第150號(hào)財(cái)務(wù)會(huì)計(jì)準(zhǔn)則公告的經(jīng)濟(jì)后果【外文翻譯】_第1頁(yè)
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1、0外文文獻(xiàn)翻譯外文文獻(xiàn)翻譯原文：TheEconomicConsequencesoftheStatementofFinancialAccountingStards(SFAS)No.150RidGSchroederSuzanneKSevinDavidSchauerSFASNo.150“AccountingFCertainFinancialInstrumentswithacteristicsofBothLiabilitiesEquity”(S

2、FAS150)requirescompaniestoreptmatilyredeemablepreferredstock(MRPS)asaliabilitythedividendsonthesesecuritiesasinterestexpense.ThepurposeofthisstudyistoexaminetheeconomicconsequencesofSFAS150’sadoptiononasampleofpubliccomp

3、anies.Ouranalysisindicatesthatadoptionresultedinbothintendedpossibleunintendedeconomicconsequences.Specifically:(1)theimpactofSFAS150onnonpubliccompaniescausedtheFASBtoreviewitspositiononthedisclosuresconcerningMRPS(2)so

4、mecompaniesredeemedtheirMRPSpritotheadoptiondateofthestard(3)approximately4%ofsamplefirmswererequiredtodiscloseMRPSasaliability.(JELM41)Keywds:economicconsequencesFinancialAccountingStardsBoardmatilyredeemablepreferredst

5、ockSFAS150IntroductionTheeconomicconsequencesofaccountingstardshavebeenatopicofinterestfovertwodecades.“Economicconsequences”refertotheimpactofaccountingreptsonvarioussegmentsofoureconomicsociety[Zeff1978p.56].Sincetheid

6、entificationofthisissuetherehavebeenanumberofstudiesthathaveinvestigatedtheeconomicconsequencesofaccountingstards[Guayetal.2003Dechowetal.1996KhuranaLoudder1994WasleyLinsmeier1992StoneIngram1988].Economicconsequencesmayb

7、eintendedunintended.ConsiderthereleaseofFinancialAccountingStardsBoardStatementNo.106“OtherPostRetirement2firmincreasesthemarket’sperceptionoftheriskinessofinvestinginthefirm’sstockalsorises.Thusitisimptanttohavecriteria

8、toappropriatelyclassifyliabilitiesequitysothatdecisionmakerscanreliablyevaluatethefirm’sabilitytomeetcurrentneedstodeterminethelevelofriskinessinherentinprojectionsoffuturecashflowsovertime.Incurrentaccountingpracticelia

9、bilitiesequityaretreatedasseparatedistinctelementsofthefirm’scapitalstructure.Thisdistinctionisapparentinthefundamentalaccountingequation:assets=liabilitiesequityAccdinglyliabilitiesequityarebothclaimantstoenterpriseasse

10、tsbutequityrepresentsanownershipinterestwhereasliabilitiesarecreditclaims.Theseinterestsaredifferenttheirseparatedisclosureisrelevanttodecisionmakerswhorelyonpublishedfinancialinfmation[Clark1993].Liabilitiesequityaredef

11、inedinStatementofFinancialAccountingConceptsNo.6:Liabilitiesprobablefuturesacrificesofeconomicbenefitsarisingfrompresentobligationsofaparticularentitytotransferassetsprovideservicestootherentitiesinthefutureasaresultofpa

12、sttransactionsevents.Equitiestheresidualinterestintheassetsofanentitythatremainsafterdeductingitsliabilities.InabusinessenterprisetheequityistheownershipUnftunatelythesedefinitionshaveleftmanyunresolvedquestionstheissuan

13、ceofSFAS150isaneffttopartiallyresolvesomeoftheissuessurroundingtheclassificationoffinancialstatementitemsaseitherdebtequity.TheobjectiveofSFAS150istorequireissuerstoclassifyasliabilitiescertainfinancialinstrumentsthatrep

14、resentobligations.SFAS150definesobligationsasconditionalunconditionaldutiesresponsibilitiestotransferassetstoissueequityshares.Ifuponissuanceofsharesofstockanentitydoesnotincuranobligationtoredeemthesharesthentheentitydo

15、esnotincuranobligationtotransferassetsissueadditionalequityshares.HowevercertainissuancesofstocksuchasMRPSdoimposeanobligationthatrequirestheissuertotransferassetsissueitsequityshares.ThusaccdingtoSFAS150unlesstheredempt

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