兩岸簽訂 ECFA 對台灣經 濟發展之影響研討會 2010 年 6 月 5 日 台灣金融研訓院菁業堂

實務座談 (2) 採用 IFRS 對台灣產業的影響 主持人：李正福 財團法人亞太金融研究發展基金會董事長 與談人： 1. 陳樹 財團法人中華民國證券櫃檯買賣中心董事長 2. 吳琮璠 國立台灣大學會計系教授 2. 吳琮璠 國立台灣大學會計系教授 3. 周國端 宏泰人壽保險股份有限公司董事長 3. 周國端 宏泰人壽保險股份有限公司董事長 4. 吳清在 國立成功大學會計系教授 4. 吳清在 國立成功大學會計系教授 5. 吳蕙蘭 安侯建業會計師事務所會計師 5. 吳蕙蘭 安侯建業會計師事務所會計師

引言 1. 台灣採用 IFRS 應考慮的問題 2. IFRS 及 US GAP 正在互相妥協的階段 3. 台灣採用 IFRS 時程是否須延遲 4. Fair value accounting (IFRS) 可能是引起 financial crisis 主要原因之ㄧ

IS THERE LIFE FOR FAIR VALUE ACCOUNTING AFTER FINANCIAL CRISIS? By Bikki Jaggi, James P. Winder, and C.F. Lee Abstract This paper evaluates the role of fair value accounting in recent financial crisis, and examines whether the call for its demise is justified. Critics argue that fair accounting regulation added to the volatility in financial markets and aggravated financial crisis. On the other hand, supporters of this regulation argue that fair value accounting has been the victim of recent financial crisis. They believe that this regulation is important for providing transparent, reliable, and accurate information on asset values to investors. This paper evaluates the role of fair value accounting in recent financial crisis, and examines whether the call for its demise is justified. Critics argue that fair accounting regulation added to the volatility in financial markets and aggravated financial crisis. On the other hand, supporters of this regulation argue that fair value accounting has been the victim of recent financial crisis. They believe that this regulation is important for providing transparent, reliable, and accurate information on asset values to investors. After evaluating the impact of fair value accounting regulation on financial crisis, we examine negative and positive aspects of this regulation. Our discussion shows that fair value accounting provides useful information during stable market conditions, but its usefulness may become questionable during unstable and volatile financial markets. Overall, this regulation has the support of financial professional bodies. Some professionals are, however, concerned about recent modification to the fair value accounting rule, i.e. FAS 157-4, because this modification may not enhance reliability and accuracy of financial information. Despite recent modification, discussion on fair value accounting is far from over. Critics of the regulation still believe that this regulation should be eliminated, but the positive aspects of this regulation support its continuation. After evaluating the impact of fair value accounting regulation on financial crisis, we examine negative and positive aspects of this regulation. Our discussion shows that fair value accounting provides useful information during stable market conditions, but its usefulness may become questionable during unstable and volatile financial markets. Overall, this regulation has the support of financial professional bodies. Some professionals are, however, concerned about recent modification to the fair value accounting rule, i.e. FAS 157-4, because this modification may not enhance reliability and accuracy of financial information. Despite recent modification, discussion on fair value accounting is far from over. Critics of the regulation still believe that this regulation should be eliminated, but the positive aspects of this regulation support its continuation.

IS THERE LIFE FOR FAIR VALUE ACCOUNTING AFTER FINANCIAL CRISIS? Outline I. INTRODUCTION II. BACKGROUND AND SFAS US Accounting Standard FAS US Accounting Standard FAS US Accounting Standard FAS US Accounting Standard FAS 157 III. FAIR VALUE ACCOUNTING AND FINANCIAL CRISIS 1. Financial Factors Leading to the Financial Crisis 1. Financial Factors Leading to the Financial Crisis 2. Role of Fair Value Accounting in Financial Crisis 2. Role of Fair Value Accounting in Financial Crisis

IS THERE LIFE FOR FAIR VALUE ACCOUNTING AFTER FINANCIAL CRISIS? Outline IV. MODIFICATIONS TO FAIR VALUE ACCOUNTING 1. Emergency Economic Stabilization Act of Emergency Economic Stabilization Act of Modifications to the Mark-to-Market Regulation 2. Modifications to the Mark-to-Market Regulation (a) Nature of Modifications (a) Nature of Modifications (b) Recording of Losses on Other-Than-Temporary Impairment of Securities (b) Recording of Losses on Other-Than-Temporary Impairment of Securities (c) Measuring Fair Value of Liabilities (c) Measuring Fair Value of Liabilities (d) Fair Value Disclosures (d) Fair Value Disclosures 3. Reaction to Modifications to Fair Value Accounting 3. Reaction to Modifications to Fair Value Accounting (a) CFA Reaction (a) CFA Reaction (b) Reaction of Investors ’ Technical Advisory Committee (b) Reaction of Investors ’ Technical Advisory Committee (c) Two Board Members ’ Reaction (c) Two Board Members ’ Reaction 4. Overall Reaction to Fair Value Accounting Modifications

IS THERE LIFE FOR FAIR VALUE ACCOUNTING AFTER FINANCIAL CRISIS? Outline IV. NEGATIVES AND POSITIVES OF FAIR VALUE ACCOUNTING 1. Negative Aspects of Fair Value accounting 1. Negative Aspects of Fair Value accounting (a) Contagion Effect and Procyclity (a) Contagion Effect and Procyclity (b) Reliability of Methods to estimate Fair Value (b) Reliability of Methods to estimate Fair Value (c) Leverage and Volatility (c) Leverage and Volatility (d) Impact on Bank Capital and Capital Ratios (d) Impact on Bank Capital and Capital Ratios 2. Positive Aspects of Fair Value Accounting 2. Positive Aspects of Fair Value Accounting (a) Usefulness of Fair Value Accounting Information (a) Usefulness of Fair Value Accounting Information (b) Removal of Inconsistencies (b) Removal of Inconsistencies (c) Uniformity Fair Value Measurement (c) Uniformity Fair Value Measurement (d) Uniformity Disclosure Requirement (d) Uniformity Disclosure Requirement 3. Overall Evaluation of Negatives and Positives of Fair Value Accounting 3. Overall Evaluation of Negatives and Positives of Fair Value Accounting VI. SUMMARY AND CONCLUSION