企業收入會計準則即將大變臉 投資者何去何從

Like an operating system runs a computer, revenue makes a company go; nothing happens until somebody sells something. But big changes over global accounting standards are expected to go into effect in 2017, and it’s unclear how it could affect the top line and profitability of corporations.

就像操作系統維持電腦運轉一樣，收入讓公司保持運轉；沒有銷售，就什麼都沒有。但全球會計標準的重大改變預計將於2017年生效，目前還不知道它將對企業的收入和盈利能力產生什麼樣的影響。

The new standards, created jointly by the U.S. Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), is 12 years in the making. It’s a big deal because almost all U.S. accounting standards for recognizing revenue – even specialized industry standards – are effectively being tossed out the window and replaced with a generalized standard based on contractual relationships between sellers and customers.

新標準由美國財務會計準則委員會（FASB）和國際會計準則理事會（IASB）耗時12年聯合編制。新標準意義重大，幾乎美國所有的確認收入標準（甚至是特殊行業標準）均被摒棄，取而代之的是基於買賣雙方合同關係的通用標準。

By the time the standards kicks in (non-public companies have a longer grace period than public firms), nearly every company in the world will have to change the processes by which they figure revenues. That’s a big, hairy undertaking – but it’s too soon to tell if it will change their revenues and profits.

等到這些標準開始實施（非上市公司獲得的寬限期長於上市公司），世界上幾乎每家公司都必須改變現行的計算收入流程。這是一項巨大且艱難的任務——但目前還很難說它是否會改變企業的收入和利潤。

Maybe accounting for revenue seems like a simple thing, but it’s actually one of the thornier accounting problems. Consider some of the vivid corporate flameouts involving revenue: Sunbeam Corporation’sphony sales of barbecue grills; Microstrategy’sbunching of services and licenses to recognize revenues quickly; Nortel’s premature revenue reporting. This list goes on.

收入會計或許看起來簡單，但事實上是最傷腦筋的會計難題。想想那些與收入相關的企業失敗案例吧：Sunbeam Corporation的虛假烤肉銷售；微策略（Microstrategy）將服務與使用許可捆綁以快速確認收入，北電（Nortel）提前記入收入。這樣的案例還可以列出很多。

Complex sales contracts make life difficult for accountants. How does a seller parse the value of a software license, a piece of hardware, and a technical support agreement when there’s no separate price for each component – and the customer pays for all of them at once? Adding to the complexity, the customer may receive each contract “deliverable” over different quarters or years, while paying for all up front. The process brims with estimates, lending itself to gamesmanship.

複雜的銷售合同會讓會計人員更頭疼。如果軟件使用許可、硬件和技術支持協議沒有分別定價，客戶一次性全額付清，銷售方應如何分解價格？更爲複雜的是，客戶可能在不同的季度或年度獲得同一筆合同“交付的產品與服務”，但提前付清了所有費用。這個過程就是估算，可以搞些不違規的“小動作”。

Because the new standard can require more estimates in recognizing revenue from contracts, the opportunity for mischief may actually increase. In virtually every seller-customer transaction, there’s a contractual relationship, whether or not it’s reduced to writing. The standard’s five-step process will make CFOs assess a firm’s contractual relationships with customers and the performance obligations contained in them.

由於新標準在確認合同收入時要求更多估算，耍花招的空間事實上增大了。無論是否落實到紙面，每筆買賣交易都存在合同關係。新標準的5步流程將讓CFO們可以評估公司與客戶的合同關係和其中的履行義務。

The ultimate goal is to determine when it’s proper to recognize the revenue resulting from satisfying those obligations. More estimates (and hopefully, good judgment) are in the process than under current accounting when “variable consideration” exists – like a performance bonus for a hedge fund. Under current accounting, such revenue wouldn’t be recognized until completely earned. Within boundaries, the new standard will allow such revenue to be recognized when the performance’s achievement is probable. Because revenue could be recognized much sooner than it turns into cash, investors should fix their attention on operating cash flows more than ever.

最終的目的是，確定什麼時間確認因履行義務而獲得的收入是恰當的。在“可變對價”存在的情況下（比如，對衝基金的業績獎金)，新標準採用的估算（希望這些估算都是基於良好的判斷）會比現有會計標準更多。根據現有的會計標準，此類收入要等到全部收到才能確認。基於一定的界定，新標準允許在有可能實現業績的情況下，確認此類收入。由於收入確認的時間可能遠早於現金流入的時間，投資者應當比以往更加關注營運現金流。

Like a new operating system takes years to develop – think Windows 8 – this standard required the same kind of moon shot effort. Also like a new operating system, the end result might improve on a familiar and beloved operating system – think Windows 7 – but with a steep learning curve and added cost. For now, the clear winners are the FASB and the IASB: they’ve finished one of their most ambitious joint efforts to converge their differing standards while hitting ‘refresh’ on the income statement’s biggest number. The jury is still out on whether investors win.

就像新的操作系統需要多年開發一樣（大家可以想一想 Windows 8操作系統），新標準也需要同樣的卓絕努力。而且，像新的操作系統一樣，最終結果可能是改進一個熟悉且受人喜愛的操作系統（比如Windows 7），會有陡峭的學習曲線和附加成本。當前看來，顯然的贏家是FASB和IASB：它們已經完成了一項雄心勃勃的協同努力，調和不同標準，“刷新”損益表中最重要的數字。投資者是否是贏家，目前仍不可知。