The End of Accounting and the Path Forward for Investors and Managers
The End of Accounting and the Path Forward for Investors and Managers
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会计的终结以及投资者和管理者的前进之路
DOI：
10.1002/jcaf.22299
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发表时间：
2018
影响因子：
1.4
通讯作者：
Dov Fischer
中科院分区：
文献类型：
--
作者：
Dov Fischer
巴鲁克·列夫是纽约大学会计学教授，也是无形资产方面最重要的会计专家。多年来，会计研究人员已经证明，净收入和股本回报率等会计信息在解释股票价格方面的相关性正在下降。根据Lev和Gu的说法，相关性的下降是由于知识产权会计标准不佳，特别是研发费用。Lev和Gu提出了一份战略资源和后果报告，该报告将包含对投资者真正重要的信息的快照。以Sirius XM为例，订阅代表了主要的战略资源。该报告有五个要素：（a）资源开发，如用户获取成本;（B）战略资源，如用户数量;（c）资源保存，对风险因素的定性描述，如来自潘多拉的竞争;（d）资源部署，如Sirius在所售新汽车中的渗透率;及（e）创造的价值，包括经营所得现金流量，加上研究及发展，减去资本开支，再减去股本成本。Lev和Gu还提供了对用户终身价值的估计。作者提供了2013年第二季度Sirius的例子。在资源开发方面，用户获取成本为1.39亿美元。对于战略资源，该公司增加了270万用户，失去了190万，最终达到2030万，月流失率为1.7%。在资源部署方面，其新车渗透率为69%，高于上一季度的67%。创造的价值为2.3亿美元，用户终身价值
Baruch Lev is an NYU accounting professor and a foremost accounting expert on intangible assets. For many years, accounting researchers have documented the declining relevance of accounting information such as net income and return on equity in explaining stock prices. According to Lev and Gu, this decline in relevance is due to poor accounting standards for intellectual property, specifically the expensing of research and development. Lev and Gu propose a Strategic Resources and Consequences Report that will contain a snapshot of information that really matters to investors. For Sirius XM as an example, subscribes represent the main strategic resource. The Report has five elements:(a) resource development, such as subscriber acquisition costs;(b) strategic resources, such as the number of subscribers;(c) resource preservation, a qualitative description of risk factors such as competition from Pandora;(d) resource deployment, such as Sirius penetration in new cars sold; and (e) value created, which consists of cash flow from operations, plus research and development, minus capital expenditures, minus cost of equity. Lev and Gu also provide an estimate of subscriber lifetime value.The authors provide an example of Sirius second quarter of 2013. For resource development, subscriber acquisition costs were $139 million. For strategic resources, the company added 2.7 million subscribers, lost 1.9 million, and ended with 20.3 million, with a monthly churn rate of 1.7%. For resource deployment, its new car penetration was 69% up from 67% in the previous quarter. Value created was $230 million, with subscriber lifetime value