第五章 金融資產除列之會計判斷
第三節 美國財務會計準則公報
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2、企業個體保留「資產現金流量之權利」，但基於契約約定，
於下列三項情形，有移轉現金流量給最後受讓人之義務253。 （1）除非自原資產收到相同數額之現金外，該企業個體無義務
支付現金給最後受讓人。
（2）該企業無權出售或抵押該資產。
（3）該企業個體有義務在無重大延誤之情形下，支付取自移轉 資產之現金。
（二）全部風險與報酬之適用
金融資產被認定由企業個體移轉後，需再判斷是否實質上已移轉 該資產之「全部風險與報酬」，若實質上已全部移轉，則該資產可以 除列；若實質上為全部保留，則不可除列。
（三）控制力之適用
若企業個體實質上已移轉該金融資該資產之「全部風險與報 酬」，需再評估其對該資產是否擁有控制力。若無，則該資產之除列 係屬適當；若有，由於其與該資產仍具有「繼續牽連關係」，則不可 除列該資產。
第三節 美國財務會計準則公報
美國財務會計準則，關於處理金融資產之移轉事項，經歷數次 變更，分別為 SFAS 77、125 與 140，以下即針對該三號公報為分析 如下：
第一項 美國第 77 號財務會計準則公報
FASB 於 1983 年 12 月發佈 SFAS 77 號公報「附追索權債權讓與 之會計報告」(Reporting by transfer for Transfers of Receivables with Recourse)。此公報並未考量金融資產證券化之特性，而將資產 分割階段之資產移轉當作單純之應收帳款買賣處理。然而，在證券化
253 此點主要是在表達創始機構移轉金融資產於特殊目的個體後，仍擔任服務機構，受託收取金 融資產之現金流量。
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架構中，金融資產之移轉，僅為整體交易之一部分，並非如應收帳款 買賣，移轉後交易即結束。
FASB 基於追索權之觀點，規定附有追索權之移轉必須符合下列 要件，始可將創始機構與特殊目的機構間之資產移轉視為買賣，而將 該資產於創始機構之資產負債表中移除；反之，若視為融資，則該資 產仍置於資產負債表中，並增列負債254。
（一）讓與人放棄對應收帳款未來經濟利益之控制。
（二）讓與人可合理估計其於追索權條款下之義務。
（三）除依追索權之約定外，受讓人不得退還應收帳款於讓與人。
如債權之移轉符合上列之三項要件，該交易行為應屬買賣，則應 收帳款將自賣方（應收帳款讓與者）資產負債表上減除，賣方之會計 分錄為：
現金 XXXX
應收帳款 XXXX255
如債權之移轉不符合上列之三項要件，該交易行為應屬擔保融 資，則應收帳款需保留在賣方（應收帳款讓與者）資產負債表上，債 權讓與者從該筆交易所取得之資金，視為借款，而所移轉之應收帳 款，則作為取得借款所提供之擔保。該讓與者之會計分錄為256：
現金 XXXX
借款 XXXX
254 This Statement specifies that a transferor ordinarily should report a sale of receivables with recourse transaction as a sale if (a) the transferor surrenders its control of the future economic benefits relating to the receivables, (b) the transferor can reasonably estimate its obligation under the recourse
provisions, and (c) the transferee cannot return the receivables to the transferor except pursuant to the recourse provisions. If those conditions do not exist, the amount of proceeds from the transfer should be reported as a liability. http://www.fasb.org/summary/stsum77.shtml
255 然若應收帳款非以面額出售時，債權買賣之利得與損失需加以認列。
256 戴興鉦，金融資產證券化之會計與稅務淺論，全國律師第 5 卷第 11 期，2001 年 11 月，頁 38。
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第二項 美國第 125 號財務會計準則公報
SFAS 77 並未考量資產證券化之交易，然金融資產移轉之交易性 質及會計處理並不相同，故 FASB 於 1995 年 10 月發佈「金融資產移 轉與服務及債務消滅之會計處理草案」，並於 1996 年 6 月通過 SFAS 125 公報「金融資產移轉與服務及債務消滅之會計處理」(Accounting transfers and servicing of financial assets and
extinguishments of liabilities)。其考慮金融產證券化之相關特 性，放棄追索權之觀點，而改採控制權之觀點重新制訂。其中第九段 之規定，讓與人應放棄對金融資產之控制，且其取得之報酬非讓與資 產之受益權，始可視為買賣257。所謂放棄控制權，應同時符合下列三 項條件：
1.移轉之資產已從讓與人隔離，並推定讓與人及其債權人不能對該資 產主張權利，即使創始機構破產或被接管亦同258。
2.(1)受讓人取得對移轉資產供擔保或交換(exchange)之權利，不受 任何有礙其執行該權利之限制。或（2）受讓人為合格之特殊目的 個體，且該個體之受益權持有人取得同第 2（1）所述受讓人之權 利259。
3.讓與人未經由下列方式之一，仍對移轉資產維持有效控制：（1）簽 訂合約使讓與人在到期日前，有再買回或贖回之權利義務。（2）
簽訂合約使讓與人在所移轉之資產未獲清償時，有再買回或贖回 之權利義務260。
257 A transfer of financial assets in which the transferor surrenders control over those assets is accounted for as a sale to the extent that consideration other than beneficial interests in the transferred assets is received in exchange. http://www.fasb.org/summary/stsum125.shtml；黃金澤，金融資產移 轉與美國 125 號公報，會計研究月刊，第 137 期，1997 年 4 月，頁 98。
258 The transferred assets have been isolated from the transferor-put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership.
http://www.fasb.org/summary/stsum125.shtml
259 Either (1) each transferee obtains the right-free of conditions that constrain it from taking advantage of that right-to pledge or exchange the transferred assets or (2) the transferee is a qualifying
special-purpose entity and the holders of beneficial interests in that entity have the right-free of conditions that constrain them from taking advantage of that right-to pledge or exchange those interests.
260 The transferor does not maintain effective control over the transferred assets through (1) an agreement that both entitles and obligates the transferor to repurchase or redeem them before their maturity or (2) an agreement that entitles the transferor to repurchase or redeem transferred assets that
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如債權移轉之交易不符合 SFAS 125 之要求時，該交易只能視為 擔保融資交易，應收帳款仍應留在讓與者之資產負債表上，讓與者因 該筆交易所取得之資金，視為因借款而取得之資金，而所移轉之應收 帳款，則作為取得借款所提供之擔保261。
第三項 美國第 140 號財務會計準則公報
第一款 概說
FASB 於 1999 年 6 月發佈金融資產移轉會計草案，並於 2000 年 9 月通過 SFAS 140 公報「金融資產移轉與服務及債務消滅之會計處理」
(Accounting transfers and servicing of financial assets and extinguishments of liabilities)。此公報採用「金融組成法」
(financial components approach)，著重有效控制(effective control)條件，該公報為美國會計界對於金融資產證券化處理之最新 依據262。
第二款 金融資產之除列
SFAS 140 第 9 段認為，金融資產之轉讓，當移轉人出讓
(Surrenders)全部或部分金融資產之控制權，除該轉換資產所含之受 益權利(beneficial interests)外，在交換之範圍內視為出售263。讓 與人放棄控制權，須符合下列三項要件：
其一，該移轉之金融資產已與移轉人之風險隔離，即推定該金融 資產已脫離移轉人與其債權人之控制範圍，即使移轉人破產或受接
are not readily obtainable.
261 戴興鉦，金融資產證券化之會計與稅務淺論，全國律師第 5 卷第 11 期，2001 年 11 月，頁 39。
262 廖麗娟，資產證券化「真實買賣」之認定對保障投資的影響--從會計與稅務面探討，證券暨 期貨管理，第 21 卷第 10 期，2003 年 10 月，頁 46。
263 A transfer of financial assets (or all or a portion of a financial asset) in which the transferor surrenders control over those financial assets shall be accounted for as a sale to the extent that consideration other than beneficial interests in the transferred assets is received in exchange.
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除結清買權266（cleanup call）外，移轉人可單方使持有特定資產者 返還該特定資產267。
264 a. The transferred assets have been isolated from the transferor—put presumptively beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership(paragraphs 27 and 28).
265 b. Each transferee (or, if the transferee is a qualifying SPE (paragraph 35), each holder of its beneficial interests) has the right to pledge or exchange the assets (or beneficial interests) it received, and no condition both constrains the transferee (or holder) from taking advantage of its right to pledge or exchange and provides more than a trivial benefit to the transferor(paragraphs 2934).
266 所謂結清買權，係指由服務機構或其聯屬公司（可能為移轉人）所有持有之買權，目的在買
267 c. The transferor does not maintain effective control over the transferred assets through either(1) an agreement that both entitles and obligates the transferor to repurchase or redeem them before their maturity (paragraphs 47−49) or (2) the ability to unilaterally cause the holder to return specific assets, other than through a cleanup call (paragraphs 50−54).
268 Upon completion 3 of a transfer of assets that satisfies the conditions to be accounted for asa sale (paragraph 9), the transferor (seller) shall:
a. Derecognize all assets sold
b. Recognize all assets obtained and liabilities incurred in consideration as proceeds of the sale, including cash, put or call options held or written (for example, guarantee or recourse obligations),
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又就證券化之移轉資產隔離(Isolation of Transferred Assets in Securitizations)而言，因一次或連續移轉之證券化，不一定能
forward commitments (for example, commitments to deliver additional receivables during the revolving periods of some securitizations), swaps (for example, provisions that convert interest rates from fixed to variable), and servicing liabilities, if applicable (paragraphs 56, 57, and 61−67)
c. Initially measure at fair value assets obtained and liabilities incurred in a sale (paragraphs68−70) or, if it is not practicable to estimate the fair value of an asset or a liability, apply alternative measures (paragraphs 71 and 72)
d. Recognize in earnings any gain or loss on the sale.
The transferee shall recognize all assets obtained and any liabilities incurred and initially measure them at fair value (in aggregate, presumptively the price paid).
269 Financial assets such as mortgage loans, automobile loans, trade receivables, credit card receivables, and other revolving charge accounts are assets commonly transferred in securitizations. Securitizations of mortgage loans may include pools of single-family residential mortgages or other types of real estate mortgage loans, for example, multifamily residential mortgages and commercial property
mortgages.Securitizations of loans secured by chattel mortgages on automotive vehicles as well as other equipment (including direct financing or sales-type leases) also are common. Both financial and nonfinancial assets can be securitized;life insurance policy loans, patent and copyright royalties, and even taxi medallions also have been securitized. But securitizations of nonfinancial assets are outside the scope of this Statement.
270 A securitization carried out in one transfer or a series of transfers may or may not isolate the transferred assets beyond the reach of the transferor and its creditors. Whether it does depends on the structure of the securitization transaction taken as a whole, considering such factors as the type and extent of further involvement in arrangements to protect investors from credit and interest rate risks, the availability of other assets, and the powers of bankruptcy courts or other receivers.
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續牽連(continuing involvement)（第81段）271。在其他證券化中，公司移轉金融資產於特殊目的個體以換取現金
271 In certain securitizations, a corporation that, if it failed, would be subject to the U.S. Bankruptcy Code transfers financial assets to a special-purpose trust in exchange for cash. The trust raises that cash by issuing to investors beneficial interests that pass through all cash received from the financial assets, and the transferor has no further involvement with the trust or the transferred assets. The Board understands that those securitizations generally would be judged as having isolated the assets, because in the absence of any continuing involvement there would be reasonable assurance that the transfer would be found to be a true sale at law that places the assets beyond the reach of the transferor and its creditors, even in bankruptcy or other receivership.
272 In other securitizations, a similar corporation transfers financial assets to an SPE in exchange for cash and beneficial interests in the transferred assets. That entity raises the cash by issuing to investors commercial paper that gives them a senior interest in cash received from the financial assets.
The beneficial interests retained by the transferring corporation represent a junior interest to be reduced by any credit losses on the financial assets in trust. The commercial paper interests are highly rated by credit rating agencies only if both (a) the credit enhancement from the junior interest is sufficient and (b) the transferor is highly rated. Depending on facts and circumstances, the Board understands that those “single-step” securitizations often would be judged in the United States as not having isolated the assets, because the nature of the continuing involvement may make it difficult to obtain reasonable assurance that the transfer would be found to be a true sale at law that places the assets beyond the reach of the transferor and its creditors in U.S. bankruptcy (paragraph 113). If the transferor fell into bankruptcy and the transfer was found not to be a true sale at law, investors in the transferred assets might be subjected to an automatic stay that would delay payments due them, and they might have to share in bankruptcy expenses and suffer further losses if the transfer was recharacterized as a secured loan.
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273 Still other securitizations use two transfers intended to isolate transferred assets beyond the reach of
273 Still other securitizations use two transfers intended to isolate transferred assets beyond the reach of