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1、附 录外文资料：On February 15, 2006, the Ministry of Finance issued 1 item of basic accounting standards and 38 specific guidelines, the new set of accounting standards system. Standards issued, the community gave wide attention, the securities industry, business circles, academic circles gave height the o

2、pinion, think this is the second in 1993 accounting reform after another is of great significance to the accounting reform, marking Chinas convergence with international financial reporting standards of enterprise accounting standards system formally established, to improve the Chinas socialist mark

3、et economic system, improve the level of opening up and accelerate Chinas integration into the global economy has important significance. Also expressed their concerns and worries, mainly reflected in the following aspects: a fair value is difficult to fair, and is very likely to become the profit m

4、anipulation tools; two is the enterprise may to adjust earnings manipulation debt restructuring, debt restructuring will once again become the darling of the securities market; three is the new standard published may induce fair phenomenon, which may lead to the end of 2006 enterprises will impairme

5、nt assault back, at the same time accounts receivable impairment will still give listing Corporation profit adjustment leaves lots of space. These concerns whether it can become a reality? The new standards will become the corporate profits manipulation of the tool? Here we have to this a few worry

6、about one to launch the analysis:A moderate, fair value application The history of our country is a listing Corporation with the fair value of profit manipulation. Fair value appeared in 1998 in debt recombines, non monetary transactions specific accounting standards, after the actual operation in m

7、any companies the abuse of fair value and profit manipulation in 2001 revised guidelines by the restriction of the use of. The new criterion system in financial tool, real estate investment, not the combination under common control, debt restructuring and non-monetary transactions etc. are carefully

8、 adopted the fair value accounting standards, thus becoming the one large window. Past episodes of story will repeat itself? To this one problem we analyzed from the following aspects: First of all, the fair value of the assets can be achieved by using fair value valuation is the international accou

9、nting standards, the United States and most market economic countries accounting standards in general practice. International already crossed the want present value and fair value debate stage, and mainly in how to use stage; International did not because of Enron event appear and delay the study an

10、d adopt present value and the fair value of the process. From the beginning of 1975, 30 years, FASB on the fair value measurement system research has not stopped, the fair value in the accounting standards in the United States are used more and more widely. As of 2004, at the end of 12, FASB has rel

11、eased a total of 153 financial accounting standards, fair value accounting standards and related 60 (forever, 2005).Fair value has a profound theoretical basis for the ten, it accords with the economic income concept, the comprehensive income concept, cash flow and market price of accounting assumpt

12、ion, accounting goal, modern relevance and reliability of quality characteristics of accounting elements, essential characteristics, future basic accounting, value and value concept, measurement values and net surplus theory and financial statements of the primitive logic (Xie Sifone, 2005).The use

13、of fair value can effectively enhance the relevance of accounting information for investors, creditors, and other stakeholders to provide more help to the information for decision making. Take the investment real estate, book 20000000 yuan, if the city price rises to $200000000 accounting should ref

14、lect 200000000 yuan, such information is really true and useful. If still persist in the statements that the 20000000 yuan, accounting treatment is simple, but this information does not help the decision-making of investors, even misleading. Any reform will not give up eating for fear of choking, ac

15、counting reform is no exception. In line with international standards is the direction, is to represent the general trend, this point is in the affirmative. Secondly, suitable for the application of the fair value of the soil preliminary already form. Fair value is the product of the market economy.

16、 In 2003 the Central Committee made on perfecting the socialist market economic system a number of issues, symbolizes that our country market economy already from start-up to improve, the market economy status of China has been established. The securities market of our country after ten years of dev

17、elopment and perfection, to strengthen corporate governance, improve operational transparency, clear violations, establishing listing Corporation integrated supervision system has made great progress. China Securities Regulatory Commission promoting the share-trading reform pilot, listing and financ

18、ing program, has issued a number of regulations, strengthen the listing Corporation information disclosure and fraud and strength; the Ministry of finance to increase the quality of accounting information and the CPA audit quality inspection; listing Corporation governance level rises further, CPA,

19、assets assessment division, independent directors such as rational economic choice for listing Corporation irregularities built several firewall; the majority of investors in the analysis of accounting information to judge, effective screening capacity is enhanced, the effectiveness of the securitie

20、s market gradually improve. In addition, after joining the WTO, large amount of foreign capital into China, financial derivatives trading activity, produce a number, different features of derivative financial instruments, such as futures (Futures), option (Options), forward contract (Forwards Contra

21、ct), swap (Swaps) etc. As the derivative financial instruments no initial net investment is required, or very few requirements of net investment, the historical cost of its incapable of action, only the fair value to carry on the accurate recognition and measurement.FASl33 stated: fair value measure

22、ment of financial instruments is the best measurement attribute, the derivative financial instruments, fair value measurement attribute is the only. Potential of time shift, which contributes to the application of the fair value of the environment is preliminary already implementation. We must adopt

23、 the development strategy view , not once bitten, twice shy of ten years. In third, the fair value of the criteria in the new application is more cautious, does not lead to abuse. Compared with international financial reporting standards: China accounting standards system in determining the scope of

24、 the application of fair value, the more fully consider Chinas national conditions, the improvement was prudent. The use of fair value must satisfy certain conditions, in the basic guidelines in section forty-third clearly pointed out that the replacement cost, net realizable value of, present value

25、, fair value, should be to ensure that the identified elements of accounting amounts can be obtained and the reliable measurement. In relation to specific standards, the use of fair value measurement, has clearly defined constraints. For example, in real estate investment criteria specified by the f

26、air value measurement model, the following conditions shall be met simultaneously: one is the investment property real estate located in active trading market of real estate; two is the enterprise can from the real estate trading market on the same or similar real estate market prices and other info

27、rmation, thus the investment real estate to make a reasonable estimate of fair value. Visible in the investing real estate standards, ban contains more hypothetical valuation techniques used, only in a certain reliability on the basis that the use of fair value, and not all of the investment real es

28、tate can be applied the fair value. So as long as the strictly in accordance with the standards, fair value will really be fair. For instance in non monetary transactions for the use of fair value, the new standards in exchange of non-monetary assets, fair value and change the carrying value of the

29、assets included in the current profits and losses of the difference between the two conditions, namely the exchange must be commercial in nature, and a change of assets or the fair value of the assets surrendered can be measured reliably. Commercial essence refers to, must be changed in the future c

30、ash flow of the assets at risk, time and amount of assets surrendered and were significantly different, or substitution of assets and the assets surrendered the present value of estimated future cash flows are different, and the difference between the assets and the change of the fair value of the a

31、ssets is more significant than the. The new guidelines are also provided to determine whether is commercial in nature, an enterprise shall pay attention to whether or not the transacting parties are related party relationship. Related party relationship may lead to the occurrence of non monetary ass

32、ets exchange is not commercial in nature. These preconditions, will effectively restricted to non monetary assets exchange way of earnings manipulation behavior. From these rules, we can see that, the application of fair value is strictly restricted conditions, the fair value is not allowed to abuse

33、. The new standards require that the fair value to reliable and not just, fair value estimate is no longer the eraser ruler. The author thinks, fair value to be profit manipulation tools need to also have three elements: the listing Corporation management deliberate fraud, accounting audit staff los

34、e occupation moral and securities market regulatory failure. In fact with the three elements, any system can effectively play a protective role, therefore, establishing and perfecting accounting standards supporting management system is urgent.Two, the debt restructuring reform from the bottom The n

35、ew debt restructuring guidelines stipulated in debt restructuring gains can be included in the current profits and losses. As a debtors listing Corporation, the new debt restructuring guidelines means that, once the creditor concessions, listing Corporation acquired interests will be directly includ

36、ed in the current income, into a profit report. Debt restructuring is likely to increase profits, improve earnings per share. But this approach achieved with the international convergence of financial reporting standards, reflects the essence of transaction debt restructuring, debt restructuring gai

37、ns is after all the creditors rather than owners concessions, the past will not pass the profit and loss statement directly included in the capital reserve, it is under the special background of a matter of expediency, now be included in the profit and loss, is not white the black, but the reform fr

38、om the bottom. The new guidelines on the definition of debt restructuring, made clear only in the debtors financial difficulties. the premise condition, can get debt concession confirmed as debt restructuring gains. This condition will be restricted to a certain extent, the new guidelines on abuse,

39、prevent inappropriate acknowledgement of debt reorganization gains. Some people think that some affiliates can also through a remit a debt, a high performance to price manipulation, insider trading, is still small shareholders suffered losses. In fact, this fear is a bit much. This is because, first

40、, for *ST and ST company, fantasy on debt restructuring benefit, reaching for the stars is futile. Because the 2004 amendment of the Shanghai and Shenzhen Stock Exchange rules, one is freed, after deducting non-recurring profits and losses, net profit is positive. Debt restructuring to listing Corpo

41、ration profits, in actual accountant operation, will be included in operating income, which belongs to the non-recurring profit and loss, thus can in St, the stars are deducted from; second, has experienced more than 10 years of stock market investors groundless talk, analysis and judgment ability a

42、nd self protection consciousness had very big rise, debt restructuring guidelines requiring companies to disclose the fair value of the methods and basis for the ascertainment, investors can easily recognize the debt restructuring packaging profits, in order to make a rational choice .Investors blin

43、dly follow Zhuang, slaughter age has gone for ever.In three, the impairment of Chinese characteristics New guidelines for asset impairment provisions, asset impairment loss is confirmed, in the later period may not be back. It is based on the real situation of our country, last ditch of major change

44、, it is with international accounting standards, with substantial differences in the. New guidelines for asset impairment will effectively curb the use impairment as a secret reserve adjusting profit situation. Guidelines for the implementation, use impairment adjusting profit space will become more

45、 and more small, the provision of manual adjustment of profits will be more and more difficult. Some people write civil point out new guidelines for asset impairment induced by releasing will go phenomenon, cause some hidden profits of the industry and Related Companies, possible impairment in 2006

46、will be ready to strike back, crow change Phoenix may reproduce. We analyze, first of all, if the listing Corporation snatches in the new guidelines before the implementation of the 2006 year rushs impairment, we must first examine whether such actions are the reasonable basis, namely the original h

47、as provision for the impairment of an asset value now is really picks up, and if so, to adjust the asset value will make the accounting information more real, related; secondly, in 2006 large red back impairment must make appropriate evidence of the original provision for the impairment of appropria

48、teness, otherwise the previous provision is the abuse of accounting estimation results, should be in accordance with the accounting error handling, a reversal of impairment cannot be used as the 2006 annual profit. Moreover, the financial sector has been aware of this problem, and takes positive and

49、 effective measures, prevent the assault to adjust profit listing Corporation. In addition, some time ago the market that new guidelines will make A shares listing Corporation in 2006 to increase net profit 20000000000 Yuan hearsay, the survey is authors subjective, concerned media specially clarification. Others receivables and other four impairment expressed worry, think accounts receivable (especially the shareholders of account) will become the eight project of th