The Study On The Problems Of Debt Restructuring Standards In China

Reviewing the development of Accounting Standards, it is not hard to find that the formulation of each accounting criterion is produced under the particular incident background. Because enterprises manage improperly or are influenced by the external factors which cause fund turnover to be ineffective, profit ability to drop, the enterprises can not pay one's debts with all his assets, fall into debt predicament and lead to debt restructuring .Thus debt restructuring standard come into being . Debt restructuring standard first issues in 1998, which is helpful to standardize debt restructuring affairs activities and protect the creditors' interests. Compared the debt restructuring standard in 1998 with that in 2001, revision of the debt restructuring in 1998 is that our government makes a breakthrough decision according to the concrete accounting practice and market environment characteristic. The debt restructuring standard of 2001 prevents the listed companies from utilizing the standard to control the profit and manage the surplus. The purpose to review the debt restructuring standard of 2001 is to set up one that can accord with of our country actual conditions , guide , recombinate trading activity and can accord with international criterion that accounting convention integrate. The development of market economy is related to norm and restraint of relevant regulations.Debt restructuring new standard change very greatly compared with the standard in 2001 , but is essentially identical with standard made in 1998 . The new standard uses the fair value as a metering method, uses estimation technology of current value, and look on the income in restructuring as the current period increase and decrease.All of these are identical with the method international criterion in nowadays. The new criterion brings the new scene . How to do connecting and transition of the new or old criterion well and how to use the new criterion rationally and reliably becomes the focal point after the criterion is issued . The new criterion will recommend the use of the fair value in 2006. The existence of enlivening the market is the precondition that the value is obtained . The debt restructuring affairs is not only related to the fair value of the assets but also related to the fair value in debt in the item. At present, our country has no the improved market and the active market. So, the acquisition of fair value should depend on estimatingtechnology, even convert into the method of the current value with the cash flow in the future. Having not considered the factor of the risk by traditional current value method , this text is to consider the risk factor and improves it such as adjusting the cash flow, adjusting the discount rate.Under the ripe condition of the market, the fair value can be obtained automatically through the market and the market price is the fair value of assets or debt.In addition, to the acquisition of the fair value in debt, we need to consider the credit states of enterprises, the enterprise discount rate that is high when credit is low. The lower current value what the same cash flow is converted into is, will produce the phenomenon of" the bad enterprises credit will be benefited ". In our country, the credit state system has not taken shape .So, the debt evaluation is assessed to obtain with a certain difficulty.At present, our country should strengthen the construction of the credit evaluation system , to make the credit states of enterprises reflect in the discount rate, should reduce risk factor in debt restructuring trade and assets evaluation, should make great efforts to build and enliven the market to play an automatic role of the market and enable the fair value fairly.