Enjoy smooth network software library, a good helper selection management software solutions group 2007 conference today, mankind has entered the new economy, financial reporting limitations in many areas has lagged behind the overall economic environment. And therefore it is imperative for major improvements.
First, the limitations of the current financial report
1. Not reflect non-monetary information
Confirmed by traditional accounting standards are based on a subject based on past transactions, future transactions and events occurred is not recognized. However, with the deepening of the development of financial innovations, such as futures, options, derivatives like "Small is Big," which contains the infinite opportunities and risks, and to the future fulfillment of the contract during the standpoint of the characteristics, traditional Accounting helpless. Second, with the rapid development of information technology, human resources, intangible assets, digital assets, financial derivatives and other information become increasingly important. In today's new era of business value of future cash flows and market power where it is these traditional accounting statements on the factors that have not appeared. Information, competition means business life and death to some extent the competition, but mainly because of existing financial statements reflect the monetary measure of historical cost data, the vast majority of the accounting statements of tangible assets, information, and a large number of invisible The information can not reflect the assets, and thus considerably reduce the usefulness of accounting information for decision-making.
2. Unable to meet the needs of the timeliness of information
The most important feature is that the information timely, current financial reporting disclosure can not achieve the timely nature of the quality of accounting information, the disclosure of the cycle, time is too long, such as enterprise's annual financial reporting requirements for the end of year 4 months Bao Chu, and Zhong Qi financial reporting requirements in the medium term within two months after the report out report out after so long and how much information is useful then, to spell out what companies are worth? in the rapidly changing modern society, two months of the time enterprise's financial situation could change dramatically. Thus, the existing financial reporting system has not keep up with the pace of development of modern society.
3. Unable to meet the different needs of information users
With standard financial reporting model is the common enterprise to financial information to the user an effective way, but this common type of report inevitably neglected needs of different users on the differences between the information and use of difference. With the increasing complexity of socio-economic, organizational forms in society and the status of competition in the market is changing, in addition to direct investors, creditors, the external and internal also emerged a number of different users of accounting information, including government departments, customers, partners, social sector and so on. Traditional industrial economy is the focus of information users financial information, and in the knowledge economy should not only obtain financial information, but also access to non-financial information. Disclosure of information the user requests to expand the content, quality of information emphasized in the relevance of information, consistency and timeliness. Therefore, how to properly resolve the differences in the use of these information problems, then to the future information disclosure raised new challenges.
4. Unable to meet the needs of the forward-looking information
The traditional income statement is based on essentials of traditional accounting earnings and revenue costs based on the concept of financial performance report form, which in the prices stable, single-market economic activities, Waibu low-risk economic environment is appropriate, it is accurate to reflect the business activities of the proceeds. However, with the increased degree of market economy, price volatility has become the process of economic development can not escape the phenomenon. There is growing recognition that the historical cost measurement model for the lack of the traditional income statement, especially the 80's last century more than 2,000 U.S. financial institutions engaged in financial instrument transactions in financial difficulty, but before the financial report is still in crisis show "good" results of operations.璁稿 investors, the lack of historical cost financial reporting perspective, predictive information, not only failed to send financial regulators and investors, warning signals, and even misled the investors Huan, Shi Qi judging error.
5. Can not meet the reliability requirements of information
The limitations of existing enterprise accounting statements of accounting personnel is also reflected in the reliability of financial statements that accountants tend to gloss over statements. In order to reasonably reflect the relationship between income and expenses, results of operation and management of the reporting enterprise, in the end, business matching principle according to a lot of adjustments and transfer processing. Although the occurrence of financial data processing is based on transactions as the basis for accounting recognition and measurement, but because of this transfer and the different treatments of subjectivity, coupled with corporate accounting statements is to provide to the enterprise of foreign investors and creditors use, therefore, from enterprise management to the accountants want a good accounting statements reflect the Company's operating results, accounting personnel with this mentality to prepare its financial statements, accounting reports on the making of color with a whitewash.
Second, the eight aspects of financial reporting to improve
1. Derivative financial instruments should be emphasis on the benefits and risks arising from the disclosure of information
With financial innovation, such as futures, options like no actual transaction but only the future economic benefits of the rights or obligations of increasingly complex types of derivative financial instruments, such derivative financial instruments may lead to future financial situation of enterprises, dramatic changes in profitability . If no such risk of derivative financial instruments be disclosed, could cause users of financial reports for investment and credit decision-making mistakes. Although the present stage is not yet mature capital markets, derivative financial instruments is still rare, not much influence on enterprises, but we should be early Zhuoshou research in this area, to meet our capital market development and improvement. The purpose of the disclosure of financial instruments is to provide to enhance understanding in the balance sheet and balance-sheet financial instruments on the financial situation, performance and cash flows of the importance of information to help evaluate the financial instruments related to future cash flows of the financial, time, and determine of, in addition to the amount of information on specific financial instruments and transactions in particular information, to encourage enterprises to provide information on the use of financial instruments, the associated risks, the business purpose of the service description.
2. Should focus on disclosure of information on human resources
With the gradual arrival of knowledge economy, the focus on disclosure of information inventory, machinery and equipment and other physical assets on the limitations of the current financial report has been increasingly shown, This was reflected in the size of the Value of physical assets and enterprises to create future cash flow capacity is also weakened the correlation between, and even the current market value and business relationship between the falls. Under the current accounting system, investment in human expenditure, no matter what amount, should be as current expenses, which makes human assets are substantially undervalued at a cost greatly. This is also the current financial reporting more and more criticism by one of the main. Disclosure of information on human resources, human resources, in addition to in-depth study of theories and methods of measurement, but also involves the confirmation of human capital, and the resulting distribution of benefits and other issues of great difficulty, should be the subject of accounting an important subject to study.
3. Enterprises should pay attention to the disclosure of comprehensive income information
In addition to the existing comprehensive income included in the profit and loss account has been realized and recognized gains and losses also include unrealized gains or losses, failing to achieve the property revaluation surplus, business investment unrealized gains / losses, net investment in foreign currency translation differences. In China, corporate disclosure of comprehensive income has important practical significance, because: First, our market changes, some enterprises, especially the old business, the value of assets held by the reality of difference and the accounting book value of assets is very poor, this certainly is a difference between expected profit and loss, it would be revealed more fully reflect the true earnings of enterprises, help investors and creditors in decision-making. Second, can effectively curb corporate profits or gloss over control performance. The gains or losses not recognized by other methods such as the replacement of assets into current profit or loss is the most common way to manipulate profits, if adopted comprehensive income report on a fundamental control in this way to prevent the possibility of profit, so that more realistic accounting information. Because of this, China should step up research in this area, early formulation of the comprehensive income disclosure rules.
4. Should pay attention to forecasts of future trends in the value of disclosure of information
Disclosure of forecast information, there are different perceptions and practices. In theory, the best forecast of the disclosure form is a complete financial report, but in practical terms to complete the preparation of accurate financial reporting is very difficult to predict, the feasibility of difference. From the practical point of view, many countries require listed companies to provide earnings per share forecast data. I think that the preparation of a complete financial report predicted the existence not only technically difficult, more importantly, there is no value. Because of different interests from their own point of view inspection company, is bound to its attitude on the benefits and risks of different to have different values. That being the case, companies also unnecessary the preparation of a comprehensive financial report forecast. Disclosure of business trends in the future value of information should be detailed in the table as far as possible outside the corporate disclosure and predict the future value of some related information, such as business investment, market share, material costs down, new product development, etc., the internal conditions of enterprises and external environment, information for users of financial reports predict the future value of business trends provide useful information services.
5. Value-added tables should be prepared, reflecting the company's contribution to society and its contribution to the volume of distribution
Current Financial Report of the main services of the main investors and creditors, the disclosure of the contents of the main creditors and investors and investment and credit decision-making related to the profitability and financial conditions in the company of these statements do not reflect the true contribution to society the amount that companies provide value-added or value added, but does not reflect the amount of the distribution of contributions. In the political and economic democracy of today, the traditional financial reporting in this area inadequacies become increasingly prominent. First, the currency's dominance of capital gradually weakened, human, intellectual capital is the growing proportion of the contribution, which requires financial reports to users of these information services; second, the trend of democratization of political and economic domination of monetary capital requirements were announced the amount of corporate contributions to the community and contribute to the amount of the distribution, in order to facilitate monitoring of social enterprises; Third, public enterprises real contribution to society and the distribution of the amount, help mediate between the various capital providers, and business and society, national government, and thus the distribution of interests in resolving the conflict created in the effort to increase interest and has played an active role; fourth, the state enterprises to understand the real contribution to society, help to formulate the National Science macro-control measures to promote economic development. There are many countries such as Britain and France have begun to prepare, or even to the public. Study in China should pay close attention to "value-added table" theory and methodology and introduce relevant criteria, as soon as possible "value-added table" into our financial reporting system within the.
6. Should pay attention to the environmental impact of corporate disclosure
Enterprise is the creator of wealth, but also the main polluters of the environment, there is a close with relations environment. Understand the environmental impact on the enterprise survival and development of state information to investors, creditors, regulators and other interest groups and business-related terms are of great significance. First of all, survival is related to a business that can continuing operations issues, such as a business Buneng going, then going on the basis of accounting information would be meaningless; Second, understanding environmentally-related liabilities arising from , pollution control costs, depreciation of asset values and other environmental risks losses affect development of the information is beneficial to investors, creditors, managers, etc. to make the right decisions. Higher current financial neglected to disclose the information in this area, no longer meet the increasing requirements of environmental protection, measures to increasingly stringent requirements of the socio-economic situation.
Therefore, the disclosure of corporate environmental impacts, improve financial reporting information should be used as one of the elements.
7. Consumption of natural resources should be the case is revealed
With the progress of science and technology, deepen understanding of human nature, limited natural resources have a more full understanding of the corresponding understanding of wealth has also been raised about the scope of the wealth of wealth from the extended to the artificial man-made and natural wealth and wealth. Enterprise is the producer of man-made wealth, but also the largest consumer of natural wealth, what a business whether on the contribution of the growth of social wealth, to see whether it created artificial wealth to make up for the consumption of natural wealth. Obviously, the existing investors on capital gains and losses calculated only the financial report does not provide this information. Therefore, it is necessary to improve it.
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