| With the development of the commodity economy, futures come into being. Futures market sprout in Europe first, and present-day futures appeared at first in Chicago, a Midwest regin in U.S.A ,at the beginning of the 19th century. In 1848, 82 businessmen initiated and set up the futures exchange of Chicago, which is the first futures exchange of U.S.A., and it is also the first one in the world. It is also called the grain exchange of Chicago. The establishment of Chicago futures exchange marked the birth of futures market with modern meaning.China's futures market can trace back to the Republic of China, but after liberation, the futures market disappeared nearly 40 years in China's Mainland. After reform and opening-up, the futures market appears again. In October 12, 1990, grain wholesale market of Zhengzhou established, and it is the first futures market of new China. In the initial stage, China's futures market is extremely unstandard. The government cleared up and restructured the futures market and closed the financial futures market. Only the goods futures are still in the trade at present. In order to standardize the accounting treatment of goods futures, our country has issued a series of temporary provisions of accountant treatment for goods futures. The temporary provisions play a positive role in standardizing the accounting treatment of goods futures, but there are still some defects in the current treatment method. This thesis will preliminary discusses the futures contract accounting from the viewpoint of the enterprises participating in futures trade, and discuss relevant accounting problems on goods futures emphatically.This thesis is divided into four parts. Part One Futures and the impact on the accounting theory.This part briefly introduces some basic knowledge on futures at first:concept, classification, function of futures; international and domestic development course of futures market; trade procedure of futures. Then it discusses the characteristics of the futures compared with spot transactions. These characteristics are closely related to futures contract accounting. Finally, it discusses the impacts, coming from futures, on accounting theory. The impact on accounting theory mainly demonstrates in two aspects: the criterion of accounting recognition and the historical cost principle. At present, there are many accounting problems arising from futures. Whether we should recognize the futures contract? When to recognize it? How to recognize it? And how to measure it? And so on. Through study on these questions, this thesis attempts to present some methods to solve these problems.Part Two Theoretical analysis on futures contract accountingThis part analyzes futures contract accounting theoretically. Aiming at the problems presented in Part One, this part studies the recognition of futures contract at first. The essence of futures is a deal of the futures contract, so Futures contract should be regarded as the objective of accounting treatment. According to the standard of accounting recognition, this thesis think futures contract has already met the standard of accounting recognition when the contract is signed, so we should recognize it. And because the objective of accounting treatment is futures contract, we should recognize one assets or debt according to the expected cash flow into or flow out. On recognition, this thesis also discusses the follow-up recognition and stop recognition of futures contract. Then this thesis studies the accounting measurement of futures contract. Accounting measurement includes two respects: attribute of measurement and unit of measurement. The measurement unit of the futures contract is the same as that of other projects The main point is thechoice of measurement attribute. The historical cost of futures contract is zero, but the price of futures contract will fluctuate frequently, so futures is a high risk transaction. The historical cost can't provide relevant information for decision-making, and fair v... |
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