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First, the new accounting standard-setting principles guiding philosophy
一、新会计准则制定的原则导向理念
A British new corporate accounting standards system to follow the concept
1.英国新企业会计准则体系遵循的理念
Britain's new accounting standards formulated follow the "principles-based philosophy," while the old criteria to follow is "rule-oriented philosophy." Britain's new corporate accounting standards system use "principles-based philosophy" will be based on the idea, publish ideas, system design, content arrangement, technical standards, integration, new accounting standard system includes two parts: First, the basic guidelines. Second, the specific guidelines.
英国新会计准则的制定遵循了“原则导向理念”,而旧准则遵循的则是“规则导向理念”。英国新企业会计准则体系运用“原则导向理念”,将理念基础、发表思想、体系设计、内容安排、技术标准等融为一体,新企业会计准则体系包括二部分:一是基本准则。二是具体准则。
(2) the advantages and influence policy-driven philosophy
2.原则导向理念优势及影响
"Principles-based" yes on a particular object or transaction, matter of accounting, financial reporting proposed principles to be followed. It does not attempt to answer any questions or provide details for each possible rules, thus avoiding "rule-oriented, said" a lot of flaws, brought to the UK accounting work had a major impact.
“原则导向说”是就某一对象或交易、事项的会计处理、财务报告提出应遵循的原则。其并不力图回答所有问题或对每种可能情况提供详细的规则,从而避免“规则导向说”的诸多缺陷,给英国的会计工作带来了重大影响。
(A) lay a British uniform accounting platform, with a recognized, consistent with the accounting standards to regulate science. (2) is conducive to international accounting harmonization will help to further optimize the investment environment in the UK, and comprehensively improve the level of opening up the United Kingdom. (3) In principle guiding concept, every business on the same matter may be based on different accounting professional judgment and use different accounting treatment. Therefore, the requirements for professional accounting personnel training, improve the quality of accounting practitioners.
Second, the concept of convergence with international accounting standards
1. "International convergence" concept in the use of the new guidelines http://www.ukassignment.org/dxcoursework/
In accordance with international rules, the new accounting standards system strictly define the elements of the definition clearly defines the elements of the accounting recognition criteria, highlighting the balance sheet items of the authenticity and reliability; while upholding the historical cost, and the introduction of fair value; new standards in accounting principles, to retain the importance of the principle of the principles of clarity, the role declined with the principle of prudence, substance over form principle role of trend growth, emphasizing the relevance of the importance of accrual and Historical cost accounting is no longer used as a basic principle. Therefore, changes in accounting principles is convergence with international standards. UK Accounting Standards Board and International Financial Reporting Standards Council has signed a "Joint Statement", the UK Accounting Standards and International Financial Reporting Standards Convergence given the fact that recognition and affirmation. In accounting principles, accounting measurement attributes and accounting policy choices and other aspects, the new accounting standards system draws on international accounting standards. However, convergence is not equal to equal, the disclosure of related party transactions, asset impairment losses reversed in part on the accounting treatment of government grants, the new accounting standards maintained "Britishness."
(2) the impact of the concept of convergence
New accounting standards and international accounting standards convergence, Britain's capital market development milestones. Convergence with international accounting standards, and promote economic development in the UK, but also to achieve a British international accounting standards from passive to active convergence, mutual influence, and jointly promote together to improve the situation, reflecting the convergence both directions, but also the basic interaction thought, opened the UK accounting standard-setting bodies and equal dialogue between relevant international organizations, exchanges and consultations channel. So that investors have more confidence in the UK's capital markets and financial reporting, will attract more investors to invest in a wide range of UK businesses. Enhance the international influence British economy, helping British companies listed overseas. UK businesses to expand in international economic and trade activities.
Third, the concept of balance concept
1. "Balance concept idea" and its application in the new guidelines
New accounting standards system in the determination of revenue, the definition of accounting elements and balance sheet and income statement of the importance of understanding the use of "balance concept": that is normative criteria for certain transactions or events, the first specification thus types of transactions or events concerning the assets and liabilities arising from the recognition, measurement, and then based on the defined changes in assets and liabilities recognized in earnings, balance sheet emphasis on the income statement. Britain's new accounting standards and other aspects of accounting elements defined by the old criteria under the "revenue and expense outlook" to "balance concept." "New Accounting Standards for Enterprises No. 18 - Income Tax" Article 4 stipulates that enterprises in the acquisition of assets, liabilities, it shall determine its tax base; assets, the book value of liabilities and their tax bases are different, it shall confirm the resulting Deferred income tax assets or deferred tax liabilities. Deferred tax assets and deferred tax liabilities recognized in the balance is the concept embodied.
(2) balance the advantages and impact of concept ideas
(A) the relevant accounting information to better meet the needs of decision makers, more relevant
New accounting standards system more attention than ever the quality of corporate assets, more emphasis on the balance sheet, the financial position of true and fair view, more emphasis on corporate earnings and asset operational efficiency model, not just the results of operations. Balance Concept Idea of the corporate management of the enterprise to help the future development of enterprises will face the opportunities and risks make the right judgments, to help improve asset quality and operational efficiency. The information provided by enterprises to better meet the needs of policymakers, more relevant.
(2) improve business decision-making levels, reduce corporate profits manipulation, is conducive to long-term development of enterprises
The new accounting standards for recognition, measurement and financial reporting structure, established a balance apparent core position, improve the quality of information assets and liabilities, and timely provision for asset impairment. Restrict short-term behavior of enterprises, breaking the traditional concept of pure profit assessment, avoiding some companies focus on the income statement, just chasing short-term interests. Requires enterprises only in equity (net assets) increased in the case, it indicates the enterprise value has increased.
Fourth, the concept of fair value measurement
1 Essence and measured at fair value in the use of the new guidelines
In the new guidelines, basic principles, particularly increases and stressed the "fair value" measurement attribute. Fair value refers to the arm's length transaction, the transaction between knowledgeable, willing parties asset could be exchanged or a liability settled amount. Compared to the initial cost method to measure the cost, the fair value measurement emphasis on the valuation of assets to adhere to an objective measure to reflect the true value of assets. The actual value of the assets and other factors always change over time, compared to the cost of a static nature, the fair value reflects the value of the dynamic insist, this is a major breakthrough in the new guidelines and highlights. "Fair value" of the measurement attributes mainly in the "non-monetary asset exchange", "debt restructuring", "investment property", "biological assets", "share", "Financial Instruments Recognition and Measurement" and other specific criteria to get the application.
(2) the fair value of the concept and the advantages and effects
(A) the use of fair value accounting information can effectively enhance the relevance of the information to help users make the right economic decisions. Enrich the accounting measurement system, after joining the WTO, a large influx of foreign capital, the United Kingdom, for futures, options, forward contracts and other derivative financial instruments, the fair value can only be recognized and measured accurately.
(2) the use of the concept of fair value to the enterprise risk and revaluation. Introduction of new standards in this concept while retaining a modest caution, taking into account the fair value has been misuse, on the one hand, the application of fair value is cautious, mainly in financial instruments, investment property, non-common under the control of mergers, debt restructuring and non-monetary assets exchange, we shall adopt; the other hand, have the appropriate fair value recognition provisions, moreover, many companies can not reach the relevant condition is not currently implemented fair value.
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