Reexamination of Accounting Treatment of Financial Asset Securitization after Financial Crisis

在2008年，美國次貸危機蔓延到信貸市場，造成雷曼兄弟破產進而引發全球性金融海嘯，即暴露出金融業監管與全球金融體系長久存在的弱點，以及金融工具會計揭露不足之問題。而隨著金融資產證券化在美國及國際間均已蓬勃發展，金融創新愈趨頻繁，FASB隨即於2009年發布了FAS 166和167， IASB則分別修訂了IAS 39和發布IFRS 9以修正金融資產相關會計處理以因應環境變化。然而，如能建立全球統一的高質量會計準則，不僅有助於減輕不同國家間財務報表轉換的成本，更可提升跨國間會計資訊的可比較性與透明度，故本論文旨在針對金融資產證券化會計處理提出一最適之規範。 本論文首先將對資產證券化之流程架構作一詳細說明與介紹，並參考美國及國際之金融資產證券化經驗，以建構金融資產自創始機構移轉時是否得視為出售而予以除列之觀念。透過對金融海嘯發生前所適用之金融資產相關公報：美國的FAS 140和FIN 46，國際的IAS 39及台灣第33號財務會計準則公報，以及金融海嘯後，美國與國際分別發布之FAS 166及IFRS 9的準則內容進行研究與分析，了解金融資產會計處理制訂理念的演進，並且更進一步地探討為因應環境改變及實務需求，最適之全球單一財務會計準則應如何制訂金融資產證券化之會計處理。 本論文建議以繼續牽連法來規範證券化金融資產之真實出售認定問題，意即最適金融資產證券化會計處理之決策流程如下： 一、 合併報表納入所有子公司(包含特殊目的個體) 二、 判斷以整體或部分金融資產適用除列準則 三、 該證券化金融資產之潛在經濟效益是否不再流入創始機構 四、 創始機構是否繼續參與該移轉金融資產 五、 以公允價值作為服務資產與服務負債之初始衡量及續後衡量方法In 2008, the U.S. subprime mortgage crisis spread to credit markets, resulting in the bankruptcy of Lehman Brothers, triggering a global financial crisis. Therefore, the long-term weaknesses of financial sector regulators and the global financial system showed up, as well as financial instruments accounting disclosure deficiencies. With the booming financial asset securitization in the United States and Europe, there have been increasingly frequent financial innovations. In consequence, the FASB immediately released FAS 166 and 167 in 2009, and the IASB revised IAS 39 and released IFRS 9 to correct the related accounting treatment in response to environmental changes. If there were a high-quality global accounting standard, it would not only help alleviate the cost of switching the financial statements between different countries, but also enhance the comparability and transparency of accounting information worldwide. Therefore, this thesis is aimed to propose an optimum accounting treatment of financial asset securitization. In this paper, I will first introduce the framework of financial asset securitization, with reference to the United States and international financial experience. Followed by comparing the accounting standards of financial assets before the financial crisis, which are FAS 140, FIN 46, IAS 39 and ROC statement of Financial Accounting Standards No. 33, which with the newly released accounting standards of financial assets after the financial crisis, which are FAS 166 and IFRS 9, we can understand the concept development in-between. At last, I try to give some suggestions about formulating an optimal global financial accounting standards dealing with financial asset securitization. I proposed using continuing involvement to distinguish whether the transfer of financial assets in the process of securitization meets the criteria that can be treated as true sales, which means the decision-making process of the optimal financial accounting treatment of financial asset securitization is as followed: 1. Consolidated all of its subsidiaries in the financial statements (including special purpose entity). 2. Decide the derecognition is applied to the whole financial assets or part of the financial assets. 3. Distinguish whether the potential economic benefits of financial assets under securitization is no longer flowing into the originator. 4. Distinguish whether the originator continues to participate in the transferred financial assets. 5. Use fair value as the only measurement of serving assets and serving liabilities