Originator Of The Financial Asset Securitization Accounting Research

As a financial innovation tool,asset securitization has developed rapidly in the world since it appeared in the United States in 1970 s.Since 2005,the China Construction Bank issued the first credit asset securitization,asset securitization in China has developed rapidly,especially in recent years,the number and size of credit asset securitization and asset-backed securitization,increase rapidly.The innovation of asset securitization transactions also contains new risks,especially the complex accounting treatment of Financial Asset Securitization,this give a certain challenge to both of the accounting academics and practices.In addition,China’s financial asset securitization business has been carried out late,and the relevant accounting standards need to be further improved.Therefore,the research on the accounting of financial assets securitization has important theoretical and practical significance.This paper uses the method of normative research,induction,deduction,comparison and other methods applied in this paper,There are two problems of financial asset securitization: derecognition of financial assets,the special purpose entity(SPE)merger.First,introduces the related concepts of financial asset securitization,the related theoretical basis and the current accounting standards on the two issues above historical change process,and the related methods of treatment.Then,it analyzes the application and defects of the relevant accounting standards in China’s asset securitization business.China’s financial asset securitization accounting mainly has the following problems: the first is the termination of financial assets,risk transfer payment criteria of the lack of effective constraints,standard control did not play an effective role.The second,in the merger of special purpose entities,the standard of judgment of the "principal responsible person" is vague,and the definition of variable returns is not clear enough.Finally,combining the theoretical analysis and practical problems put forward the following suggestions: the first is about the derecognition of financial assets,proposed to transfer control as the core to improve financial assets are derecognised principle,recommended the development of more risk reward transfer model guidance;the second is in the consolidation of special purpose entity,clear the concept of main responsibility entity and establishing process the main responsibility entity for testing,it is recommended to further clarify the connotation of variable returns.The main innovations of this paper are: first,in the aspects of the derecognition of financial assets,from the goal of accounting theory,from accounting standards basis,from compliance with accounting standards internal logic consistency perspective,discusses the advantages and disadvantages of various termination confirmation method.At the same time,the combination of IASB and FASB in the improvement of specific circumstances in the process of trying to related standards and China’s asset securitization practice,put forward to control transfer as the first criterion,while the risk return shifting as the second criterion,at the same time with the continuing involvement approach continued involvement of assets and liabilities for termination confirmation method of measurement;second,in the special purpose entity merger,based on the guidelines on the application of China’s combined criterion,combined with the views of FASB and China’s financial asset securitization practice,try to put forward to improve the "variable return" concept,clear the main responsibility "concept,establish" process of the main responsible person "test.This paper has three problems: The first is the relevant provisions in terms of financial asset securitization in this paper relates only to the IASB standards,the FASB standards and Chinese accounting standards,accounting norms of the world did not involve other major national standard setting institutions that may lead to the omission of some views;The second,in order to be focused on,the centralized issues are the derecognition of financial assets and special purpose entities,this paper did not involve other accounting issues(assets continued after the initial measurement,measurement and information disclosure).The third,because of in recent years the majority of asset securitization products private issue,there is no public disclosure obligations.Therefore,this article can not cover all asset securitization business,there are some deficiencies in the practical data.