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1、The Optimization Method of Financial Statements Based on Accounting Management Theory ABSTRACT This paper develops an approach to enhance the reliability and usefulness of financial statements. International Financial Reporting Standards (IFRS) was fundamentally flawed by fair value accounting and a
2、sset-impairment accounting. According to legal theory and accounting theory, accounting data must have legal evidence as its source document. The conventional “mixed attribute accounting system should be replaced by a “segregated system with historical cost and fair value being kept strictly apart i
3、n financial statements. The proposed optimizing method will significantly enhance the reliability and usefulness of financial statements.I. INTRODUCTION Based on international-accounting-convergence approach, the Ministry of Finance issued the Enterprise Accounting Standards in 2006 taking the Inter
4、national Financial Reporting Standards (hereinafter referred to as “the International Standards) for reference. The Enterprise Accounting Standards carries out fair value accounting successfully, and spreads the sense that accounting should reflect market value objectively. The objective of accounti
5、ng reformation following-up is to establish the accounting theory and methodology which not only use international advanced theory for reference, but also accord with the needs of Chinas socialist market economy construction. On the basis of a thorough evaluation of the achievements and limitations
6、of International Standards, this paper puts forward a stand that to deepen accounting reformation and enhance the stability of accounting regulations.II. OPTIMIZATION OF FINANCIAL STATEMENTS SYSTEM: PARALLELING LISTING OF LEGAL FACTS AND FINANCIAL EXPECTATION As an important management activity, acc
7、ounting should make use of information systems based on classified statistics, and serve for both micro-economic management and macro-economic regulation at the same time. Optimization of financial statements system should try to take all aspects of the demands of the financial statements in both ma
8、cro and micro level into account. Why do companies need to prepare financial statements? Whose demands should be considered while preparing financial statements? Those questions are basic issues we should consider on the optimization of financial statements. From the perspective of public interests,
9、 reliability and legal evidence are required as qualitative characters, which is the origin of the traditional historical cost accounting. From the perspective of private interest, security investors and financial regulatory authorities hope that financial statements reflect changes of market prices
10、 timely recording objective market conditions. This is the origin of fair value accounting. Whether one set of financial statements can be compatible with these two different views and balance the public interest and private interest? To solve this problem, we design a new balance sheet and an incom
11、e statement. From 1992 to 2006, a lot of new ideas and new perspectives are introduced into Chinas accounting practices from international accounting standards in a gradual manner during the accounting reform in China. These ideas and perspectives enriched the understanding of the financial statemen
12、ts in China. These achievements deserve our full assessment and should be fully affirmed. However, academia and standard-setters are also aware that International Standards are still in the process of developing .The purpose of proposing new formats of financial statements in this paper is to push f
13、orward the accounting reform into a deeper level on the basis of international convergence.III. THE PRACTICABILITY OF IMPROVING THE FINANCIAL STATEMENTS SYSTEM Whether the financial statements are able to maintain their stability? It is necessary to mobilize the initiatives of both supply-side and d
14、emand-side at the same time. We should consider whether financial statements could meet the demands of the macro-economic regulation and business administration, and whether they are popular with millions of accountants.Accountants are responsible for preparing financial statements and auditors are
15、responsible for auditing. They will benefit from the implementation of the new financial statements. Firstly, for the accountants, under the isolated design of historical cost accounting and fair value accounting, their daily accounting practice is greatly simplified. Accounting process will not nee
16、d assets impairment and fair value any longer. Accounting books will not record impairment and appreciation of assets any longer, for the historical cost accounting is comprehensively implemented. Fair value information will be recorded in accordance with assessment only at the balance sheet date and only in the annual financial statements. Historical cost accounting is more likely to be recognized by the tax authorities, which
