首页 外文翻译--利润表中的投资性房地产在公允价值模式下的变化:来自于香港的证据

外文翻译--利润表中的投资性房地产在公允价值模式下的变化:来自于香港的证据

举报
开通vip

外文翻译--利润表中的投资性房地产在公允价值模式下的变化:来自于香港的证据外文翻译--利润表中的投资性房地产在公允价值模式下的变化:来自于香港的证据 外文翻译--利润表中的投资性房地产在公允价值模式 下的变化:来自于香港的证据 本科毕业论文设计 外 文 翻 译 外文题目 Value-relevance of presenting changes in fair value of investment properties in the income statement evidence from Hong Kong 外文出处 Accounting and Business R...

外文翻译--利润表中的投资性房地产在公允价值模式下的变化:来自于香港的证据
外文翻译--利润 关于同志近三年现实表现材料材料类招标技术评分表图表与交易pdf视力表打印pdf用图表说话 pdf 中的投资性房地产在公允价值模式下的变化:来自于香港的证据 外文翻译--利润表中的投资性房地产在公允价值模式 下的变化:来自于香港的证据 本科毕业 论文 政研论文下载论文大学下载论文大学下载关于长拳的论文浙大论文封面下载 设计 外 文 翻 译 外文题目 Value-relevance of presenting changes in fair value of investment properties in the income statement evidence from Hong Kong 外文出处 Accounting and Business Research 外文作者 Stella So and Malcolm Smith 原文 Value-relevance of presenting changes in fair value of investment properties in the income statement evidence from Hong Kong IAS 40 2000 represents the first time that the IASB permits a fair value model for non-financial assets IASCF 2008c Under the fair value model investment properties are carried at fair values and changes in fair value whether up or down are included in the profit or loss for the period and presented in the income statements Supporters of the fair value model believe that fair values give users of financial statements more useful information than other measures such as depreciated cost and changes in fair value are inextricably linked as integral components of the financial performance of an investment property and are therefore presented in the income statements IASCF 2008c Although IAS 40 2000 permits entities to choose between a fair value model or a cost model the Basis for Conclusions on IAS 40 2000 states clearly that it is highly unlikely that a subsequent change from the fair value model to the cost model can be made on the grounds of more appropriate presentation IASCF 2008c However Penman 2007 does not entirely agree he evaluates historical cost and fair value accounting from two perspectives-equity valuation and stewardship and concludes that while fair value accounting is a plus at a conceptual level the minuses add up with fair value implemented as exit price whether estimated or observed in active markets and the problems with historical cost accounting remains unresolved Singleton-Green 2007 summarises the problems of fair value accounting as 1 the lack of active markets for most assets and liabilities which means that most fair value measurements are estimates and are highly subjective and potentially unreliable 2 costly information especially for smaller companies and 3 the recognition of profits based on fair values which mean that unrealised profits or losses from changes in fair value are recognised and result in greater volatility and unpredictability This study focuses on the third issue the presentation of changes in fair value of investment properties in the income statement versus the revaluation reserve Empirical studies assessing the relevance and reliability of fair value accounting versus historical cost-based accounting focus on financial instruments and the results from these studies are generally mixed Barth 1994 finds that for a sample of US banks with data from 1971–1990 disclosed fair value estimates of investment securities provide significant incremental explanatory power for bank share prices beyond that provided by historic costs Fair value gains and losses of investment securities constructed from two annually disclosed fair value estimates are however found to have no significant incremental explanatory power for annual returns changes in share price due to the increased measurement errors Barth 1994 Similar results are obtained in Barth et al 1995 Barth et al 1996 Eccher et al 1996 and Nelson 1996 all using bank data Results from Carroll et al 2003 differ instead of using bank data they sample closed-end mutual funds which typically have investment securities report-ed at fair values comprising virtually all their assets and with negligible liabilities and other assets This is an advantage because the potential problem introduced by measuring some assets and liabilities at fair value but others at historical cost is eliminated Significant association between share prices and the fair value of investment securities as well as between share returns and fair value securities gains and losses are found To examine whether differences in the reliability of the fair value of investment securities affect investors assessments of the usefulness of the information Carroll et al 2003 examine the association between share prices and fair values across different fund types and find that in all cases including those traded in thin markets there is a significant association between the share prices and fair values In contrast Danbolt and Rees 2008 using UK data report no support for full fair value accounting While fair value income is considerably more value-relevant than historic cost income the higher relevance disappears in the presence of changes in fair value accounting balance sheet values Danbolt and Rees 2008 interpret their results as evidence of the absence of an obvious advantage from adopting fair value income accounting if fair value balance sheet values are available to the user Value-relevance research studies the association between fair value estimates and share prices or returns Sloan 1999 comments that while this association provides evidence that investors find fair value estimates to be relevant the inferences regarding reliability are indirect and limited by the fact that share prices reflect many factors other than the fair value estimates Dietrich et al 2001 subsequently use a direct approach to investigate the reliability of mandatory annual fair value appraisal estimates by chartered surveyors for UK investment properties and find that appraisal estimates understate actual selling prices but are considerably less biased and more accurate measures of selling price than respective historical costs Dietrich et al 2001 also find that the reliability of appraisal estimates increases when monitored by external appraisers and Big Six auditors The New Zealand hereafter NZ SSAP No 17 Accounting for Investment Properties and Properties Intended for Sale NZSA 1989 previously allowed NZ companies the choice of recognising unrealised gains or losses either in the income statement or as movements in an investment property revaluation reserve unless the total of the reserve was insufficient to cover a deficit in which case the amount of deficit was to be charged in the income statement as part of operating results The NZ equivalent of IAS 40 came into effect on 1 January 2005 resulting in the elimination of the choice of recognising unrealised gains in the revaluation reserve Owusu-Ansah and Yeoh 2006 investigate the relative value-relevance of the two alternative accounting treatments for unrealised gains on investment properties based on a sample of NZ companies over the period 1990 to 1999 when the choice was still available Their results show that recognition of unrealised gains in the income statement is not superior to recognition of unrealised gains in the revaluation reserve in terms of their value-relevance However Owusu-Ansah and Yeoh 2006 include only companies with positive changes in the value of their investment properties Taken together findings from prior studies of firms in the US UK and Australian capital markets during the 1990s suggest that investors have been provided with fair value information whether recognised or disclosed that is generally reliable and relevant whether fair value estimated by management or independent valuer More research should be undertaken to test empirically whether relevance and reliability improve after the implementation of the fair value standards on financial instruments eg IAS 39 and with the extension of fair value accounting to non-financial assets ie IAS 40 Like Owusu-Ansah and Yeoh 2006 this study examines the extension of fair value accounting to investment properties and the presentation of their fair value changes in the income statements rather than in the revaluation reserve in particular Unlike Owusu-Ansah and Yeoh 2006 this study employs data from accounting periods when the related fair value accounting standard HKAS 40 is implemented Comparison is then made with those from the immediate pre-implementation accounting periods when SSAP 13 2000 was in effect Also unlike Owusu-Ansah and Yeoh 2006 this study includes companies with both increases and decreases in fair values and uses a return model adapted from Easton and Harris 1991 Amir et al 1993 and the earnings capitalisation approach from Barth 1994 Empirical results Although HKAS 40 2004 allows a free choice between cost and fair value models all 92 companies in the initial sample chose to adopt the fair value model All the 92 companies are retained for data analysiswith extreme variable values verified against their sources Since no procedural errors or extraordinaryevents are identified all the data collected for the 92 companies are retained for the subsequent analysis Each company is evaluated twice in two consecutive accounting years before and after the adoption of HKAS 40 2004 Table 1 describes the distribution of accounting year-ends years of last-time following of SSAP 13 2000 and years of first-time adoption of HKAS 40 2004 for the 92 companies in this study Appendix A details their identities Most companies have March 31 or December 31 accounting year-ends and adopt HKAS 40 2004 for the first time in 2005 or 2006 While HKAS 40 2004 mandates adoption for annual periods beginning on or after 1 January 2005 17 companies choose to adopt HKAS 40 2004 early13 Tables 2A and 2B contain descriptive statistics for the 92 sample companies in the study during the year s when HKAS 40 2004 is adopted for the first time compared to the year s when SSAP 13 2000 is adopted for the last time On the whole when companies apply HKAS 40 2004 for the first time they are experiencing higher earnings and higher market values and offering their investors higher abnormal returns this may be attributable to the strong economy in Hong Kong in 2005 and 2006 The Centa-City Index has indeed been increasing during the sample period although at a significantly lower rate when HKAS 40 2004 is applied for the first time Firm size and Centa-City index changes are both controlled for in this study Also all independent variables in this study are scaled by the companys beginning market value Results show a significant increase in the proportion of investment properties relative to total assets from 0345 when SSAP 13 2000 is applied to 0403 when HKAS 40 2004 is applied There is also an indication of higher earnings volatility14 as a result of applying HKAS 40 2004 The mean gains and losses in fair value of investment properties are HK827m which is almost equal to the earnings before such gains and losses of HK848m In contrast the mean investment properties open market value excess deficits or surpluses of HK24m amounts to only 3 of the earnings before such excess deficits or surpluses of HK757m Further indication of higher earnings volatility15 is available in Table 3 showing the results of a paired-sample t-test performed to compare the earnings volatility before and after the application of HKAS 40 2004 Earnings volatility is expressed as the number of standard deviations from a five-year mean mean of the earnings of the five years ending on the year of HKAS 40 2004 application Earnings volatility is significantly higher after the adoption of HKAS 40 2004 t 4678 p 0000 41 Short window event study Table 4 reports the regression results from the estimation of equation 1 Results for the shortwindow event study provide evidence that the presentation of changes in fair value of investment properties in the income statements as required by HKAS 40 2004 is more informative to investors than the presentation required by SSAP 13 2000 Investors respond to the information on changes in fair value in the income statement as released in the results announcement causing abnormal returns The coefficient 8 of the interaction variable IPVCAFTER in equation 1 is positive and significant at the 5 level p 0022 As expected neither earnings EARNB nor earnings change before investment properties open market valuechanges in fair value EARNB is significant in explaining the abnormal return within the short window when SSAP 13 2000 is adopted in the financial statements Although the overall R2 is only 10 this is consistent with the results from prior short-window studies All the coefficients are positive except that of investment properties value changes ie IPVC which is negative but not statistically significant Barth et al 1990 and Barth 1994 also find similar negative coefficients for securities market price gains and losses and interpret them as evidence of a market that perceives that securities gains and losses are used to smooth earnings 42 Long-window abnormal return – unexpected earnings association The regression results for the long window abnormal return and unexpected earnings association are reported in Table 4 As the window opens wider the earnings before changes in open market value or fair value ie EARNB in equation 2 also become significant at the 5 level and the overall adjusted R2 increases to 177 This is consistent with the results from prior studies using long windows where significance of earnings is found together with higher overall R2 Source Stella So Malcolm Smith Value-relevance of presenting changes in fair value of investment properties in the income statement evidence from Hong Kong Accounting and Business Research 2009 Vol 39 No 2 pp 103-118 译文 利润表中的投资性房地产在公允价值模式下的变化来自于香港的证据 国际会计准则第402000国际会计准则委员会允许非金融资产的公允价值模 式IASCF2008c根据价值模式投资公允价值变动无论是向上或向下都包含在该期 间的利润或亏损并收益报表公允价值模式的支持者认为公允价值其他 财务报表 财务报表免费下载29财务报表附注模板下载小企业财务报表下载关于企业财务报表分析excel财务报表下载 使用者更多有用的信息如折旧费用并在公平价值变动投资的财务的有机组成部 分因此在收入报表IASCF2008c虽然国际会计准则第402000允许公允价值模式成 本中国际会计准则40号的基础结论2000年明确指出从公允价值模式成本模式 IASCF2008c然而作者 2007 并不完全同意他评估来自两种观点的股票估值和服 务意识历史成本计量公允价值会计并认为公允价值会计一个概念并且历史成本 会计问题仍未解决 辛格尔顿-格林2007总结了公允价值会计的问题 1 对大多数资产和负债缺乏活跃的市场这就意味着大多数公允价值计量是和高主观和潜在的可靠实证结果 虽然HKAS 40期 2004年 允许在成本与公允价值模式之间自由选择92家公司在首次样品中选择采用公允价值模式 所有的92家分公司维持数据的分析极其变量值验证了他们的来源因为没有程序错误或非凡的事件被确认 92家公司所有的所收集到的数据都为后续分析所保留 每个公司评估两次并在连续两个会计年前后均采用HKAS 40 2004 表1描述了在这项研究中的92家公司在会计年结束以及最后一次遵循会计准则第132000条那年和首次采用香港会计准则第40号2004那年的分布附录A详细描述了他们的身份大多数公司采用3月31日或12月31日会计年度为结束时间并在2005年或2006年第一次采用会计准则第40号2004而香港会计准则第40号2004年规定采用2005年1月1日开始的或其之后的年度期间17家公司选择最先采用香港会计准则第40号2004 表2A和2B包含研究中的92家样本公司在与最后一次采用会计实务准则13号2000那年相比第一次采用香港会计准则第40号2004那年期间的描述性统计分析 总的来说当公司第一次使用香港会计准则第40号 2004 时都经历较高的收入和更高的市场价值并为他们的投资者提供了异常高的回报这可能是由于2005年和2006年香港的强大经济中原指数在采样周期的确一直在增加尽管是以较低 的比率在增加那时香港会计准则第40号2004是第一次应用公司规模和中原指数的变化都在本研究中受到控制本研究中的所有自变量也按公司的开始的市场价值在增加结果表明了相对于总资产的投资性房地产的比例的显著增加即从会计实务准则13号2000应用时的0345 上升到香港会计准则第40号2004应用时的0403 由于应用香港会计准则第40号2004还存在一个较高的收入波动的迹象在投资性质的公允价值中的平均利润和损失为827m港元几乎相当于在848m港元损益下收益相比之下 在超过757m港元的亏损或者盈余之前平均的投资性房地产公开市值超过只占收入3的2400万港元的亏损或者盈余 较高收入波动的迹象在表3中是可利用的显示了在香港会计准则第40号2004应用的前后的相比于收益波动的配对样本的结果收入波动是根据历时五年的平均收入的 标准 excel标准偏差excel标准偏差函数exl标准差函数国标检验抽样标准表免费下载红头文件格式标准下载 差数量来表述的收入波动在采用香港会计准则第40号2004后有显著的提高 表4报道了估计方程的结果较短的事件研究的结果提供了一些证据表明香港会计准则第40号2004需要的损益表中的投资性房地产公允价值变动的表述是包含更多的信息给投资者投资者对损益表中公允价值变动信息做出反应发布最后公告时会导致不正常的回报虽然整体R2只是10这是符合原有较短的研究的结果 所有的系数是积极的除了投资房地产价值它是消极的但不是重要的Barthetal1990和Barth1994也发现了类似的证券的市场价格收益和损失负系数并把其作为市场的证据来解释2009 39 103-118 1
本文档为【外文翻译--利润表中的投资性房地产在公允价值模式下的变化:来自于香港的证据】,请使用软件OFFICE或WPS软件打开。作品中的文字与图均可以修改和编辑, 图片更改请在作品中右键图片并更换,文字修改请直接点击文字进行修改,也可以新增和删除文档中的内容。
该文档来自用户分享,如有侵权行为请发邮件ishare@vip.sina.com联系网站客服,我们会及时删除。
[版权声明] 本站所有资料为用户分享产生,若发现您的权利被侵害,请联系客服邮件isharekefu@iask.cn,我们尽快处理。
本作品所展示的图片、画像、字体、音乐的版权可能需版权方额外授权,请谨慎使用。
网站提供的党政主题相关内容(国旗、国徽、党徽..)目的在于配合国家政策宣传,仅限个人学习分享使用,禁止用于任何广告和商用目的。
下载需要: 免费 已有0 人下载
最新资料
资料动态
专题动态
is_260251
暂无简介~
格式:doc
大小:43KB
软件:Word
页数:0
分类:工学
上传时间:2018-01-05
浏览量:23