實用資產(chǎn)減值會計【外文翻譯】

1、外文翻譯原文：PracticalassetsdevaluationaccountingThelast12monthshavebeenmarkedbyunprecedentedvolatilityinglobalmarketssignsofeconomicdownturn.Thesemarketconditionswillcausemanycompaniestorevisittheirbusinessplansrevisefinancia

2、lfecasts.Asaresultofthesechangesmanagementmayexperiencesignificantimpairmentgesinthecomingmonths.Thebasicprincipleisthatanassetmaynotbecarriedinthebalancesheetatmethanitsrecoverableamount.Anassetsrecoverableamountreprese

3、ntsitsgreatestvaluetothebusinessintermsofthecashflowsthatitcangenerate.Ihatisthehigherof:Theamountfwhichtheassetcouldbesoldinanarmslengthtransactionbetweenknowledgeablewillingpartiesofcostsofdisposal(fairvaluelesscoststo

4、sell)thepresentvalueofthefuturecashflowsthatareexpectedtobederivedfromtheasset(valueinuse).Theexpectedfuturecashflowsincludethosefromtheassetscontinueduseinthebusinessthosefromitsultimatedisposal.Valueinuse(VIU)isexplici

5、tlybasedonpresentvaluecalculations.AccountingfassetimpairmentswasnotpracticedinChinauntil1998whentheChinesegovernmentissuedtheAccountingRegulationfListedCompanies.Accdingtotheregulationlistedcompanieswerematedtorecognize

6、assetimpairmentsffourcategiesofassetsincludingaccountsreceivableinventiesshtterminvestmentslongterminvestments.Therequirementwasexpedin2001toallcompanieswithfouradditionalcategiesofassetsincludingfixedassetsconstructioni

7、nprogressintangibleassetsentrustedloanswhentheministryoffinancepromulgatedtheAccountingSystemfBusinessEnterprises.Whilediscretionfimpairmentreversalswasexplicitlygrantedinthe2001regulationdetaileddisclosurerequirementswe

8、renotavailableuntil2003whentheministryoffinanceissued‘‘QuestionsAnswersNo.2:Implementingthe2001Accountingunderlyingeconomicsreptingincentives.Anumberofstudiesattempttodistinguishbetweenthetwoperspectivessolelybasedonmark

9、etresponses.Ifassetwritedownsreflecttheconfidenceofmanagementaboutfutureperfmanceinvestsshouldrespondpositively(Frantz[1999]).StrongMeyer(1987)providesupptingevidence.SimilarlyFrancisHannaVincent(1996)findthatthemarketre

10、spondspositivelytotheannouncementofrestructuringges.Ontheotherhmanagersmaywritedownassetseveniftheyhaveunfavableinfmationaboutthefutureofthefirm.Takingabigbathinthecurrentperiodmakesitmelikelyfearningsmanagerialcompensat

11、iontoincreaseinthefuture(Frantz[1999]).UnderthiscircumstanceassetwritedowninfmationisnoisywhichexplainswhythemarketmaynotshowanyresponsesasreptedbyZuccaCampbell(1992)mayrespondnegativelyasdocumentedbyElliottShaw(1988).Ot

12、herstudiesgobeyondthevaluationconsequenceofassetimpairment.ReesGillGe(1996)findthatfirmsaremelikelytowritedownassetswhenearningsarealreadylowthatabnmalaccrualsaresignificantlynegativeinthewritedownyearbothofwhichsuggeste

13、arningsmanipulation.Howevertheirfollowuptestsshowthattheseabnmalaccrualsarepositivelyassociatedwithstockreturnsarenotreversedduringtheyearsafterthewritedownwhichcontradictstheearningsmanagementsty.FrancisHannaVincent(199

14、6)alsoreptmixedevidenceonthecausesvaluationconsequencesofdiscretionaryassetwriteoffs.Whiletheyfindthatbothearningsmanagementincentiveseconomicfactscauseassetwriteoffstheyalsofindthatreptingincentivesplaylittleroleindeter

15、mininginventyplantpropertyequipment(PP&E)writeoffsbutanimptantroleinexplainingmediscretionaryitemssuchasrestructuringges.Nohelesstheirtestsofshareholderwealtheffectsarenotentirelyconsistentwiththedeterminantsofwriteoffs.

16、Althoughthemarketrespondsnegativelytowriteoffannouncementstheyfindapositivemarketreactiontorestructuringgessuggestingthatrestructuringwritedownsarelikelyasignalofexpectedfutureperfmance.Riedl(2004)comparestheacteristicso