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The Research on the Application of Fair Value in Property Rights Accounting

Author: TianHuaXiu
Tutor: YangYaPing
School: China University of Geosciences
Course: Accounting
Keywords: Property rights accounting Fair value Measurement attributes
CLC: F233
Type: Master's thesis
Year: 2011
Downloads: 282
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Abstract

Property rights is a bundle of rights, including the right to ownership, possession, ownership and use rights, reduce uncertainty, internalization of externalities, incentive and constraint functions, the function of resource allocation and income distribution function characteristics benefit a cause or damage . Property rights theory of the core content is by definition changes, and arrangements for property rights to reduce market transaction costs and improve the efficiency of resource allocation. The origin of the accounting and property rights for a long time, the close relationship between the two is inherent in other words, \1990s, accounting and property rights fusion research thought quietly rising, and its unique charm to attract a large number of young and middle-aged accounting scholars. Wu Zhongxin for accounting scholars property rights economics as the starting point of the basic theory of accounting effective explorations property rights Accounting emerged as a new school accounting. Property rights accounting school of thought: the accounting generated, development and change the fundamental mission is to reflect the structure of property rights, to reflect the relationship between ownership and maintenance of property rights will, which must be based on the measured value. Use their own specific professional and technical accounting accurate measurement of the assets of the enterprise, in essence, is the definition of property rights and fiduciary responsibility confirmation process. The measurement is the core of the accounting and measurement attribute is the kernel of the accounting measurement. The reasonable accounting attribute selection and effective use of critical accounting completion of asset valuation and income to determine the two missions. How to proceed with regard to property valuation, existing property rights accounting theory basically default historical cost-based measurement attributes. In the complex environment of the modern market economy, however, continue to use the historical cost measurement attributes is obviously an objective, fair, lack of relevance and authenticity, not only will lead to the deviation of the definition of property rights, property rights accounting objectives can not be achieved, but also the \The essence of the modern enterprise is the conclusion of contracts between stakeholders and the formation of cooperative property rights contract Commonwealth income is greater than the cost of cooperation, both public ownership and private property rights, whether it is a strong property rights or vulnerable property rights, should get equality effective protection. The modern enterprise financial reporting should not only services for the creditors should also be to the benefit of shareholders, including related services. The basic definition and protection of property rights need accounting transparency, fair and reflect the authenticity of accounting information. Fair value accounting measurement attribute is a composite, is based on the present value and the value of accounting measurement, value measurement based implementation form. Compatible with market economy, facing the present and the future-oriented markets with uncertainty, decision usefulness, other measurement attributes relative to historical cost, fair value measurement to provide a more fair and true, and more relevant accounting information for economic decision-making, better define and protect the property rights of the modern enterprise service. Therefore measured at fair value are measured in terms of historical cost in property gradually at the fair value measurement attributes inevitable Suicheng. The fair value measurement applications in China has experienced the introduction of avoidance and re-introduction of the three stages. June 12, 1998 marks the release of \Due to abuse of the fair value of listed companies to manipulate profits phenomenon occurred during the operation, in early 2001, the Ministry of Finance to amend the debt restructuring \February 15, 2006, issued \According to statistics, there are 17 criteria for different levels of use of a fair value measurement, accounting for 38 specific criteria as high as 44.74%, requires disclosure of the fair value of the nine criteria. The re-introduction of the fair value measurement attributes to enrich the current accounting measurement attribute system, broaden the field of view of the theory of property rights accounting, fair value measurement practices mature laid the practical foundation of the theory of property rights accounting. Therefore, take this opportunity to conduct the equity accounting fair value measurement attribute applied research has profound practical significance. In this paper, on the basis of relevant literature review and sum up, property accounting and fair value measurement theory analysis, combining normative and empirical research, in-depth analysis of the recognition and measurement of fair value measurement accounting value of legal property rights in property rights, creditor claims by value recognition and measurement, as well as the recognition and measurement of residual claim value; overall analysis on the Shanghai and Shenzhen A shares 1,549 listed companies in the sample, the analysis of the industry and the individual case studies to explore the fair value measurement of property accounting applications, and propose appropriate solutions for the problem of the current measured at the fair value of property rights accounting applications; Finally, put forward the application of the fair value of future property rights accounting. Text is divided into five parts, the main content is summarized as follows: Chapter 1 is an introduction, introduces the research background and significance, the contents and methods of the study, this innovation, and domestic and foreign property accounting and fair the value of the latest achievements of the econometric research conducted a literature review and synthesis. The second chapter is an overview of the theory of property accounting and fair value, the first concept of property rights retroactively from Marxist economics \sector to do the interpretation of the definition of property rights; then the meaning of equity accounting, property rights accounting identities, as well as property rights of Accounting and traditional accounting the difference between synthesis and analysis; final attribute from the meaning of fair value and the fair value measurement attributes with the other five measures The relations between the fair value measurement. The third chapter is the main content of this article, from the recognition and measurement of the value of legal property rights, property rights accounting recognition and measurement, as well as the recognition and measurement of the value of the residual claim of creditor claims by the value of the three major aspects of the fair value measurement in-depth analysis. Using a combination of qualitative analysis and quantitative analysis methods, the information and data provided in the 2007-2009 annual financial report of 1549 listed companies in China's Shanghai and Shenzhen A-share basis, in China's Shanghai and Shenzhen A-share listed companies overall analysis on the basis of its analysis of the fair value measurement in various projects in various industries according to the Industry Classification combined with data on individual cases, layers of depth analyzes of fair value mode property value recognition and measurement status quo. Analysis, we find: (1) China's Shanghai and Shenzhen A-share listed companies, financial enterprises with its financial assets and financial liabilities on the number and amount of great advantage, so the breadth of application of the fair value and depth is much higher than the non-financial enterprises; (2) investment property accounted for a smaller proportion in the total assets of the enterprise, and the use of fair value measurement model number of companies small, so people generally expected before investment property fair value measurement will be listed on the impact of the interest in Lee profit or loss is not obvious; (3) the measurement of biological assets due to the impact of the status quo of China's agricultural market, basic and are based on historical cost measurement model selected in this article China's Shanghai and Shenzhen the City agriculture class A shares in listed companies, no one measured at fair value of biological assets; (4) measured at fair value on some special transactions, such as the exchange of non-monetary assets, debt restructuring, we can not be ruled out in order to meet investors' expectations or to whitewash financial reporting profit manipulation and the possibility of earnings management. Chapter questions and suggestions, combined with the third chapter of the previously measured at the fair value of our property accounting application status, summed up the four main issues of fair value measurement applications exist in the current property rights Accounting: First, fair value of the application by the constraints of the market environment, volatility enhance the application of the fair value of the financial statement items measured at fair value may be reduced to the companies to manipulate the profit earnings management tools of asset evaluation agencies and personnel vocational skills and quality needs to be improved, the fair value made \Solve these problems to establish the the specialized fair value measurement criteria, and improve the information disclosure of the fair value, and suggestions to improve the application associated with the fair value of the market environment, and strengthen asset evaluation team building, property rights to the fair value measurement attributes accounting obtained in the effective use of. Chapter outlook on the prospects for future application of the fair value measurement of Property Accounting made. The fair value measurement model is the objective requirements and inevitable outcome of the development of China's market economy, may still bring some negative effects in the process of its implementation. However, With increasingly active of China's capital markets and asset assessment technology continues to mature, the application of fair value measurement attributes of Property Accounting environment will gradually improve. Finally, the limitations and shortcomings of this study are summarized. Finalized as of this, China's Shanghai and Shenzhen A-share listed company's annual financial report for 2010 has not been fully disclosed, the comparative analysis of the application of the fair value of the A-share listed companies, as well as industrial applications, this article is annual data of three years after the implementation of the current guidelines, the annual financial reports of listed companies 2007 -2009 information and data. At the same time, because of their knowledge on the structure of certain defects and the limitations of the theoretical knowledge to master, this article some aspects of the analysis did not take into account some details is not enough depth and thorough.

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