財務會計準則公報第10、34、35號公報對金融產業的影響 行政院金融監督管理委員會 吳副主任委員當傑 98年6月6日

大綱 會計語言的轉化 10、34、35號公報的核心價值 An Inconvenient Truth What we should do

Risk v.s. Uncertainty Uncertainty Knightian Uncertainty--Risk were those where decision making was made faced with unknown outcomes but known ex-ante probability distributions Uncertainty

Risk v.s. Uncertainty 這次金融危機主因之一是人們對「不確定性」毫無概念，他們完全沒意識到房地產價格崩盤的可能性，也沒體認到銀行風險管理機制的不適當。 我們應該關切價格偏離軌跡時的波動性，而非軌跡本身的不確定性。 以買保險為例，或許有人有危機意識直覺應該買個保險，但他們沒想到保險公司可能也有破產的一天。

會計語言的轉化 歷史成本 公平價值 績效報導 決策價值 可靠性 攸關性

10、34、35號公報的核心價值 公 平 價 值 10號公報 存貨 34號公報 金融資產 如:放款、應收款、債券投資、衍生性商品… 固定資產

An Inconvenient Truth Truth 1: Schapiro has expressed doubts about the pace her predecessor was pushing for widespread adoption of IFRS. Herz , the chairman of FASB expressed it will take 10-15 years in convergence。

An Inconvenient Truth Truth 2: A recent change in US accounting rules helped allowing Citi to lower its charges for troubled securities by $613m, … (from 2009.4.19.Financial Times)

An Inconvenient Truth Truth 3: 「導入IFRS保險業恐吹倒風」 「四大會計公報重擊○○獲利」 「10號公報像炸彈、政府應設紓困窗口」 (from 國內媒體)

An Inconvenient Truth Truth 4: 保險業利差損問題，第40號公報何時實施??? 預定利率 實際資金運用報酬率 Phase I:100年 Phase Ⅱ:undecided 利差損(益) 預定利率 實際資金運用報酬率

An Inconvenient Truth Truth 5: 95年開始實施34號公報，為何金融業的放款及應收款自100年才開始適用???

(guarantee by government) An Inconvenient Truth Truth 6~In Germany Bank SPV lives for 20 years (similar to bad bank) Transfer Toxic assets Payment 90% book value by issuing new debts (guarantee by government) A giant accounting trick 1.Can banks record the shifting as a true sale? 2.Banks still bear the eternal losses from SPVs

An Inconvenient Truth Close your eyes for your eyes will only tell the truth and the truth isn’t what you want to see. So close your eyes will easy to pretend… (From lyrics of musical night ) Truth is the only one. Ducking out of the truth doesn’t mean it doesn’t happen. Legacy assets

Most sophisticate (supersonic) easy to maintain but slower (subsonic) What we should do Concorde What we learn… Pilot Bankers/Insurers…Talents??? maintenance Government guarantee Risk socialized but profit remain private Most sophisticate (supersonic) easy to maintain but slower (subsonic) Most advanced financial system reasonable advanced but robust financial system

What we should do IFRS adoption is an inevitable way to be globalized. Although delaying is another thinking, we should recognize and ascertain how much the impact will be. Accumulating enough capital in good time is necessary for soft-landing in bad time.

What we should do Rule-based accounting shifting to Principle-base accounting makes the disclosure more important. Professional judgment plays a decisive role in enhancing the transparency. G20…call for standard-setters to Reduce the complexity Addressing issues related to loan-loss provisioning.

What we should do IASB…committed to Fix the accounting standards(IAS39—Financial instruments: recognition and measurement)… Once Comprehensively In an urgent and responsible manner