会计政策选择的概念框架.docVIP

外文文献翻译原文： A conceptual framework of accounting policy choice1. Introduction Positive theories of accounting choice make several empirical predictionsregarding managerial behaviour in the presence of financial incentives and accountingchange. A useful implication of the work in this area is whether a particularaccounting method/rule has real economic consequences such that users ofaccounting information who are exposed to the new accounting rule revalue thefirm’s stock. The economic consequences of alternative accounting methods havebeen taken to include not only the impact of accounting change on cash flows butalso the impact of accounting change on political costs contractual arrangements etc.see e.g. Ricks 1982. Much of the observed empirical regularities are consistentwith theory. For example Watts and Zimmerman 1978 make predictions regardingthe likelihood that a firm will present its financial reports in a manner that will ensurethat the agency costs among managers shareholders and bondholders are minimised.In this case one can predict the attitude of managers towards an accounting standardthat is likely to adversely affect a firm’s leverage and debt covenant arrangementswhen the firm is already highly geared. This study puts forward a conceptual framework that incorporates similartheoretical issues but focuses primarily on the economic and financial constraintsimposed by SSAP 20 which is concerned with the accounting treatment of foreignexchange FX differences for UK firms. The conceptual framework has twoimportant advantages. Firstly it puts forward a comprehensive framework in whichthe issues that are relevant for accounting choice are viewed on an overall basis.There is however no assumption that existing theories are complete or that thevariables used to test such theories are adequate. Secondly the framework attempts toiron out some of the conflicting evidence found in the literature. For example theorypredicts that the higher the firm’s leverage is the m