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A UK accounting standard-setting mode Reform
1 英国会计准则制定模式的改革背景
With economic globalization and internationalization of the capital market continues to develop, the UK is facing a growing challenge , was forced to implement a series of institutional changes , the most notable initiative is to further promote the market -oriented reforms , which started the accounting standard-setting civil process. UK accounting standard-setting by the government into a community-driven reform background , including the following three aspects .
随着经济全世界化和资本市场国际化的不断进展，英国正面对的越来越严肃的挑战，被迫推行一系列的制度变法，那里面最为引人瞩目的举动就是进一步推动市场化改革，故而开始工作了会计准则制定的非官方的化进程项。英议会计准则制定由政府主导转为非官方的主导的改革环境，主要涵盖以下三个方面。
1.1 UK corporate finance environment changes
Since the 1990s , with the real estate bubble burst, the UK commercial banks suffered huge non-performing loan problems , its influence declining , has no capacity for enterprise development to provide strong financial support , forcing Britain's large enterprises , have to capital markets to seek financial support.
20百年90时代以来，随着地产泡沫儿的落空，英国经济活动银行饱受大额不好贷款的围困扰，其影响力不断减退，已经无能为公司进展供给强硬资金支持，强迫做英国的大型公司，纷纷转向资本市场征求资金支持。
In the increasingly fierce international competition, in accordance with internationally accepted accounting standards to disclose information in order to increase the transparency of financial position to raise sufficient equity capital , has become a major challenge for UK businesses . Therefore, the ability to provide full and transparent accounting information directly affects the competitiveness of enterprises . Forced by the pressure of enterprises , the British authorities began to reform accounting standard-setting procedures to improve the quality of accounting information .
1.2 Foreign investors do not trust the UK Accounting Standards
British bubble economy burst, especially falling land prices triggered by the financial crisis generated a lot of bad loans , a large number of financial enterprises closed down. In this environment , in order to improve the capital markets to obtain disclosure of the trust of the international community , the United Kingdom introduced a major reform of the so-called accounting (Big Bang). Therefore , when the accounting standard-setting bodies as the Business Accounting Council ( hereinafter referred to as BADC) actively promote the reconstruction of accounting standards and the development of the new accounting standards ( Shao Lanlan , 2003 ) . However, the 1997 Asian financial crisis has once again hit the UK financial system 's credibility , but also exacerbated the international community for its disclosure distrust. Since 1999, British companies listed overseas annual report prepared by the English be required to disclose " followed by the United Kingdom Financial Accounting Standards and other countries different from the norm ," the additional instructions , showing the international capital market accounting system in the UK there are deep concerns . In order to eliminate such doubts and improve the international community's trust in UK accounting system , the establishment of internationally recognized accounting standards and standard-setting method is particularly necessary.
1.3 International Accounting Standards Committee (IASC) pressure
International Accounting Standards Board ( hereinafter referred to as IASC) in December 1999 restructuring program was officially launched and vote by the seven -member nominating committee , and has the world 's second largest capital market should have failed to be invited to participate in the United Kingdom . Until this time , the British really realized that only the accounting standard-setting system for structural reforms , in order to restore the confidence of the international community in the UK . July 2000 , soon to be appointed the International Accounting Standards Board ( hereinafter referred to as IASB) Chairman David • Teddy (David Tweedie) said that if the United Kingdom is not established before 2000 a new accounting standard-setting body, then in 2001 a new Council formally established, the UK will be left behind ( the British economy Business News , July 12, 2000 ) . Restructured the newly established IASB requires its member states have a standard-setting body must be full-time members of standing bodies and must be independent of the government 's civil society institutions. However, the UK Accounting Standards have been developed by the BADC , neither civil society organizations, and very established institutions , does not comply with the relevant provisions of the IASB . English To restructured IASB Board members conveyor , only with a high degree of independence to establish a new accounting standard -setting bodies .
Two established British folk accounting standard setters - UK Accounting Standards Board (ASBJ)
2.1 Establish UK Accounting Standards Board (ASBJ) caused a lot of controversy
English folk Accounting Standards establishment, inevitably caused a lot controversy. Controversy mainly from the ruling of the British Liberal Democrats ( hereinafter referred to as " LDP " ) , the British Institute of Chartered Accountants ( hereinafter referred to as JICPA) Ministry of Finance and the competent authorities .
August 1999 the Liberal Democratic Party will be in the financial questionnaire set up a " small business accounting committee" , devoted to the reform of accounting standards setting body problem . "Enterprise Accounting small committee" recommended that the accounting standard-setting bodies in the Financial Services Agency . In this regard , JICPA expressed dissatisfaction that it would be included in the formulation of accounting standards within the framework of the financial administration apparently has many shortcomings , particularly the lack of independence. And JICPA the principle that civil society should formulate norms , needs strong support of the Securities and Exchange Commission and the Government to strengthen its functions of supervisory authority . Ministry of Finance for the two proposals brought together representatives from the economic sector, the securities industry , auditing corporate and academia discussed , in 2000 published " on business accounting standard-setting body in the form of questions ," agreed the right formulation of accounting standards to civil society organizations, non-governmental organizations but to gradually evaluate our ability to effectively perform its functions , while emphasizing the reference to the U.S. model, retains legal rights while recognizing civil society institutions to develop accounting standards.
2.2 Financial Accounting Standards Foundation (FASF) and the UK Accounting Standards Board (ASBJ) was established
In the three authorities debated at the same time , economic groups IASB Union on the one hand to grasp the exact movements on the other hand actively committed to the UK accounting standard -setting bodies working folk . July 26, 2001 , the economy Coalition , JICPA, the National Stock Exchange, the Council , the UK Securities Industry Association , the National Bankers Association and other 10 co-funded non-governmental organizations , formally established the Foundation FASF. Then on August 7 under the British Foundation FASF Accounting Standards Board ( hereinafter referred to as ASBJ) have formally established and started to work . ASBJ similar to the U.S. FASB, solely responsible for setting accounting standards . It is worth noting that the Foundation gave financial assistance to the government in order to demonstrate its determination to maintain independence .
Foundation FASF as the Central Authority , ASBJ 's primary task is to develop, review accounting standards, international accounting standards and make due contributions . In order to ensure the transparency of the review process guidelines , the matters to be considered and approved publicly , listen to public views , in principle, the contents of the Commission 's meeting should also be made public. ASBJ capacity is 15 , of which only three are full-time members . Members' term of office as a three year period in order to avoid short- affected members considered replacing the continuity and the maximum term of three in order to avoid long-term election. ASBJ has also developed a code of ethics , to improve the independence , exclude certain groups of intervention , ASBJ also require members to undertake oath.
3 UK accounting standards development and convergence process
3.1 England international convergence of accounting standards and equivalent processes
UK accounting standards as a basis for a statutory body , ASBJ published in the July 2004 document - the "Accounting Standards Board interim administration policy " expressly the British policy of international accounting standards . October 2004 , IASB Chairman David • Teddy to the ASBJ made concerted efforts to reduce the International Financial Reporting Standards and the differences between the UK Accounting Standards motion . October 12, 2004 , ASBJ and IASB on the above motion held informal talks . July 2005 , the Committee of European Securities Regulators (CESR) on third countries ( UK, USA , Canada ) equivalence of accounting standards study the issue and post the relevant technical recommendations. Which , CESR that the British system of accounting standards in the existing 26 projects is necessary in accordance with International Financial Reporting Standards to be modified. Starting in 2005 , the United Kingdom and the international convergence of accounting standards equivalent to work around these 26 projects being launched . July 2006 , the UK Financial Services Authority Planning and Coordination Committee issued a report entitled " International Convergence of Accounting Standards " report , aims to encourage all stakeholders to promote international convergence of accounting standards UK . August 2007 , ASBJ and IASB jointly signed the " Tokyo agreement" aimed at accelerating the UK Accounting Standards and International Financial Reporting Standards convergence pace , and close attention to the EU's third-country GAAP equivalent assessment . In the ASBJ and other stakeholders active efforts , the British international convergence of accounting standards is progressing smoothly , according to Tokyo agreement scheduled project schedule , the European Commission in December 2008 issued a final decision , announced that the UK Accounting Standards adopted by the European Union International Financial reporting Standards to achieve the equivalent . So far , the UK Accounting Standards and International Financial Reporting Standards The main difference between has been eliminated .#p#分页标题#e#
3.2 England international convergence of accounting standards still need to solve the problem
To enable the International Financial Reporting Standards adopted successfully in the UK , the UK Financial Services Authority believes that all stakeholders need to make concerted efforts to solve the following problem .
3.2.1 should be established to develop the International Financial Reporting Standards procedures to be followed
As international accounting standards setters IASB bear on regulators, market participants fiduciary responsibility to fully listen to the impact of accounting standards by the stakeholders feedback , therefore , to improve its own governance structure and the development of guidelines to be followed program is very important and must be Member States, the largest range of recognition.
3.2.2 ensure the applicability of International Financial Reporting Standards
International Financial Reporting Standards must be set to reflect the global financial and capital market conditions appropriate guidelines . Meanwhile, the international financial reporting standards must be able to accurately reflect the British business and trade practices . Therefore, the British Financial Services Authority asked the British stakeholders closely monitor and consider the development of International Financial Reporting Standards and amendments in a timely manner the views expressed UK accounting profession and continue to the UK Accounting Standards and International Financial Reporting Standards convergence further efforts .
3.2.3 develop easy to understand the Japanese version of International Financial Reporting Standards
As required by the UK financial reporting , investors and other stakeholders to understand that the text of the International Financial Reporting Standards must be clear and accurate translation , due to language and cultural differences, the jerky accounting standards is not a translation into Japanese easy.
3.2.4 Press Extensible Business Reporting Language format of International Financial Reporting Standards
As with the Japanese classification criteria are other reasons such as the lack of compatibility , leading to the current IFRS taxonomy electronic reporting system and the United Kingdom there is a mismatch . Therefore, in order to prevent the adoption of International Financial Reporting Standards investors use information efficiency levels decline , the British authorities will try to make to the International Financial Reporting Standards -based classification of data and the number of projects internationally consistent.
3.2.5 In order to better understand the International Financial Reporting Standards, requires the necessary training and education
British accounting personnel must fully understand IFRS and can skillfully use . To achieve this goal , the United Kingdom authorities should actively carry out relevant International Financial Reporting Standards training and instructional materials preparation .
3.3 UK accounting standards convergence experience
3.3.1 Accounting standard setters folk -oriented reforms
English belongs to civil law countries , and thus its pre-reform accounting standard setters are government -led . IASB and FASB reference model, the ASBJ newly established after the reform is a genuine civil society institutions. As a private institution FASF and ASBJ, its members must come from a fully representative of various interest groups. Standard-setting bodies folk -oriented reforms , the development of accounting standards have to go through a full , open and transparent decision-making process , so each one is developing guidelines together various interest groups involved in the process of a political game . Because of this , civil society organizations to develop accounting standards to more fully meet the actual requirements of all market participants .
3.3.2 closely with the IASB , and actively participate in international accounting matters
English in the process of international convergence of accounting standards , and has been actively participate exert an important influence continued , and ultimately for themselves in the first council in finding a place IASB . With this precious seats in the United Kingdom to discuss the International Accounting Standards IASB issues, have more opportunities to express their views , using their influence to promote development of an environment conducive to the development of British business in international accounting standards.
3.3.3 to develop a rational and pragmatic convergence roadmap , and always remain cautious
British adoption of International Financial Reporting Standards is voluntary and compulsory approach in two ways , both for those in the UK Stock Exchange, while on an overseas exchange listed companies, and business around the world and has a wide range of international investors, businesses, ASBJ allow such enterprises earlier adoption of International Financial reporting Standards . In determining the final adoption of International Financial Reporting Standards mandatory timetable , the British remain cautious and key consideration preparers and auditors have to adopt International Financial Reporting Standards require preparation time.
3.3.4 The use of the easier issues first , gradually advancing method to eliminate differences
ASBJ and IASB convergence between the project plan to determine , first took the easier issues first , and gradually push forward stepwise method to eliminate differences between the two , when conditions are ripe and then put forward a " holistic " approach, with " overall view " to discuss all the difference and classified as " short-term projects " and " long-term project ," dealt with separately , this method is also fully demonstrated ASBJ pragmatism .
4 pairs of international convergence of accounting standards Inspiration
4.1 Accounting standard setters should gradually promote institutional reform
Of China's accounting standards setting body is the Ministry of Finance Accounting Division , it also has a broad representation of interests and rationality , is doubtful . Thus, China's accounting standard -setting bodies in the process of improvement should involve the business community , the legal profession , the securities industry , the CPA profession and the participation of representatives of accounting theory and research institutions to encourage private brainstorming .
4.2 Establishment of the Financial Accounting Conceptual Framework , the first to achieve international convergence of conceptual framework
ASBJ and IASB in developing convergence project plan, first of all stressed the need to
Based on the conceptual framework of each of the parties or on the basis of the basic theory , therefore , the international convergence of accounting standards needs first to achieve convergence of the conceptual framework and determine a period of time in the future to eliminate differences in the conceptual framework . However, there does not establish an internationally recognized financial accounting conceptual framework , thus achieving the conceptual framework from scratch and it is particularly urgent.
4.3 System Game actively involved
International convergence of accounting standards is an interactive process , for some of our unique economic transactions , and did not in IFRS norms, we should actively seek the IASB on China's handling of recognition. On the other hand , should be called when the IASB in developing IFRS as to give more consideration to such a country in transition economies faced by developing countries during the special accounting issues . In this way, you can narrow the IAS accounting standards gap with China to reduce our cost accounting system conversion .
4.4 reasonable choice , and gradually achieve convergence
China's market economy development is still in its infancy, with the EU and other mature market economies , there is still a considerable gap . China international convergence of accounting standards should be a gradual process, a phased manner, and accompanied by the development of China's market economy gradual deepening can not be done overnight . This is not only the actual needs of China's national conditions , international convergence of accounting standards is an important guarantee for the smooth .
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