公允价值对比
一、Definition:
International Accounting IFRS13：definition of Fair value: to estimate the price at which an orderly transaction to sell the asset or transfer the liability would take place between the market participants at the measurement date under current market conditions (an exit price at the measurement date from the perspective of a market participant that holds the asset or own the liability).
China Accounting Standards：fair value is the price that participant who are knowledgeable, having a reasonable understanding about the asset and liability and transaction using all available information are willing to enter into a transaction for selling asset and transferring liability
二、characteristic：
ISA (International accounting standard): fair value features:
1: ‘exit price’ notion is regarded as a measure target
2: the emphasis of main trading parties’ market participation.
3: the emphasis of fundamental position of principal market
4: dividing recurring fair value measurement and non-recurring fair value measurement.
Chinese accounting standards: fair value should have three aspects
1: information disclosure: sellers and buyers are knowledgeable, having a reasonable understanding about the all available information of asset, liability and the transaction, and their understanding are symmetrical.
2: sellers and buyers are willing to enter into a transaction :
If there is no related evidence to state that traded transaction is not fair or sellers and buyers are forced to enter into transaction, the market price is fair value of asset and liability.
3: asset or liability should be traded under fair value condition.
Fair value is not only based on the actual market price in actual transaction, but also based on virtual prices in hypothetical transaction in a principal market.
三、Field of application
The international accounting standards
1.《SFAS159—The Fair value option for financial assets and financial liabilities》allow listing corporation to choose the financial assets fair value more .FASB set the policy objectives of fair value measurement consistent with IAS39.
PS: SFAS, Statement of Financial Accounting Standards
IAS, International Accounting Standard
2. The fair value measurement of non financial assets choice. 《IAS40—Investment property》allow enterprises to choose historical cost or fair value in the subsequent measurement of the investment real estate. If you select the historical cost also needs to disclosure fair value in the footnotes, unless that fair value cannot be reliably confirmed; Once you select the fair value are not allowed back to the historical cost measurement.
3.《IAS16-Property, plant and equipment standards》and 《IAS38-intangible assets. For IAS16, allowing enterprises in the balance sheet date on the subsequent measurement of property, plant and equipment adopt the historical cost or fair value, and the same asset class requires consistent measurement attributes, all kinds of measurement attributes are required to be depreciated. Property, plant and equipment value should be recorded into the owner’s equity under the condition of using fair value measurement.
China Accounting standards
1.The new guidelines《No. 37 - presentation of financial instruments》prescribed in 16th guideline: The enterprise should disclose the financial assets and financial liabilities what are measured at fair value and whose fluctuations are recorded into the current profits and losses statement.
2. Subsequent measurement of investment property and the application of fair value in the final estimation.
3.The new guidelines 《NO.24 hedging》prescribed in the second guideline：Hedging is that enterprises, in order to avoid foreign exchange risk, interest rate risk, commodity price risk, stock price risk, credit risk, etc., specify one or more than a hedging instrument, make the changes in fair value or cash flow of a hedging instrument, and are expected to offset the hedged item changes in fair value or cash flow in whole or in part.
四.Environmental differences
The international accounting standards
1. The appearance of FRS13 has a profound theoretical basis
2. The mature market environment
3. The adequate assessment procedures
China Accounting standards
1. It is not mature from theory to practice, the use of fair value has no uniform standard caliber, it is a leading factor that some industries cannot make comparison analysis simply.
2. Stock market in China is not yet mature currently.
3. Derivative financial instruments are relatively backward
4. Immature market environment.
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