Transcript 2 0

兩岸簽訂ECFA對台灣經濟
發展之影響研討會
2010年6月5日
台灣金融研訓院菁業堂
實務座談 (2)
採用IFRS對台灣產業的影響
主持人：李正福 財團法人亞太金融研究發展基金會董事長
與談人：1.陳樹
2.吳琮璠
3.周國端
4.吳清在
5.吳蕙蘭
財團法人中華民國證券櫃檯買賣中心董事長
國立台灣大學會計系教授
宏泰人壽保險股份有限公司董事長
國立成功大學會計系教授
安侯建業會計師事務所會計師
引言
1. 台灣採用IFRS應考慮的問題
2. IFRS及US GAP正在互相妥協的階段
3. 台灣採用IFRS時程是否須延遲
4. Fair value accounting (IFRS) 可能是
引起2007-2008 financial crisis主要原
因之ㄧ
IS THERE LIFE FOR FAIR VALUE ACCOUNTING
AFTER 2008-2009 FINANCIAL CRISIS?
By Bikki Jaggi, James P. Winder, and C.F. Lee
Abstract
This paper evaluates the role of fair value accounting in recent financial crisis,
and examines whether the call for its demise is justified. Critics argue that fair
accounting regulation added to the volatility in financial markets and aggravated
financial crisis. On the other hand, supporters of this regulation argue that fair
value accounting has been the victim of recent financial crisis. They believe
that this regulation is important for providing transparent, reliable, and accurate
information on asset values to investors.
After evaluating the impact of fair value accounting regulation on financial crisis,
we examine negative and positive aspects of this regulation. Our discussion
shows that fair value accounting provides useful information during stable
market conditions, but its usefulness may become questionable during unstable
and volatile financial markets. Overall, this regulation has the support of
financial professional bodies. Some professionals are, however, concerned
about recent modification to the fair value accounting rule, i.e. FAS 157-4,
because this modification may not enhance reliability and accuracy of financial
information. Despite recent modification, discussion on fair value accounting is
far from over. Critics of the regulation still believe that this regulation should be
eliminated, but the positive aspects of this regulation support its continuation.
IS THERE LIFE FOR FAIR VALUE
ACCOUNTING
AFTER 2008-2009 FINANCIAL CRISIS?
Outline
I. INTRODUCTION
II. BACKGROUND AND SFAS 157
1. US Accounting Standard FAS 115
2. US Accounting Standard FAS 157
III. FAIR VALUE ACCOUNTING AND FINANCIAL CRISIS
1. Financial Factors Leading to the 2008-2009 Financial
Crisis
2. Role of Fair Value Accounting in Financial Crisis
IS THERE LIFE FOR FAIR VALUE
ACCOUNTING
AFTER 2008-2009 FINANCIAL CRISIS?
Outline
IV. MODIFICATIONS TO FAIR VALUE ACCOUNTING
1. Emergency Economic Stabilization Act of 2008
2. Modifications to the Mark-to-Market Regulation
(a) Nature of Modifications
(b) Recording of Losses on Other-Than-Temporary Impairment of
Securities
(c) Measuring Fair Value of Liabilities
(d) Fair Value Disclosures
3. Reaction to Modifications to Fair Value Accounting
(a) CFA Reaction
(b) Reaction of Investors’ Technical Advisory Committee
(c) Two Board Members’ Reaction
4. Overall Reaction to Fair Value Accounting Modifications
IS THERE LIFE FOR FAIR VALUE
ACCOUNTING
AFTER 2008-2009 FINANCIAL CRISIS?
Outline
IV. NEGATIVES AND POSITIVES OF FAIR VALUE ACCOUNTING
1. Negative Aspects of Fair Value accounting
(a) Contagion Effect and Procyclity
(b) Reliability of Methods to estimate Fair Value
(c) Leverage and Volatility
(d) Impact on Bank Capital and Capital Ratios
2. Positive Aspects of Fair Value Accounting
(a) Usefulness of Fair Value Accounting Information
(b) Removal of Inconsistencies
(c) Uniformity Fair Value Measurement
(d) Uniformity Disclosure Requirement
3. Overall Evaluation of Negatives and Positives of Fair Value
Accounting
VI. SUMMARY AND CONCLUSION