論不動產證券化之會計處理

Study on Accounting of Real Estate Securitization

王美心(Mei-Hsin Wang)

指導教授 ： 蔡彥卿

國立臺灣大學/管理學院/會計學研究所/碩士(2004年)

https://doi.org/10.6342/NTU.2004.10049

摘要

由於不動產證券化條例於民國九十二年七月九日三讀通過，業者極積規劃相關產品，而財政部於今年亦通過首宗不動產證券化商品，惟相關會計問題之處理規範仍然付之闕如。因此本論文採用探索性研究方法，首先搜集國內外不動產證券化之發展過程，及其現行發展概況。其次，整理美國財務會計準則委員會及國際會計準則委員會發布有關不動產的會計準則及其解釋函。其次，訪查國內之信託業者，了解其運作情形及所面臨之會計問題。最後，彙總整理所有相關文獻後，討論影響會計處理之議題，整理相關會計分錄。
根據本論文之研究，提出下列建議：
1、移轉人因信用加強而自市場買回或保留之部分，應該為自始即未出售該部分，故視為保留之資產。持有該受益證券之型式，本論文建議視為有價證券，以真正貫徹實行不動產證券化之目的。
2、對於移轉人持有全部之次順位受益證券，依本研究認為應以成本回收法認列出售損益。
3、持有受益證券之投資人其會計處理應如何處理？本研究認為該投資人應分為兩種：被動收益型及非被動收益型。其相關會計處理依本文內容為之。
4、對於特殊目的信託，移轉人是否合併信託帳，編製合併報表？本研究建議依我國財務會計準則第七號「合併財務報表」之規定，移轉人持有單一受益證券或次順位受益證券超過發行半數時，應合併該特殊目的信託，編製合併報表；若無持有受益證券或持有少數之受益證券，而有國際會計準則委員會(IASB)發佈SIC12「Consolidation-Special Purpose Entities」之四項情形，亦須合併該信託帳，編製合併報表。

關鍵字

投資人之會計處理 ； 不動產投資信託 ； 移轉人之會計處理 ； 不動產證券化 ； 不動產資產信託 ； 受託人之會計處理

並列摘要

As the Legislature Yuan passed the Real Estate Securitization Statue on July 9 of 2003, many trust companies are planning to release new product. By transforming real assets into securities, real estate securitization is created to solve the liquidity problem of real estate investment. The real estate securitization system in Taiwan is divided into two types - Real Estate Investment Trust and Real Estate Asset Trust. In the case of Real Estate Investment Trust, the trust company issues securities over a portfolio of properties to raise from the general public with a view to establishing a Real Estate Investment Trust fund for the purpose of investing in real estate property, related rights, or any other investment as approved by the authority in charge. Where Real Estate Asset Trust is concerned, the beneficiary transfers his title to a real estate property or a right to the trust company; the trust company then issues a security to the beneficiary to entrench his right to the trusted real estate property and its related interests.
Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) have not released accounting standards of real estate securitization. There are many writings about securitization of real estate in laws or systems, but not in its accounting problems. The goal of this study is to build accounting rules of real estate securitization to solve relevant accounting problems.
The recommendations of the study are followings：In securitization of real estate：
1、Beneficiary certificates which transfer retains because of credit- enhancement or others reasons are remained asset of transfer. According to this study, these beneficiary certificates are securities, not real estate, to truly achieve the goal of real estate securitization.
2、If transfer holds all of the subordinated beneficiary certificates, transfer shall recognize gain or loss by cost recovery method.
3、What is accounting problems of investors who buy the beneficiary certificates？This study suggests that investors are divided into two groups：passive beneficiary and non-passive beneficiary.
4、Shall the transfer consolidate the special purpose trust(SPT)？An SPT should be consolidated when the substance of the relationship between the transfer and the SPT indicates that the SPT is controlled by the transfer. If the transfer meets four conditions in SIC12「Consolidation-Special Purpose Entities」, released by IASB, the transfer should consolidate SPT, even though it may own little or none of the beneficiary certificates.

並列關鍵字

Accounting of transfer ； Real Estate Investment Trust ； Real Estate Asset Trust ； Real Estate Securitization ； beneficiary ； trustee

參考文獻

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