重要会计政策的报告外文翻译.doc
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1、中文3570字本科毕业论文(设计)外 文 翻 译题 目 上市公司会计政策的选择研究 专 业 会 计 学 外文题目 Reporting Critical Accounting Policies 外文出处 THE CPA JOURNAL 外文作者 Mark P.Holtzman 原文:Reporting Critical Accounting PoliciesAccountants inevitably make many accounting estimates and policy decisions when preparing financial statements. They must
2、 select depreciable lives for long-lived assets. choose an inventory costing method, make assumptions about pensions, and make many more judgments. These accounting estimates are driven by an entitys accounting policy as it applies to the issues at hand. These decisions could significantly affect a
3、companys financial statements and how users understand a companys results and financial position.For this reason, the SEC requires companies to report critical accounting policies (CAP) as part of Managements Discussion and Analysis (MD&A). The SEC has issued many comment letters about companies CAP
4、S, indicating their importance. What follows is an overview of the SECS requirements and proposed rule on CAPS, as well as a survey of current practices by large companies.The SECS InterpretationIn December 2003, the SEC released FR-72, Interpretation: Commission Guidance Regarding Managements Discu
5、ssion and Analysis of Financial Condition and Results of Operations (www.sec.gov/rules/interp/33-835O.htm). This covered many different areas of MD&A, including critical accounting estimates. The interpretation defines critical accounting estimates as those estimates or assumptions where 1 the natur
6、e of the estimates or assumptions is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change and 2 the impact of the estimates and assumptions on financial condition or operating performance is material
7、.The rule states that critical accounting estimate disclosures in the MD&A should supplement the description of significant accounting policies provided at the beginning of the notes to the financial statements required under Accounting Principles Board (APB) Opinion 22 and AICPA Statement of Positi
8、on (SOP) 94-6. The MD&A disclosure should provide more insight into the quality and variability of information on the balance sheet and income statement. Furthermore, the disclosure should analyze the uncertainties involved in applying an accounting principle, or the variability likely to result fro
9、m its application over time. Accountants should explain why critical accounting estimates bear the risk of change. Furthermore, they should explain how they arrived at the estimate, how accurate the estimate or assumption has been in the past, how much the estimate or assumption has changed in the p
10、ast, and whether the estimate or assumption is reasonably likely to change in the future. When quantitative, material information is available, accountants should quantify the sensitivity to change based on reasonably likely outcomes.The SECS Proposed RuleIn May 2002, prior to the issuance of the ab
11、ove interpretation, the SEC released a proposed rule. “Disclosure in Managements Discussion and Analysis about the Application of Critical Accounting Policies” This proposed rule provides more complete and direct guidance than the interpretation. The SEC has yet to act upon this proposal; it has not
12、 issued any amended proposals or final rules on the matter. Furthermore, the SECS Division of Corporation Finances most recent Current Accounting and Disclosure Issues (November 30, 2006) did not mention CAPS.The proposed rule would redefine the criteria for CAPS to focus on the following: 1) critic
13、al accounting estimates that require a company to draw assumptions about highly uncertain matters; and 2) alternate estimates in the current period, or changes in the estimate that are reasonably likely in future periods that would materially impact the presentation of the companys financial conditi
14、on, changes in financial condition, or results of operations.The proposed rule sets a number of additional disclosures for each estimate. Companies would be required to explain the significance of each critical accounting estimate to the financial statements and, where material, to individual financ
15、ial statement line items. Furthermore, the proposed rule would require quantifying financial statements sensitivity to changes made in each critical accounting estimate, and disclosing historical changes in a companys critical accounting estimates over the past three years (two years for small busin
16、ess issuers). Companies would he required to explain the reasons for those changes.For initial adoptions of accounting policies, companies would be required to describe the following: 1) the events or transactions that gave rise to the initial adoption; 2) the accounting principle adopted, and the m
17、ethod of applying it; and 3) the qualitative impact of the adoption on the companys financial statements. If there is a choice among acceptable accounting principles, the company would have to identify the alternatives and describe why it made the choice that it did. In the absence of existing accou
18、nting literature for unusual or novel transactions, a company would be required to explain its decision regarding the initial adoption.The proposed rule implicitly differentiates CAPS from estimates. Policies are plans of action to guide future decisions, whereas estimates are individual decisions m
19、ade when preparing financial statement. Companies must disclose information about initial adoptions of new policies. New estimates, however, may need to be reconsidered with every new set of financial statements.Under the proposal, filers would be required to disclose whether they discussed a compan
20、ys critical accounting estimates with the audit committee. They would not be requited to disclose the nature of those discussions.Companies operating with more than one segment would have to identify specific segments affected by a CAP. In addition to company-wide critical accounting disclosures, co
21、mpanies would have to discuss CAPS for each identified segment.The proposed rule also put forward the idea of requiring an independent audit of MD&A. It would require companies to provide quarterly updates of critical accounting estimates in their quarterly filings, including newly identified critic
22、al accounting estimates, and other material changes that would render previous disclosures out of date or misleading. The proposed rule would not require companies to update sensitivity analyses each quarter. Foreign private issuers would be required to meet these same CAP disclosure requirements. S
23、mall business issuers would have substantially lower disclosure requirements. Existing safe harbors would apply to forward-looking information.When preparing CAP disclosures, accountants will find the SECS interpretation (FR-72) lacking useful specifies. Even though the SEC has not acted upon it as
24、of yet. accountants should read and consider using the proposed rule as a source of more specific guidance.Current PracticeThe author reviewed annual reports of the largest 100 publicly traded companies from the Fortune 500. The author analyzed 10-K filings with fiscal year-ends between December 31,
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