我國採用IFRS後金融資產證券化會計之探討

Abstract

10年前立法院於民國91年6月21日三讀通過「金融資產證券化條例」，為我國資產證券化市場奠定法源基礎，也帶領台灣資產證券化進入一個新紀元。我國自2013年即將開始採用國際會計準則，創始機構之證券化交易會計處理也將由台灣目前使用的財務會計準則第33號公報轉換為國際財務報導準則第9號及解釋公告第12號，特殊目的個體須考量是否應列入合併報表編製範圍及金融資產是否仍得以符合新除列標準。 國內目前關於金融資產證券化除列之主要會計觀念，係以控制力作為除列之準繩，導入國際會計準則後須先考量風險與報酬因素，再考量是否保留控制，甚至轉付(pass through)測試均成為影響除列之重要標準。雖然部份國際會計準則條文在適用時仍有待釐清或解釋，但台灣現行之資產證券化類型將可能被要求依新增之除列標準列入合併報表編製範圍或不得除列。證券化業者擔憂複雜之國際會計準則及近乎嚴格之除列標準，可能造成國內證券化市場雪上加霜，惟證券化所產生之效益並非只有移轉資產自財務報表除列，證券化商品創造之低資金成本及其他效益才是證券化業者所要追求之目標，以國外有關除列標準實施經驗，證券化架構之仔細分析與規劃，必能縮小與會計觀點之差異，使國內新證券化商品符合國際會計準則除列之標準。

Ten years ago, securitization act for financial assets was enacted on 21st June, 2002,; furthermore, this debuted regulation set the cornerstone in forming the Taiwan securitization market and also broke through the existing circumstances into a new era. The adoption of IFRS at the beginning of the year 2013 fundamentally changed the accounting treatment of securitizations from the standards adopted hitherto Taiwan SFAS 33 frameworks. Originators were required to apply SIC 12 and IFRS 9 rules that, respectively, dictates whether Special Purposes Vehicles should be consolidated and to what extent securitized assets can be subsequently de-recognised. Key concepts that underline the new accounting principles are risk/reward retention, then asset control and criteria of pass through. Though certain aspects of the IFRS are still subject to interpretation or clarification, it is likely that most Taiwan structured financings in their current form will be required to consolidate and/or recognize securitized assets, certainly if the new rules are to be enforced. While people in this industry concerns that market volumes will be negatively impacted by the new challenges in getting off-balance sheet treatment for securitized assets, we believe the reality is that most issuers will continue to look to securitizations for cost competitive funding. Moreover, securitizations may be able to structure around the new rules, should borrowers wish to limit balance sheet usage.