小企业会计准则文献综述及外文文献.docx
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小企业会计准则文献综述及外文文献.docx
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小企业会计准则文献综述及外文文献
本份文档包含:
关于该选题的外文文献、文献综述
一、外文文献
SmallandMediumSizedEntitiesManagement'sPerspectiveonPrinciples-BasedAccountingStandardsonLeaseAccounting
Abstract
LeaseaccountingisviewedasoneofthetopprioritiesfortheInternationalFinancialReportingStandards(IFRS)convergence.Smallandmediumsizedentitiesareanimportantpartoftheeconomy,andthisresearchinvestigatesthemanagement'sperspectiveontheadoptionofprinciples-basedIFRSaboutleaseaccounting.Thisresearcherinterviewedfourmanagersfromthreedifferentsmallandmediumsizedentities,andfoundthemanagementtobemoreconcernedabouttheirlong-termbusinesssuccessthanthechangeofaccountingstandards.Onlywhentheentitieshavealoanwiththebank,thenthemanagementfocusesontheleaseclassification.Theinterviewalsosuggeststhatthemanagersandbusinessownersinthesmallandmediumsizedentitieshavelimitedknowledgeandskillsinaccountingreportingstandards.Thesefirmsoutsourcetheiraccountingneedstolocalaccountantsratherthanhavingtheirownin-housedepartments.TheotheraspectoffocusformanagementofthesefirmsistaxconsequenceofIFRSadoption.Theresearchsuggestsotherregulatoryagencies,.,InternalRevenueService,shouldalsobeinvolvedinenhancingfinancialstatementtransparencyandusefulnessaftertheadoptionofaccountingstandards.
Keywords
InternationalFinancialReportingStandards(IFRS),USGeneralAcceptedAccountingPrinciples(GAAP),LeaseAccounting,SmallandMediumSizedEntities(SME)
1.Introduction
Thisstudyexaminessmallbusinessmanagements'perspectiveontheconvergenceofaccountingstandardstoInternationalFinancialReportingStandards(IFRS)fromUSGenerallyAcceptedAccountingPrinciples(GAAP).Astheworldcontinuestomigratetowardsaninterconnectedeconomy,themarketrecognizesthatitiseasiertohaveonesetofaccountingrulestorecordeconomictransactionsandfacilitatecross-bordercapitalflows.TheFinancialAccountingStandardsBoard(FASB)hasbeenworkingcloselywiththeInternationalAccountingStandardsBoard(IASB)toimproveandconvergeUSGenerallyAcceptedAccountingPrinciples(GAAP)toInternationalFinancialReportingStandards(IFRS)inthepastdecade.ThisstudyanalyzesUSGAAPandIFRSleaseaccounting'simpactandthemanagement'sviewonsuchimplementation.
ThestudyusestheFASBdefinitionofsmallandmediumsizedentities(SMEs),whichareentitiesthatarenotsubjecttopublicaccountabilityanddonothavefinancialstatementsfiledwithasecuritiescommission.SEC)orotherregulatoryagencies.Mostbusinessesconformtothisdefinition,andthestudyofSMEsisimportanttounderstandtheimpactofIFRSonthebackboneofeconomy.
TheadoptionofIFRSelicitsmanycontroversialdebatesregardingthecostsandbenefitsofconvergence.Themainconcernisthepotentialincreaseinmanagementmanipulationoffinancialstatementssincelessspecificprinciples-basedaccountingstandardsallowaggressivereportingopportunities.Inaddition,accountingprinciplesthatrelymoreheavilyonmanagements'interpretationandaccountants'judgmentinprinciples-basedaccountingstandardscoulddecreasethecomparabilityamongthefirms.Conversely,manyalsoarguethatthecurrentrules-basedaccountingmodelhasallowedmanagementtoexploitfinancialaccountingengineeringtoachieveapreferredaccountingtreatment.
UnderGAAPreporting,accountingprinciplesareclearlysetintorules.Managementandauditorsarerequiredtofollowthe"bright-line"definition.Forexample,theFASB'sStatementofFinancialAccountingStandards(SFAS)No.13,AccountingforLeases,listsfourexplicitcriteriaforleaseclassification.SFASNo.13wassetdowntoavoidindividualjudgmentininterpretingleaseaccountingandtohaveconsistentapplicationsacrossthefirms[1].Onecanarguethatentitiesfollowingprecisestandardsareeasierforcomparison.However,thenatureoftheprecisionrules-basedaccountingstandardsprovidedincentive-consistentstandardinterpretationandachievedpreferredaccountingtreatments[2].Inthiscase,firmswereabletostructureleasetermstopreventcapitalization,whichremovedtheleaseliabilitiesfromtheirbalancesheetsandimprovedtheiroverallfinancialposition[3].Aggressiveutilizationofthismethodcanbeclassifiedas"financialengineering"intherules-basedregimeandmanipulationoffinancialstatements.Regulatorsandtheoverallmarketgenerallyrecognizethattheclassificationofoperatingleasesisoneofthecommonformsofoff-balancesheetfinancingforthelessee.Theassetandliabilityarenotrecorded,sothelesseeonlyneedstoreporttherentalexpenseunderthecurrentGAAPstandard.Anoperatingleasedoesnotimpactanycriticalfinancialratios,soitisapreferredclassificationforthefirmsthatmustreportandoperateunderdebtcovenantrestrictions.Withalltheabovereasoning,theclassificationoftheleaseisanimportanttopicforacademicinvestigation.
IfahypotheticalleasewereconstructedpreciselyaccordingtotheSFASNo.13standardthatdoesnotfallundercapitallease,theauditorswouldhavenoroomtodisagree.AuditorsaregenerallyreluctanttoinquireformoreinformationanduseprofessionalskepticismoncetheleasetermfitsthedefinitionunderSFAS13.Theprinciples-basedstandardclassifiesacapitalleaseas"(leasethat)transferssubstantiallyalltherisksandrewardsincidentaltotheownership"(IAS17).Theauditors'judgmentismuchmoresignificantunderIFRSsincetheywouldneedtoidentifythecircumstancesandthresholdthattransfers"substantially"alltherisksandrewards.Withoutaholisticunderstandingoftheeconomicsubstanceandgoodjudgment,theauditorscouldnotclassifytheleasetocorrectlyreflecttheeconomicreality.TheadoptionofIFRSisdeemedtofacilitatethereductionofasymmetricinformationinthemarket.AsDaskeetal.pointout,thebenefitoftransparencyandreductionofinformationasymmetryresultsinmarketliquidityandlowercostofcapital[4].
ThispapercontributestotheliteraturebycomplimentingtheunderstandingofthecostandbenefitsofIFRSfromSMEsmanagements'perspective.Extensivestudiesshowthatimplementationandauditfeeswouldincreasesubstantiallyatthepubliccompanies[5],butlittleisknownregardingtheSMEmanagements'strategytotackletheadoptionoftheaccountingstandardsandtheassociatedfees.Second,mostSMEsarefamily-ownedbusinesses,sotheprinciple-agentmodelconflictisnotasprevalentasitwouldbeinpubliccompanies.SME'saregenerallymorefocusedonsurvivalinthelong-termandpassingdownthebusinesstoheirs.Accountingstandardsandfinancialarelowerontheprioritylistandmanagementgenerallyreliesonexternalaccountantstoprovideexpertise[6].Thispaperexploresthefieldofself-managedbusinessesinIFRSadoption.
Theremainderofthepaperisconstructedasfollows.SectionIIprovidesliteraturereviewandhypothesesdevelopment.SectionIIIdescribestheinterviewquestionsandmanagementresponse.SectionIVprovidestheconclusion,implication,andsuggestionsforfutureresearch.
2.LiteratureReviewandHypothesesDevelopment
TheproposedconvergenceofInternationalFinancialReportingStandards(IFRS)hasinitiatednumerousacademicandpolicydebates.OpponentsofIFRSarguethatthelessspecificstandardsdecreasetheinter-firmcomparabilityandprovideopportunitiesforfinancialstatementmanipulation.Theswitchtomoreprinciples-basedIFRSmightprovideaggressiveaccountingreportingopportunitiestosomemanagementteamssincetheycaninterprettheaccountingruleswithlessprecisestandards[7].However,studiesshowthatwithastrongauditcommitteeandindependentexternalauditor,principles-basedstandardsnotonlyhelpstoallaythecomparabilityissueacross-firms,buttheyalsoproducemoremeaningfuleconomicandfinancialinformation[8][9].Comparedtorules-basedstandards,principles-basedstandardsgeneratehigherqualityfinancialstatementsthatreduceearningsmanagement,arerelatedtomoretimelylossrecognitionandleadstomorevaluerelevantaccountingmeasures.Thissuggeststhatprinciplesbasedstandardsleadstolessinformationasymmetryandaidsinvestorsinmakinginformedandunbiasedjudgments[10][11].Thisresultsinpositiveabnormalreturnandreductioninthecostofcapital[12].Furthermore,PsarosandTrotman[13]foundthatitwouldbeeasierforforeigninvestmentifbusinesseswerereportedunderIFRS.Manymajorcapitalmarkets.London,HongKong)reportunderIFRS,reducinginformationasymmetryandincreasingcapitalflowsbetweenborders.Thiseventuallyleadstoamoreefficientcapitalallocation,allowingbothinvestorsandfirmstobenefit.
Theauditors'assessmentofthebusinessentitiesandtheirunderlyingeconomicsisimportanttotheprocessofinterpretingaccountingstandardsandevaluatingfinancialinformationquality.Theunderlyingeconomicrealityisimportanttoassessafirmsinceitrelatestoborrowingcost,stockpriceperformance,andothercontractualobligations.Someofthecommonearningsmanagementusedtoimprovethefirms'perceptionoftheireconomicsituationincludesmanipulatingaccruals[14],andliabilities[15],andloweringgoodwillwrite-off[16].Anoperatingleaseisoneofthemethodsthatsomemanagementwillusetominimizeliabilitiesthroughfinancialengineering.Themanagement'sperspectiveisanimportantpieceofknowledgetothepuzzleofhowIFRSinleaseaccountingisgoingtoimpactcapitalmarkets.Thispaperattemptstoclosethegapofourknowledgebetweenthemanagement,auditors,andregulators.Tab
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