30+mba-第6部分

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is　the　lower；　in　line　with　the　principle　of　conservatism　（see　later　in　this　
chapter）。　
Other　methods　for　recording　assets　
While　cost　at　date　of　purchase　is　the　norm　for　accounting　for　assets　in　conventional　
enterprises；　there　are　certain　types　of　businesses　and　certain　
situations　when　other　methods　of　recording　a　monetary　figure　are　used：　
。　Market　value：　This　is　usually　used　when　an　asset　is　actually　to　be　sold　
and　there　is　an　established　market　for　that　particular　type　of　asset。　This　
could　arise　when　a　business　or　part　of　a　business　is　to　be　closed　down。　
。　Fair　value：　This　is　described　as　the　estimated　price　at　which　an　asset　
could　be　exchanged　between　knowledgeable　but　unrelated　willing　
parties　who　have　not；　and　may　not；　actually　exchange。　This　basis　is　
o。。en　used　in　the　due　diligence　process；　where；　because　of　particular　
synergies；　a　price　higher　than　market　value　（resulting　in　goodwill）　
could　reasonably　be　set。　
。　Market　to　market：　This　is　where　market　value　is　calculated　on　a　daily　
basis；　usually　by　financial　institutions　such　as　banks　and　stockbrokers。　
This　can　result　in　dramatic　changes　in　value　in　turbulent　market　
conditions；　requiring　additional　assets；　including　cash；　to　be　found　
to　cover　a　fall　in　market　price。　This　approach　is　blamed　for　helping　
to　create　liquidity　‘black　holes’　by　forcing　banks　to　sell　assets　to　meet　
liquidity　targets；　which　in　turn　forces　prices　lower；　requiring　yet　more　
assets　to　be　sold。　
Going　concern　
Accounting　reports　always　assume　that　a　business　will　continue　trading　
indefinitely　into　the　future　–　unless　there　is　good　evidence　to　the　contrary。　
This　means　that　the　assets　of　the　business　are　looked　at　simply　as　profit　
generators　and　not　as　being　available　for　sale。　Look　again　at　the　motor　
vehicle　example　above。　In　year　2；　the　net　asset　figure　in　the　accounts；　
prepared　on　a　‘going　concern’　basis；　is　￡3；000。　If　we　knew　that　the　business　
20　The　Thirty…Day　MBA　
was　to　close　down　in　a　few　weeks；　then　we　would　be　more　interested　in　
the　car’s　resale　value　than　its　‘book’　value：　the　car　might　fetch　only　￡2；000；　
which　is　quite　a　different　figure。　
Once　a　business　stops　trading；　we　cannot　realistically　look　at　the　assets　
in　the　same　way。　They　are　no　longer　being　used　in　the　business　to　help　
generate　sales　and　profits。　The　most　objective　figure　is　what　they　might　
realize　in　the　marketplace。　
Dual　aspect　
To　keep　a　plete　record　of　any　business　transaction　we　need　to　know　
both　where　money　came　from　and　what　has　been　done　with　it。　It　is　not　
enough　simply　to　say；　for　example；　that　a　bank　has　lent　a　business　￡1m；　
we　have　to　show　how　that　money　has　been　used；　for　example　to　buy　a　
property；　increase　stock　levels；　or　in　some　other　way。　You　can　think　of　it　as　
the　accounting　equivalent　of　Newton’s　third　law：　‘For　every　force　there　is　
an　equal　and　opposite　reaction。’　Dual　aspect　is　the　basis　of　double…entry　
bookkeeping　（see　below）。　
The　realization　concept　
A　particularly　prudent　sales　manager　once　said　that　an　order　was　not　an　
order　until　the　customer’s　cheque　had　cleared；　he　or　she　had　consumed　the　
product；　had　not　died　as　a　result；　and；　finally；　had　shown　every　indication　
of　wanting　to　buy　again。　Most　of　us　know　quite　different　salespeople　who　
can　‘anticipate’　the　most　unlikely　volume　of　sales。　In　accounting；　ine　is　
usually　recognized　as　having　been　earned　when　the　goods　（or　services）　are　
dispatched　and　the　invoice　sent　out。　This　has　nothing　to　do　with　when　an　
order　is　received；　how　firm　an　order　is　or　how　likely　a　customer　is　to　pay　up　
promptly。　It　is　also　possible　that　some　of　the　products　dispatched　may　be　
returned　at　some　later　date　–　perhaps　for　quality　reasons。　This　means　that　
ine；　and　consequently　profit；　can　be　brought　into　the　business　in　one　
period　and　has　to　be　removed　later　on。　
Obviously；　if　these　returns　can　be　estimated　accurately；　then　an　
adjustment　can　be　made　to　ine　at　the　time。　So　the　‘sales　ine’　figure　
that　is　seen　at　the　top　of　a　profit　and　loss　account　is　the　value　of　the　goods　
dispatched　and　invoiced　to　customers　in　the　period　in　question。　
The　accrual　concept　
The　profit　and　loss　account　sets　out　to　‘match’　ine　and　expenditure　to　
the　appropriate　time　period。　It　is　only　in　this　way　that　the　profit　for　the　
period　can　be　realistically　calculated。　Suppose；　for　example；　that　you　are　
Accounting　21　
calculating　one　month’s　profits　when　the　quarterly　telephone　bill　es　in。　
The　picture　might　look　like　Table　1。2。　
This　is　clearly　wrong。　In　the　first　place；　three　months’　telephone　charges　
have　been　‘matched’　against　one　month’s　sales。　Equally　wrong　is　charging　
anything　other　than　January’s　telephone　bill　against　January’s　ine。　
Unfortunately；　bills　such　as　this　are　rarely　to　hand　when　you　want　the　accounts；　
so　in　practice　the　telephone　bill　is　‘accrued’　for。　The　figure　（which　
may　even　be　absolutely　correct　if　you　have　a　meter）　is　put　in　as　a　provision　
to　meet　this　liability　when　it　bees　due。　
ACCOUNTING　CONVENTIONS　
These　concepts　provide　a　useful　set　of　ground　rules；　but　they　are　open　to　a　
range　of　possible　interpretations。　Over　time；　a　generally　accepted　approach　
to　how　the　concepts　are　applied　has　been　arrived　at。　This　approach　hinges　
on　the　use　of　three　conventions：　conservatism；　materiality　and　consistency。　
Conservatism　
Accountants　are　o。。en　viewed　as　merchants　of　gloom；　always　prone　to　take　
a　pessimistic　point　of　view。　The　fact　that　a　point　of　view　has　to　be　taken　at　
all　is　the　root　of　the　problem。　The　convention　of　conservatism　means　that；　
given　a　choice；　the　accountant　takes　the　figure　that　will　result　in　a　lower　
end　profit。　This　might　mean；　for　example；　taking　the　higher　of　two　possible　
expense　figures。　Few　people　are　upset　if　the　profit　figure　at　the　end　of　the　
day　is　higher　than　earlier　estimates。　The　converse　is　never　true。　
Materiality　
A　strict　interpretation　of　depreciation　（see　above）　could　lead　to　all　sorts　of　
trivial　paperwork。　For　example；　pencil　sharpeners；　staplers　and　paperclips；　
all　theoretically　items　of　fixed　assets；　should　be　depreciated　over　their　
working　lives。　This　is　obviously　a　useless　exercise　and　in　practice　these　
items　are　wri。。en…off　when　they　are　bought。　
Table　1。2　Example　of　a　badly　matched　profit　and　loss　account　
Profit　and　loss　account　for　January；　year　20XX　
￡　
Sales　ine　for　January　4；000　
Less　telephone　bill　（last　quarter）　800　
Profit　before　other　expenses　3；200
22　The　Thirty…Day　MBA　
Clearly；　the　level　of　‘materiality’　is　not　the　same　for　all　businesses。　A　
multinational　might　not　keep　meticulous　records　of　every　item　of　machinery　
under　￡1；000。　For　a　small　business　this　may　represent　all　the　machinery　it　
has。　
Consistency　
Even　with　the　help　of　those　concepts　and　conventions；　there　is　a　fair　degree　
of　latitude　in　how　you　can　record　and　interpret　financial　information。　You　
should　choose　the　methods　that　give　the　fairest　picture　of　how　the　firm　is　
performing　and　stick　with　them。　It　is　very　difficult　to　keep　track　of　events　
in　a　business　that　is　always　changing　its　accounting　methods。　This　does　not　
mean　that　you　are　stuck　with　one　method　forever。　Any　change；　however；　is　
an　important　step。　
THE　RULE　MAKERS　
The　accounting　professional　bodies；　with　a　li。。le　prodding　from　governments；　
are　responsible　for　ensuring　that　accounting　reports　conform　to　
what　are　known　as　Generally　Accepted　Accounting　Practices　（GAAP）。　A　
new　entrant；　International　Accounting　Standards；　is　challenging　that　term　
as　GAAP　rules　have　been　interpreted　differently　on　different　continents　
and　indeed　largely　ignored　on　others。　
The　rule　book　has　to　be　adapted　to　acmodate　changes　in　the　way　
business　is　done。　For　example；　international　business　across　frontiers　is　now　
the　norm；　so　rules　on　handling　currency　and　reporting　taxable　profits　in　
different　countries　have　to　be　acmodated　within　a　pany’s　accounts　
in　a　consistent　manner。　
Although　an　MBA　isn’t　usually　expected　to　know　all　the　rules；　you　
should　be　able　to　get　up　to　date　before　any　meetings　where　the　subject　is　
likely　to　e　up。　You　can　keep　track　of　changes　in　pany　reporting　
rules　on　the　Institute　of　Chartered　Accountants’　website　（icaew　》　
Accounting　and　corporate　reporting　》　UK　GAAP）。　
Protecting　investors　
When　confidence　in　US　businesses　was　rocked　badly　with　a　series　of　
high…profile　financial　frauds；　Enron　and　World　for　example；　the　US　
government　introduced　the　Sarbanes–Oxley　Act；　known　less　monly　
but　be。。er　understood　as　‘The　Public　pany　Accounting　Reforms　and　
Investor　Protection　Act　–　2002’。　The　Act’s　purpose　is　to　close　the　loopholes　
opened　up　by　creative　accountants；　who　are　always　devising　ways　to　overstate　
profits　and　understate　liabilities；　and　so　make　it　easier　for　shareholders　
Accounting　23　
to　see　how　profitable　a　business　really　is。　The　act　doesn’t　just　apply　to　US　
panies；　any　businesses　with　shares　listed　on　a　US　stock　market　that　
does　business　in　the　United　States　is　swept　into　the　net。　Check　out　　
sarbanes…oxley　for　the　low…down　on　that　Act。　
The　UK　version　is　The　panies　（Audit；　Investigations　and　munity　
Enterprise）　Act。　You　can　read　up　on　the　UK　rules　at　the　Office　of　the　
Public　Sector　Information　（opsi。gov。uk　》　Legislation　》　UK　》　Acts　》　
Public　Acts　2004　》　panies　（Audit；　Investigations　and　munity　
Enterprise）　Act　2004）。　
Auditors　–　the　gatekeepers　
All　public　panies；　that　is；　those　listed　on　a　stock　exchange；　are　required　
to　have　an　annual　audit　by　a　qualified　accountant　appointed　by　the　directors　
and　approved　of　by　the　shareholders。　Any　pany　with　outside　
shareholders　and　indeed　all　but　the　smallest　private　panies　are　
required　by　law　to　be　audited。　The　auditors’　job　is　to　examine　the　accounts；　
ensure　that　they　conform　with　the　prevailing　accounting　rules　and　give　an　
opinion　about　the　financial　statements。　Though　the　auditors’　report　may　be　
50　pages　long；　with　a　score　or　more　footnotes；　the　findings　are　summarized　
in　a　single　sentence：　‘The　financial　statements　give　a　true　and　fair　view　of　
the　state　of　affairs　of　the　pany　at　（a　certain　date）　and　the　financial　statements　
have　been　properly　prepared　in　accordance　w