財務會計準則公報第10、 34、 35號公報對金融產業的影響

行政院金融監督管理委員會行政院金融監督管理委員會吳副主任委員當傑吳副主任委員當傑9898年年 66 月月 66 日日

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大綱大綱 會計語言的轉化會計語言的轉化 1010、、 3434、、 3535號公報的核心價值號公報的核心價值 An Inconvenient TruthAn Inconvenient Truth What we should doWhat we should do

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Risk v.s. UncertaintyRisk v.s. UncertaintyKnightian Uncertainty--Risk were those where decision making was made faced with unknown outcomes but known ex-ante probability distributions

Uncertainty

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Risk v.s. UncertaintyRisk v.s. Uncertainty 這次金融危機主因之一是人們對「不確定這次金融危機主因之一是人們對「不確定性」毫無概念，他們完全沒意識到房地產性」毫無概念，他們完全沒意識到房地產價格崩盤的可能性，也沒體認到銀行風險價格崩盤的可能性，也沒體認到銀行風險管理機制的不適當。管理機制的不適當。 我們應該關切價格偏離軌跡時的波動性，我們應該關切價格偏離軌跡時的波動性，而非軌跡本身的不確定性。而非軌跡本身的不確定性。 以買保險為例，或許有人有危機意識直覺以買保險為例，或許有人有危機意識直覺應該買個保險，但他們沒想到保險公司可應該買個保險，但他們沒想到保險公司可能也有破產的一天。能也有破產的一天。

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會計語言的轉化會計語言的轉化歷史成本績效報導可靠性

決策價值公平價值

攸關性

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1010、、 3434、、 3535 號公報的核心價值號公報的核心價值10號公報34號公報

35號公報

存貨金融資產如 :放款、應收款、債券投資、衍生性商品…固定資產

公平價值

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An Inconvenient TruthAn Inconvenient Truth Truth 1: Truth 1:

Schapiro has expressed doubts about Schapiro has expressed doubts about the pace her predecessor was pushing the pace her predecessor was pushing for widespread adoption of IFRS.for widespread adoption of IFRS.

Herz , the chairman of FASB expressed Herz , the chairman of FASB expressed it will take 10-15 years in convergence it will take 10-15 years in convergence 。。

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An Inconvenient TruthAn Inconvenient Truth Truth 2:Truth 2:

A recent change in US accounting rules A recent change in US accounting rules helped allowing Citi to lower its charges helped allowing Citi to lower its charges for troubled securities by $613m, …for troubled securities by $613m, …

(from 2009.4.19.Financial Times)(from 2009.4.19.Financial Times)

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An Inconvenient TruthAn Inconvenient Truth

Truth 3:Truth 3:「導入「導入 IFRSIFRS保險業恐吹倒風」保險業恐吹倒風」 ○○「四大會計公報重擊 獲利」○○「四大會計公報重擊 獲利」「「 1010號公報像炸彈、政府應設紓困窗口」號公報像炸彈、政府應設紓困窗口」

(from (from 國內媒體國內媒體 ))

1010

An Inconvenient TruthAn Inconvenient Truth Truth 4:Truth 4:

保險業利差損問題，第保險業利差損問題，第 4040號公報何時實施號公報何時實施 ??????Phase I:100Phase I:100年年Phase Phase :undecidedⅡ:undecidedⅡ

預定利率 實際資金運用報酬率利差損 ( 益 )

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An Inconvenient TruthAn Inconvenient Truth Truth 5:Truth 5:

9595年開始實施年開始實施 3434號公報，為何金融業的放款號公報，為何金融業的放款及應收款自及應收款自 100100年才開始適用年才開始適用 ??????

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An Inconvenient TruthAn Inconvenient Truth Truth 6~In GermanyTruth 6~In Germany

Bank SPV lives for 20 years

(similar to bad bank)Transfer

Toxic assets

Payment 90% book value by issuing new debts

(guarantee by government)

A giant accounting trick1.Can banks record the shifting as a true sale? 2.Banks still bear the eternal losses from SPVs

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Legacy assets

An Inconvenient TruthAn Inconvenient Truth Close your eyes for your eyes Close your eyes for your eyes

will only tell the truth and the will only tell the truth and the truth isn’t what you want to see. truth isn’t what you want to see. So close your eyes will easy to So close your eyes will easy to pretend…pretend…

(From lyrics of musical night )(From lyrics of musical night ) Truth is the only one. Ducking Truth is the only one. Ducking

out of theout of the truth doesn’t mean it truth doesn’t mean it doesn’t happen.doesn’t happen.

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What we should doWhat we should doConcordeConcorde What we learn…What we learn…

PilotPilot Bankers/Insurers…Bankers/Insurers…Talents??? Talents???

maintenancemaintenance Government guarantee Government guarantee Risk socialized but profit Risk socialized but profit remain privateremain private

Most sophisticate Most sophisticate (supersonic) (supersonic)

easy to maintain easy to maintain but slower but slower (subsonic)(subsonic)

Most advanced financial Most advanced financial system system reasonable reasonable advanced but robust advanced but robust financial systemfinancial system

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What we should doWhat we should do IFRS adoption is an inevitable way IFRS adoption is an inevitable way

to be globalized.to be globalized. Although delaying is another Although delaying is another

thinking, we should recognize and thinking, we should recognize and ascertain how much the impact will ascertain how much the impact will be.be.

Accumulating enough Accumulating enough capital in good time is capital in good time is necessary for soft-landing in necessary for soft-landing in bad time.bad time.

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What we should doWhat we should do Rule-based accounting shifting to Rule-based accounting shifting to

Principle-base accounting makes the Principle-base accounting makes the disclosure more important.disclosure more important.

Professional judgment plays a Professional judgment plays a decisive role in enhancing the decisive role in enhancing the transparency.transparency.

G20…call for standard-setters toG20…call for standard-setters toReduce the complexityReduce the complexityAddressing issues related to loan-loss Addressing issues related to loan-loss

provisioning.provisioning.

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What we should doWhat we should do IASB…committed to IASB…committed to FixFix the the

accounting standards(IAS39—accounting standards(IAS39—Financial instruments: recognition Financial instruments: recognition and measurement)…and measurement)…OnceOnceComprehensivelyComprehensivelyIn an urgent and responsible mannerIn an urgent and responsible manner

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