The Research On Futures And Futures Accounting

Futures are contracts which are formulated by futures exchange and dealed in exchange. From goods futures to to financial futures ,futures market has a more than 100 years history .Futures accounting emerged at the same time as futures deal appeared. According to different entity,futures accounting can be understood in broad sense and narrow sense. The text mainly studies futures accounting in its narrow sense, that means enterprise accounting which deals with futures.As a new branch of accounting, the system of futures accounting princially contains recognition ,measurement and report. But the difference between traditional financal accounting and futures accounting is that the latter changes people' s original conceptions of assets and liabilities,at the same time shaking accrual-based principal. At the basis of futures and derivatives financial instruments standards published by FASB and IASB in recent 20 years ,the text systemly discusses the recognition ,measurement and exposure of futures . Then the author analyses thoroughly the present condition of futures accounting in China and points out the weakness. In developed countries futures accounting trends to combine with derivatives financial instruments accounting . According to the reality of futures market and the development of other derivatives financial instruments in China ,the text advocates to combine futures accounting with financial instruments accounting.The author analyzes deeply the new published draft of Financial Instruments Accounting Standards from the way of making standards ,the range of enterprises which use the new standards and the apply of fair value .At last ,the author gives some suggestions of improving the standards of financial instruments accounting.The first is to make comprehensive income sheet and the second is to simply hedge accounting.The goal of the article is to improve the developement of futures market.