上一期中我们介绍了中国《企业会计准则第8号——资产减值》和国际会计准则IAS36——Impairment of Assets中关于“可回收金额的计量”的部分内容，关注的是“资产公允价值减去处置费用后的净额”的计量，本期我们继续介绍另一部分——“资产预计未来现金流量的现值”的计量。

一、资产预计未来现金流量的现值的含义

中国企业会计准则第8号第九条规定：“资产预计未来现金流量的现值，应当按照资产在持续使用过程中和最终处置时所产生的预计未来现金流量，选择恰当的折现率对其进行折现后的金额加以确定。预计资产未来现金流量的现值，应当综合考虑资产的预计未来现金流量、使用寿命和折现率等因素。”

国际会计准则IAS36中有如下表述：

“Estimating the value in use of an asset involves the followingsteps:

(a)estimating the future cash inflows and outflows to be derived from

continuinguse of the asset and from its ultimate disposal; and

(b)applying the appropriate discount rate to those future cash flows.”

(估计资产预计未来现金流量的现值包括以下步骤：

1.估计资产在持续使用过程中和最终处置时所产生的现金流入和流出。

2.在计算未来现金流时使用合适的折现率。)

“The following elements shall be reflected in the calculation of anasset’s value in use:

(a)an estimate of the future cash flows the entity expects to derive from theasset;

(b)expectations about possible variations in the amount or timing of those futurecash flows;

(c)the time value of money, represented by the current market risk-free rate ofinterest;

(d)the price for bearing the uncertainty inherent in the asset; and

(e)other factors, such as illiquidity, that market participants would reflectin pricing the future cash flows the entity expects to derive fromthe asset.”

（以下因素应当在计算资产预计未来现金流量的现值时予以体现：

1.企业对能通过该资产获得的未来现金流的估计。

2.对可能产生的未来现金流数量及时间上差异的期望。

3.通过当时的市场无风险利率体现的货币时间价值。

4.承担资产的内在不确定性所需的代价。

5.其他因素，例如非流动性（市场参与者将在估计资产能产生的未来现金流时反映非流动性）。）

我们可以看到两套准则对“资产预计未来现金流量的现值”计算的表述是类似的。而国际会计准则IAS36更详尽地列举出了在计算时应当考虑的因素。

二、预计的资产未来现金流量的判断

1.未来现金流量和增长率的判断

中国企业会计准则第8号第十条规定：“预计的资产未来现金流量应当包括下列各项：

（一）资产持续使用过程中预计产生的现金流入。

（二）为实现资产持续使用过程中产生的现金流入所必需的预计现金流出（包括为使资产达到预定可使用状态所发生的现金流出）。该现金流出应当是可直接归属于或者可通过合理和一致的基础分配到资产中的现金流出。

（三）资产使用寿命结束时，处置资产所收到或者支付的净现金流量。该现金流量应当是在公平交易中，熟悉情况的交易双方自愿进行交易时，企业预期可从资产的处置中获取或者支付的、减去预计处置费用后的金额。”

国际会计准则IAS36中有对应的表述：

“Estimates of future cash flows shall include:

(a) projections of cash inflows from the continuing use of the asset;

(b) projections of cash outflows that are necessarily incurred to generatethe cash inflows from continuing use of the asset (including cash outflows toprepare the asset for use) and can be directly attributed, or allocated on areasonable and consistent basis, to the asset; and

(c) net cash flows, if any, to be received (or paid) for the disposal ofthe asset at the end of its useful life.”

中国企业会计准则中在第三点上对“资产使用寿命结束时，处置资产所收到或者支付的净现金流量进行了更深入的阐述”。

中国企业会计准则第8号第十一条及第十二条和国际会计准则IAS36的规定基本是相同的，我们将两套准则这部分的内容对照起来看，为了方便对照，作者将IAS36中截取内容的顺序进行了一定的调整：

“预计资产未来现金流量时，企业管理层应当在合理和有依据的基础上对资产剩余使用寿命内整个经济状况进行最佳估计。”

“base cash flow projections on reasonable and supportableassumptions that represent management’s best estimateof the range of economic onditions that will exist over the remaining usefullife of the asset. Greater weight shall be given to external evidence.

(IAS36强调了外部获得的证据信息的重要性。)

“预计资产的未来现金流量，应当以经企业管理层批准的最近财务预算或者预测数据，以及该预算或者预测期之后年份稳定的或者递减的增长率为基础。企业管理层如能证明递增的增长率是合理的，可以以递增的增长率为基础。”

“base cash flow projections on the most recent financialbudgets/forecasts approved by management.”

“estimate cash flow projections beyond the period coveredby the most recent budgets/forecasts by extrapolating the projections based onthe budgets/forecasts using a steady or declining growth rate for subsequentyears, unless an increasing rate can be justified.”

“建立在预算或者预测基础上的预计现金流量最多涵盖5 年，企业管理层如能证明更长的期间是合理的，可以涵盖更长的期间。”

“Projections based on these budgets/forecasts shall covera maximum period of five years, unless a longer period can be justified.”

“在对预算或者预测期之后年份的现金流量进行预计时，所使用的增长率除了企业能够证明更高的增长率是合理的之外，不应当超过企业经营的产品、市场、所处的行业或者所在国家或者地区的长期平均增长率，或者该资产所处市场的长期平均增长率。”

“ This growth rate shall not exceed the long-term averagegrowth rate for the products, industries, or country or countries in which theentity operates, or for the market in which the asset is used, unless a higherrate can be justified.”

“预计资产的未来现金流量，应当以资产的当前状况为基础，不应当包括与将来可能会发生的、尚未作出承诺的重组事项或者与资产改良有关的预计未来现金流量。”

“Future cash flows shall be estimated for the asset in its currentcondition.Estimates of future cash flows shall not include estimated futurecash inflows or outflows that are expected to arise from:

(a) a future restructuring to which an entity is not yet committed; or

(b) improving or enhancing the asset’sperformance.”

“预计资产的未来现金流量也不应当包括筹资活动产生的现金流入或者流出以及与所得税收付有关的现金流量。”

“Estimates of future cash flows shall not include:

(a) cash inflows or outflows from financing activities; or

(b) income tax receipts or payments.”

“企业已经承诺重组的，在确定资产的未来现金流量的现值时，预计的未来现金流入和流出数，应当反映重组所能节约的费用和由重组所带来的其他利益，以及因重组所导致的估计未来现金流出数。其中重组所能节约的费用和由重组所带来的其他利益，通常应当根据企业管理层批准的最近财务预算或者预测数据进行估计；因重组所导致的估计未来现金流出数应当根据《企业会计准则第13 号――或有事项》所确认的因重组所发生的预计负债金额进行估计。”

“When an entity becomes committed to a restructuring, some assets arelikely to be affected by this restructuring. Once the entity is committed tothe restructuring:

(a) its estimates of future cash inflows and cash outflows for the purposeof determining value in use reflect the cost savings and other benefits from therestructuring (based on the most recent financial budgets / forecasts approved bymanagement); and

(b) its estimates of future cash outflows for the restructuring areincluded in a restructuring provision in accordance with IAS 37——Provisions, Contingent Liabilities and Contingent Assets.”

2、折现率的判断

中国企业会计准则第8号第十三条规定：“折现率是反映当前市场货币时间价值和资产特定风险的税前利率。该折现率是企业在购置或者投资资产时所要求的必要报酬率。在预计资产的未来现金流量时已经对资产特定风险的影响作了调整的，估计折现率不需要考虑这些特定风险。如果用于估计折现率的基础是税后的，应当将其调整为税前的折现率。”

国际会计准则IAS36中对“折现率”的定义与中国企业会计准则是相同的：

“The discount rate (rates) shall be a pre-tax rate (rates)that reflect(s) current market assessments of:

(a) the time value of money; and

(b) the risks specific to the asset for which the future cash flowestimates have not been adjusted.”

国际会计准则IAS36中还有如下阐述：

“A rate that reflects current market assessments of thetime value of money and the risks specific to the asset is the return thatinvestors would require if they were to choose an investment that wouldgenerate cash flows of amounts, timing and risk profile equivalent to thosethat the entity expects to derive from the asset.

（反映当前市场货币时间价值和资产特定风险的比率是指当某一投资的现金流量的金额、时点及风险组合与企业预期由该资产产生的相同时，投资者如果选择该投资将要求的报酬率。）

This rate is estimated from the rate implicit in current markettransactions for similar assets or from the weighted average cost of capital ofa listed entity that has a single asset (or a portfolio of assets) similar interms of service potential and risks to the asset under review.

（该比率是根据类似资产在当期市场交易中所隐含的报酬率，或者上市企业持有的与受评资产具有类似服务潜能及风险的单一资产（或资产组合）的加权平均资金成本而得来的。）

However, the discount rate(s) used to measure an asset’s value in use shall not reflect risks for which thefuture cash flow estimates have been adjusted. Otherwise, the effect of someassumptions will be double-counted. When an asset-specific rate is not directlyavailable from the market, an entity uses surrogates to estimate the discountrate.

（但是，用以衡量资产预计未来现金流量的折现率不得再反映已经用于调整估计未来现金流量的风险，否则某些假设的影响会被重复计算。当无法从市场直接取得该资产特定的比率时，企业应当使用替代比率估计折现率。）”

中国企业会计准则第8号第十四条规定：“预计资产的未来现金流量涉及外币的，应当以该资产所产生的未来现金流量的结算货币为基础，按照该货币适用的折现率计算资产的现值；然后将该外币现值按照计算资产未来现金流量现值当日的即期汇率进行折算。”

国际会计准则IAS36对预计资产未来现金流量时涉及外币这种情况的规定是：

“Future cash flows are estimated in the currency in which they will begenerated and then discounted using a discount rate appropriate for thatcurrency. An entity translates the present value using the spot exchange rateat the date of the value in use calculation.”IAS36的规定与中国企业会计准则是相同的。

我们对资产可收回金额的计量（Measuring recoverableamount）这一部分做一个总结，中国《企业会计准则第8号——资产减值》和国际会计准则IAS36——Impairment of Assets在这一部分都有非常详细的规定，但是值得高兴的是两套准则对这一部分的规定基本是相同的，中国企业在需要根据IAS36进行会计处理时会更加得心应手。

参考文献：

1.中国《企业会计准则第8号——资产减值》

2.国际会计准则IAS36--Impairment of Assets

注：在本文中，括号部分的中文为叁墨团队成员的翻译，若有不妥之处，请读者提出并指正，叁墨团队期待和读者们进行交流讨论。

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