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題名：投資性不動產公允價值之查核：會計師之因應與產業專家的角色
作者：謝喻婷
作者(外文)：Yu-Ting Hsieh
校院名稱：國立臺灣大學
系所名稱：會計學研究所
指導教授：林嬋娟
學位類別：博士
出版日期：2014
主題關鍵詞：國際會計準則；公允價值；投資性不動產；審計意見；會計師產業專精；IFRS；Fair value；Investment property；Audit opinion；Auditor industry specialization
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本文以投資性不動產為例，探討公允價值會計對審計專業的影響。國際會計準則第四十號規定投資性不動產得選擇按公允價值模式或成本模式衡量。公允價值會計能即時反應企業最新的財務績效，提高會計資訊的攸關性，減少投資人之間的資訊不對稱。然而，公允價值衡量存在較高的不確定性，同時也提供管理階層較多的裁量權，可能會增加會計師在查核財務報表時的複雜度與困難度，因此本文探討選用公允價值模式或選用成本模式衡量投資性不動產的公司是否會影響會計師出具修正式審計意見的傾向。此外，本文探討產業專家是否能提升公允價值的可靠性。公允價值會計增加了財報攸關性，卻可能降低財務資訊之可靠性。公允價值衡量涉及許多判斷與估計，在執行查核工作時會計師是否具備產業專精就更顯重要。產業專家較瞭解受查者的產業營運特性，因此較能偵查到管理階層潛在的評價偏誤，進而提升公允價值衡量的可靠性。
本研究以2003-2007年德國與美國的不動產公司為樣本。原本德國一般公認會計準則規定投資性不動產須以成本法衡量，德國採用國際會計準則之後，投資性不動產得選擇按公允價值模式或成本模式衡量。然而，美國尚未決定是否採用國際會計準則，根據美國一般公認會計準則，投資性不動產須以成本法衡量。研究結果發現採用公允價值法可減少會計師的監督成本與訴訟風險，因此相較於採用成本模式衡量投資性不動產的公司，選用公允價值模式的公司較不容易收到修正式審計意見。同時，本文也發現由產業專家查核的不動產公司公允價值衡量的可靠性較高，進而減少投資人之間的資訊不對稱。
This study uses investment property as a target to investigate the effect of fair value accounting on the auditing profession. IAS 40 provides options for firms to choose fair value model or cost model to recognize investment property. Fair value accounting provides more relevant information, and therefore reduces information asymmetry across traders. However, fair value estimates with high uncertainty and substantial discretion might increase the complexity and difficulty of the audit. Therefore, this study examines whether auditors have different tendency to issue modified opinions for firms using fair value method relative to firms using cost method. The second purpose of this study is to investigate whether industry specialists improve the reliability of fair value estimates. There is a vigorous concern about the reliability under fair value accounting, especially for non-financial assets. The ambiguous nature of fair value estimates raises the importance of industry-specific knowledge. Auditors with industry expertise are more competent in detecting the potential management evaluation bias and constraining the management’s aggressive reporting, and therefore improve the reliability of fair value estimates.
I use German and U.S. real estate firms from 2003 to 2007 as the primary setting. Prior to the adoption of IFRS, German GAAP allows only historical cost accounting for investment property. IAS 40 provides options for German firms to choose fair value model or cost model to value investment property. Conversely, U.S. GAAP which is frequently compared with IFRS, mandates historical cost accounting for investment property as well as for other tangible assets. The results show that auditors are less likely to issue modified opinions for firms using fair value method relative to firms using cost method, suggesting fair values lead to lower monitoring costs and litigation risk. Moreover, I find that the reliability of fair value estimates increases when the real estate company is audited by an industry specialist, and therefore mitigates information asymmetry across traders.
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