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国际会计准则委员谈对冲会计法
Hedge Accounting - the Dark Science
来源：天和网
核心提示：对冲会计法可以协调对冲活动和金融衍生工具在财务上的不匹配问
题，如实反映实际的财务状况。
On the face of it, it ems odd that a practice utilid by so few companies other than financial institutions, and usually for something as mundane as risk management, should enjoy the attention that is accorded to hedging. However, a little thought quickly reveals some insight - hedging is a complex and difficult business, ill understood by markets and badly rved by current accounting practices. It doesn’t help that hedging usually involves the u of
derivative financial instruments, long
regarded as the dark science of finance.
In this article, I intend talking a little
about what we are doing about current accounting practices.
天和网天和财务频道消息：从表面上看，似乎很奇怪的是，除了金融机构很少有其他公司机构使用对冲会计法，和通常的风险管理一样，对冲应享有同样的重视。然而，有人是这样理解的，对冲是一项复杂而艰巨的业务，市场上对其有误解，目前会计实务对其不规范使用。对冲长期被视为暗财政科学，这不利于对冲常涉及到的衍生金融工具的使用。在这篇文章中，我打算讲讲我们目前是如何处理会计实务
的。
At the heart of any financial reporting relationship is the professional scepticism that exists between investors and managers of companies. Hedging activities contain all of the ingredients for exaggerating the discord in a relationship premid on scepticism. Hedging eks to address well-understood basic risks in individual industries through the introduction of elaborate, complex, and oft
en misunderstood financial instruments. The instruments usually behave in a predictable way, but occasionally go off the charts in an 任何财务报告的关键部分都是公司投资
者和管理者之间的职业怀疑态度。对冲活动包扩在怀疑前提下夸大不和谐关系的
所有方面。对冲旨在通过引入复杂且经常被误解的金融工具，使我们处理个别行业的基本风险。这些金融工具的表现是可预见的，但偶尔也会打破常理让人完全出乎意料。从本质上讲，对冲是一个值得称道的经营宗旨，它可以降低固有风险。可在外人看来，一个认识和了解商业运作的方式有效地引进新的和不可预知的风险。最近的全球金融危机更加剧了这种看法。在近期的全球经济危机中，衍生工具复杂甚至是太复杂了，报告缺乏一致性和透明度
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entirely unpredictable way. Esntially,
what is a laudable business aim, the
reduction of inherent risks, can em to
an outsider to effectively introduce new
and unpredictable risks to the way a known
and understood business operates. This
perception has been exacerbated by the
recent global crisis. During the cour
of the crisis, the complexity, some wouldvlsi
say over-complexity, of derivative
instruments, and lack of consistency and
transparency in their reporting was
expod.
都被暴露了。 The esnce of a good risk management
strategy is that when it is working, it
is invisible, and therefore to an outside
obrver, of no conquence. However,
when it fails, it becomes instantly and
dramatically obrvable and the
conquences are, almost inevitably,
negative. But just as important, when
eking to understand risk management
strategies, is the balance sheet prence
of derivative instruments. They have, by
their very nature, a small balance sheetaccountnumber
footprint. Derivatives, like icebergs,
blowoff
hide most of their bulk out of sight below
the surface. Whereas a minor change in the
value driver of an on-balance sheet item
will lead to a similarly minor change in
its balance sheet value, a minor change
in the value of a derivative will often
lead to a major change in its balance
sheet value. Since balance sheets are a
point in time measurement, it is often
difficult to reprent the potential
balance sheet and income statement impact
of a derivative instrument that for the
most part remains below the surface.
良好的风险管理战略本质是，其在执行时是不可见的，因此在旁观者看来它没有结果。然而，一旦策略失败，就能立即显示出来，消极的后果几乎是不可避免的。但在寻求理解风险管理策略上，同样重要的是资产负债表中存在的衍生工具。就其性质而言，衍生工具有一点资产负债表的痕迹。衍生工具，像冰山一样，在表面下隐藏了其大部分内容。资产负债表项目中价值的微小变化会导致资产负债表价值同样的微小变化，但是衍生工具价值的微小变化却往往导致资产负债表价值的重大变化。由于资产负债表是衡量一个时间点的财务状况，它往往难以代表衍生工具对资产负债表和损益表的潜在影响，因为衍生工具大部分都隐藏在其表面下。 It is in this dark and murky place that
the IASB is endeavouring to amend hedge
accounting rules. Currently part of the 国际会计准则委员会（IASB ）正致力于修改对冲会计法规中的阴暗之处。目前部分金融工具的会计准则，例如国际会计准则
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financial instrument accounting
standard, IAS 39, the accounting rules
were primarily intended to address
accounting mismatches.
第39号（IAS 39），其过去的主要目的是解决会计不匹配问题。 Mismatch
不匹配 Accounting standards as they are
currently written, define two distinct
approaches to the valuation of asts and
wikliabilities on the balance sheet. The
historical cost approach is by far the
most easily understood and traditionally
more easily accepted method of
accounting. Under the historical cost
convention, a balance sheet item is
valued at its original cost, less any
reduction attributable to usage. The
value is cash flow bad, and is reliable.
Arguably, cost prents the best
indicator of value where an entity
intends retaining the ast or liability.
Fair value on the other hand, is a
methodology for accounting that is
somewhat newer and was introduced
primarily for u with financial
instruments. As the name implies, it
reflects the current fair value of items
on the balance sheet at any point in time.
Fair value always prents the ur of
financial statements with a current view
of the balance sheet, but arguably can be
misleading when there is not a liquid
clothes的意思market to price an instrument, and/or
where the entity has no intent, ability
or need to dispo of an ast or
liability.
国际会计准则委员会正在编写的会计标准定义了两种不同估算资产负债表上资产和负债的方法。历史成本法是目前最容易理解的，也是传统意义上更容易被接受的会计方法。根据历史成本法，资产负债表项目的价值是其原始价值，而后减去消耗部分。价值是基于现金流量的，并且是可靠的。可以说，成本是体现经济实体打算保留的资产或负债价值的最佳指标。另一种方法是公允价值法，这种方法比较新，最初是为了使用金融工具而引入的。正如它名字所暗示的，公允价值法体现了资产负债表的项目在任何时间点的当前公允价值。公允价值总是以当前资产负债表的视角呈现给财务报表用户，但当没有流动性市场为金融工具定价，并且/或者经济实体没有意图，能力或需要处理资产或债务时，可以说公允价值法可能会产生误导。 Since the two valuation methods often
produce substantially different answers,
and since it is often appropriate that
they are both ud within the same t of
financial statements, their u can give
ri to a financial statement mismatch.
A mismatch aris when an ast and a 由于两种估值方法往往会得出明显不同的答案，而两者都适合使用同一组财务报表，所以其使用可能会引起财务报表的不匹配。以不同基础计量资产和相应负债时会产生不匹配，那么本质相同的事件就会产生不同的价值。根据国际会计准则第39条，允许现存会计和未来会计变化衡量方
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corresponding liability are measured on
different basis, giving ri to different
values for esntially the same event.
Existing accounting under IAS 39, and金羊毛的故事
prospective accounting under IFRS 9
permit changes in measurement
methodology where it will reduce
towardmismatches.
法以降低不匹配问题。 The matching exceptions however prove
impossible under certain circumstances.
Tho circumstances include in
particular hedging activities.
然而，事实证明在某些情况下不可能避免这些不匹配问题。这些情况包括特定的对冲活动。 Hedging
对冲 Hedging is a business activity undertaken
when an enterpri eks to reduce an
inherent economic risk, by acquiring a
financial instrument with risk
characteristics opposite to tho it
eks to hedge. The hedged item is usually
an integral part of an entities business,
and is often a financial instrument or
obligation. The hedging instrument may
also be an inherent part of an entities
business (a natural hedge), but is more
often a financial instrument and usually
a derivative instrument. Derivative
instruments are popular as hedges becau
they require little capital outlay and
can be tailored to the specific risk the
entity is trying to hedge.
企业可以利用金融工具要降低固有经济风险，就可以采用对冲这种商业活动。对冲的项目通常是实体业务的组成部分，往往也是一种金融工具或义务。对冲的项目也可以是实体业务的一个固有部分（自然对冲），但更多的时候是一种金融工具，通常是金融衍生工具。对冲这种衍生工具非常受欢迎，因为对冲只需要很少的资本支出，并且可以根据实体的具体风险定制相应的对冲方案。 译者：孙亚琦
In current and prospective financial instrument accounting practice, derivatives must be accounted for at fair value. Hedged items, becau of their nature as core to the business, are often accounted for at historic cost. This
gives ri to mismatches.
在现有的和将来的金融工具的会计实物
中，衍生工具必须按公允价值法计算。以对冲的项目为核心的业务，由于其本身的性质，往往要按历史成本法计算。这就引起了不匹配。
An accounting solution for an accounting problem
会计问题的会计解决方案
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louisville
Mismatches are an accounting problem,
arising becau of the dual approach to
measuring asts and liabilities.英语听力下载网站
Hedging is the most substantive
manifestation of this problem. Current
hedge accounting is an accounting
methodology introduced with the
objective of resolving this accounting
problem. In principle, hedge accounting
works by allowing the measurement
characteristics of instruments subject
to hedge relationships to be changed in
such a way that matching is achieved.
由于用两种方法计量资产和负债，所以产生了不匹配的会计问题。对冲最能表现这个问题的实质。引入目前的对冲会计法的目的就是解决这种会计问题。对冲会计法的原理是，对于符合对冲关系的金融工具，允许改变其计量特点，以实现会计匹配。 The current hedge accounting framework
eks to regulate the reporting of
hedging through a deliberately
accounting-bad framework. While this
approach has a number of merits, its chief
weakness is the artificial nature of the
accounting parameters that define and
limit its application. The various
parameters do not in themlves attempt
or asrt to recogni the reason for
hedging, the rationale behind lecting
certain hedging instruments, or the
economic impact of tho hedges,
resulting in an onerous and sometimes
artificial accounting process.
目前的对冲会计法的框架旨在通过刻意以会计为基础的框架来规范对冲报告。虽然这种方法有许多优点，但其主要弱点是由人工定义会计参数并限制应用程序。这些不同的参数本身不会识别这些问题：在选择若干对冲工具时的基本原理，或者是那些对冲活动的经济影响，因而就得使用繁重的，有时是人工的会计处理方法。 The conquence of this is that many
entities which apply hedging have chon
not to apply hedge accounting, and that
tho entities who do apply hedge
accounting find the process expensive to
maintain, and not always reflective of
underlying activities.
这样做的后果是，许多使用对冲的经济实体选择不用对冲会计法，对于采用对冲会计法的经济实体，他们发现其维护费用昂贵，而且也不总能反映相关活动。 Current proposals
目前的建议 In December last year, the IASB
introduced a revid proposal for dealing
with hedge accounting . The proposal was
relead to the public as an exposure
draft. An exposure draft is intended to
贫富差距英文give an airing to a proposal by the IASB, 在去年12月，国际会计准则委员会（IASB ）提出对对冲会计法的修订建议。该建议是作为征求意见稿向公众发布的。征求意见稿的目的是让选民向我们的建议广开言路，让他们有机会审查和了解我们的想法。我们收到了大量有关建议的意见函，
