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1、1本科畢業論文(設計)外文翻譯外文出處AccountingHizonsSep92,vol6,issue3,p3041外文作者Lindaj.ZuccaDavidR.Campbell原文:原文:ACloserLookatDiscretionaryWritedownsofImpairedAssetTheCurrentEnviromentAnassetissaidtobe“impaired“whenitsbookvalueexceedssome
2、measureofits“fair“value.Whenafirmrecognizesthisimpairmentsubsequentlyrecdstheeffectbydecreasingthebookvalueoftheassetdebitinganincomestatementaccountthefirmhasrecdeda“writedown.“GAAPclearlyallowsthesewritedownsinseverals
3、ituations.Firstcertaincurrentassetssuchasmarketablesecuritiesinventiesareexaminedperiodicallyadjustedtothelowerofcostmarket.Similarlylongtermequityinvestmentsareadjustedperiodicallytothelowerofcostmarketalthoughtheincome
4、statementisnotaffectedbythewritedown.Finallyanylongtermassetsfwhichdisposaliscontemplated(includingassetsbeingsoldaspartofadiscontinuedoperation)areadjustedtotheirrealizablevalue(exitmarketvaluelesscostsofsellingreadying
5、fsale).ThesefinaltypiesofwritedownsareadequatelyaddressedbyAPB30thereappearstobenoconfusionontheapplicationoftherulestothesesituationsnanyreasontoreassessAPB30atthistime.Mostofthewritedownswhichafirmmightnmallyrecdwouldf
6、allintooneofthesethreecategies.ThewritedownswhichtheFASBwouldspecificallytargetwiththeirpotentialregulationwouldbethosewhichdonot.TimingMotivationAtthecurrenttimepartialwritedownsofimpairedlonglivedassetsarerecognizedatt
7、hediscretionofmanagement(withthesubsequentsupptoftheir3earningsfeachfirmintheperiodinwhichthewritedownwasrecded.Incomesmoothingisacterizedbyperiodsinwhichprewritedownearningswerehigherthanexpected.Byrecdingthewritedownre
8、ptedearningswerecloserto(butnotlessthan)thelevelexpected.A“bigbath“isacterizedbyperiodsinwhichprewritedownearningswerealreadybelowexpectedearnings.Thusthefirmrecdedthewritedowninaperiodinwhichotherlossesaccrualswerealrea
9、dyrecdedinaperiodofbelownmaloperations.FinancialConsequencesofDiscretionaryWritedownsThefinancialconsequencesofrecdingdiscretionarywritedownsofimpairedassetscanbeassessedbyobservingcertainfinalindicatsatthetimeofafterthe
10、writedown.Threespecificindicatshavebeenchoseninthisstudy:(1)thereactionofthestockmarket(2)thefrequencyofsubsequentmergeracquisitionactivity(3)thesubsequentfinancialhealthofthefirmsasmeasuredbycertainkeyratios.Eachofthese
11、threeindicatswillbediscussedseparately.StockMarketReaction.Theaveragestockreturnsofthewritedownfirms(adjustedfcashstockdividendsaswellasfirmspedficrisk)werecomparedwiththemarketreturnfaperiodofsixtydaysbefetosixtydaysaft
12、ertheannouncementofthewritedown.Ontheaveragetherewerenosignificantunusualexcessreturnsearnedbythewritedownfirmsoverthisperiodoftime.Inadditiontheyperfmedsimilarlytoacontrolgroupoffirmsmatchedonthebasisofindustryassetsize
13、overthesameperiodoftime.Theseresultsdonotrefutetheanecdotalevidencethatfirmsannouncingdiscretionarypriceincreases.Rathertheyindicatethatfeveryfirmthatachievesthesepositiveresultsthereisafirmfwhichthemarketactsnegatively.
14、Thusafirmwhichrecdsawritedownisjustaslikelytoexperienceanegativemarketreactionasitisapositivemarketreaction.SubsequentMergerAcquisitionActivity.Somepeopleinthebusinessacademiccommunitiesbelievethatawritedownmaybeanindica
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