(2) How to deal with unrealized profits in counter-current transactions. Countercurrent transaction is the sale of goods by an associated enterprise to the members of a complete enterprise group. The unrealized profits generated by this transaction are included in the income statement of the associated enterprise itself and the inventory items of the members of the complete enterprise group on the other hand. It is reasonable to offset the unrealized profit items of the associated enterprise with the inventory items of the members of the complete enterprise group according to the equity ratio when merging. However, because the unrealized profits of the associated enterprises are included in the consolidated statement according to the shareholding ratio through the "investment income-XX associated enterprise" item in the income statement of the members of the complete enterprise group, the share of the unrealized profits owned by the group should be reduced separately from the inventory item in the consolidated balance sheet and the "investment income-XX associated enterprise" item in the consolidated income statement. Thereby offsetting the unrealized profits that have been included in the consolidated statements. For example, it is derived from the value of securities such as bonds of the parent company of a group. This derivative gives this new financing tool a wide range of application space and flexible and diverse trading forms. At present, the most widely used derivatives in the international financial market include forward contracts, financial futures, options and swaps.
1. Derivative financial instruments are based on contracts. The rights and obligations of both parties to the contract are basically determined from the date of signing the contract, and there is no need or only a small amount of initial net investment, but the transaction will not be fulfilled or completed until some time in the future.
2. The income of derivative financial instruments is highly uncertain. The income generated by derivative financial instruments comes from the change of the value of the subject matter, that is, the difference between the agreed price and the actual price will change with the changes of future interest rates, securities prices, commodity prices, exchange rates or corresponding indexes.
3. Strong financial leverage and high financial risks go hand in hand. When trading with derivative financial instruments, you can engage in large-scale transactions by paying a lower commission or margin as required. Investors only need to use a small amount of funds to control a large number of resources, and once the actual changing trend is consistent with the trader's prediction, they can get rich returns. However, huge profits are accompanied by huge risks. Once the forecast is wrong and financial risks appear, investors may suffer serious losses and even endanger the stability of the entire financial market.
4. The product design is highly flexible. There are many kinds of financial derivatives, which can be designed according to the time, amount, leverage ratio, price, risk level and other parameters required by customers, so as to achieve the purpose of full preservation and hedging. However, these financial derivatives are difficult to transfer in the market, so their liquidity risk is also great.
second, the influence of derivative financial instruments on traditional financial accounting theory
1, the influence on accounting elements. In the existing accounting theory, assets are defined as resources formed by past transactions and events and owned or controlled by enterprises, which are expected to bring economic benefits to enterprises; Liabilities are defined as current obligations formed by past transactions and events, and the fulfillment of this obligation will lead to the outflow of economic benefits from the enterprise. These two definitions are based on "past transactions or events", and the occurrence of such transactions or events will bring changes in future economic interests. However, after the signing of the derivative financial instrument contract, it will indeed bring certain rights or obligations to the enterprise, and will generate the inflow or outflow of economic benefits or resources in the future. However, whether this right or obligation is fulfilled cannot be predicted when the contract comes into effect. Not happened in the past, but from future transactions or events, and the amount is difficult to determine, so the rights or obligations brought by derivative financial instruments do not meet the current accounting recognition standards, so they should not be within the scope of recognition. However, as an economic business, the accounting recognition of derivative financial instruments is a problem that must be solved when the contract is signed. Therefore, in order to reflect the related situation of derivative financial instruments in the balance sheet, it is necessary to redefine the accounting elements such as "assets" and "liabilities" in the current accounting theory. The traditional definition of assets and liabilities is based on a stable accounting environment based on past events. This accounting environment has undergone great changes in the world economy, especially after the emergence and rapid development of derivative financial instruments, and the accounting of "accounting after the event" can no longer meet the ubiquitous needs of a large number of existing derivative financial instruments.
2. Impact on accounting confirmation. Traditional accounting emphasizes the past transactions when recognizing accounting elements such as assets and liabilities, and takes the time of transaction as the recognition standard, that is, one-time recognition is made when the transaction occurs. However, derivative financial instruments are not based on the time of transaction, but on the time of contract performance. In addition to the need to confirm when the contract is concluded, there will be problems of "so-called reconfirmation" and "termination of confirmation", which is obviously contrary to traditional accounting.
3. Influence on accounting measurement. Measurement is the process of determining the monetary amount of confirmed report items in the balance sheet or income statement. Accounting measurement should truly reflect the value of the measured object, so as to facilitate the prediction and decision-making needs of relevant information users. In the existing accounting theory, accounting measurement is based on historical cost, which is the actual cost of assets, reflecting the historical record of assets or liabilities trading, and is objective and verifiable. According to this principle, accounting measurement can only be based on the cost that has occurred, not the possible cost. At the same time, after each report item is recorded at historical cost, the book value is generally not allowed to be adjusted at will to maintain the comparability of information. The initial investment of derivative financial instruments is little or zero. In the future, the initial net investment (historical cost) at the time of signing the contract can not reflect its value and risk. Because its price fluctuates greatly, it is difficult for historical cost to track the change of market value. Therefore, the reliability and correlation of historical cost are greatly affected, and it is not appropriate to use it to measure derivative financial instruments.
4. Impact on accounting disclosure. The purpose of accounting disclosure lies in that the users of statements timely and correctly understand the financial status, operating results and cash flow of enterprises, so as to make correct predictions and decisions. However, the existing financial reporting system can not fully meet the needs of fully disclosing the information of derivative financial instruments, and related items are either off-balance sheet and cannot be reflected, or necessary fair value, risk and other information cannot be disclosed. However, the unique derivative and leverage of derivative financial instruments make it possible for enterprises to face huge risks and suffer huge losses. Therefore, it is necessary to improve the existing accounting statement model and fully disclose the related information of derivative financial instruments.
。 For example, assets are no longer limited to economic resources generated by past economic business that can bring future economic benefits to enterprises, but also include economic resources that can directly bring economic benefits to enterprises in the future as stipulated in the present contract; Liabilities are no longer limited to the economic responsibilities generated by the past economic business and now undertaken by enterprises, but also include the economic responsibilities that need to be undertaken by enterprises in the future as stipulated in the present contract. In this way, the concept of accounting elements will obviously expand. Assets and liabilities related to financial instruments, usually called financial assets and financial liabilities, are conceptually different from those usually mentioned, and the most important thing is that financial assets and financial liabilities are uncertain. After the reconstruction of accounting elements, assets and liabilities are naturally divided into deterministic assets, liabilities and uncertain assets and liabilities according to their certainty. Users of accounting statements are very important to the information about the relationship between financial assets and liabilities and non-financial assets and liabilities. Revealing this relationship in the balance sheet is helpful to improve the relevance of accounting information.
2. Re-establishment of accounting recognition standards. In the case of derivative financial instruments trading, how to carry out accounting confirmation is a very difficult problem. There is also a high degree of uncertainty about whether the related risks and rewards and the degree of their transfer, which determines the complexity of the recognition of derivative financial instruments: (1) When concluding a contract, financial assets and liabilities should be recognized for the first time. (2) The recognized financial assets and liabilities need to be reconfirmed during the period before future transactions, although their risks and rewards are fixed and there is no "substantial" change, but their fair values have changed due to changes in exchange rate and price. (3) When the future transaction agreed in the contract occurs, the enterprise will lose the corresponding rights and obligations. At this time, financial assets and liabilities should be recognized, which is called derecognition, and the difference between the book value and the actual amount should be included in the current profit and loss.
3. adopt multiple pricing basis. Traditional accounting mainly uses historical cost as the valuation basis, which of course has many advantages, but because there is no historical cost in derivative financial instruments business, it cannot be valued by historical cost. The most feasible method for accounting valuation of derivative financial instruments is fair value, which can be used for both the initial confirmation of financial assets and liabilities and the financial statement date after the derivative financial instrument contract takes effect. In this way, the valuation basis of accounting is no longer a single historical cost, but at least a dual valuation basis with historical cost and fair value coexisting. Different accounting valuation bases have adapted to the valuation requirements of different economic businesses.
4. Reform the accounting statements. To meet the requirements of information disclosure of derivative financial instruments, the most feasible way is to reform the traditional accounting statements, such as assets or liabilities are not only classified by liquidity, but also by financial assets or liabilities and non-financial assets and liabilities; For non-financial assets and liabilities, we can follow the current practice, that is, arrange them in order of liquidity; Financial assets and liabilities can be arranged in order of risk. It should be arranged in order of risk degree because people often pay special attention to risk. Another example is to reform the off-balance sheet notes, so that some derivative financial instruments belonging to off-balance sheet items can be fully disclosed. For the important information that can't be disclosed after the report reform, we can consider adding a "List of Derivative Financial Instruments" to list the category, risk coefficient, fair value, maturity date, holding date, etc. of derivative financial instruments, so that the users of the report can judge and make correct decisions.
to sum up, derivative financial instruments have had a great impact on the current accounting theory, so on-the-job training can enhance their experience in carrying out various capital verification businesses and improve their ability to analyze and solve problems.
2. Strengthen risk education and self-prevention awareness
Capital verification is a work with high risk coefficient, therefore, risk awareness should run through every link and every detail of capital verification. In the specific operation of capital verification, certified public accountants can not only review accounting books, accounting statements and relevant vouchers. For large cash investment, you should go to the financial department for investigation and evidence collection; For the large amount and high price of physical input, we should also go to the site for investigation and inspection. For a large number of capital contribution items with small quantity and low price, which are difficult for on-site inspection and field investigation, the applicant must submit sufficient proof before it can be confirmed.
3. strengthening customer management and improving internal management mechanism
strengthening customer verification is the premise of improving the quality of capital verification. At present, China's accounting firms generally lack understanding of customers, which is one of the main reasons for the decline in the quality of capital verification in recent years. The effective way to prevent and reduce this kind of disputes is that before signing a contract with a client, an accounting firm should first investigate the basic situation of the client, and second, it should be extra cautious with clients with other intentions. In the process of verification, careful and effective verification procedures and methods are adopted. When examining the contribution of intangible assets such as intellectual property rights, non-patented technologies and land use rights, the focus should be on verifying the rationality of their ownership and pricing; When examining the contribution of net assets, the assets and liabilities related to it shall be audited to verify the authenticity and legality of the contribution of net assets. At the same time, accounting firms should further improve internal management, implement the system of responsibility and review working papers, that is, implement the responsibility of each project to people, so as to urge certified public accountants to minimize mistakes and draw correct conclusions; Review and check the working papers of capital verification, so as to correct mistakes in time and support the correct conclusion of capital verification.
4. Strengthen publicity and widely adapt to social needs
At present, there are more than 1 accounting firms in Shanghai, but their social influence is far less well-known than that of law firms. Which accounting firm has a good reputation, which certified public accountant has a high level, or which certified public accountant is proficient in a certain field, etc., is mostly unknown or unrecognized. In the vast accounting market space, firms with different scales can apply for different qualifications and engage in different types of business, that is, large firms do big business and small firms do small business, each with its own advantages and development, and create and publicize its own service brands, which will certainly promote the rational division of labor in the CPA industry and the continuous improvement of the capital verification level of the whole industry.
The purpose of auditing is to strengthen management and improve efficiency. By auditing the efficiency of enterprises, the awareness of management, responsibility and efficiency of enterprises will be enhanced, so as to ensure the preservation and appreciation of state-owned assets and serve the development of enterprises. In the implementation of enterprise benefit audit, we should pay attention to the following key issues:
1. The soundness and effectiveness of the internal control system
The internal control system is the sum of various internal elements established in the process of realizing management within the enterprise, mainly including administrative management control, production management control, quality management control, supply and marketing management control, labor management control, accounting management control, information management feedback control and internal audit control. Through the evaluation of the above control system, it is suggested whether the internal control of the audited unit is complete and sound for its economic control function; Whether it is really implemented in practical work and plays its due role; Whether the system cost is lower than the abnormal economic losses that can be reduced or the economic benefits that can be increased after the implementation of control in the process of system establishment and operation; Whether the completeness, effectiveness and economy have always remained at the same or similar level in several consecutive accounting periods; Whether it can still play its normal control function safely under the condition of internal and external interference.
II. Necessity, legality, rationality and completeness of economic contracts
Auditing and supervising the signing, execution process and results of economic contracts can help enterprises improve the terms of economic contracts and avoid potential economic disputes; Second, it can strengthen the internal control mechanism of enterprises, strengthen the responsibilities of relevant business departments and avoid operational risks; Third, the parties to a contract can be protected according to law.