對(duì)可操控資產(chǎn)計(jì)提減值的審視【外文翻譯】

1、1本科畢業(yè)論文（設(shè)計(jì)）外文翻譯外文出處AccountingHizonsSep92，vol6，issue3，p3041外文作者Lindaj.ZuccaDavidR.Campbell原文：原文：ACloserLookatDiscretionaryWritedownsofImpairedAssetTheCurrentEnviromentAnassetissaidtobe“impaired“whenitsbookvalueexceedssome

2、measureofits“fair“value.Whenafirmrecognizesthisimpairmentsubsequentlyrecdstheeffectbydecreasingthebookvalueoftheassetdebitinganincomestatementaccountthefirmhasrecdeda“writedown.“GAAPclearlyallowsthesewritedownsinseverals

3、ituations.Firstcertaincurrentassetssuchasmarketablesecuritiesinventiesareexaminedperiodicallyadjustedtothelowerofcostmarket.Similarlylongtermequityinvestmentsareadjustedperiodicallytothelowerofcostmarketalthoughtheincome

4、statementisnotaffectedbythewritedown.Finallyanylongtermassetsfwhichdisposaliscontemplated(includingassetsbeingsoldaspartofadiscontinuedoperation)areadjustedtotheirrealizablevalue(exitmarketvaluelesscostsofsellingreadying

5、fsale).ThesefinaltypiesofwritedownsareadequatelyaddressedbyAPB30thereappearstobenoconfusionontheapplicationoftherulestothesesituationsnanyreasontoreassessAPB30atthistime.Mostofthewritedownswhichafirmmightnmallyrecdwouldf

6、allintooneofthesethreecategies.ThewritedownswhichtheFASBwouldspecificallytargetwiththeirpotentialregulationwouldbethosewhichdonot.TimingMotivationAtthecurrenttimepartialwritedownsofimpairedlonglivedassetsarerecognizedatt

7、hediscretionofmanagement(withthesubsequentsupptoftheir3earningsfeachfirmintheperiodinwhichthewritedownwasrecded.Incomesmoothingisacterizedbyperiodsinwhichprewritedownearningswerehigherthanexpected.Byrecdingthewritedownre

8、ptedearningswerecloserto(butnotlessthan)thelevelexpected.A“bigbath“isacterizedbyperiodsinwhichprewritedownearningswerealreadybelowexpectedearnings.Thusthefirmrecdedthewritedowninaperiodinwhichotherlossesaccrualswerealrea

9、dyrecdedinaperiodofbelownmaloperations.FinancialConsequencesofDiscretionaryWritedownsThefinancialconsequencesofrecdingdiscretionarywritedownsofimpairedassetscanbeassessedbyobservingcertainfinalindicatsatthetimeofafterthe

10、writedown.Threespecificindicatshavebeenchoseninthisstudy:(1)thereactionofthestockmarket(2)thefrequencyofsubsequentmergeracquisitionactivity(3)thesubsequentfinancialhealthofthefirmsasmeasuredbycertainkeyratios.Eachofthese

11、threeindicatswillbediscussedseparately.StockMarketReaction.Theaveragestockreturnsofthewritedownfirms(adjustedfcashstockdividendsaswellasfirmspedficrisk)werecomparedwiththemarketreturnfaperiodofsixtydaysbefetosixtydaysaft

12、ertheannouncementofthewritedown.Ontheaveragetherewerenosignificantunusualexcessreturnsearnedbythewritedownfirmsoverthisperiodoftime.Inadditiontheyperfmedsimilarlytoacontrolgroupoffirmsmatchedonthebasisofindustryassetsize

13、overthesameperiodoftime.Theseresultsdonotrefutetheanecdotalevidencethatfirmsannouncingdiscretionarypriceincreases.Rathertheyindicatethatfeveryfirmthatachievesthesepositiveresultsthereisafirmfwhichthemarketactsnegatively.

14、Thusafirmwhichrecdsawritedownisjustaslikelytoexperienceanegativemarketreactionasitisapositivemarketreaction.SubsequentMergerAcquisitionActivity.Somepeopleinthebusinessacademiccommunitiesbelievethatawritedownmaybeanindica