财务会计理论（第6版）威廉·R·斯科特-scott_6e_PPT_ch06.pptVIP

6 - * Significance of Clean Surplus Theory to Accountants An alternate approach to estimating firm value Theoretically sound Uses accounting variables May be easier to apply than discounted cash flow Increased emphasis on predicting net income Since needed for expected abnormal earnings calculation Supports measurement approach 6 - * 6.6 Auditor Liability Will a measurement approach reduce auditor liability? Perhaps, if investors subject to limited attention Auditor can claim that the financial statements proper anticipated value changes But, current values may be subject to manager bias if no market value available (incomplete markets) Then, may be hard for auditor to resist manager bias 6 - * 6.7 Auditor Liability and Conservative Accounting Example 6.3: conditional conservatism A change in asset value has already occurred Assume investor is risk averse Investor opportunity loss of expected utility if a decline in asset value is not recorded = 1.02 Investor opportunity loss if an increase in asset value not recorded = .52 Then, investor more likely to sue auditor if a decline in asset value not recorded. Auditor reaction: ceiling tests, to reduce likelihood a decline in asset value is unrecorded, thereby reducing likelihood of lawsuit Continued 6 - * 6.7 Auditor Liability and Conservative Accounting (continued) Example 6.4: unconditional conservatism Asset value = $10,000 at financial statement date, but value may change in future If asset declines in value, investor loses utility of 1.02 If asset increases in value, investor loses utility of .54 How should auditor value asset at statement date? If asset valued at $10,000 (current value), investor expected utility = 39.93 If asset valued at $9,400 (conservative valuation), investor expected utility = 40.00 This suggests an investor demand for conservatism 6 - * Conclusions on Measurement Approach Assuming reasonable reliability, current value accounting can increase decision usefulness relative to information