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【正文】 ed on fair value as a measurement attribute. The fourth section describes how the Framework definitions of assets and liabilities circumscribe the expected inflows and outflows of economic benefits that are candidates for financial statement recognition. These definitions play a critical role in limiting the types of future expectations that are included in financial statements. The fifth section discusses the effects on ine of incorporating more estimates of the future into today’s financial statements. The final section offers some concluding remarks. THE QUESTION IS HOW, NOT IF Including estimates of the future in today’s financial statements is not new. With few exceptions, such as cash in the entity’s domestic currency, amounts in today’s financial statements all reflect estimates of the future. Most understand that amounts recognized at fair value reflect estimates of the future. However, accountants use accruals to adjust cash flows to reflect expectations of the future. For example, loans receivable reflects the amount that a bank expects to receive from its borrowers. The amount is determined by aggregating the contractually promised amounts and adjusting them for the time value of money and any 9 defaults expected based on current facts and circumstances. All of these estimates must be based on events that have occurred by the time the estimates are made. However, they all are estimates of the future arising from those events. Thus, the question is not whether today’s financial statements should incorporate estimates of the future. The question is how they should do so. MEASUREMENT ATTRIBUTE AND ESTIMATES OF THE FUTURE How estimates of the future are incorporated in today’s financial statements depends on the attribute selected for asset and liability measurement. Each measurement attribute requires incorporating expectations with different characteristics. For example, fair value requires including expectations of future cash flows that market participants would include, discounted at the rate that market participants would use to discount them. In contrast, entityspecific value requires including expectations of future cash flows that the entity expects to receive, discounted at a rate that reflects the entity’s cost of capital, even if these differ from those of other entities. Thus, entityspecific value differs from fair value in that entityspecific value includes cash inflows or outflows expected by the entity that wouldnot be expected by other market participants, such as expected inflows related to superior management talent. Multiple Measurement Attributes Presently, financial statement amounts are based on a variety of measurement attributes. In International Accounting Standards (IAS), these include historical cost (used for cash and heldtomaturity liabilities), modified historical cost (used for property, plant, and equipment, and loans receivable), fair value (used for derivatives and asset revaluations), and entityspecific value (used for impaired inventories and impaired property, plant, and equipment). These differences in measurement attribute do not result from differences specified in the Framework. Rather, they result from conventions and differences in practice that have evolved over time. Thus, when viewed in terms of the Framework, these differences generate financial statements that are internally inconsistent. Use of multiple measurement attributes not only is conceptually unappealing, but also creates difficulties for financial statement users. The amounts recognized in financial statements are binations of amounts measured in various ways. This plicates the interpretation of accounting summary amounts, such as ine. This difficulty is not limited to aggregated financial statement line item amounts. Some individual elements within a particular financial statement line item are recognized based on different measurement attributes, which are not disclosed. For example, an entity may state that it recognizes inventories at the lower of cost or realizable value. However, it states this regardless of whether any inventory has been written down. Another example is an entity that recognizes an upward revaluation of property, plant, and equipment. Once the revaluation is recognized, determining which items of property, plant, and equipment and related depreciation are measured at cost and which are measured at fair value bees difficult. Using different measurement attributes also means that similar economic events could receive quite different accounting treatments. For example, contracts are presently recognized in financial statements differently, depending on the type of contract. If the contract is a lease, then either it is not recognized on the balance sheet, if it is classified as an operating lease, or is capitalized, if it is classified as a financing lease. If the contract is a forward contract, then it is not recognized unless it is classified as a derivative, in which case it is recognized at fair value. Yet, the economics of the two lease contracts or the two forward contracts are similar. Another example is if an entity asserts that it has the ability and intent to hold debt instruments to maturity, the instruments are recognized at historical cost. If the entity does not make the assertion, they are recognized at fair value. This, too, creates difficulties for users to understand financial statements that purport to reflect the economic activities of an entity. Why the Increasing Focus on Fair Value? Using a single measurement attribute could alleviate many of the difficulties associated with the present use of multiple measurement attributes. Among the measurement attributes that have been considered for financial 10 statements, the IASB seems focused on fair value. This is largely because fair value accounting is th
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