(dāng)了。從根本上講，上述的推導(dǎo)過程中有兩個(gè)地方不太恰當(dāng)。首先，適用于資本凈值的計(jì)價(jià)法并不一定適用于每一項(xiàng)單獨(dú)是資產(chǎn)和負(fù)債，因此這一推導(dǎo)直接導(dǎo)致以期末匯率折算的某項(xiàng)資產(chǎn)的歷史成本毫無意義。其次，如果子公司實(shí)際上在很大程度上是一個(gè)獨(dú)立的實(shí)體，那么將其完全納入集團(tuán)的合并財(cái)務(wù)報(bào)表則不大恰當(dāng)。</p><p>　　在英國(guó)第2號(hào)財(cái)務(wù)會(huì)計(jì)準(zhǔn)則（第5段）中將合并定

61、義為：將母公司和子公司納入“一個(gè)單一經(jīng)濟(jì)實(shí)體”的過程。歐盟第7號(hào)指令（第26條）則規(guī)定：“合并報(bào)表必須表述企業(yè)在合并日的財(cái)務(wù)狀況，視合并后的企業(yè)為一個(gè)單一企業(yè)?！笔褂谩皢我粚?shí)體”及“單一企業(yè)”的表述十分重要。很顯然，單一實(shí)體的存在是編制合并財(cái)務(wù)報(bào)表的前提。因此，在編制合并財(cái)務(wù)報(bào)表時(shí)不能采用期末匯率法，因?yàn)檫@種方法建立在母公司擁有對(duì)半自主的外國(guó)子公司的投資凈額這一概念的基礎(chǔ)上。以下結(jié)論是不可避免的：</p><p>

62、;　　·如果外國(guó)子公司享有很大的自主權(quán)，這時(shí)不應(yīng)該編制合并報(bào)表（這時(shí)控股公司對(duì)子公司的投資在其資產(chǎn)負(fù)債表中通常作為一個(gè)單獨(dú)項(xiàng)目列示—也許使用權(quán)益法）。</p><p>　　·如果把母公司和外國(guó)子公司視為一個(gè)單一的實(shí)體，這時(shí)應(yīng)采用的恰當(dāng)?shù)恼鬯惴椒ㄊ菚r(shí)態(tài)法。正如第21號(hào)征求意見稿第11段所述，時(shí)態(tài)法“是基于這樣一個(gè)概念：報(bào)告單一的企業(yè)，而國(guó)外的經(jīng)營(yíng)活動(dòng)是母公司活動(dòng)的延伸”。這一概念也是所有合并財(cái)務(wù)

63、報(bào)表的基礎(chǔ)。</p><p>　　然而，盡管筆者本人贊同這一觀點(diǎn)，但對(duì)這一爭(zhēng)論的解決卻傾向于期末匯率法。在1981年12月，美國(guó)財(cái)務(wù)會(huì)計(jì)準(zhǔn)則委員會(huì)最終向其承受的巨大壓力讓步，頒布了第52號(hào)財(cái)務(wù)會(huì)計(jì)準(zhǔn)則（FASB，1981），這一準(zhǔn)則事實(shí)上推翻了第8號(hào)財(cái)務(wù)會(huì)計(jì)準(zhǔn)則，并規(guī)定在多數(shù)情況下必須采用期末匯率法。</p><p>　　外文出處：比較國(guó)際會(huì)計(jì)（第八版）[M].金融時(shí)報(bào)/普倫蒂斯·