本研究探討我國自2009年5月14日行政院金融監督管理委員會宣布正式採用IFRSs當日，對於某些受IFRSs影響較大的金融、百貨、航空、營建以及保險這些產業，資本市場是否有顯著之反應。而正式宣布採用IFRSs後，與IFRSs相關的重要訊息，例如有企業提前適用IFRSs，投資性不動產因公允價值估價後使公司淨值大為提升，是否會讓資本市場對於其他帳上擁有較多不動產、廠房及設備與投資性不動產之公司產生顯著影響；金管會對於不動產、廠房及設備和投資性不動產與無形資產後續衡量限採成本模式之規定是否也會讓資本市場有顯著反應等。研究發現我國金管會宣布正式採用IFRSs當日，金融、百貨以及航空業者因顧客忠誠度計畫必須估列部分收入遞延，對於此項訊息市場給予負面反應。在與IFRSs有關的重要訊息上，新版租賃會計草案使市場對於海運及航空業者有負面反應；提前適用IFRSs使公司淨值提升對擁有較多不動產、廠房及設備與投資性不動產之企業有正向影響；金管會對於不動產、廠房及設備和投資性不動產與無形資產入帳及衡量的保守態度讓市場產生負面反應。對於我國導入IFRSs，投資人、企業及主管機關等充滿了期待及關注，也多持有正向的看法，但2013年後正式採用的狀況為何，仍有待密切注意。 / This study examines the market reaction to finance, general merchandise, airline, construction, and insurance these industries at the announcement of IFRSs adoption in Taiwan on May 14th, 2009. Furthermore, it also examines how the market reacts to relative and important news about IFRSs after the announcement of IFRSs adoption. It finds a negative reaction to financial, general merchandise and airline industries at the announcement of IFRSs adoption. It also finds a negative reaction to shipping and airline industries when a new lease draft gives out. In addition, firms with more plants, properties and equipments, investment properties and intangible assets have a positive reaction when news reports there is a company adopts IFRSs previously, but have a negative reaction due to the conservative attitude of Financial Supervisory Commission to the way of the measurement of properties.

金融風暴喚起各界改革財務報表未能反映實際虧損的缺失，因此，新版國際財務報導準則第9號及第17號公報應運而生，未來正式接軌後，對於壽險業的財報將產生重大衝擊，更突顯其資產負債管理之重要性，故本研究係採用主成分分析建構極端利率情境，並考量折現率需反映現時狀況下，於資產面分別以攤銷後成本或公允價值衡量、負債面採公允價值評價，欲探討資產負債配置及攤銷後成本比重不同時，利率變動對於壽險公司股東權益波動度之影響，以供壽險業參考。 研究結果發現攤銷後成本比重能夠有效控制股東權益波動度。再者，壽險公司應審慎評估海外投資比例，並配合其壽險商品外幣保單之銷售策略加以布局，同時謹慎考量會計決策，適當選擇攤銷後成本權重，方能有效控制資產負債表之波動。 / The financial crisis has caused wide public concern since it is failed to reflect the actual losses in financial statements. As a result, International Accounting Standards Board (IASB) issued new International Financial Reporting Standards, IFRS 9 and IFRS 17. The surplus of life insurers may fluctuate sharply if assets and liabilities don’t match appropriately under these new IFRS Standards. We follow the international regulation standard by using principal component analysis to generate extreme interest rate shock scenarios. This study examines the volatility of surplus under extreme interest rate shock scenarios for different combinations of liabilities, fair-valued assets, and amortized cost assets. In particular, the assets are measured at amortized cost or fair value, and all liabilities were acquired at fair value approach. In the numerical analysis, we showed that it is one of the most effective methods to control the surplus volatility by adjusting the percentage of amortized cost assets. Furthermore, life insurer should adjust the percentage of foreign investments and insurance policies carefully in order to reduce the fluctuation in shareholders’ equity.

IFRS 的準則，對於未來想國際化的國內保險公司及面對國際投資人，是使用相同一套會計準則，不需再調整財報，有助提升國際競爭力及國際形象，若海外發行有價證券也不需再重編財報，可節省籌資成本。依目前國際發展情勢，IFRS 4 已廣泛為全球保險市場之採用準則，直接採用(adoption)IFRS 4 亦成為國際保險市場之趨勢，我國亦於2011 年1 月1 日公佈IFRS 4 第一階段生效，期與世界接軌，IFRS 4 未來對我國保險業將會有更重大之影響。為未雨綢繆，遂引起本文對此議題研究之動機。壽險業為長年期保險合約，須採用要素衡量法評估。為符合IFRS 4 第二階段規定之要素衡量法及保費分配法之評估，採個案產險公司為研究對象，祈予在IFRS 4 第二階段實施前，台灣產險業能提早做準備，並以充足時間瞭解並完善規劃準備執行配合，以符合未來主管機關之相關規定。 本論文以個案公司為例，評估國際財務報導準則第四號對保險公司精算規範與目前保險局規範保險公司相關精算試算之差異，特選用一般自用汽車財產損失險及傷害險採用保費分配法，工程險採用要素衡量法試算，並分析差異之內容，以了解個案公司未來因IFRS4 實施對該公司財務之影響。 以目前資料推估實施當年採用保費分配法會對盈餘報導較為有利，採用要素衡量法當年度會有對盈餘報導不利的衝擊，整體而言，對個案公司未來營運應無重大影響。 / The principles of IFRS ,which is using the same set of accounting standards, is conducive to enhance the international competitiveness and image for domestic insurance companies who scheme to internationalization and contact with international investors. In addition, companies can also saving the cost of issuance of foreign securities since they do not need to restate the financial statements. Taiwan also announced the IFRS 4 phase I be effective in January 1, 2011, hoping to connect with the world. In the future, IFRS 4 will have a more significant influence on Taiwan's Insurance Industry. In order to thinking ahead, which bring in my motivation to researching on this topic. Life insurance industry is major in long term insurance contracts, has to use the Building Block Approach. To comply the IFRS 4 Phase II which using the Building Block Approach and Premium Allocation Approach, I adopt the case of property Insurance as the research objectives. In order to fit with the relevant provisions of the competent authority in the future, Expecting Taiwan’s property Insurance can prepare in advance, well understanding and scheduling, before the implement of IFRS 4 phase II. In this paper, which use the property insurance case, evaluation the actuarial valuation difference of IFRS 4 and relevant norms of Insurance Bureau. I use Premium Allocation Approach to value the usually own car property damage insurance and casualty Insurance, and use Building Block Approach to evaluate Engineering Insurance. Through analysis of the content, to understanding the influence of IFRS 4 for the study company in the future. Based on the current data, adopting Building Block Approach is beneficial for the study company. Comparatively, Premium Allocation Approach is disadvantage for the study company. In conclusion, the implement of IFRS 4 should have no significant influence to the study company in the future.

台灣上市上櫃公司從2013年開始依照國際財務報導準則編製財務報告，並依國際會計準則第41號之規定，生物資產原則上以公允價值認列及衡量。本文採用個案研究的方式，探討以公允價值認列及衡量之生物資產是否提供財務報表使用者更為攸關之資訊。 整體而言，本文並未發現我國農業公司採用國際會計準則第41號後，財務報表資訊與股價攸關性顯著提高。其原因可能和實務上普遍存在之契作合約之經營模式有關，導致生物資產佔總資產的比例較低，又樣本公司持有之生物資產生命週期皆短於一個營業週期，因此雖然生物資產以公允價值認列及衡量，對股價的攸關及影響程度有限。 / Listed companies in Taiwan are required to prepare financial reports using IFRS starting in 2013. Therefore, biological assets within the scope of IAS 41 are measured on initial recognition and at subsequent reporting dates at fair value less estimated costs to sell, unless fair value cannot be reliably measured. This study examines whether the fair value of biological assets provide investors with more value relevant information. Overall, this study only finds weak evidence that the fair value of biological assets provide significant explanatory power beyond that provided by historical costs. Leveraging contract farming agreement helps companies transfer the main risk and ownership to a third party and thus weaken the incremental information relevancy of fair value measurements. The short life cycle of the biological assets of the sample may also contribute to the weak results.

本研究之目的為透過中國大陸A股、B股公司財務報表之比較，探討相對於中國大陸會計準則（PRC GAAP），國際財務報導準則（IFRS）是否更具審慎性。研究方法採Khan and Watts在2009年發展之C_Score來衡量財務報表審慎性。研究期間為2001年初至2006年底，研究標的為在上海或深圳證券交易所同時掛牌上市A、B股之公司（意即同時按PRC GAAP及IFRS編製兩套財務報表之公司）。實證結果如下： 1.A股市場之C_Score小於B股市場之C_Score，顯示相對於依照PRC GAAP編製之財務報表，依照IFRS編製之財務報表其審慎性較高。 2.無論是針對個別產業進行A股、B股之比較，或是針對A股或B股市場進行跨產業比較，均證實產業因素會對財務報表之審慎性造成影響。 3.無論是針對A股或B股市場進行事務所規模之比較，均顯示在中國大陸，四大事務所查核之財務報表，其審慎性不但不如非四大事務所，而且在A股市場甚至不具審慎性。 / Using C_Score developed by Khan Watts(2009) to test the financial statements of Chinese companies which have both the A-Share and B-Share listed on the stock exchange marke of Shanghai and Shenzhen during 2001 to 2006, this study aims to examime whether International Financial Reporting Standards(IFRS) are more conservative than People’s Republic of China’s generally accepted accounting principles(PRC GAAP). The empirical results are as follows: 1.The average C_Score of A-Share companies is smaller than B-Share Companies, which means that, as compared to PRC GAAP-based financial statements, IFRS-based financial statements are more conservative. 2.Regardless of whether the comparison is between A-Share and B-Share companies in a specific industry, or between industries in a specific stock market, the results show some industry effect on the conservatism of financial statements. 3.Regardless of whether the stock is traded on the A-Share or B-Share market, the results show that in China, financial statements audited by Big 4 are not more conservative than non Big 4. In fact, for stocks traded on the A-Share stock market, financial statements audited by Big 4 are not conservative at all.

因應全球化時代之來臨，為提升會計資訊的透明度及跨國間之可比較性，國際財務報導準則(IFRS)已然成為全球資本市場共通的會計語言。我國為提升企業與資本市場國際競爭力及降低企業赴海外籌資成本，將自2013年起分階段直接採用（Adoption）IFRS。 針對無活絡市場公開報價之權益商品公允價值衡量議題，本研究目的擬以投資者的立場，透過IFRS與我國現行財務會計準則間之主要會計原則差異，探討對自由現金流量折現法評價模型及評價步驟之影響，以提供未來投資者於應用自由現金流量折現法進行企業評價時之參考。 本研究顯示在IFRS與我國現行財務會計準則並存適用下，不論於進行同公司跨期間或不同公司同期間之分析比較時，需先辨識重大會計差異所帶來之潛在影響，並掌握因衡量方法的改變、IFRS 1各項豁免選擇、抑或表達上的重分類等，對財務報表資訊內涵所產生之影響，進而衡酌對自由現金流量評價模式的參數設定調整，以及可能改變對未來現金流量金額、時點及不確定性之預期，如此，方能獲致IFRS所帶來之提升財務資訊可比較性及高透明度等效益。 / With economic globalization, International Financial Reporting Standards(IFRS) is becoming the single set of globally accepted accounting principles to increase the transparency and comparative of financial statements. In keeping with international trends and to increase competitiveness, companies as the 1st phase in Taiwan will adopt IFRS in 2013. In this study, from the investor point of view, discussed the major differences between IFRS and ROC GAAP, which impact on the discounted free cash flow model and the evaluation steps. To provide the reference for investors when evaluating the company with the discounted free cash flow model. This study shows that under IFRS and ROC GAAP coexist, it must recognize the potential impact of the significant accounting differences firstly whether in the analysis of the inter-period of the same company or different companies during the same period. Due to control the impact of the information content of financial statements from the change of measurement、how to use exemptions provided by IFRS1 or expression on the re-classification, in consideration of adjusting the parameters of the discounted free cash flow model, and may change the expected amount of future cash flows , point and uncertainties. And then, we will attain the benefit such as enhance comparative and transparency of financial information from adopting IFRS.

在政府財政困難之際，究竟引進民間資金挹注政府公共建設，為一政策良方，抑或民間融資創建 (Private Finance Initiative，簡稱 PFI) 已成為執政者窗飾公共債務數據的途徑，此一議題，近年來在英國廣為爭議，因此，「PFI之未來給付是否應認列為負債？」成為本文探討之重點。 臺灣PFI制度尚在萌芽階段，相關研究多以政策之運用為主，較少著墨於PFI可能帶來的缺失。本文藉由參考英國官方及民間出版品及訪談我國政府官員，進一步分析比較目前國際財務報導準則 (International Financial Reporting Standards，簡稱IFRS) 和1995版歐洲帳戶體系 (European System of Accounts 1995，簡稱ESA 95) 規範的差異。 經本文分析後得到，第一個結論是兩者對資產分類基礎的差異。英國政府活動有兩種不同類型的會計方法：第一種為財務報導，即現在的IFRS；另一種為國民帳戶，以ESA 95為指導規則。依財務報導的目的，係根據何者對使用基礎設施，服務規則和基礎設施於協議期間屆滿的重大剩餘權益有控制權，由於政府對PFI資產大多具有控制權，故大多數的PFI資產及相關負債將表達在公共部門的資產負債表上。若依國民帳戶，為統計的目的，則根據風險和報酬可否移轉判斷，因為政府已把風險移轉予民間，所以PFI資產及相關負債將不會在公共部門的資產負債表上表達。 本文第二個結論是英國提出政府整體帳戶 (Whole Government Accounts，簡稱WGA) 補充國民帳戶的不足。WGA根據歐盟採取IFRS，將民間部門國際通用的帳戶制度，應用或詮釋於公共部門，並補充了國民帳戶的數據。 站在財政部的立場，債限問題仍像是緊箍咒，PFI債務以不計入公共部門淨債務 (Public Sector Net Debt，簡稱PSND) 為佳。然而，為了提升財務的透明度，另外編製報表揭露PFI債務，不失為兩全之方法。反之，站在政府預算機關監督的立場，PFI債務遵循IFRS的處理規範，認列於公共部門資產負債表，乃是大勢所趨，也可替納稅人的荷包把關。

本文透過比較分析我國收入認列會計準則、現行IFRSs收入認列規定、顧客合約收入草案規定及現行稅務法令規定之差異，對企業在會計及稅務上之影響進行研究分析。研究結果分為兩部分：會計影響方面，在ROC GAAP轉換為IFRSs時有影響者為委託人和代理人之判斷；在IFRSs轉換為顧客合約收入草案時有影響者為信用風險、附退貨權之銷貨、保固、再買回協議、開帳並代管之銷售等五個部分；轉換為IFRSs及顧客合約收入草案時皆有影響者為客戶忠誠計劃、客戶移轉之資產及建造合約三個部分。在稅務影響方面，在ROC GAAP轉換為IFRSs實有影響者為多元要素合約、委託人和代理人之判斷、客戶忠誠計劃、分期付款銷貨、商品或勞務交換、授權費和權利金及客戶移轉之資產七個部分；在IFRSs轉換為顧客合約收入草案時有影響者為信用風險、附退貨權之銷貨及保固；轉換為IFRSs及顧客合約收入草案時皆有影響者為建造合約。 / This study compares the differences between Taiwanese revenue recognition standards, existing IFRSs revenue recognition requirements, IFRS exposure draft “Revenue from contract with customer” and the current tax laws regulation and analyzes the impacts of adopting IFRSs on Taiwanese entities’ accounting and tax practices. The conclusions of this study are divided into two parts. The first part is for accounting. The issue of principal versus agent consideration will have an impact on accounting only when ROC GAAP conversion with IFRSs. The issues of credit risk, sale with a right of return, warranties, repurchase agreements and bill-and-hold arrangements will have impact on accounting only when the exposure draft becomes effective. The issues of customer loyalty program, transfers of assets from customers and construction contracts will have impacts on accounting both when first time adopting IFRSs and subsequently applying the exposure draft. The second part is for taxation. The issues of multiple-element arrangement, principal versus agent consideration, customer loyalty program, installment sales, exchange for goods or services, royalties and transfers of assets from customers will have impacts on taxation only when first-time adopting IFRSs. The issues of credit risk, sale with right of returns and warranties will have impacts on tax only when the exposure draft becomes effective. The issue of construction contracts will have an impact on taxation both when first time adopting IFRSs and subsequently applying the exposure draft.