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借款费用资本化存在问题的探讨

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借款费用资本化存在问题的探讨 商学分院 财务管理 李金姬 熊晓花 学号: 职称: 职称: 2014 年 11 月 10 日 11556302 副教授

学生姓名: 指导教师: 合作导师: 完成时间: 成 绩:

浙江师范大学行知学院本科毕业论文正文





过程管理材料 4:

本科毕业论文外文翻译

借款费用资本化存在问题的探讨
商学分院 财务管理专业 李金姬(11556302) 指导老师:熊晓花(副教授)
摘要:借款费用,是企业因借款而发生的利息及其相关成本,是可以因资本化而计入 资产,现今的各大企业几乎是运用这种“借鸡下蛋”的模式。虽然《企业会计准则第 17 号 ------借款费用》在一定程度上为借款费用资本化指明了方向,在贯彻稳健性方面做出了 重大变革,但同时在一定程度上增加了一定的难度,仍然涉及从业人员大量的主观判断, 因此企业调控资产价值和操纵利润的机会依然存在。本文通过对借款费用资本化有关问题 的解析,研究对企业带来的各种影响,提出完善的建议采取有效措施消除问题,制定有效 的*椒āR云诖锏剑翰欢贤晟*杩罘延米时净南冈颍忧科笠档牟莆窦喙埽銮炕 计人员自身的职业专业胜任能力等,进一步提高会计信息质量水*,使会计工作真正起到 促进社会进步、保证企业健康发展和实现中国经济腾飞的作用。 关键词:中小企业;资本结构;权益结构; 负债结构

Research about the problems and countermeasures of SMEs capital structure
ZHANG Ya-yun director: XIONG Xiao-hua
(Finance , Zhejiang Normal University Xingzhi College) Abstract : Borrowing costs directly affect the enterprise current assets and the profit and loss, then affects the entire enterprise’s financial situation and management performance is good or bad, the quality of accounting information plays a very important role. But ―international accounting standards‖ on the cost of borrowing and the capital o the relevant provisions of the accounting system of our country is in a continuous improvement process, should strengthen financial supervision, and constantly improve the cost of borrowing rules, accounting personnel should enhance their own occupation, professional competence efforts to improve the quality of accounting information, accounting to really play and promote the social progress and the realization of China’s economic take-off effect. This article first to borrowing costs should be the capital of the range, the capitalization of the borrowing costs, determining the period of borrowing costs confirmation, measurement, disclosure of the cost of capital and cost related to the concept of the borrowing costs accounting treatment condition carries on contrast research, at present to our country the capitalization of the borrowing costs processing limitations were analyzed and put forward the corresponding policy recommendations. Key words:cost of borrowing; Capitalization;analysis; suggestions

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前言
在市场经济条件下,资金是企业生存和发展的生命源泉,在资金需求增加 情况下,企业筹资渠道也日益多元化,除了利用权益性资金,以借款方式筹措 资金成为企业普遍采用的方法。如何对借款资金进行合理的财务处理,借款费 用的资本化的合理划分,显得尤为重要。其中发生的借款费用是否需要进行资 本化处理,会直接并严重影响到企业资产和费用的确认与计量,并且也会影响 到该企业财务的状况和企业管理者经营业绩的好坏。由于各方面原因借款费用 资本化成为某些公司鱼目混珠、投机取巧的伎俩,所以借款费用资本化处理是 困扰企业人员的一大难题,当前对其进行深入探究显得尤其重要。即使现行的 会计准则内容相比以前更加严密,但还是会产生很多问题:借款范围太窄、相 关规定不明确、不规范、披露的严密性也不够等等,因此需要针对资本化的优 点及存在的问题进行分析探讨并做出相应的措施来解决问题。

一、 借款费用资本化的相关概述
(一) 借款费用资本化的概念及条件 1. 借款费用资本化的概念 “资本化”是指符合条件的相关费用支出计入相关资产成本,作为资产负 债表的资产类项目管理,而不是计入当期损益。简而言之,资本化就是支出被 公司归类为资产的方式。借款费用是由企业因外币借款而发生的汇兑的差额, 以及由于公司向银行借款产生的折价、溢价或者利息的辅助费用和摊销。它反 映的是企业借入资金所付出的代价和劳动。借款费用资本化的含义是借款费用 发生的条件是企业在生产、购置和建造或符合资本化条件的资产,只有在符合 某一些条件时,作为当期损益减少的项目归为 期间费用,通过资本化把投资性 房地产、固定资产或可销售状态的地产存货等组合在一起,而不是当期损益减 少的项目归为期间费用。 2. 借款费用资本化的条件 资产支出已经发生必须要留意的是, 如果单位委托别的企业制造固定资 产,则单位向被委托的企业支付首笔进度款或者首笔预付款时,我们就认为已 经发生了资产支出。它的含义是,企业为建造或购置固定资产的支出已经发生, 包括以承担带息债务转移其他资产或者支出现金的形态产生的负收入 借款费用已经发生的含义是, 已经发生了因生产或购建固定资产而特意 引入了辅助费用、价格的摊销,汇兑差额或各种款的额外收入。例如,企业制
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造固定资产是以发行债券的方式来筹资资金的,但是单位已然向承销机构偿付 了一笔发行手续费。因为发行债券,此时债券本身可能还没有开始计息,即发 生了专门借款的辅助费用,因此,应当认为已经发生了借款费用。 为使资产大刀预定可销售或者可使用状态所必要的生产或者购建活动已经 开始 为使资产大刀预定可销售或者可使用状态所必要的生产或者购建活动已经 开始的含义主要是,有些活动会被所生产产品形态或购建固定资产所改变,也 就是建造可以预见的资产,如主体设备的安装,厂房的实际建造等。但是“为 使资产大刀预定可销售或者可使用状态所必要的生产或者购建活动已经开始” 只把发生建造资产活动形态的情况包括在内,但只有掌握住资产,如购置建筑 用地而发生的借款费用,不可以资本化,在持有土*诩涿挥蟹⑸泄胤课莸 建造活动。 (二) 借款费用资本化的相关规定 资本结构可以分为不同种类,区分标志有资本权属和资本期限。相应区分 为资本的权属结构和资本的期限结构两种。 1.借款费用的确认原则 借款费用的确认原则主要解决下面的问题:是将每期所发生的借款费用予 以资本化,计入相关资产的成本,还是将每期所发生的借款费用予以费用化, 直接计入当期损益。在我国,借款费用资本化的确认原则是:企业发生的借款 费用可直接归属于符合资本化条件的资产购建或者生产的, 应当予以资本互啊, 计入相关资产的成本。对于不符合资本化条件的借款费用则应区别情况进行核 算:如果该借款费用属于在筹建期间发生的,应根据其发生额先计入长期待摊 费用,然后在开始生产经营当月一次性计入当期损益;如果该借款费用属于在 生产经营期间发生的,应根据其发生额全部费用化,计入当期损益。 2.借款费用资本化期间的确定 借款费用开始资本化时点的确定。 第一、借款费用已经发生,是指企业因 购建固定资产和产生的介入款项的利息、汇兑差额以及折价溢价的摊销等借款 费用已经发生。第二、资产支出已经发生,是指企业为购置或者建造固定资产 而产色很难过的支出已经发生,支出形式主要有支付现金、转移非现金资产或 承担带息债务等。支付现金是指企业在购置或建造固定资产时以货币资金来支 付各种支出,如将自己生产的产品直接用于建造固定资产;承担带息债务是指 企业因购买建设材料等而承担的带息应付款项,企业以赊购方式购买建设材料 等所承担的债务可能带息也可能不带息,如果企业赊购建设物资所承担的债务 是不带息的,由于该债务没有占用借款资金,在偿付前也不需承担利息,这部
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分未偿债务不包含任何借款费用,因此不应将购买价款计入资产支出,如果企 业赊购建设物资所承担的债务是带息的,在偿付这笔债务之前,企业是需要支 付利息的,因此企业为购建固定资产而承担的带息债务应该作为资产支出。第 三,资产的实体建造工作已经开始,如厂房的实际开工建造等。 3. 借款费用资本化金额的确定 借款费用资本化金额的确定包括利息资本化金额的确定、 辅助费用资本化金 额的确定及外币专门借款汇兑差额资本化金额的确定。其中利息资本化金额的 确定较为多见。确定利息资本化金额的时候,每期利息资本化金额的计算应当 与在固定资产购建过程中所发生的资产支出相挂钩。对于那些已经借入的专门 借款,如果尚未用于固定资产购建,则其发生的利息应作为财务费用计入当期 损益;如果已经用于固定资产购建支出,则其产生的利息应予以资本化,因此, 企业每期利息资本化金额应当由至当期末止购置或者建造该项资产的累计支出 加权*均数乘以资本化率计算来确定。 由于企业购置或建造固定资产的支出旺旺不是一次性发生的,而是逐步发 生的,在这种情况下,企业每笔支出所应承担的利息费用就有所不同。因此, 在计算利息资本化金额时,应首先计算建造固定资产的累计支出加权*均数, 用以作为购建固定资产的*均资金占用额。由于企业为购置或建造固定资产不 可能只使用一笔借款,一般情况下每笔借款的利率是各不相同的,因此在计算 每期利息资本化金额时,企业应首先计算出一个加权*均利率作为资本化率, 将其与累计支出加权*均数相乘求的当期利息资本化金额,而不能单纯地用一 个利率去与累计支出加权*均数相乘。 我国会计准则对利息资本化金额的限额也有一定的规定, 在资本化的每一 会计期间,利息和折价或溢价摊销的资本化金额,不得超过档期接口实际发生 的利息和折价或溢价的摊销金额。如果根据累计支出加权*均数乘以资本化率 计算得出的利息资本化金额超过当期借款实际发生的利息与折价或溢价的摊销 金额之和或之差,应以当期实际发生的利息与折价或溢价的摊销金额之和或之 差作为当期应予资本化的利息金额。 (三) 借款费用资本化对企业的影响 1. 对企业损益及现金流量的影响 原准则中允许资本化的资产范围十分有限,只有用于 固定资产构建或生产 的专门借款费用可以资本化;新准则扩大了符合资本化条件的资产范围,允许 资本化的资产包括需要经过相当长时间的购建或者生产才能达到预定可使用或 可销售状态的固定资产、投资性房地产、无形资产和存货等资产,这里所说的 相当长时间一般认为是一年。对于那些生产周期较长的存货,比如企业生产机
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器设备、船舶等借入的款项而发生的借款费用新准则允许资本化,计入存货的 账面价值,而非计入当期损益;同样的,对于需要经过长时间建造和开发的投 资性房地产和无形资产,也具有相似的特征,所以相关的借款费用理应资本化 计入资产成本。 资产范围的扩大,使得资产负债表中企业资产总额增加,当期 权益增加。新准则的规定更能反映交易的经济实质,尤其对于生产周期较长且 借款金额巨大的制造业和房地产行业来说,不仅减少了企业当期的财务费用, 而且增加 了资产负债表中资产的价值, 能恰当地反映企业各个期间的经营成 果,也能展现出更加良好的财务状况,提高企业对外提供会计信息的相关性。 企业借款范围的扩大,意味着企业更多的借款费用可以计入相关资产的成 本,而不计入当期损益,使得资产负债表中资产总额增加,这使得企业的资产 价值与实际情况更吻合,也使得企业当期财务费用降低,当期利润增加,企业 的收入和费用更符合配比原则 2. 对企业主要财务指标的影响 存货,是企业重要的流动资产之一,其借款费用资本化会计处理将直接影响 到财务报表和相关的财务指标。本文仅以存货为例说明借款费用资本化对企业 主要财务指标的影响情况。 存货借款费用资本化使借款费用计入了存货成本, 因此存货数额提高,当期利息费用下降。从企业营运能力分析,存货数额提高 使得存货周转率降低,企业的存货资产管理能力变有所下降,但由于利息费用 金额占存货总金额的 比例较小, 所以对企业的营运能力的影响并不大。从企 业盈利能力看,由于借款费用计入了存货成本,所以存货出售时会引起主营业 务成本增加,从而导致销售毛利率和盈利能力有所下降,但从长远看来,借款 费用无论资本化还是费用化都会影响到企业的利润,只是资本化的处理延后了 成本费用的确认,这更符合收入与成本相配比的原则。从企 业长期偿债能力分 析, 利息保障倍数=息税前利润/利息费用。存货借款费用资本化计入存货成 本,降低了当期利息费用,从而提高了企业的长期偿债能力。因此,为体现大 型机器设备等存货的长期制造储存和具有一定投资性质的本质特征,新准则对 该类存货的借款费用资本化处理更加符合会计的重要性原则和实质重于形式原 则,能够为会计信息使用者提供更加真实可靠的会计信息 3.对企业信息质量的影响 原准则不允许一般借款资本化是为了防止企业将大量 的借款费用计入资 产, 较少计入当期损益,从而虚增利润,粉饰企业的财务报表。这样的会计处 理虽然提供的会计信息可靠性较高,但其过于严格的规定却降低了会计信息的 相关性,未将与构建或生产资产所耗用的借款费用资本化就不能很好的体现收 入与费用相配比的原则,也没能反映出经济业务的实质,不能做到与国际会计
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准则趋同。而新 准则在这几方面做了完善, 扩大了允许资本化的资产范围和 借款范围,修订了资本化金额的计算方法,取消了直线法,只允许采用实际利 率法,保证了企业计算的利息费用更准确,适应了实务操作的需要,也有效的 压缩了企业虚增利 润的空间, 提高了会计信息的相关性,实现了我国会计准 则的国际化趋同,也使得会计信息更加可比

二、 借款费用资本化存在的问题分析
(一) 借款费用在各项资产之间分配尚不明确 借款费用在多项符合条件的资本化资产之间如何分配,因为借款常常由多 笔一般借款和专门借款组成,而且在建工程或项目同时有多项,这样,借款费 用资本化处理往往就变得很复杂。 1.专门借款费用在各项资产之间分配对象尚不明确 专门借款费用, 分配时应该根据专门借款在各项资产中的支出比例来分配, 但是因为在建项目开始购建的时间不同,建设期间不同,造成借款费用分配不 明确,这一点在现行准则中也无规定。 2.一般借款费用在各项资产之间分配金额尚不明确 一般借款费用,分配时由于在建项目建设期不同,不同资产资本化率不同, 同一笔一般借款有两个或两个以上的资本化率,这就导致无法准确计算资本化 金额,不少企业的在建项目,资金来源由自有资金、一般借款、专门借款三项 组成,那么如何确定累计资产支出超过专门借款部分的资产支出以及费用资本 化的开始时点,是准确计算一般借款费用资本化的难点,现行准则中并没有给 出原则性意见。 (二) 借款费用资本化可能成为利润调节的手段 公司管理层出于某种动机,利用法规政策的空白或灵活性,甚至违法违规 等各种手段对企业财务利润或获利能力进行操纵的行为称为利润操纵,虽然利 润操纵的途径与方法多种多样,但以下只以借款费用利润操纵为研究对象,主 要探讨其在固定资产、存货和投资性房地产等方面的表现。 1.固定资产方面 企业构建固定资产的资金来源主要有两个渠道:一是借入资金,二是自有 资金。在所构建固定资产大刀预定可使用状态前发生的借款费用,企业会计准 则规定应予以资本化,计入固定资产的入账价值。如果使用同样金额的自有资 金来建造同样的固定资产时,其价值却小鱼借款构建的固定资产的价值。因此, 同样数额的两笔资金,由于其目的和用途不同,管理层可以根据当年利润的需 要, “判断” 用于构建合规资产所耗资金是来源于借入资金还是自有资金。 此外,
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尚未动用的专门借款资金进行暂时性投资产生的收益是一个变数,何时、如何 确定收益,或者出现投资风险该如何处理,均没有规定,这给企业借此调节借 款费用资本化金额留下了操作空间。 2.存货方面 借款费用资本化在确认与计量上的可靠性弱。首先,对于存货而言,企业 可能运用借款费用综合生产多种存货,各种产品所耗用的借款费用和自有资金 可能难以划分,导致资本化金额在多品种产品之间的分配难以确定。其次,借 款费用予以资本化的前提是构建的资金来源于有偿接口。然而现实中经济业务 不乏各种资金混合使用的情况,因而划分用于上述活动的资金支出中借入资金 和自有资金相当复杂,进而在确认利息费用应否由生产活动承担具有较大主观 判断的空ian。最后,就资本化期间而言,准则规定“为使资产大刀预定可使用 或者可销售状态所必要的构建或者生产活动已经开始”为起始点, “必要”一词 存在很大的模糊性,取决于会计人员的职业判断。 借款费用在各项资产之间分配尚不明确。存货在销售方面存在畅销、销售 一般及滞销的产品,为企业利用借款费用进行利润槽中提供了空间,管理者可 以根据需要认为地将资本化借款费用在畅销、销售一般及滞销的产品之间认为 分配,将借款费用归集到滞销产品成本中。 3.投资性房地产方面 我国房地产销售采用的是现房销售和预售两种方式,所以对房地产行业停 止资本化时点不能很好判断。预售的房地产项目的资本化期间大大短于现房销 售的房地产项目,使预售房地产项目承担的借款费用更多地被费用化处理,所 以将销售作为资本化停止的时间不符合会计惯例。如果采用现房销售作为资本 化停止的时点,这又会导致房产已大刀可使用状态,但借款费用在继续资本化 的可能。 4其他方面 在实务中,企业会使用短期的一般借款来提供符合借款费用资本化条件的 资产构建所需要的资金。根据会计准则要求,在这种情况下,暂时未动用的借 款资金产生的利息收入和临时性投资收益应该计入当期损益,不符合资本化。 但在本质上,这时候的一般借款就是专门借款,尽管其在表现形式上不符合会 计准则对专门借款的定义,按照实质重于形式的原则,应该可以将该部分利息 收入和投资收益资本化。 (三) 借款利息资本化计算繁琐 企业会计制度对资本化的借款费用中利息、折价或溢价摊销的金额确定详 细而复杂。首先确定利息、折价或溢价资本化金额,包括累计支出加权*均数
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的确定和资本化率的确定。累计支出加权*均数的计算,其中包括每月每季、 每半年或每年计算的资本化金额,而且还要扣除企业以赊购方式所发生的不带 息债务的资产支出。资本化率的确定包括为购建固定资产只借入一笔专门借款 和一笔以上专门借款资本化率的计算。同时企业会计制度还规定,在应予以资 本化的每一个会计期间,利息和折价或溢价的资本化金额,不得超过当期专门 借款实际发生的利息和折价或溢价的摊销金额。如果根据累计支出加权*均数 乘以资本化率计算得出的利息资本化金额超过当期专门借款实际发黄色呢个的 利息与折价或溢价的摊销金额之和(或之差)时。以当期实际发生的利息与折价 或溢价的摊销金额之和(或之差)作为当期应予资本化的利息金额。 如:CDF公司于2008年1月1日正式动工兴建一栋办公楼,工期预计为1年零 六个月,工程采用出包的方式,分别于2008年1月1日、2008年7月1日、2009年1 月1日支付工程进度款。公司为建造办公楼于2008年1月1日专门借款2000万,借 款期限为3年、年利率6%;另外在08年7月1日又专门借款4000万,借款期限5年, 年利率为7%。借款利息按年支付。闲置资金均用于固定收益债券短缺投资,该 短期投资月收益率为0.5%。办公室与2009年6月30号完工,达到预定使用状态。 表2-2 单位:万元 日期 2008.1.1 2008.7.1 2009.1.1 总 计 每期资产支出金 累计资产支出金 闲置借款资金用于短期投资 额 1500 2500 1500 5500 额 1500 4000 5500 金额 500 2000 500 3000

由于CDF公司使用了专门借款建造办公楼, 而且帮楼建造支出没有超过专门 借款金额,因此公司2008年、2009年为建造办公楼应予资本化的利息金额计算 如下: 首先确定借款费用资本化期间为2008年1月1日至2009年6月30日 其次计算在资本化期间内专门借款实际发生的利息金额 2008年专门借款发生的利息金额=2000*6%+4000*7%*6/12 =260(万元) 2009年1月1日—6月30日 专门借款发黄色呢个的利息金额=2000*6%*6/12+4000*7%*6/12 =200(万元) 再计算在资本化期间内利用闲置的专门借款资金进行短期投资的收益: 2008年短期投资收益=500*0.5%*6+2000*0.5%*6
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=75(万元) 2009年1月1日—6月30日短期投资收益=500*0.5%*6=15(万元) 由于在资本化期间内,专门借款利息费用的资本化金额应当以实际发生的 利息费用减去将闲置的借款资金进行短期投资取得的投资收益后的金额确定, 因此: CDF公司2008年的利息资本化金额=260-75=185(万元) CDF公司2009年的利息资本化金额=200-15=185(万元) (四) 借款费用资本化信息披露不健全 上市公司信息披露的目的是提高资本市场效率,对资源进行最优配置。会 计信息披露是企业按照有关法律法规的规定,公开其重要信息,以有利于以投 资者为主体的信息使用者进行判断的一种行为。我国正出于完善社会主义市场 经济体制湿气,各种市场监管手段未完全到位,相应的规章制度尚待规范完善, 我国上市公司所披露的会计信息仍存在一些问题: 1.会计信息披露不充分 我国会计准则中明确规定,为使财务报表清晰和易于理解,上市公司必须 提供必要的财务信息和非财务信息。但在实际操作过程中,有的上市公司对其 应披露的信息不作全面的披露,从自身利益出发,报喜不报忧,在信息披露时, 对有利于本公司的信息过分披露,而对本公司不利的信息却只字未提,或者作 不详尽披露;说明经营业绩不佳的重要事项予以忽略;在披露有关信息时用语 不明确, ;上市公司之所以不愿意充分地披露这些与公司发展有重大关系的,与 会计有关的信息,可能是考虑到如果对这些关键信息作出披露,同行业竞争者 也会获得这些信息,对自身企业的发展不利。 2.会计信息披露不及时 上市公司应在每个会计年度结束4个月内编制完成年度财务报告并报中国 证监会。但有相当一部分上市公司的财务报告不能在规定的时点对外公布,信 息的价值旺旺体现在及时性上再有用的信息一旦时过境迁也会失去参考价值, 上市公司披露半年前的信息时,其所反映的公司经营情况、财务情况与公司现 时的情况也许早就发生了巨大的变化,这时公开的市场信息对于投资者而言, 其投资的参考价值已大打折扣。 3.会计信息披露失真 根据委托代理理论,管理者所出具的报告是所有者对管理者的管理水*做 出评价和奖励的依据,由于所有者和管理者之间的信息不对称,就给了管理者 一个根据自己意愿调节信息的可能。为了获得更高的薪酬,管理者就可能根据 自己的意愿对真是的会计信息做出篡改并对外披露,使投资者所获得的会计信
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息受到误导。上市公司会计信息披露失真主要表现在以下方面:一是信息虚假。 信息虚假一方面造成了对投资者的误导,引起证券市场价格的剧烈波动;另一 方面又助长了过度投机和不正当竞争,扰乱了证券市场的有序性和稳定性。二 是盈利预测失真。三是中介机构信息失真,结构调整的弹性很小。

三、 借款费用资本化问题的原因分析
1.会计准则相关规定不完善 对多项资本化资产之间的分配问题,准则并未作出明确详细的规定,增加 了借款费用资本化处理的难度。如果企业的专门借款或一般借款只有一笔,且 用于单个工程项目,那么会计处理就会非常简单。但是现实的情况是,很多企 业都存在多项专门借款和一般借款,同时这些借款又被用于多个建设项目,这 就增加了会计处理的难度,而准则并没有对多项资本化资产之间的分配问题作 出明确规定。对于专门借款费用,实际分配时应根据专门借款在各项资产中的 支出比例来分配,但是由于受在建项目开始购建时间、期间的影响和制约,借 款费用的分配比较模糊,准则中对于这一点也没有进行说明和明确规定。 一般借款资本化金额计算规定的局限性。在实务操作中,要计算占用一般 借款的加权*均利率作为资本化率,同时要计算累计支出加权*均数,计算过 程过于复杂。如果涉及专门借款、一般借款,并同时涉及多项固定资产或者符 合资本化条件的存货项目,那么在借款的支出顺序、专门借款资本化费用在多 个项目之间进行分配、自有资金和借入资金分清界限等等方面便会产生问题, 将会直接影响各自的成本,导致高估或低估相应的资产。 借款费用资本化的会计处理,直接影响企业的资产和损益,新准则进一步 实现了我国会计准则与国际会计惯例的接轨, 也更好地适应了实务操作的需要, 提高了信息的相关性和可比性。但值得注意的是,由于可予资本化的借款费用 范围、符合资本化条件的资产范围都有所扩大,资本化金额的计算方法也进行 了修改,这在一定程度上增加了操纵利润的空间。其他的变化也将带来一定的 不利影响。借款费用资本化相关规定不完善,一定程度上扩大了利润操纵的空 间。 2.税法与准则存在差异 税法与准则存在差异使得借款费用的所得税纳税调整更加复杂。《企业所 得税法实施条例》第三十七条第二款规定:企业在生产经营活动中发生的合理 的不需要资本化的借款费用,准予扣除;企业为购置、建造固定资产、无形资 产和经过12个月以上的建造才能达到预定可销售状态的存货发生借款的,在有 关资产购置、建造期间发生的合理的借款费用,应当作为资本性支出计入有关
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资产的成本,并依照本条例的规定扣除。由此可见,企业所得税法及其条例规 定得较为简单,对于资本化金额计算、资本化率、辅助费用处理以及如何判断 资本化的起点与终点等关键问题都没有明确规定。这使税法与较为详尽的会计 准则规定在借款费用资本化的处理上仍存在一定差异, 时常需要进行纳税调整, 使问题复杂化。两者对停止资本化时点的规定不同。税法中强调是在相关资产 交付使用时,而会计中强调的是达到预定可使用状态。同时,快i上规定超过三 个月以上的非正常终端应暂停资本化,而税法并没有明确的规定。符合资本化 条件的资产范围不同,新准则扩大了借款费用资本化的资产范围,比如经过很 长时间才能大刀可销售状态的存货的借款费用也可予以资本化,但税法规定并 不包含存货:资本化金额的计算有差别等等,这都使相应的纳税调整更加复杂。 无论是新、旧会计准则都与税法在所得税上的差异比较明显,会计准则与 所得税制度应有更多的协调空间,目前税务部门在此方面动作有点稍慢。因为 执行新会计准则的范围目前还局限在上市公司,其他的企业只是比较执行。 3.财务管理工作质量水*较低 由于企业资金来源、借款情况以及使用方向等错综复杂,再加上会计准则 和税法对借款费用资本化某些规定的不具体,使得该部分核算也相应变得复杂 起来,对财务人员的要求较高,既要把握国家相关政策规定,又要根据本企业 实际情况进行职业判断和具体运用,否则即会给企业带来相关损失现行会计准 则对借款费用的确认和计量提出了明确的规定来规范企业相关的会计活动,但 是准则仅仅能给予一般常规性的会计活动处理方式,它不可能面面俱到。所以 大量的借款费用确认的过程还是需要依靠所有会计人员的经营判断,财务管理 工作质量水*较低也导致了企业借机虚增当期资产、虚增当期利润、*滑收益, 认为造成利润增加或减少,带来严重的危害。 虽然大家都在谈“经济越发展,会计越重要”、“企业管理以财务管理为 中心”但真正落到实处就少了,许多企业比较重视任务的承揽、重视任务的完 成和质量的提高,认为抓好生产是关键,忽视了财务管理的重要性。财务管理 在企业管理中出于被动的、从属的地位,财务部门的职能未能充分发挥出来。 这使得企业制度要求的财务部门的预测、决策作用发挥有限,财务信息的不及 时,影响了财务管理工作的发展。 某企业按政府要求先垫资修剪某项工程,由于资金需求,办理了流动资金 借款,几年下来其借款信息发生高达百万元,由于其财务人员对借款费用资本 化核算的相关规定条件不熟悉,全部将其资本互啊,计入工程资产,待到工程 竣工财务决算时,审*缛氩盘岢龈貌糠纸杩罘延米时净鸲罱鑫4万余元,需 将差额96万元全部剔除出所建工程资产,计入企业费用,本审*峁贡居τ
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政府承担的工程费用即刻转变为需由企业自行承担的财务费用,使企业损失巨 大。究其原因,便是财务人员对资本化相关规定不熟悉,未能在借款之时考虑 资本化问题,同时还存在对借款管理机制欠缺问题,该企业的财务人员与工程 试试用款部门完全脱节,财务人员不知工程进度以及工程资金需求,盲目计入 大大超过项目需求资金的借款,也是直接造成错误计算借款费用资本化金额, 与根据累计支出加权*均数计算出的资本化金额相差过大结果的原因。 4.利益驱动 利益驱动是会计信息失真的主要原因,会计造假的主要原因是会计造假背 后有巨大的利益。在企业利润最大化经营目标的驱使下,企业通过提供虚假会 计信息骗取投资者的信任,图谋获取不义之财;骗取债权人及国家有关机关的 信任,获得投资、贷款、政策倾斜、减少税金等经济利益。中介机构也受利益 驱动,失去客观公正的立场,不惜违背职业道德出具虚假报告。正是这些复杂 的利益关系导致虚假会计信息的产生 企业领导为追求政绩而提高企业利润由于企业经营业绩的考核一般以一定 的财务指标为基础,其中利润往往是最主要的财务指标。如利润的计划完成情 况、投资回报率、销售利润率等均是经营业绩的重要考核指标。经营业绩的考 核涉及到企业厂长经营管理业绩的评定,并影响其提升、奖金福利等,因此为 了业绩,企业难免要对利润进行操纵。 上市企业为了自身利润或大股东利益而夸大甚至编造虚假利益。在我国上 市指标一直是一种稀缺资源,其壳资源价值连城,受利益驱动,便产生了利润 操纵现象。其动机不外乎以下几种:一是为获得股票发行资格,二是为了提高 发行和配股价格,三是避免股票被摘牌 所得税是在会计利润的基础上,通过纳税调整,将会计利润调整为应纳税 所得额,再乘适当的税率而得出。一些企业为了偷税、漏税、推迟纳税时间, 便会隐瞒利润。但也存在着一些企业特别是上市公司,为了能够维护其在社会 上的形象,为了能够筹措到足够的资金,不惜虚报利润,多交所得税,而这部 分所得税往往又通过地方政府的税收返还形式返给上市公司。

四、 借款费用资本化存在问题的对策措施
(一) 明确多项资本化资产的分配 专门借款因取得的时间不一致,用于的项目不一致,制度应明确区分并分 别计算不是同一笔计入的专门借款在不同项目的支出金额,做到专门借款按支 出比例在不同资产中进行分配,对于一般借款,以资产实际支出比例为权重采 用加权*均法分配,是合理分配一般借款费用在各项资产中资本化金额的一种
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可行性方法。 (二) 加大对借款费用资本化的外部检查和监督力度 不断加大外部检查与监督借款费用资本化的力度。虽然新会计准则明确规 定了借款费用确认与计量,但还不够完善,借款费用确认还需会计人员的职业 判断能力。并做大量的判断工作,所以,加强以独立审计为核心的外部检查与 监督的力度必不可少。再次进一步规范借款费用资本化金额的计算。 让企业的 价值最大化。 为防止上市公司利用借款费用人为调节利润,应明确企业购建资产支出占 用资金顺序,并要求建立借款支出台帐,资金使用台账,用以记录使用资金累计 支出情况、借款结余数额、资金来源情况等,如果不能明确区分企业资产支出 资金来源的情况,应先分辨出资金来源可以确定的资产支出部分,对剩余无法 分辨资金来源的资产支出,按照专门借款、一般借款、自有资金的顺序,运用 职业判断进行分拆,在充分考虑谨慎性原则的基础上,按会计准则的规定确认 应资本化的借款费用,如果借入款项利率不同,可采用先进先出法确定利率, 即先借入的款项先利用的假设为前提来确定资本化率以防止企业利用借款利率 差,操纵各期利润。我觉得按上述要求对借款费用进行披露,不仅满足了会计 信息的质量要求,而且成为财务报告披露上的一个亮点。 3.建立完善的内部控制制度 建立完善的内部控制制度能够规范议事规则,明确各方权限,形成科学有 效的职责分工和制衡机制,一定程度上可以控制利润操纵行为。另外在目前管 理者内部控制观念普遍淡薄的情况下,需要依靠政策引导,通过完善有关法律、 法规,以规范企业建立和健全内部控制制度。同时要加大法律、法规的执行力 度,对违规操作的,应依法追究管理者的责任,管理者应对内部控制制度引起 足够重视,真正将内部控制制度的建设作为一项长期任务来抓。 (三) 简化借款利息资本化的计算 不同企业之间建造相同的固定资产,价值不应该相差太大,但是要具有可 比性。而累计支出加权*均数的确定,根据为购建资产大刀预定可使用状态所 必要的购建资产支出的会计账面金额计算确定,显得要容易和渐变的多,而且 购建想用固定资产的企业之间借款费用资本化的金额基本上是相同的。企业可 以不再需要计算加权*均利率,各笔专门借款的利率就是属于该笔借款所累计 支出款项的资本化率。但当存在一笔以上的专门借款且各笔借款的借入时间和 到期日都相同时,要求计算各笔借款的加权*均利率。此时,不再要求区分各 笔借款的加权*均利率。此时,不再要求区分各笔资产支出是属于哪一笔借款 的,只要将累计支出加权*均数乘以加权*均利率,即可得到应予资本化的金
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额。 1.优化借款费用资本化金额计算公式 优化借款费用资本化金额计算公式,必须遵循合理性、实质重于形式、可 操作性原则,从而有效防止企业高估或者低估应予资本化的金额。具体完* 议如下:一不再要求计算加权*均利率,各笔专门借款的利率就是属于该笔借 款所累计支出款项的资本化率。但当存在一笔以上的专门借款且各笔借款的借 入时间和到期日都相同时,要求计算各笔借款的加权*均利率。此时,不再要 求区分各笔借款的加权*均利率。此时,不再要求区分各笔资产支出是属于哪 一笔借款的,只要将累计支出加权*均数乘以价钱*均利率,即可得到应予资 本化的金额; 二是当存在一笔以上的扎un们借款且各笔借款的借入时间不同时, 计算累计支出加权*均数要严格按照“先借入的款项先支出”的假设进行。在 这种假设下,要严格区分和分别计算不同专门借款的各笔资产支出,在前一笔 借款尚未支出完毕的情况下,假设不得支出后一笔借款,只有在前一笔借款已 经全部支出完毕后,菜能把支出的资产当作是后一笔借款的支出。另外,在前 一笔借款支出完毕后在后一笔借款借入前所发生的资产支出,应看企业的自有 资金;三是当存在一笔以上的专门借款且各笔借款的借入时间相同但到期日不 同时,累计支出加权*均数的计算按照“期限短的借款先支出”的假设进行, 并同样假设在前一笔借款尚未支出完毕时,不得支出后一笔借款;四是累计支 出加权*均数的计算按照新准则的有关规定进行,但严格以资产支出的当日作 为每笔资产支出实际占用期间的开始,并以天数计算每笔资产支出的实际占用 期间;五是在英语资本化的每一会计期间,利息的资本化金额按照如下公式计 算: 每一会计期间利息的资本化金额=至当期期末止属于购建固定资产的各笔专 门借款累计支出加权*均数*各笔专门借款的利率 充分利用负债带来的财务杠杆,保持合理的负债额度。由于向商业银行贷 款而支付的利息可以税前扣除,从而减少应纳的所得税,但是资产负债率太高, 会使企业现金流减少,一旦到了还款期,企业没有足够的现金偿还贷款,偿债 能力差,便会陷入财务危机。因此,企业在筹集债务资本时要衡量好合适的负 债额度。中小企业在进行负债经营时,要选用资产负债率、流动比率和速动比 率等财务指标作为衡量负债规模是否适度的参考,以控制风险。合理的债务结 构既能降低企业丧失偿债能力的风险,又能使借入的资金得到充分和有效的利 用,也在最大程度上避免了财务风险。 (四) 完*杩罘延米时净呐 借款费用资本化是编制财务报表时应考虑的重要问题。企业应当至少在财 务会计报告中披露以下两方面的借款费用信息:一是当期资本化的借款费用金
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额。可以使会计信息的使用者随时掌握固定资产成本中借款费用所占的比例, 然后检查其成本借款的合理性,因此,披露这以信息相对于会计信息使用者的 决策是非常有用的,当期资本化的借款费用金额包括当期资本化的利息、债券 折价或溢价的摊销、汇兑损益和辅助费用。由于企业在会计核算中,对于当期 的一些予以资本化的借款费用计入“在建工程”的明细科目中,所以企业可直 接根据该科目的当期借方发生额分别披露当期资本化的借款费用金额;二是当 期用于确定资本化金额的资本化率。披露借款费用资本化的金额只能使会计信 息使用者了解企业资本化金额总的情况,但是不能了解购置和建造固定资产所 站借款资金成本的高低。为了弥补这以缺陷,企业还应当披露用于确定借款费 用资本化金额的资本化率,有助于会计信息使用者将其与市场利率和自有资产 利润进行比较,分析判断企业的利益财务杠杆利益和盈利能力并且要求企业对 一般借款借款费用资本化的会计政策、确定原则、影响金额等进行披露,加强 对企业一般借款费用会计政策的监督。 1. 充分披露借款费用相关信息 尽管新准则要求披露当期资本化借款费用金额以及当期用于计算确认借款 费用资本化金额的资本化率,这有利于投资者了解当期借款费用资本化的来龙 去脉,但借款建造资产中的借款费用资本化总额并未要求进行披露。在借款费 用的具体操作上仍有诸多原则性规定有可能产生不同理解,进而形成不同的处 理结果,影响财务信息。在这方面本企业做的只是相关规章制度的披露,没有 进行具体数字的解释。因此,我建议企业在以后的财务报告中除了应披露当期 资本化借款费用金额及当期用于计算确认借款费用资本化金额的资本化率外, 还应该披露借款建造资产中的资本化总金额及其他相关信息,以使信息使用者 得到较为准确的(资产)信息,做出正确的决策。 2. 增加财务报告的信息披露内容 新会计准则中扩大了借款费用资本化范围,增加了固定资产折旧和无形资 产摊销的会计估计变更的可能性、改变了无形资产的入账价值,这为操纵利润 提供了空间。因此,应当充分披露当期资本化的资产以及准予资本化的借款费 用(特别是占用一般借款的费用);对固定资产折旧或无形资产摊销的会计估 计变更,应当提供充分、合理的证据;充分披露自创无形资产研究阶段和开发 阶段的判断依据以确保无形资产入账价值的合理性。 3. *行∑笠底什刈 企业的资产重组尤其是内部的资产重组有利于盘活企业存量资产,充实企 业的资本金,调整企业的资本结构。因此,国家要积极引导中小企业进行内部 资产重组,同时,对企业外部的资产重组也要给予一定的政策支持,淘汰落后
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的企业,扩大新兴有潜力的中小企业,促使更多的资本流向经济效益好的行业 和企业。

结束语
在市场经济条件下,资金是企业生存和发展的生命源泉,在资金需求增加 情况下,企业筹资渠道也日益多元化,除了利用权益性资金,以借款方式筹措 资金成为企业普遍采用的方法。如何对借款资金进行合理的财务处理,借款费 用的资本化的合理划分,显得尤为重要。 其中发生的借款费用是否需要进行资本化处理,会直接并严重影响到企业 资产和费用的确认与计量,并且也会影响到该企业财务的状况和企业管理者经 营业绩的好坏。由于各方面原因借款费用资本化成为某些公司鱼目混珠、投机 取巧的伎俩,所以借款费用资本化处理是困扰企业人员的一大难题,当前对其 进行深入探究显得尤其重要。即使现行的会计准则内容相比以前更加严密,但 还是会产生很多问题:借款范围太窄、相关规定不明确、不规范、披露的严密 性也不够等等,因此需要针对资本化的优点及存在的问题进行分析探讨并做出 相应的措施来解决问题。

参考文献
[1] 董晴.借款费用的国际比较[J]. 财会研究, 2012, (10) [2] 龙雷.对新旧借款费用会计准则的理解与分析[J]. 财经与管理, 2010,(20) [3] 马巧升.关于我国借款费用资本化的探讨[J].财经研究, 2011,(20) [4] 程晓丽.我国借款费用会计准则与国际准则的比较[J].文化教育产业, 2012,(12) [5] 卢成能.借款费用资本化的探讨[J].财会月刊,2010,(15) [6] 王东梅.关于借款费用资本化的探讨[J].管理世界, 2013,(12) [7] 叶璋礼.借款费用资本化有关问题解析[J]. 财会研究, 2011,(13) [8] 刘燕.国际会计准则趋同的变化及对我国会计行业发展的思考[J].财务与会计, 2012, (07) [9] 贾丹.关于借款费用资本化的相关思考[J]. 现代经济信息, 2011,(11) [10] 赵兴龙.借款费用资本化的会计处理探讨[J]. 中国外资, 2011,(06) [11] 翟莎.借款费用资本化的会计处理[J]. 河南科技, 2011,(01) [12] 由敏.新旧会计准则中借款费用资本化的比较分析[J]. 知识经济, 2011,(19) [13] 中华人民共和国财政部。企业会计准则[M].2006 [14] 程天勇.借款费用会计准则有关问题的思考[J].财务管理, 2012,(07)
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[15] 新企业会计准则对上市公司利润的影响分析[D]. 北京交通大学, 2008 [16] 我国会计准则与国际会计准则的比较研究[D]. 陕西科技大学, 2008 [17] 张博盛.浅析借款费用资本化相关问题[J]. 经济研究, 2013,(10) [18] 陈信汛.借款费用资本化问题的探析[J]. 经贸管理, 2013,(07) [19] 庄芳.借款费用资本化问题探讨 [J]. 审计与理财, 2012,(11) [20] 刘洋.关于借款费用资本化的探讨[J]. 现代交际,2013,(11) [21] Jayanthi Krishnan.Audit Committee Qualityand Internal Control:An Empirical Analysis. The Accounting Review . 2010 [10] Hollis Ashbaugh-Skaife,Daniel W Collins,William R.Kinney,Jr,Ryan LaFond.The Effect of Internal Control Deficiencies and Their Remediation on Accrual Quality. . 2010 [22] Jeffrey Doyle,WeiliGe,Sarah McVay.Determinants of weaknesses in internal control over financial reporting. Journal of Accountancy . 2011 [23] Naiker V,Sharma D.Former audit partners on the audit committee and internal control deficiencies. The Accounting Review . 2011 [24] ChanLi,,Lili Sun,Michael Ettredge.Financial executive qualifications,financial executive turnover,and adverse SOX 404opinions. Journal of Accountancy . 2010 [25] Hollis Ashbaugh-Skaife,DanielW Collins,W illiam R. Kinney Jr.The discovery and reporting of internal controldeficienciesprior to SOX-mandated audits. Journal of Accountancy . 2011

浙江师范大学行知学院本科毕业论文外文翻译

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译文:

借款费用资本化的探讨
Tran Dinh Khoi Nguyen and Neelakantan Ramachandran

1 说明
期刊名:借款费用资本化的探讨 出版社:货币信用和银行学杂志 作者:詹姆斯?R?展位、莱娜蔡石詹微 起始页:第 15 页 根据最新的国际会计准则的规定,首先来理解一下,该准则对借款费用是 如何规定的。这个修订的国际会计标准经委员会批准,于 1984 年 3 月取代国际 会计准则第 23 号——资本化的借款费用,修订后的标准,对于 1995 年 1 月 1 日或之后开始的会计期间的财务报表均有效。 下面就其准则的几个方面来阐述: 目标 本号准则旨在说明借款费用的会计处理。本号准则通常要求将借款费用立 即予以费用化,然而,作为所允许的备选处理方法,本号准则也允许将那些可 直接归属于相关资产的购置、建造或生产的借款费用予以资本化。 范围 1.本号准则适用于借款费用的会计处理。 2.本号准则替代于 1983 年批准的国际会计准则第 23 号“借款费用的资 本化” 。 3.本号准则不涉及权益(包括不属于负债的优先股资本)的实际成本或估 算成本。 定义 本号准则所使用的下列术语,具有特定的含义:借款费用,是指企业发生 的与借入资金有关的利息和其他费用。 相关资产, 是指须经过较长准备期才能达到可以使用或可销售状态的资产。 借款费用可以包括: (1)银行透支、短期借款和长期借款的利息; (2)与借款有关的折价或溢价的摊销; (3)安排借款所发生的附加费用的摊销;

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(4)按照国际会计准则第 17 号“租赁会计”确认的与融资租赁有关的财 务费用; (5)作为利息费用调整的外币借款产生的汇兑差额部分。 相关资产的例子,有需要较长准备期才能将其达到可销售状态的存货、制 造车间、电力设备和物业投资。其他的投资,以及常规性生产或生产周期较短 且重复大量生产的存货,则不是相关资产。那些在购置时就已有预定用途或准 备销售的资产也不是相关资产。 借款费用 所允许的备选处理方法 确认 借款费用应在发生的当场确认为费用,除非按第 11 段的要求已达到可资 本化的程度。直接归属于相关资产的购置、建造或生产的借款费用,应作为该 项资产成本的一部分予以资本化。符合资本化条件的借款费用的金额应按本号 准则确定。 在所允许的备选处理方法下,直接归属于某项资产的购置、建造或生产的 借款费用, 应包括在该项资产的成本之中。当借款费用可能为企业带来未来经济利益 并且该费用能够可靠地计量时,应将其作为资产成本的一部分予以资本化。其 他借款费用应在其发生的当期确认为费用。 符合资本化条件的借款费用 直接归属于相关资产的购置、建造或生产的借款费用,是指那些如果不为 相关资产发生支出即可避免的借款费用。当企业专门为获得某项指定的相关资 产借入资金时,与该相关资产直接相关的借款费用就很容易认定。 要确认特定借款和相关资产之间的直接关系,以及要确定哪些是可避免的 借款可能会比较困难。例如,当企业的融资活动集中调配时,就会发生此困难。 当集团使用一系列债务工具以不同利率借入资金,同时根据不同的基础将这些 资金借给集团内其他资本化的开始企业时,也会产生困难。其他复杂性来源于 集团在高通货膨胀经济条件下经营,使用外币借款或与外币有关的借款,以及 来源于汇率的变动。因此,确定直接归属于相关资产的购置的借款费用金额是 困难的,需要进行判断。15.对于专门为获取某项相关资产借人的资金,符合 资本化条件而计入该资产成本的借款费用的金额,应为借款期内发生的实际借 款费用,减去该借款用于临时投资所带来的任何投资收益。 对某项相关资产的筹资安排,可能使企业获得借入资金,并且在该资金的 一部分或全部用于相关资产的开支之前,已发生了有关的借款费用。在这种情 况下,资金往往在用于相关资产的开支以前,用作临时投资。在确定本期应予
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以资本化的借款费用的金额时,应从所发生的借款费用中扣除这种借入资金带 来的全部投资收益。 对于不是专门为获取相关资产而借入和使用的资金,符合资本化条件的借 款费用的金额,应采用将资本化比例乘上发生在该项资产上的支出的方式来确 定。资本化比率应是借款费用相对于企业当期尚未偿还的所有借款,而不仅仅 是为获得某项资产而专门借人的借款的加权*均数。一个期间予以资本化的借 款费用的金额不能超过在这期间内发生的借款费用的金额。 在某些情况下,在计算借款费用的加权*均数时,应包括母公司和附属公 司的全部借款。在其他情况下,各个附属公司只应使用借款费用对其本身借款 的加权*均数。 相关资产的帐面金额超过可收回金额的部分 当相关资产的帐面金额或预期最终成本大于可收回金额或可变现净值时, 帐面金额应按其他国际会计准则的要求予以减记或冲销。在某些情况下,减记 或冲销的金额应按其他的国际会计准则的要求加以转回。 资本化的开始 作为相关资产的一部分成本的借款费用,应从以下时间开始于以资本化: (1)该资产的开支发生时; (2)借款费用发生时; (3)资产达到预定使用或销售状态所必要的准备工作正在进行时。 在相关资产上的开支,只包括那些导致支付现金,转让其他资产或承担附 息负债的支出。收到与该资产有关的任何进度付款和补助都应扣减开支(见国 际会计准则第 20 号一政府补助会计和对政府援助的揭示” ) 。一个期间内该资 产的*均帐面金额,包括以前已资本化的借款费用,通常等于该期间内资本化 比率所适用的开支的合理*似值。 为资产达到预定使用或销售状态所必需的活动, 远远不止资产的实体建造。 它们还包括实体建造前的技术性与管理性工作,例如,在开始实体建造之前, 围绕取得许可证而进行的工作。然而,在没有发生为改变资产状态而进行的生 产或开发活动前,持有资产则不属于这类工作。例如,土地开发引起的借款费 用,应于相关开发活动进行期间予以资本化。然而,为建房屋而购置土地所发 生的借款费用,在持有土地但没有进行相应开发活动时,不具备予以资本化的 条件。 资本化的暂时中止 在开发活动发生中断的一个较长期间内,应暂停对借款费用资本化。 在为资产达到预定用途或销售状态而进行的准备活动发生中断的一个较长
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期间内,可能发生借款费用。这些费用是持有部分完工的资产的费用,不具备 予以资本化的条件。但是当大量的技术及管理工作仍在执行时,借款费用通常 不暂时停止资本化。若暂时延误是为使资产达到预定用途或销售状态进行的准 备过程的一个必要部分,对借款费用资本化通常也不能暂停。例如,在使存货 达到成熟状态所必需的一个较长的期间内,或由于水位较高而推迟造桥,如果 在所涉及的地区在造桥期间出现高水位是正常的,在这些延长的期间内,均应 继续对借款费用予以资本化。 资本化的停止 当为使相关资产达到预定用途或销售状态的所有准备工作实际上已完成 时,应停止对借款费用的资本化。 当资产的实体建造结束时,尽管日常管理工作仍在继续,一项资产已准备 用于预定用途或准备销售。如果有少数工作(例如根据购买者或使用者的要求 对房屋装修等)尚未完成,也表明所有工作实质上已经完成。 当相关资产的建造的各个部分分别完成,并且每个部分在其他部分继续建 造中已可使用时,则在为使那一部分达到预定用途或销售状态的所有必需的准 备工作实际上已完成时,应停止对借款费用的资本化。 例如,一个包含几个建筑物的企业停车场,每一个建筑物都能独立使用, 就是在相关资产中,每一部分在其余部分仍在建造中即可使用的例子。以下是 一个在任何部分能够使用之前,必须完成相关资产的例子:一个工厂,包含了 几道工序,它们在同一厂址工厂不同的部分相继运作,如钢铁工厂等。 揭示 财务报表应揭示: (1)为借款费用所采用的会计政策; (2)本期将借款费用于以资本化的金额; (3)确定符合资本化条件的借款费用的金额所使用的资本化比率。 过渡性规定 当采用本号准则构成了会计政策的变更时,企业应根据国际会计准则第 8 号“本期净损益、基本错误和会计政策的变更”来调整其财务报表。企业还可 以根据所允许的备选处理方法,只是在本号准则生效以后,将已发生的符合资 本化标准的借款费用于以资本化。 国际会计准则中对借款费用的规定经过长时间的有效实施,在规范了世界 各国的会计核算的同时,也因实际工作中错综复杂的环境而产生了一些问题, 当下,对国际会计准则的改革呼声越来越大,下面来谈谈借款费用准则在应用 中的阻碍以及委员会的应对策略。
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国际会计准则委员会与美国财务会计准则委员会, 于 2004 年 4 月在一个联 合会议上讨论决定美国通用会计准则的短期趋同项目应包括借贷成本。这两个 机构在 2006 年 2 月对一项谅解备忘录(MOU)达成了一致,同时重申该议会 的目标是:共同开发高品质、通用的会计准则。该谅解备忘录产生的背景是: 在 2005 年 4 月,由欧洲委员会和美国证券交易委员会(SEC)经过对各自路线 方针的讨论,决定将先前通过的一项准则剔除:非美国公司在美国使用国际财 务报告准则。 短期趋同项目目前的关注的重点在于对借款费用的处理差异上,是在较短 的时间内解决其准则的过渡,还是在今后很长的一段时间里逐渐过渡。 消除现有的两个选项之一 委员会决定根据之前审议通过的财务会计准则第 34 条——资本化利息, 对 国际会计准则第 23 号——借贷成本的会计处理准则进行修改,他们认为,在对 资本化利息的 2 个处理方法中,应当更认同将借款费用归属于符合资本化条件 的资产的购置或者是建造成本当中(这里的资产特指为需要经过相当长的时间 来完成其购置或者是生产活动) 。借贷成本的资本化规定,应当立即加入准则, 予以明文确定,同时,借款成本的费用化规定将立刻被终止。 在制定整个决策的过程中,委员会应当立即对以下几个事项作出决议:① 借款成本是否应当资本化;②是否立刻确认借款成本的费用化;③如何确定借 款成本资本化的利率。根据会议的整体框架制定,将历史成本定义为 “为收购 一项资产所付出的成本在收购当时公允价值” 。 一项资产在经过一段时间的使用 或者发展后,其原先的成本就是在该项资产达到预定可使用状态或者可销售状 态时确认的成本,该资产的成本必需将所有导致目前这项资产的状况的所有成 本包涵在内。 合资格资产的成本可能是由多笔费用支出的不断积累而形成的,这样的费 用支出是在不同时期里产生的延续时间较长的费用。为了确定符合资本化条件 的资产的历史成本(即当一项资产达到预定可使用或者可销售状态时,形成这 项资产的所有成本的公允价值) ,我们必须计算在使用借款的整个过程中,发生 的部分融资成本,从而将这些支出的名义金额归结为资产的初始成本。 为了估算这些财务费用,委员会根据市场风险调整后的利率审议通过了一 项“经济成本”的方针,该汇率将反映当前市场的货币时间价值和资产特定风 险的评估。 这与国际会计准则第 36 号——资产减值准则中对资产的可收回金额 的计量是一致的, 国际会计准则第 36 号准则对预计未来现金流量的规定要求为, 预计未来现金流量必需包括为达到预定使用目的的全部现金流出。 这些应用率反映当前市场评估的货币时间价值和为资产特定风险贴现的现
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金流出,从某种程度上来说,这些危险因素并没有因为一次现金流估算的调整 而有所改变,使用贴现现金流来确定借贷成本将意味着,一旦资产通过了初始 确认,将立即进行减值测试,但是减值这个方法是不能够不基于资产的日常磨 耗而凭空制造出来的。此外,根据国际会计准则第 36 号文件规定,虽然通过不 同的融资方式得来的资本化利率不同,但是由于借款成本的计算并不依赖于资 产的融资方式,因此其资本化金额将不会受到影响。 然而,董事会拒绝在短期项目中使用这样一个经济成本的方法。这样的一 个方法,还是需要进一步研究其在实际工作中的可行性的。例如,我们是否应 在生效日期确定资产的资本化率,还是说应该在每个财务报告期间重新对资本 化率进行估算,以便将其考虑进影响资产成本的变化因素当中。 其他具体的情况也需要考虑,比如,国际会计准则第 11 号——建造合同准 则的影响。这些问题是不可能在短期内得到解决的。 因此,在短期项目中,国际会计准则第 23 号准则在实际应用中应保持目前 的方法,并要求根据实际发生的借款费用进行资本化。委员会得出结论,这些 费用的资本化金额虽然比融资成本资本化要低很多,但是明显优越于借款成本 费用化的处理。资产成本应包括所有发生的必要性成本,包括融资费用,假设 某项资产从第三方——一个制造商处购入,该制造商不仅生产出了该项资产, 还承担了融资的财务费用,那么该资产的售价也应包括这些财务费用。 如果国际会计准则消除借款成本立即费用化的规定,全部将其资本化,这 一做法将更好地与美国公认会计准则相协调,这一做法在实际中将有较高可行 性。 其他问题 委员会注意到最*由美国证券交易委员会和欧洲委员会发表的声明,该声 明称,国际会计准则委员会和财务会计准则委员会应着手于短期趋同的努力, 以消除重大分歧。从他们的目的来看,没有必要过于关注其间的细节问题。 国际会计准则第 23 号文件和财务会计准则第 34 号文件,这两个标准被制 定于若干年前,并且两个准则中没有一个是质量明显高于其他准则的。因此, 委员会得出结论认为, 不应该花费时间和精力去考虑国际会计准则第 23 号准则 以外的其他规定。 然而, 教育署也建议修订国际会计准则第 23 号文件中借款费用资本化的范 围,建议不应将借款成本以公允价值直接归属于资产的收购、建造或开发成本, 这里的资产比如生物资产,这是因为如果资产按公允价值计量,其计量金额在 资产的演变过程中将不会受到借款成本的影响。

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About borrowing costs for capital of the discussion
Tran Dinh Khoi Nguyen and Neelakantan Ramachandran The source: Accounting for borrowing costs. The publisher: Journal of Money,Credit and Banking. The author: James R. Booth、Lena Chua Booth. 1 Introduction
Vietnam has been changing to a market-oriented economy over the past eighteen years, and there is growing recognition of SMEs’ importance in the transitional economy. Consequently, the Government has introduced numerous policies in order to support this important business sector. According to recent statistics, 96 per cent of registered firms are classified as small and medium-sized firms, of which private SMEs account for nearly 82 per cent. The small business sector in Vietnam also generates 25 per cent of annual GDP. However, SMEs still face the difficult issue of access to capital for future development (Doanh and Pentley 1999). This raises a question as to what factors influence the capital structure of Vietnamese SMEs — an important concern in improving financial policies to support the small business sector. There are only a limited number of studies on factors influencing capital structure among Vietnamese firms. As for similar studies in other countries, most empirical evidence on capital structure tends to focus on large firms in developed countries Only in recent years have a few studies examined these issues either in developing countries or among small firms A review of empirical studies on the capital structure of SMEs helped us to identify some key issues. Not all determinants are consistent with those predictions advanced by theories of finance. Indeed, there are some contrary results on the relationship between some determinants and capital structure among firms in some countries In addition, the firm characteristics are often at the centre in most empirical studies, while the effects of managers’ behaviour have seldom been examined. In a qualitative piece of research, Michaelas, Chittenden, and Pitziouris (1998) argued that owners’ behaviour, in conjunction with internal and external factors, will determine capital structure decisions. This requires further quantitative studies to examine what factors influence capital structure in the small business sector in developing countries. Based on such gaps in the existing literature, this

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paper attempts to study features of the capital structure of Vietnamese SMEs, over the period 1998–2001, and examine the influence of specific determinants on SMEs’ capital structure. This study has combined data from financial statements and questionnaires given to SMEs’ financial managers to explore how Vietnamese SMEs finance their operations. The study examines such determinants as growth, tangibility, business risk, profitability, size, ownership, relationship with banks, and networking on three measures of capital structure.

2 Literature Review and Hypotheses
Capital structure is defined as the relative amount of debt and equity used to finance a firm. Theories explaining capital structure and the variation of debt ratios across firms range from the irrelevance of capital structure, proposed by Modigliani and Miller (1958), to a host of relevance theories. If leverage can increase a firm’s value in the MM tax model (Modigliani and Miller 1963; Miller 1977), firms have to trade off between the costs of financial distress, agency costs

(Jensen and Meckling 1976) and tax benefits, so as to have an optimal capital structure. However, asymmetric information and the pecking order theory (Myers and Majluf 1984; Myers 1984) state that there is no well defined target debt ratio. The latter model suggests that there tends to be a hierarchy in firms’ preferences for financing: first using internally available funds, followed by debt, and finally external equity. influencing a firm’s capital structure. These theories identify a large number of attributes Although the theories have not considered firm size, this and

section will attempt to apply the theories of capital structure in the small business sector,

develop testable hypotheses that examine the determinants of capital structure in Vietnamese SMEs. 2.1 Firm Growth We think that this proposition is more relevant in the context of the small business sector in Vietnam, where there was a scarcity of long-term credits in the period 1998–2001 (ADB 2002). In addition, as most SMEs in Vietnam operate in the trading and service sectors, demand for new investment in fixed assets are relatively low. Doanh and Pentley (1999) also argued that Vietnamese SMEs often look for short-term bank loans or other resources from relatives, friends or suppliers to finance their operations. Taking percentage change in total assets as a measure of firm’s growth, we hypothesize that:A firm’s growth will be positively related to debt ratios.

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2.2 Business Risk According to the theory of financial distress, higher business risk increases the probability of financial distress, so firms have to trade off between tax benefits and bankruptcy costs. Thus, it predicts a negative relationship between business risk and leverage. In the context of the small business sector, Queen and Roll (1987) argue that SMEs are likely to have a higher level of business risk, relative to large firms. Therefore, we propose the hypothesis:Business risk will be negatively related to debt ratios. 2. 3 Firm Ownership The role of state ownership is still a controversial topic in Vietnam’s reform process. As noted above, the Vietnamese financial system is characterized by a bank-based system where SOCBs1 dominate and provide the bulk of loans in the economy (ADB 2002). Soo (1999) also pointed out that most SOCB credits are channeled to SOEs. It can be validly argued that state-owned SMEs have their own advantages over private SMEs in accessing credit from SOCBs. The plausible explanation for this argument is that state-owned SMEs have long-lasting ties with commercial banks from the pre-reform era. Because they are state-owned, SOCBs’ policies favour the state business sector, as compared to the private business sector, notably in terms of interest rates, banking procedures, and collateral requirements. Therefore, it could be expected that state-owned SMEs have more opportunities to access bank loans. Based on this argument, we hypothesize that: State-owned SMEs will employ more debt than private SMEs. 2.4 Firm Size Many studies suggest that there is a positive relationship between leverage and size. Marsh (1982) finds that large firms more often choose long-term debt, while small firms choose shortterm debt. Large firms may be able to take advantage of economies of scale in issuing longterm debt, and may even have bargaining power over creditors. So the cost of issuing debt and equity is negatively related to firm size. In addition, larger firms are often diversified and have more stable cash flows, and so the probability of bankruptcy for larger firms is less, relative to smaller firms. This suggests that size could be positively related with leverage. The positive relationship between size and leverage is also viewed as support of asymmetric information (Myers and Majluf 1984). Small size is likely to lead to severe information asymmetries between

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SME owners and potential lenders in Vietnam, where SMEs are unlikely to have adequate and reliable financial statements (Doanh and Pentley 1999). This situation means SMEs face more difficulties in accessing loans from financial institutions. As predicted by many theories, we hypothesize that:Size will be positively related to debt ratios

3 Methodology and Measurement
3.1 Data Collection The sampling frame is another important procedure during the data collection process. Ho Chi Minh City and Hanoi represent the largest economic centres in the south and north of Vietnam, respectively. Stratified random sampling drew a sample of 558 SMEs, of which 176 are state-owned and 382 are private. Based on the chosen sample, we conducted direct interviews with the SMEs’ financial managers, in order to explore their opinion about debt financing. Financial managers were chosen because they have knowledge of company finance, and they either consult the firm’s owners and/or have the right to make financial decisions. We continued to gather the SMEs’ financial statements, over the period 1998–2001, from the Provincial Department of Planning and Investment. The period selected for this study is significant because the Eighth Congress of Vietnam’s Communist Party, held in 1996, formally recognized the importance of SMEs in the Vietnamese economy. In addition, during this period economic policies supporting SMEs’ operations were also initiated. 3.2 Measuring Variables The study uses three different measures of capital structure, based on book value. The three dependent variables were: ? Debt ratio = Total debt to total ? Short-term liabilities ratio = Short-term liabilities to total assets ? Other short-term liabilities ratio = Other shortterm liabilities to total assets (mostly financing from networks) Short-term liabilities As far as independent variables are concerned, we have selected several proxies that appear in the empirical literature. ? Growth = Percentage change in total assets Hall, and Hutchinson 1996). (Titman and Wessels 1988; Chittenden,

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? Business risk = Standard deviation of profit before tax (Heshmati 2001; Huang and Song 2001; Pandey 2001). ? Size = Natural logarithm of the number of employees (Heshmati 2001). 3.3 Methods of Analysis This study utilized multiple regression analysis to test the hypotheses formulated above. We calculated four-year mean values of dependent and independent variables, except for the cases of firm growth and profitability. For determinants related to managers’ behaviour, we also employed factor analysis, through the Principal Component technique, Next, the factor scores are estimated and utilized for further multivariate analysis. Since the factor scores are generated through an orthogonal transformation, they do not pose any multicollinearity problems for the regression equation. The analysis process follows three stages. In the first stage, we conduct regressions of all determinants related to a firm’s characteristics(growth, business risk and size) on various measures of capital structure. In the second stage, we add a dummy variable to consider the effect of firm ownership on capital structure. In the last stage, we examine the influence of all determinants on capital structure.

4 Result and discussion

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4.1 Descriptive Statistics Table 1 reports the descriptive statistics of dependent and explanatory variables. Over the period ,SMEs in Vietnam had an average debt ratio about 43.91 per cent. However, the debt ratio variation across the sample was large, ranging from a maximum debt ratio of 97.25 per cent and a minimum of 4.95 per cent. With respect to debt maturity, we find that most SMEs employ more short-term liabilities than long-term debt to finance their operations. The average short-term liabilities ratio was approximately 41.98 per cent, and the long-term debt ratio was just 1.93 per cent. Short-term liabilities employed by SMEs are highly varied, such as commercial bank loans, trade credits from suppliers, advance payments from clients, borrowing from friends or relatives, and some other sources. The other short-term liabilities ratio, representing mostly financing from networks, account for a relatively high proportion (24.62 per cent) of total assets. Clearly,financial sources from networks play a relatively important role in SMEs’ capital structure. To see the variation of capital structure in SMEs, it is necessary to consider leverage by firm ownership. State-owned SMEs have more debt than private SMEs, with debt ratios of 63.3 per cent and 34.9 per cent, respectively. Among private SMEs, joint-stock companies employ more debt than limited or proprietary firms, the debt ratios being 43.02 per cent, 35.64 per cent and 26.72 per cent, respectively. The differences in capital structure are also found in other measures of leverage. The results of t-test analysis show that there are significant differences in

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all measures of leverage between state-owned and private SMEs at 0.01 level. This result supports the notion of ownership structure as a determinant of a firm’s capital structure. 4.2 Empirical Analysis and Result Discussion Our results also indicate that SMEs with higher operating risk tend to use more debt in general, and short-term liabilities in particular. These findings do not support hypothesis 3 and conflict with theory of financial distress. Why is the theory of financial distress not useful in explaining the association between risk and capital structure in Vietnam’s SMEs? During the period 1998–2001, the credit market was still regulated, and interest rates were contained within a band set by the State Bank of Vietnam, rather than by market forces. Commercial banks were only allowed to offer interest rates within the confines of that band. As a result, companies with high business risk could still get bank loans at interest rates that were lower than if interest rates were not fixed by the central bank. This is the main reason explaining why Vietnamese SMEs with high risk can also maintain a high debt ratio. Our results are similar with findings reported by Huang and Song (2002) in China. A mechanism of controlled interest rates will negatively impact on the banking system in general, and the business sector in particular. We find that firm size has a significant and positive relationship with all measures of capital structure. In addition, the standardized regression coefficients also have a relatively strong impact among all determinants. This implies that a firm’s size has a strong influence on the way it finances its operations. Relatively larger firms will use more debt to finance their operations, and smaller firms will finance their operations more through their own equity, and employ less debt. Van der Wijst and Thurik (1993) and Chittenden, Hall, and Hutchinson (1996) also report a positive relationship between firm size and the debt ratio. Thus, our findings confirm hypothesis 5. Firm ownership is considered a special factor when studying the determinants of capital structure of SMEs in transitional Vietnam. The results indicate that the regression coefficients for the total debt and short-term liabilities ratios are positive and statistically significant at the 0.01 level. However, the regression coefficient for the other short-term liabilities ratio is insignificant at all levels. Taken together, the findings imply that state-owned SMEs use more debt than

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private SMEs. In other words, state-owned SMEs find it easier to access bank loans than private SMEs. In general, our findings provide strong evidence to confirm hypothesis . The feature of state ownership in Vietnam is the main explanation for this kind of association. According to the Law on State-Owned Enterprises, the Government is the sole owner of state SMEs. Besides retained earnings, the owner’s equity in these firms comes from the State budget. As a result, state-owned SMEs’ financing tends to be inflexible because managers have no rights to raise additional equity when necessary. In most cases of financing new investment and working capital, state-owned SMEs’ look to stateowned commercial banks (SOCBs) for credit. Partly as a result, private SMEs face difficulties in accessing bank loans. Up to 2002, state-owned SMEs generally had privileged access to SOCBs, in terms of collateral, interest rates, guarantees from third parties, or the credit amount. It can be said that firm ownership plays a significant role in the leverage choice of Vietnamese SMEs.

5. Conclusion
This study investigated the determinants which influence the capital structure of Vietnamese SMEs. More specifically, First, Vietnamese SMEs employ a debt ratio of about 43.9 per cent on average. Short-term liabilities account for a significant proportion of the capital structure, while long-term debts are rarely employed by SMEs in Vietnam. Most apparent is the fact that state-owned SMEs have higher debt ratios than privately-owned SMEs. Secondly, we found that firm size and level of business risk have a significant and positive relationship with all measures of capital structure. Thirdly, determinants related to management behaviour have a strong impact on a firm’s capital structure. The stronger its relationship with a bank becomes, the larger the amount of bank loans an SME can obtain to finance operations. The research offers some important implications for policy-makers in Vietnam. It should be recognized that there is an unfair treatment for private SMEs in accessing bank loans, and the challenge is to ensure that all business sectorsenjoy the same opportunity to access credit from commercial banks. A positive relationship between business risk and debt ratios also reveals that the government should deregulate interest rates, with the aim of not only creating a safe banking system, but also forcing SMEs to set up financing structures that are appropriate for their specific degree of business risk.

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This study also provides some implications for SME managers. Managers in the private sector should recognize that asymmetric information is a main reason for their difficulties in accessing bank loans. Once the asymmetric information between SMEs and lenders is reduced, private SMEs can receive larger levels of credit from networks in general, and from commercial banks in particular. Therefore, managers of private SMEs should be aware of the importance of disclosing well-prepared financial statements, with the aim of building up levels of trust by banks, through increased transparency. In addition, SMEs have to build up strong business networks through discipline in prompt payment, and maintaining close ties with suppliers. The availability and reliability of financial data was a major limitation for this research. Financial statements of most SMEs in Vietnam are not audited. In the future, as company financial data becomes more reliable and easily available, subsequent studies could cover a longer period in order to examine the capital structure of Vietnamese SMEs in different stages of the economic cycle. Future research could also consider the effect of specific industries and structural models, with the aim of examining the causal effect of such variables in the capital structure of firms in Vietnam.

Objective
The objective of this Standard is to prescribe the accounting treatment for borrowing costs . This Standard generally requires the immediate expensing of borrowing costs . However, the Standard permits , as an allowed alternative treatment , the capitalisation of borrowing costs that are directly attributable to the acquisition , construction or production of a qualifying asset .

Scope
1. This Standard should be applied in accounting for borrowing costs . 2. This Standard supersedes IAS 23 , Capitalisation of Borrowing Costs , approved in 1983. 3. This Standard does not deal with the actual or imputed cost of equity , including preferred capital not classified as a liability .

Definitions
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The following terms are used in this Standard with the meanings specified :Borrowing costs are interest and other costs incurred by an enterprise in connection with the borrowing of funds . A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use or sale . Borrowing costs may include : (a) interest on bank overdrafts and short-term and long-term borrowings ; (b) amortisation of discounts or premiums relating to borrowings ; (c) amortisation of ancillary costs incurred in connection with the arrangement of borrowings ; (d) finance charges in respect of finance leases recognised in accordance with IAS 17, Leases ; and (e) exchange differences arising from foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs . Examples of qualifying assets are inventories that require a substantial period of time to bring them to a saleable condition , manufacturing plants, power generation

facilities and investment properties. Other investments , and those inventories that are routinely manufactured or otherwise produced in large quantities on a repetitive basis over a short period of time , are not qualifying assets . Assets that are ready for their intended use or sale when acquired also are not qualifying assets .

Borrowing Costs - Benchmark Treatment Recognition
Borrowing costs should be recognised as an expense in the period in which they are incurred .Under the benchmark treatment borrowing costs are recognised as an expense in the period in which they are incurred regardless of how the borrowings are applied .

Disclosure
The financial statements should disclose the accounting policy adopted for
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borrowing costs .

Borrowing Costs - Allowed Alternative Treatment Recognition
Borrowing costs should be recognised as an expense in the period in which they are incurred ,except to the extent that they are capitalised in accordance with paragraph 11. Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset should be capitalised as part of the cost of that asset . The amount of borrowing costs eligible for capitalisation should be determined in accordance with this Standard . Under the allowed alternative treatment , borrowing costs that are directly attributable to the acquisition , construction or production of an asset are included in the cost of that asset . Such borrowing costs are capitalised as part of the cost of the asset when it is probable that they will result in future economic benefits to the enterprise and the costs can be measured reliably . Other borrowing costs are recognised as an expense in the period in which they are incurred .

Borrowing Costs Eligible for Capitalisation
The borrowing costs that are directly attributable to the acquisition , construction or production of a qualifying asset are those borrowing costs that would have been avoided if the expenditure on the qualifying asset had not been made. When an enterprise borrows funds specifically for the purpose of obtaining a particular qualifying asset, the borrowing costs that directly relate to that qualifying asset can be readily identified . It may be difficult to identify a direct relationship between particular borrowings and a qualifying asset and to determine the borrowings that could otherwise have been avoided . Such a difficulty occurs , for example , when the financing activity of an enterprise is co-ordinated centrally .Difficulties also arise when a group uses a range of debt instruments to borrow funds at varying rates of interest , and lends those funds on various bases to other enterprises in the group .
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Other complications arise through the use of loans denominated in or linked to foreign currencies , when the group operates in highly inflationary economies, and from fluctuations in exchange rates . As a result , the determination of the amount of borrowing costs that are directly attributable to the acquisition of a qualifying asset is difficult and the exercise of judgement is required . To the extent that funds are borrowed specifically for the purpose of obtaining a qualifying asset ,the amount of borrowing costs eligible for capitalisation on that asset should be determined as the actual borrowing costs incurred on that borrowing during the period less any investment income on the temporary investment of those borrowings. The financing arrangements for a qualifying asset may result in an enterprise obtaining borrowed funds and incurring associated borrowing costs before some or all of the funds are used for expenditures on the qualifying asset. In such circumstances, the funds are often temporarily invested pending their expenditure on the qualifying asset. In determining the amount of borrowing costs eligible for capitalisation during a period, any investment income earned on such funds is deducted from the borrowing costs incurred. To the extent that funds are borrowed generally and used for the purpose of obtaining a qualifying asset, the amount of borrowing costs eligible for capitalisation should be determined by applying a capitalisation rate to the expenditures on that asset. The capitalisation rate should be the weighted average of the borrowing costs applicable to the borrowings of the enterprise that are outstanding during the period, other than borrowings made specifically for the purpose of obtaining a qualifying asset. The amount of borrowing costs capitalised during a period should not exceed the amount of borrowing costs incurred during that period. In some circumstances, it is appropriate to include all borrowings of the parent and its subsidiaries when computing a weighted average of the borrowing costs; in other circumstances, it is appropriate for each subsidiary to use a weighted average of the borrowing costs applicable to its own borrowings.
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Excess of the Carrying Amount of the Qualifying Asset over Recoverable Amount
When the carrying amount or the expected ultimate cost of the qualifying asset exceeds its recoverable amount or net realisable value, the carrying amount is written down or written off in accordance with the requirements of other International Accounting Standards. In certain circumstances, the amount of the write-down or write-off is written back in accordance with those other International Accounting Standards.

Commencement of Capitalisation
The capitalisation of borrowing costs as part of the cost of a qualifying asset should commence when: (a) expenditures for the asset are being incurred; (b) borrowing costs are being incurred; and (c) activities that are necessary to prepare the asset for its intended use or sale are in progress. Expenditures on a qualifying asset include only those expenditures that have resulted in payments of cash, transfers of other assets or the assumption of interest-bearing liabilities. Expenditures are reduced by any progress payments received and grants received in connection with the asset (see IAS 20, Accounting for Government Grants and Disclosure of Government Assistance). The average carrying amount of the asset during a period, including borrowing costs previously capitalised, is normally a reasonable approximation of the expenditures to which the capitalisation rate is applied in that period. The activities necessary to prepare the asset for its intended use or sale encompass more than the physical construction of the asset. They include technical and administrative work prior to the commencement of physical construction, such as the activities associated with obtaining permits prior to the commencement of the physical construction. However, such activities exclude the holding of an asset when
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no production or development that changes the asset's condition is taking place. For example, borrowing costs incurred while land is under development are capitalised during the period in which activities related to the development are being undertaken. However, borrowing costs incurred while land acquired for building purposes is held without any associated development activity do not qualify for capitalisation.

Suspension of Capitalisation
Capitalisation of borrowing costs should be suspended during extended periods in which active development is interrupted. Borrowing costs may be incurred during an extended period in which the activities necessary to prepare an asset for its intended use or sale are interrupted. Such costs are costs of holding partially completed assets and do not qualify for capitalisation. However, capitalisation of borrowing costs is not normally suspended during a period when substantial technical and administrative work is being carried out. Capitalisation of borrowing costs is also not suspended when a temporary delay is a necessary part of the process of getting an asset ready for its intended use or sale. For example ,capitalisation continues during the extended period needed for inventories to mature or the extended period during which high water levels delay construction of a bridge, if such high water levels are common during the construction period in the geographic region involved.

Cessation of Capitalisation
Capitalisation of borrowing costs should cease when substantially all the activities necessary to prepare the qualifying asset for its intended use or sale are complete. An asset is normally ready for its intended use or sale when the physical construction of the asset is complete even though routine administrative work might still continue. If minor modifications ,such as the decoration of a property to the purchaser's or user's specification, are all that are outstanding, this indicates that substantially all the activities are complete.

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When the construction of a qualifying asset is completed in parts and each part is capable of being used while construction continues on other parts, capitalisation of borrowing costs should cease when substantially all the activities necessary to prepare that part for its intended use or sale are completed. A business park comprising several buildings, each of which can be used individually is an example of a qualifying asset for which each part is capable of being usable while construction continues on other parts. An example of a qualifying asset that needs to be complete before any part can be used is an industrial plant involving several processes which are carried out in sequence at different parts of the plant within the same site, such as a steel mill.

Disclosure
The financial statements should disclose: (a) the accounting policy adopted for borrowing costs; (b) the amount of borrowing costs capitalised during the period; and (c) the capitalisation rate used to determine the amount of borrowing costs eligible for capitalization .

Transitional Provisions
When the adoption of this Standard constitutes a change in accounting policy, an enterprise is encouraged to adjust its financial statements in accordance with IAS 8, Net Profit or Loss for the Period, Fundamental Errors and Changes in Accounting Policies. Alternatively, enterprises following the allowed alternative treatment should capitalise only those borrowing costs incurred after the effective date of the Standard which meet the criteria for capitalisation. After a long period of effective implementation of International Accounting Standards, the standardized accounting systerm has been established ,but at the same time, owing to the complex environment in the actual work which produce a lot of issues, the current calls for reform of International Accounting Standards more and more .Here to talk about the the obstacles in the application and come up with coping

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strategies accordingly by the International Accounting Standards Board. The International Accounting Standards Board agreed to include borrowing costs within the short-term convergence project with US GAAP at the joint meeting with the US Financial Accounting Standards Board in April 2004. In February 2006 both bodies agreed on a memorandum of understanding (MOU) that reaffirms the boards' shared objective of developing high quality,common accounting

standards.The MOU is set in the context of the'roadmap'discussed in April 2005 by the European Commission and the US Securities and Exchange Commission (SEC) for the removal of the reconciliation requirement for non-US companies that use International Financial Reporting Standards in the US. Under the MOU, the goal by 2008 is to complete or substantially complete work in certain areas that include borrowing costs. The objective of the short-term convergence project is to focus on differences that can be resolved in a relatively short time and can be addressed outside current and planned major projects.

Elimination of one of the two existing options
The proposed amendments to the requirements in IAS 23 for the accounting treatment for borrowing costs result from the board's consideration of SFAS 34, Capitalization of lnterest Cost.They are principally concerned with the elimination of one of the two treatments that exist for borrowing costs directly attributable to the acquisition,construction or development of qualifying assets (assets that necessarily to take a substantial period of time to get ready for their intended use or sale). Capitalisation of those borrowing costs would be required.Immediate recognition as an expense of those borrowing costs would be prohibited. In making that decision ,the board considered whether to require capitalisation or immediate recognition as an expense of borrowing costs and how the capitalisation rate should be determined.The framework defines historical cost as ―the fair value of the consideration given to acquire [an asset] at the time of its acquisition‖.The total historical cost of an asset that is developed over a period of
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time is initially recognised at the point when the asset meets the conditions to be ready for its intended use or sale.The cost of the asset must include all the costs necessarily incurred up to that point. The cost of a qualifying asset may be formed by the accumulation of partial costs the expenditures of which were produced in different times over a substantially long period.ln order to determine the qualifying asset's historical cost (ie, the fair value of the consideration given at the time of initial recognition of the asset, when the asset is ready for its intended use or sale), we must bring the nominal amount of these expenditures forward to the time of the asset's initial recognition by computing the financial cost incurred in financing the partial expenditures during the development process. To estimate these financial costs,the board considered an ―economic cost‖approach,based on a market risk-adjusted rate.That rate would reflect the current market assessment of the time value of money and the risks specific to the asset.This would be consistent with the measurement of the asset’s recoverable amount under IAS 36, Impairment of Assets. IAS 36 requires the projection of cash fiows to indude the cash outflows necessary to prepare the asset for its intended use. These cash outflows are discounted applying a rate that reflects current market assessments of the time value of money and the risks specific to the asset, to the extent these risk factors were not reflected by an adjustment to the cashflow estimates.Using the same rate to capitalise borrowing costs would mean that if an impairment test is required immediately after initial recognition, an impairment could not be being created or disguised by a different approach to the time value of money and risk. Further,the amount capitalized would not be affected by the manner the asset has been financed as the rate under IAS 36 does not depend on the financing of the asset. However, the board rejected such an economic cost approach in the context of the short-term project. The adoption of the economic cost approach would have required further research about its practical implications. For example,whether the
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capitalisation rate should be determined on the commencement date only or be re-estimated in each financial reporting period to take into account changes in the asset's risk factors. Other specific circumstances would also have required consideration, such as the impact on IAS 11, Construction Contracts. These issues would be unlikely to be resolved in the short-term. As a result, in the short-term project the board decided to keep the current methodology in IAS 23 and to require capitalisation based on borrowing costs actually incurred. The board concluded that capitalisation of such costs,although less comprehensive than capitalisation of the economic cost of financing,was superior to the other option currently in IAS 23 of immediate recognition as an expense.The cost of the asset should include all costs necessarily incurred to get the asset ready including the cost incurred in financing the expenditures. If the asset were acquired from a third party,a manufacturer that had produced the asset and had borne the financial costs would include these finance costs in the selling price. Elimination of the option of immediate recognition as an expense would also achieve closer alignment and higher comparability with the required treatment under US GAAP.

Other issues
The board noted recent statements by the SEC and the European Commission that the IASB and FASB should focus their short-term convergence effort on eliminating major differences. For their purpose, convergence on the detailed aspects is not necessary. Both standards, IAS 23 and SFAS 34, were developed some years ago and neither may be regarded as being of a clearly higher quality than the other . Therefore,the board concluded that it should not spend time and resources considering other aspects of IAS 23. However, the ED also proposes an amendment to the scope of IAS 23 to exclude borrowing costs directly attributable to the acquisition, construction or
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development of qualifying assets measured at fair value, such as biological assets .This is because if an asset is measured at fair value, its measurement will not be affected by the amount of process. borrowing costs incurred during its development

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