本研究首先分析資產證券化之財務報表誘因並彙總金融資產移轉產生之會計議題,分會計分錄、報表表達及附註揭露等三部分。接著於第三章介紹美國第140號公報,並與台灣第33號公報作一比較分析。第四章介紹安隆案中的金融資產移轉交易,並觀察三家企業(安隆、花旗、奇異)採用140號公報之實際揭露情形,以找出目前會計規範之缺失及提出建議方案。本研究對現有公報之建議有以下幾點: 一、台灣公報 1.規範特殊目的個體是否該與創始機構編合併報表 2.規範清掃買權 3.規範移除帳戶條款 4.規範次順位受益權利之後續衡量方式 5.公平價值之認定應有完善之配套措施 二、美國公報 1.會計分錄:建議在有效控制之條件中加入對發行及再發行受益權利之決策制定權。 2.報表表達:建議對合格特殊目的個體加諸更嚴謹之限制,例如禁止移轉者提供其流動性機制(liquidity facility)等。 3.執行:建議制定合理的公平價值評價基礎 4.附註揭露:(1)規定各企業將證券化揭露放在同一項目下。(2)鼓勵企業多採用表格方式揭露。(3)設定揭露與否之重大性標準。(4)揭露外之其他機制─Schwarcz提出的「次要形式的證明」(Lesser form of certification)或稱為「事後法則」(the postulated rule)─若一項交易會產生揭露受損的情形,則此交易必須禁止重大利害衝突。
This study first analyzes the reasons why enterprises use securitizations and summarizes the issues involved with transfers of financial assets. Theses issues are categorized into three parts, including accounting entries, financial reporting and disclosures. The main statement of financial accounting standards being examined in this study is FASB No.140, “Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities". In addition, the ROC Statement of Financial Accounting Standards No.33 is compared with FASB No.140. After examining the statements, this study observes several transactions about assets transfers in Enron’s scandal and some disclosure examples using FASB No.140. Finally, some suggestions about existing accounting standards are proposed: (1)The ROC Statement a.Regulate when SPEs should be consolidated with their originators. b.Regulate cleanup calls. c.Regulate removal-of-accounts-provisions. d.Regulate subsequent accounting measures about subordinated beneficial interests. e.Accompanying measures are needed for fair value valuation. (2)The USA Statement a.〈Accounting entries〉: Decision-making ability over issuance and reissuance of beneficial interests should be added to the specified ways of retaining effective control over assets. b.〈Financial reporting〉: The conditions of QSPE should be more strict,for example: prohibit transferors from providing any liquidity facilities to QSPEs. c.〈Execution〉: Establish reasonable basis for fair value valuation. d.〈Disclosures〉: (i) The disclosure about securitization should be put under the same item of financial report. (ii) Encourage enterprises to use more clear presentations about securitizations. (iii)Set up materiality standards. (iv)Other mechanism .