Departmental Bulletin Paper 〈研究ノート〉文献解題 Warren J McGregor: Liabilities─The Neglected Element : A Conceptual Analysis of the Financial Reporting of Liabilities(AASB Occasional Paper No. 1)
"Annotated Bibliography of AASB Occasional Paper No. 1 “Liabilities─The Neglected Element : A Conceptual Analysis of the Financial Reporting ofLiabilities”(written by Warren J McGregor)"

赤塚, 尚之

(第22巻)  , pp.63 - 89 , 2015-11 , 滋賀大学経済学部
The aim of this paper is to introduce the proposals of AASB Occasional Paper No. 1 in the Japanese language. This Occasional Paper focuses on the accounting for liabilities( definition, recognition, measurement, and disclosure issues) neglected until recently. As far as I know, there are no materials in Japan that focus on the Occasional Paper itself except ASBJ( 2013) prepared for the ASAF meeting held on December 2013.  Occasional Paper No. 1 leads the proposals of accounting for liabilities from IASB’s conceptual framework, especially “the objective of general purpose financial reporting” and “the qualitative characteristics of useful financial information”. The main proposals of Occasional Paper No. 1 are: (a) Definition: Liabilities should be defined“ broadly”. A liability of an entity is a present economic burden for which the entity is obligated. (b) Recognition: There should be no need for“ separate recognition criteria”. A entity shall recognize a liability if the item meets the definition of a liability. (c) Measurement: Measuring all liabilities using “exit price” (namely “fair value”) is desirable (applying the measurement model using single measurement attributes). However, this proposal does not prevent the measurement model from applying a mixed measurement model on“ cost-benefit” grounds. At initial measurement, Occasional Paper No. 1 proposes the following measurement model: (ⅰ) use exit price if it is readily determinable; or (ⅱ) if exit price is not readily determinable, measure the liability at its current value using current market-based estimates where they are available, and “current entity-specific estimates” otherwise. At subsequent measurement, Occasional Paper proposes following measurement model. (ⅰ) use exit price; or (ⅱ) use “amortised cost” if there is little or no variability in the timing or amount of future resource flows. (d) Disclosure: Users of financial information will need more information about liabilities (whether they are recognised or not) than at present.  Measurement issue is key of the proposals of the Occasional Paper because they significantly affect the definition, recognition, and disclosure of liabilities. The main implications from the proposals of measurement are:  (a) It is possible to derive a measurement model using single measurement attributes from the existing conceptual framework.  (b) A mixed measurement model can be justified on cost-benefit grounds. There should be no need to consider how to settle or fulfil the particular liability when the entity chooses the appropriate measurement attribute.  In addition, it is remarkable that the proposals of accounting for liabilities( especially the measurement model) in the Discussion Paper “A Review of the Conceptual Framework for Financial Reporting” issued by the IASB are quite different from those of the Occasional Paper, though both rely on the same existing conceptual framework.  I hope more attention should be paid to the issues of accounting for liabilities in Japan in the same manner as the issues of the amortisation of the goodwill or the necessity of profit or loss concept.

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