ヘッジ会計の比較分析(21世紀を展望する産業・経営・会計(Part II))
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概要
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Japan, the United States, and the International Accounting Standards Committee have each set their own accounting standards for financial instruments. In each case, derivatives are measured at fair value. The three also share the practice of showing derivatives as assets and liabilities on balance sheet. However, Japan's standard with respect to hedge accounting differs considerably from U.S. standard and International Accounting Standard. For example, while Japanese standard generally uses deferred hedge accounting across the board, the other two apply different accounting method depending on the type of hedge transaction. Namely, they specify the use of market value hedge accounting for fair value hedges and deferred hedge accounting for cash flow hedges. Under Japan's standard, gains or losses on derivatives used as hedging instruments are deferred as assets or liabilities. But there are questions as to whether such gains and losses qualify under the definition of assets and liabilities. There is also the matter of what is called synthetic instrument accounting with respect to such hedging instruments as interest rate swaps and foreign exchange forward contracts. Japanese standard permits special accounting procedures that treat a hedging instrument and a hedged item as another single instrument. Critics have said that this accounting treatment violates the basic principle that derivatives are to be measured at fair value and recognized as assets or liabilities on balance sheet. U.S. standard also differs considerably from International Accounting Standard in terms of the following two points. The first is related to firm commitments. Should firm commitment are treated as fair value hedges or cash flow hedges? This point is related to the question of how an enterprise should recognize executory firm commitments. The second difference is related to forecasted transactions, such as contracts for the purchase of assets. Should the deferred gains and losses on derivatives be reflected in the purchase cost of acquired assets? There are two opposing schools of thought concerning the historical cost. One says that it should be the actual outlay, while the other maintains that it should be the fair value at the time of the purchase. All of the accounting standards, including those of Japan, prescribe hedge accounting that assume a one-to-one relationship between the individual hedging instruments and the hedged items. In reality, however, the hedging activities of corporations are not necessarily so simple. Debate concerning of hedge accounting cannot proceed without taking a closer look at actual hedging activities. The U.S. Financial Accounting Standards Board and the International Accounting Standards Committee see the current hedge accounting standards as provisional. They have already begun to move toward their ultimate objective, which is to measure all financial assets and liabilities at fair value and to drastically reduce the need to use hedge accounting. Japan, unfortunately, lacks such a long-term goal.
- 日本大学の論文
- 2000-03-31
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