2023年全國碩士研究生考試考研英語一試題真題（含答案詳解+作文范文）_第1頁
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1、0外文文獻翻譯外文文獻翻譯原文：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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