作者：童登书等
出版社：中国财政经济出版社
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美国公认会计原则实务指引：公允价值计量指引、债务和权益交易会计处理指引（汉英对照）试读：
前言
美国公认会计原则(U.S．GAAP)和国际财务报告准则(IFRS)是目前国际上两套最具影响力的会计准则，二者能否彼此协调、整合为一套共同遵循的全球统一的高质量会计准则，关系到会计国际化的进一步发展以及全球资本市场的效率。美国财务会计准则委员会(FASB)与国际会计准则理事会(IASB)于2002年10月开始了双方准则趋同的步伐，并为制定一套高质量的全球会计准则而努力。然而在某些方面，FASB和IASB的具体规定仍然存在一些差异。
英文版的《美国公认会计原则实务指引》是对U.S．GAAP的一份全面性实务指引，对如何按照U.S．GAAP进行会计处理和编制财务报表提供了简明扼要的阐述，并附有丰富的实务示例。该指引是基于Grant Thornton LLP．丰富的经验归纳整理而成。
2005年11月，中国会计准则委员会(CASC)与IASB签署了“中国会计准则委员会秘书长—国际会计准则理事会主席联合声明”。双方认为，中国制定的企业会计准则体系，实现了与国际财务报告准则的实质性趋同。2010年4月，中国财政部发布了《中国企业会计准则与国际财务报告准则持续趋同路线图》，明确中国企业会计准则将保持与国际财务报告准则的持续趋同。在中国企业应用与IFRS持续趋同的中国企业会计准则体系的过程中，了解和熟悉规则导向的U.S．GAAP可以成为应用原则导向的IFRS和中国企业会计准则体系的有益补充。我们希望这套中英文对照的《美国公认会计原则实务指引》能够提供简明实用的见解，为会计、审计从业人员，分析人士及其他财务报表使用者提供应用和理解会计原则与其具体应用的实务指引。
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首席合伙人
致同会计师事务所(特殊普通合伙)本书旨在对感兴趣的同仁提供一般性的指导，不应视为专业建议。未征得具体专业意见之前，不应依据本书所述内容采取或不采取任何行动。本书内容为英文版本的中文译本，请概以英文为准。出版社和编译者不对英文原文及中文译文的偏差或误解承担任何责任，也不对任何个人或单位依据本书所作决策或采取或未采取某项行动所发生的损失承担任何责任。Acknowledgements
Grant Thornton LLP gratefully acknowledges the efforts of the following individuals, who were instrumental in the development of this guide:
• Craig Cook
• Mike Schamberger
• Scott Ehrlich
• Mark Scoles
• Cal Hackeman
• Paul Vogt
• Immanuel John
• Mark Margulies
• Jim Ravell
• Mike Rebholtz
• Ken Young
• Tim Zingraf致谢
致同诚挚感谢以下人士协助本书撰写所作的贡献：
• Craig Cook
• Mike Schamberger
• Scott Ehrlich
• Mark Scoles
• Cal Hackeman
• Paul Vogt
• Immanuel John
• Mark Margulies
• Jim Ravell
• Mike Rebholtz
• Ken Young
• Tim ZingrafChapter1Fair value measurement principles under U.S．GAAP
FASB Accounting Standards Codification (ASC) Topic 820 contains principles and application guidance for making fair value measurements under U.S．GAAP．The requirements set out in ASC Topic 820 were originally published as FASB Statement No．157, Fair Value Measurements and related interpretative guidelines.
Before discussing specific considerations pertaining to fair value measurements in acquisitions and financing transactions, let's first recap some of the main aspects of ASC Topic 820.Market participant view
Under U.S．GAAP, a fair value measurement must be made from the perspective of a market participant．That is, fair value must be determined based on what something would be worth to a willing and able independent third-party buyer．It is not appropriate to take an entity-specific view when valuing an asset or liability (i.e., considering what that item might be worth to the valuing company)．
Example: Assume Biggy Electronics acquires a competitor known as Best Price．Biggy Electronics decides to retire the Best Price trade name and rebrand all acquired products under the Biggy Electronics moniker．Even though the Best Price trade name is well-regarded and would be valuable to others in the marketplace, it has little to no value to Biggy Electronics itself．That is, the entity-specific value of the Best Price trade name is probably close to zero．Nonetheless, Biggy Electronics must value the Best Price trade name based on the amount at which it could be sold to a willing and able independent third-party buyer even if Biggy Electronics has no intention of doing so.Exit price notion
Fair value must be based on the price that would be received to sell an asset or paid to transfer a liability．This is referred to as an exit price notion．It is not appropriate to value assets or liabilities using an entry price notion (i.e., the price that would be paid to acquire an asset or received to assume a liability)．
Example: Augur Co．just bought a brand-new delivery truck for $100,000．If Augur were to try to immediately resell the truck to a market participant, it would only receive $80,000．Rightly or wrongly, market participants would assume Augur's truck is no longer brand-new and would not be willing to pay $100,000 for it．Therefore, the fair value of the truck is $80,000 — the exit price.Highest and best use
For assets, a fair value measurement assumes that a market participant will employ an asset at its highest and best use (HABU), or in a way that will maximize its value．One possibility is that market participants would maximize the value of an asset by continuing to operate it in conjunction with other assets．This is referred to as an “in use”valuation premise．Conversely, an “in exchange”valuation premise assumes the asset would provide maximum value to market participants on a stand-alone basis.
Example: Hand Technologies Inc．purchased customized general ledger software designed to support its operations．When valuing this asset, Hand Technologies will employ an “in use”valuation premise, since the value of the general ledger software is maximized when used in conjunction with other operating assets．The software would be nearly worthless sold to a market participant on a stand-alone basis.Principal versus most advantageous market
When measuring fair value, an entity should assume a transaction occurs in the market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity．This is known as the principal market．If the entity has no principal market for a particular asset or liability, it should assume that a transaction would occur in the most advantageous market．The most advantageous market maximizes the amount that would be received upon sale of an asset or minimizes the amount that would be paid to transfer a liability, considering transaction costs.Example: PH Industries owns equipment used in its manufacturing operations．PH has never before sold similar equipment in the marketplace．Accordingly, the company does not have a principal market for this asset．However, PH estimates that the equipment could be sold to a dealer, on an auction website or via private sale at the following prices.
Con.Considering transaction costs, a private sale of the equipment maximizes its value．Therefore, a private sale is the most advantageous market, and fair value equals $8,000．While transaction costs are considered in determining the most advantageous market, they are not included in the fair value measurement itself.Valuation techniques
All fair value measurements are based on valuation techniques．Valuation techniques generally fall into one of three broad categories:
• Market approach: Fair value is measured by reference to prices for recent transactions involving identical or comparable assets or liabilities.
• Income approach: Fair value is calculated based on the present value of the future cash flows expected to be generated by an asset or liability.
• Cost approach: Fair value is based on the price a market participant would pay to acquire or construct a comparable substitute asset.
A reporting entity is not necessarily limited to using a single valuation technique in measuring the fair value of an asset or liability．In some cases, companies should employ multiple valuation techniques and apply weighting percentages to the outputs to determine a weighted-average fair value．Higher weighting should be placed on the valuation technique(s) that have the most observable inputs.
Example #1: Technology Innovators Ltd owns a specialized fabrication machine．The company estimates the fair value of the machine using the market approach and the replacement cost approach．The market approach results in a fair value measurement of $10,000,000, while the replacement cost approach indicates that the fair value of the machine is $12,000,000．If Technology Innovators weights the outputs of the two approaches at 60％ and 40％, respectively, then the fair value of the machine would be $10，800,000 [($10,000,000×60％)＋($12,000,000×40％)]．
Example #2: Weaver Inc．is testing its goodwill for impairment．In performing the first step of the impairment test, Weaver must determine the fair value of its reporting units．To do so, Weaver employs both the market approach and the income approach.
Specifically:
• For its largest reporting unit, Weaver identifies comparable publicly traded companies and calculates various multiples such as business enterprise value to EBITDA and business enterprise value to revenue．Weaver then applies these multiples to the EBITDA and revenue generated by its own reporting unit to estimate its fair value．Using multiples of comparable publicly traded companies to estimate fair value is an example of the market approach.
• Weaver also estimates the fair value of its largest reporting unit by projecting the future cash flows to be generated from that unit as if it were operated by a market participant and discounting those cash flows at a rate of return a willing buyer would demand when acquiring the reporting unit．This valuation technique is an example of an income approach.
Weaver concludes that both approaches give rise to reasonable results and weights the outputs from both methods equally in estimating the fair value of its largest reporting unit.Fair value hierarchy
All valuation techniques rely on inputs to generate a fair value measurement.
U.S．GAAP establishes a fair value hierarchy that classifies inputs into one of three categories — Level 1, Level 2 or Level 3 (see below)．
U.S．GAAP requires observable inputs (i.e., Level 1 or Level 2 inputs), if available, to be used in a fair value measurement．Unobservable inputs (Level 3 inputs) should be employed in the absence of observable inputs.
Observable inputs represent data points that are obtained from independent sources．Examples of observable inputs include market prices of publicly traded stocks and bonds, interest rates such as LIBOR, and transaction prices from recent sales of real estate.U.S．GAAP fair value hierarchy
Unobservable inputs are those that reflect a reporting entity's best guess about the assumptions a market participant would use in valuing an asset or a liability．If unobservable inputs have to be employed in a fair value measurement, they may include a reporting unit's own data if management believes a market participant would use this same information in pricing an asset or a liability.
Example: Pharma Co．has just completed an equity offering and decided to temporarily invest most of the proceeds from the offering until needed for future R&D efforts．Specifically:
• Pharma Co．invests half of the proceeds in a mutual fund that invests in government securities．Since shares of the mutual fund trade in an active market, Pharma Co．measures the fair value of this investment using quoted prices, which represent Level 1 inputs.
• Pharma Co．invests approximately 40％ of the remaining proceeds in “off the run”Treasury securities, which trade only sporadically in secondary markets．In valuing this investment, Pharma Co．first calculates the weighted-average market price of similar — but not identical —“on the run”Treasury securities which are traded in active markets．The observable market prices of the comparable “on the run”securities are considered Level 2 inputs．The weighted-average price is then slightly discounted to give effect to the illiquidity of the actual “off the run”securities that Pharma Co．owns．This unobservable input — i.e., the illiquidity discount — is not significant enough to cause the valuation to be considered a Level 3 fair value measurement.
• Pharma Co．invests the remaining proceeds in an odd lot government bond that previously had been owned by just one investor．There is no active secondary market for identical or similar securities．Because of the unique nature of this investment, Pharma Co．must value the investment using a combination of observable (e.g., Treasury yields for zero-coupon bonds with similar maturities) and significant unobservable inputs (e.g., discounts for the lack of liquidity)．This valuation approach results in a Level 3 fair value measurement.
Let's now apply some of these general principles to a few of the fair value measurements commonly made by commercial companies.第一章U.S．GAAP下公允价值计量原则
FASB会计准则汇编(ASC)专题820包括了所有U.S．GAAP关于公允价值计量的原则和应用指南。ASC专题820的规定，最初是以FASB 157号公告——公允价值计量的相关解释而发布的。
在具体讨论并购和融资交易中公允价值计量之前，不妨先简要回顾ASC专题820的主要内容。市场参与者角度
U.S．GAAP下，公允价值计量必须站在市场参与者的角度。即，公允价值必须是建立在有意愿且独立的第三方购买者认为合适的价值基础上。采用“特定主体角度”对一项资产或负债进行估值(即，考虑该项目对估值的公司而言价值几何)并不适当。
示例：假设Biggy Electronics并购了名为Best Price的竞争对手公司。Biggy Electronics决定不再使用Best Price的商标名，并将对所有并购的产品使用Biggy Electronics商标。尽管Best Price商标声誉良好且在市场上对他人来说是有价值的，但对Biggy Electronics来说却几乎无价值。即，Best Price商标名的特定主体价值可能接近零。然而，Biggy Electronics必须基于其可以出售给有意愿且独立的第三方购买者的价格对Best Price商标进行估值，即使实际上Biggy Electronics并无出售意图。退出价格理念
公允价值必须基于出售资产将会收到的价格或转移负债需要支付的价格。这里涉及的是退出价格观点。使用进入价格估值资产或负债是不适当的(如，购买资产一项所需支付的价格或承担负债所能收到的价格)。
示例：Augur公司刚用10万美元购买了一辆全新的货运卡车。若Augur公司打算立即出售此卡车给一个市场参与者，仅会收到8万美元。无论正确与否，市场参与者会假设Augur的卡车不再是全新的，且不愿为其支付10万美元。因此，卡车的公允价值为8万美元——即退出价格。最高效和最佳方式使用
对资产来说，公允价值计量假设市场参与者会以最高效且最佳的方式使用资产，或以最大化其价值的方式使用。一种可能就是市场参与者可以通过与其他资产协同运行以最大化其资产价值，这被称为“使用价值”假说。相反地，“交换价值”假说则假设资产以单独基础向市场参与者提供最高价值。
示例：Hand Technologies公司购买了定制的总账软件用于支持其运营。对此项资产估值时，Hand Technologies将使用“使用价值”假说，因为总账软件在与其他营运资产协同使用时，其价值能被最大化。而向市场参与者单独出售软件的话，几乎没有无价值。主要市场与最有利市场
计量公允价值时，主体应该假设报告主体可以在相关资产或负债交易量最大和交易活跃程度最高的市场交易，这就是所谓的主要市场。若对主体而言，此特定资产或负债没有不存在市场，应该假设该交易在相关资产或负债的最有利市场上进行。最有利市场，是指在考虑交易费用后，能够以最高金额出售相关资产或者以最低金额转移相关负债的市场。
示例：PH Industries公司持有某设备用于其生产运营。PH从未在市场上出售过类似设备。相应地，公司就没有该资产的主要市场。然而，PH公司估计按出售给经销商、在拍卖网站拍卖或内部认购的方式出售，设备分别会有如下价格：
续
考虑交易费用后，设备内部认购会最大化其价值。因此，内部认购是最有利市场，公允价值等于8,000美元。在确定最有利市场时考虑了交易费用，但其本身并未包含在公允价值本身中。估值技术
所有公允价值计量都基于估值技术。常用的估值技术通常属于以下三大类别之一。
•市场法：公允价值计量参考最近的相同或可比资产或负债的交易价格。
•收益法：公允价值根据资产或负债预计带来的未来现金流量的现值计算。
•成本法：公允价值等于市场参与者为购买或建造可比的替代资产所需支付的价格。
报告主体在计量一项资产或负债的公允价值时，不一定限于使用单一估值技术。某些情况下，公司应该使用多种估值技术，并对各种结果乘以权重确定加权平均公允价值。具有最佳可观察输入值的估值技术应该被赋予更高的权重。
示例#1：Technology Innovators公司拥有一个专业化制造设备。公司使用市场法和重置成本法估计该设备的公允价值。市场法得出公允价值为1,000万美元，同时重置成本法显示该设备公允价值为1,200万美元。若Technology Innovators公司分别赋予两个计算结果以60％和40％的权重，则该设备的公允价值为1,080万美元 [(10,000,000美元×60％)＋(12,000,000美元×40％)]。
示例#2：Weaver公司执行商誉减值测试。执行减值测试第一步时，Weaver公司必须确定其报告单元的公允价值。为此，Weaver公司同时使用了市场法和收益法。
具体如下：
•对其最大的报告单元，Weaver公司识别出可比的公开交易的上市公司，并计算了多种比率，如公司价值/息税折旧及摊销前利润(EBITDA)比率和公司价值/收入比率。之后，Weaver公司用这些比率乘以其自身报告单元的EBITDA和收入，以确认其公允价值。使用可比上市公司的比率估计公允价值是市场法的一种应用。
• Weaver公司还通过现金流量折现来估计公允价值，即预测市场参与者运营其最大报告单元产生的预计未来现金流量，并按有意愿的购买者购买该报告单元时所要求的报酬率对其折现，以衡量其最大报告单元的公允价值。此估值技术是收益法的一种应用。
Weaver公司据此得出结论：两种方法都可得出其最大报告单元的合理估值结果，并将这两种结果等比例加权。公允价值级次
所有估值技术都依赖于生成公允价值计量的输入值。
U.S．GAAP建立了一个对输入值三分类的公允价值级次——1级、2级或3级(详见下文)。
U.S．GAAP要求使用可观察输入值(即1级或2级输入值)计量公允价值(若适用)。在不存在可观察输入值时，可使用不可观察输入值(3级输入值)。
可观察输入值表示从独立来源获取的数据。可观察输入值的例子包括：公开交易的股票和债券的市场价格、利率(如LIBOR)和近期房地产销售的交易价格。U.S．GAAP 公允价值级次
不可观察输入值是反映报告主体就市场参与者会用于资产或负债估值的假设的最佳估计。若公允价值计量中需要使用不可观察输入值，这些信息可能包括报告单元自身的数据信息——若管理层认为市场参与者会使用同样的信息对资产或负债进行定价。
示例：Pharma公司刚完成一项权益发行，并决定在用于未来研发投入前，暂时将发行的大部分收入进行投资，直至出现未来的研发需要。具体情况如下：
• Pharma公司将一半款项用于一个投资政府债券的共同基金。因为共同基金的股票在活跃市场交易，Pharma公司使用其报价(代表1级输入值)作为该投资的公允价值。
• Pharma公司将剩余收入的约40％投资于“前期发行的(交易不活跃的)”国债证券，该证券仅在二级市场进行零星交易。Pharma公司先计算活跃市场上交易的类似(但非相同)“当前发行的(交易活跃的)”国债的加权平均市场价格。可比的“当前发行的(交易活跃的)”证券的可观察市场价格可认为是2级输入值。之后对加权平均价格略微折让，以弥补Pharma公司实际拥有的“前期发行的(交易不活跃的)”证券的非流动性。此不可观察输入值，即非流动性折让，没有重大到导致该估值成为3级公允价值计量。
• Pharma公司将剩余收入投资于一个之前仅有一名投资者持有的零散交易的政府债券。没有相同或类似证券的活跃二级市场。因为此投资的独特性，Pharma公司必须结合可观察输入值(如，类似期限零息债券的国债收益)和重要的不可观察输入值(如，缺乏流动性的折让)对该投资估值。此估值法是一个3级的公允价值计量。
我们可以将这些公认原则运用到商业公司通常会做的一些公允价值计量中。Chapter2Fair value measurements in business combinations
Following a business combination, the acquiring entity must determine the fair value of:
• the consideration it transferred to the former owners of the business, and
• most of the assets acquired and liabilities assumed in the business combination.
In this publication, we will focus on some of the practical considerations in valuing acquired intangible assets and assumed deferred revenue obligations following a business combination.
These valuations involve some of the more challenging and judgmental aspects of applying ASC Topic 820.Intangible assets
With few exceptions, intangible assets do not trade in active markets．As a result, valuation techniques typically must be employed in determining the fair value of an acquired intangible asset.
The following discussion describes some of the approaches and inputs typically used in valuing various intangible assets.
We'll start by describing in some detail the multi-period excess earnings method．Thereafter, we'll briefly touch on some other common valuation techniques, including the “with or without”model, the “relief from royalty”method and the replacement cost approach.Multi-period excess earnings method
The multiperiod excess earnings method (MPEEM) is one of the more common approaches used to measure the fair value of an intangible asset acquired in a business combination.
MPEEM is often used to value:
• customer relationships;
• intellectual property, such as trade secrets, formulas, and patented (or unpatented) technology;
• order backlog; or
• license agreements.
MPEEM is based on the premise that the subject intangible asset may need to use other assets to produce future cash flows.
Therefore, the first step in preparing an MPEEM valuation is to estimate the future cash flows or income streams associated with a product line or other operating group of assets that contains the intangible asset being valued.
The next step is to identify all of the assets that contribute in generating the cash flows attributable to the intangible asset being valued．These are referred to as contributory assets and can include the following:
• Tangible assets. Tangible assets comprise machinery, plant, equipment and other “hard assets”necessary to construct goods for sale or that assist the seller in delivering a service.
• Working capital. Working capital may include cash, cash equivalents, accounts receivable, inventories, accounts payable and other current assets or liabilities．Most businesses require working capital to generate cash flows and income．For instance, without 45-day terms on accounts payable, a business might not be able to finance the acquisition of inventories, which are then sold at a profit．Accordingly, working capital is often a contributing asset to the generation of income and cash flows from a product line or group of assets.
• Assembled workforce. At most companies, income and cash flows cannot be generated without a workforce．For example, manufacturers probably could not produce or sell inventory without qualified personnel．Therefore, an assembled workforce is a contributing asset toward income and cash flow generation．Note that U.S．GAAP does not actually allow companies to report an asset for assembled workforce in the financial statements — it is instead subsumed into any recognized goodwill．Nonetheless, the value of an assembled workforce must be determined for purposes of performing most MPEEM valuations.
• Other intangible assets. Items like software, patents, licenses and marketing-related assets may contribute in generating cash flows attributable to the intangible asset being valued.
The following example illustrates how multiple assets can contribute to the generation of cash flows.
Example: Using an MPEEM valuation for a customer relationship (Part 1)
Enigma Corp．was recently purchased in a business combination, and the acquiring entity (Big Switch Inc.) is beginning the process of valuing all identifiable assets and assumed liabilities.
Big Switch determines that Enigma has valuable customer relationships, which
Con.
will be measured using MPEEM．Enigma uses the following assets, in conjunction with the customer relationships, to generate income and cash flows:
• Unpatented technology
• Assembled workforce
• Working capital (comprising cash, accounts payable, accounts receivable and inventories)
• Plant and equipment
The next step in the MPEEM valuation is to determine the income streams or cash flows related to the intangible asset being valued．These are calculated by computing the difference between (a) the total cash flows expected to be generated by the product line or operating group of assets and (b) the portion of those cash flows attributable to the contributory assets．The net differential is then discounted for the time value of money.
Determining the portion of the total cash flows attributable to the contributory assets involves judgment．In theory, this contributory asset charge, or CAC, represents the estimated amount a typical market participant would pay to rent or lease the contributory assets from their owner．Or, from the perspective of the owner of the contributory assets, a CAC represents the recoupment of the economic depreciation of the contributory assets plus a profit margin thereon.
To demonstrate, assume that a machine contributes to the cash flows generated from a product line．The portion of the cash flows generated by the machine, or the CAC, would be equal to the estimated amount a lessee would have to pay to rent the machine at its current service capacity．This should theoretically equal the amount that represents the owner's/lessor's depreciation during the lease period, plus a market rate of return thereon.
So, to recap, an MPEEM valuation first involves:
• estimating cash flows or income streams attributable to a product line or group of assets,
• isolating those estimated cash flows attributable to a particular intangible asset by identifying and deducting portions of the total cash flows that are attributable to other assets, and
• attributing the remaining balance to the intangible asset being valued.
Practice pointer:
As noted previously, contributory assets are defined as all assets necessary in supporting or contributing to the cash flow generation of the subject asset being valued.
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