2023年全國碩士研究生考試考研英語一試題真題（含答案詳解+作文范文）_第1頁
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1、1外文文獻翻外文文獻翻譯譯譯譯文、、外文原文原文：TheoperatingfinancingdistinctioninfinancialreptingAbstract：Thispaperaddressesanimptantissueofpresentationinthefinancialstatementsnamelythedistinctionbetweenontheonehtheobligationsassociatedflowsa

2、risingfromtheprovisionoffinancetoanentity(financing)ontheotherhallotheractivitiesoftheentity(operating).ThisoperatingfinancingdistinctionhasbeenwellestablishedinthefinanceliteraturesincethewkofMillerModigliani(19581961)i

3、subiquitousofconsiderableimptanceinpracticeinfinancialmarkets(e.g.Kolleretal.2005CFAInstitute2005Penman2006).YetaccountingstardsareunderdevelopedinthisareatherearegapsinconsistenciesinbothIFRSUSGAAP.Drawinguponthedistinc

4、tionbetweennaturefunctioninthepresentationoffinancialstatementinfmationthepapercontributesfirsttoenhanceourtheeticalunderstingoftheoperatingfinancingdistinctionwhichiscurrentlydefinedindifferentunreconciledwaysintheliter

5、aturesecondtoproposeapracticalbasisfaccountingstardsetterstodeterminerequirementsfthereptingoffinancingactivityinthefinancialstatements.Keywds:IFRSoperatingfinancingdebtpresentation1.IntroductionThispaperaddresseshowacco

6、untingstardsshouldrequiretheseparatereptingoftheobligationsassociatedfiowsarisingfromtheprovisionoffinancetoanentity(financing)asdistinctfromallotheractivitiesoftheentity(operating).Thisoperatingfinancingdistinctionhasbe

7、enwellestablishedinthefinanceliteraturesincethewkofModiglianiMiller(1958)MillerModigliani(1961)(MillerModigliani)isubiquitousofconsiderableimptanceinpracticeinfinancialmarkets.FexampleleadingpractitionertextssuchasKoller

8、etal.(2005)3betweenthepresentationofoperatingactivitybynaturebyfunctioncanbeusedtoshedlightonthedefinitionoffinancingactivity.Thisapproachleadstotwoalternativeperspectives:financingactivitydefinedbynaturewhichisthesubjec

9、tofSection5financingactivitydefinedbyfunctionwhichisthesubjectofSection6.Astheliteraturedoesnotappeartoofferawkabledefinitionoffinancingactivitybynature.Section5adoptsaninductiveapproachwhichleadstoasimpledistinctionbetw

10、eenthenatureoftheoperatingfinancingactivitiesofanentity.Section6thenanalysesthealternativeapproachofdefiningfinancingbyfunctionconcludesthatwhilesuchanapproachisinherentlyentityspecifictherefedefiessimpletightdefinitiont

11、hereisneverthelessmeritinsuchanapproachwhenviewedfromausersperspective.PracticalmeasurementconstraintslimitationsarethenidentifiedexpledinSection7whichservetostrengthenthecasefdefiningfinancingbyfunctionratherthanbynatur

12、e.Thefinalsectionofthepaperproposesthatwhileadefinitionoffinancingactivitiesbynatureisrelativelyobjectivereptingbyfunctionisneverthelesspreferableinpractice.Thepaperscontributionsarefourfold.Firstitidentifiesextantgapswe

13、aknessesinbothreptingpracticeacademictheybothofwhichareunderdeveloped.Seconditenhancesourtheeticalunderstingoftheoperatingfinancingdistinctionwhichiscurrentlydefinedindifferentunreconciledwaysintheliterature.Drawingonthe

14、differencebetweenthepresentationoffinancialstatementsbynatureasopposedtobyfunctionthepaperreconcilesthedifferenttheeticalimplicationsarisingftomMillerModiglianiFelthamOhlsonPenmanwithMillerModiglianiidentifiedasageneralm

15、odelofwhichFelthamOhlsonPenmanareeachspecialcaseswhicharefundamentallydifferentfiomoneanother.Thirdthepaperprovidesafoundationfaconceptuallygroundedyetpracticalbasisfaccountingstardsetterstodeterminerequirementsftherepti

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