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The Financial Derivative Accounting

Author: LiXiang
Tutor: WangHongZuo
School: Shandong Agricultural University
Course: Agricultural Economics and Management
Keywords: Derivative financial instruments Accounting recognition Accounting measurement Accounting reports Risk Management
CLC: F830.42
Type: PhD thesis
Year: 2004
Downloads: 1794
Quote: 18
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Abstract


Derivative financial instruments accounting theory's systematic theoretical study of derivative financial instruments accounting and traditional accounting theory and a variety of financial innovation as the background, starting from derivative financial instruments accounting concepts, the accounting recognition of derivative financial instruments, accounting measurement and accounting reports for a comprehensive exposition, build up a relatively complete theory of derivative financial instruments accounting system, not only has a higher theoretical value, but also has important social value in practice. In the 1970s, the disintegration of the Bretton Woods system, the worldwide oil crisis, international financial competition intensifies. Financial institutions in order to avoid risks, to survive in the fierce market competition, and development, innovation must be traditional financial instruments, as emerging an important means of risk management, derivative financial instruments came into being. Study accounting definition of derivative financial instruments, a brief review of the origins and the course of development of derivative financial instruments, fully inspected the definition of derivative financial instruments at home and abroad, research from the accounting point of view, the concept of derivative financial instruments defined as: derivative financial instruments is to determine both a financial stock owned by the rights and obligations of the contract some time in the future, it is the existence of the basis of financial instruments as a precondition to leverage and credit transactions is characterized the establishment of the transaction, both the formation of a financial asset of an enterprise, as well as the formation of a financial liability of another enterprise. Derivative financial instruments accounting is one of the top ten accounting problems of the 21st century, the study of derivative financial instruments accounting from derivative financial instruments challenge the traditional accounting theory, the accounting recognition of derivative financial instruments, derivative financial instruments accounting reports accounting measurement of derivative financial instruments and derivative financial instruments risk management aspects. In derivative financial instruments of traditional accounting theory challenges the traditional accounting theory, the accounting cycle, including the accounting recognition, accounting measurement and accounting reports. Accounting recognition to solve the problem of whether an item into the accounting system at what time should confirm the core concepts of traditional accounting theory accounting to accrual; accounting measurement is to solve the problem of an item into the accounting system in what amounts, the core concept of the traditional accounting theory accounting measurement principles of historical cost; accounting reports reveal or express accounting information, the core concept of the traditional accounting theory and accounting reports for the accounting statements. The accounting recognition accounting measurement and accounting reports are based on a transaction or event occurred in the past as a basis of accounting, transactions or events that may occur in the future, it is not reflected, and will not reveal any risks and uncertainties. The future tense, and a high degree of risk, derivative financial instruments and derivative financial instruments when the contract is signed, the parties to the transaction just assumed obligations, enjoy the rights, and no occurrence of the change of the economic benefits. The foothold of derivative financial instruments not that a transaction or event occurred in the past, but rather focus on the future performance of the contract. Meanwhile, have a higher risk of derivative financial instruments, the economic benefits in the future, either in time or in the amount is difficult to determine. Therefore, more than three decades of history, tradition has been as off-balance sheet accounting treatment business, the existing 1 lt; WP = gt; derivative financial transactions on derivative financial instruments accounting accounting technology can not be included accounting statements can not be true accounting of the risks and benefits of derivative financial instruments. However, the impact of derivative financial transactions of the enterprise is a long-term, significant, even fundamental ones, in the objective requirements of derivative financial instruments must be timely and properly be reflected in the accounting report. So, derivative financial instruments caused a serious challenge to traditional accounting theory and practice. Accounting recognition of derivative financial instruments, in accordance with traditional accounting theory, the accounting recognition conditions: The project is in line with the definition of the elements of financial statements; economic benefits associated with the item is likely to flow into or out of the enterprise; related to the project cost or value can be measured reliably. Derivative financial instruments in form does not meet the definition of traditional accounting elements, but in essence, enterprises now have the rights or obligations of derivative financial instruments, will cause corporate capital inflows or outflows. Therefore, in terms of their effectiveness, and the traditional sense of the assets, liabilities no essential difference. Therefore, the elements of the conceptual framework of the traditional accounting correction to expand the range of recognized accounting elements, derivative financial instruments are included in the table kernel is extremely necessary. Assets epitaxial extended to include financial assets, liabilities epitaxial expanded to include financial liabilities. Accounting recognition of derivative financial instruments, including the initial recognition and derecognition, the paper argues, derivative financial instruments are initially recognized standard: enterprise should recognize a financial asset or a financial liability when enterprises have become the party of derivative financial instrument contracts . Derecognition of derivative financial instruments, financial assets recognized standard: When companies no longer have the financial assets of all or part of the contractual rights or lose control of the financial assets of all or part of the contractual rights, should the financial asset or part thereof be struck off from the balance sheet; relation to financial liabilities, the recognition criteria: constitute financial liabilities of the contractual obligation to eliminate all or part of this financial liability or part of the balance sheet removed. In the accounting measurement of derivative financial instruments, in accordance with traditional accounting theory, the accounting measurement attributes: historical cost / historical revenue, current cost, current market price, realizable net value and the discounted value of future cash flows in five different accounting measurement attributes. The fair value of the exchange between the parties, the amount of assets or settlement of liabilities using current fair trade, knowledgeable and voluntary. This paper argues that fair value is a dynamic concept, it can be expressed in the past, present and future three tenses. Between the fair value and the current accounting measurement attribute not a parallel relationship between the historical cost / historical income, current cost, the current market price, realizable net value and the discounted value of the future cash flows of the five measurement attributes can be defined as a specific time state fair value; Conversely, the fair value must be based on the fair value of existing accounting measurement attributes of view, manifests itself through a specific accounting measurement attributes. Accounting measurement of derivative financial instruments, including the initial measurement and subsequent measurement, the paper argues that the fair value of derivative financial instruments related accounting measurement attributes, on the one hand, the fair value?

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CLC: > Economic > Fiscal, monetary > Finance, banking > Finance, banking theory > Banking > Bank Accounting
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