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1 1 2 SPE 1 2SPE 3SPE 3 SPE 1 2SPE 3FASB46 4SFAS166FAS167 4 SPE 1SPE SPE FASB FASBSFAS140 SPEFASBFIN 46R SPEVIESPE FIN 46RFIN 46R VIE VIE 95
2 Special Purpose EntitySPE ( SPC) SPC (() ) SPESPE SPESPE SPE SPESPE SPE SPE SPE "" 5 TMK SPCSPT 96
3 SPCSPT () SPE SPEsecuritization A SPE SPE A 6 SPE SPE SPE 7 SPE(Special Purpose Entity) 8 SPE SPE SPETMK () SPESPE () ( ;Bankruptcy Remote) 9 97
4 10 ROE() ROA() 11 SPESPE
5 REIT TMK LLP
6
7
8 ( ) 1986 (Real Estate lnvestment Trust;REIT) ()( ) () 102
9 16 2 LLP MLP Master Limited PartnershipMLP 1987secondary market Publicly Traded Partnerships:PTP7704(6) 19 LLC LLC LLC LLCLLC
10 REIT:RealEstateInvestmentTrust1992 RealEstate Investment Trust AGReal Estate Mortgage Investment Conduit:REMIC Enron Corp.SPE Arthur Andersen LLP SPE (ARB)51 ARB511958FAS 94SFAS
11 50% 24 (SPE)1980 SPE ARB51FAS94 EITFSPE EITF 26 EITF Issue90-15 EITF TopicD-14 SPE 27 EITF Issue No SECSPE 2 1EITF Issue No SPE SECSPEQ.2 ResponseEITF Topic No. D-14EITF Issue No SPE 2EITF Topic No. D-14EITF Issue No SECSPE 3%3%Q.3 Response 28 FASB SPE3SPE 29 SPEGAAP SPE SPE3% FASB 31 SPESFAS125SFAS125 SPESPESPEqualifying SPE 32 3(1)EITF Issue EITF TopicD-14SPE 1996SFAS % SPE
12 20009SFAS SFAS125 SFAS140SFAS140SFAS SPE 35 SFAS140(Par.35)SPESPE 36 EITF Issue90-15EITF TopicD-14 SPE 37 SPE SPE SPE(qualifying SPE)SFAS140 SPE FIN46SPE 38 SFAS () SPE SFAS140(Par.9) SFAS SPE 43 2 SFAS140SPEQSPE
13 SPE SPESPE () 48 () 49 SPESPE SPE 50 SPE707 (a)(1) 707(b)(1) 50% 50% SFAS1401 (financial component approach)sfas140( SFAS125)SFAS125 SFASI25 (risks-and-rewardap aproach)
14 2001 Special Purpose Entities: SPE FASBSPE FASBSPE FASB InterpretationFIN46 ARB51FIN46 53 SPE SPE 54 SPE SPE SPE SPE 55 SPESFAS140 SPE SPE 56 () SPE SPE 57 FASB FASBSPEARB FASBInterpretationNo.46 (VIE;Variable Interest Entity)ARB51FIN FIN46R FASB 108
15 SPEFAS140SPE SPESPEVIE 59 ARB51 FIN46RSPE 60 FIN46SPEFIN46R 61 SFAS117 SFAS87SFAS106 SFAS112SFAS5SFAS43 SFAS140par.35SPE SPE FIN46R par.4 e,f,g FIN 46RSPEVIEVIE FIN 46R FIN 46R 62 VIE SPESPE SPESEP SPEVIE SPEVIE 63 SPESFAS1404SPE VIE SFAS140SPE SPESPE SPE10% SPESPE 109
16 SPE 64 SPE SPE SPE SPE SPE 65 FIN46Variable Interest SPE variable interest FIN46SPE VIE Primary Beneficiary 66 FIN46Rtotal equity investments at risk 10% 3controlling financial interestvievie SPE (i) (ⅱ)(ⅲ) 1SPEVIE(par.5) SPE10% SPE SPE10%( ) 67 SPEVIESPE SPE SPESPE 110
17 68,,,,,, (primary beneficiary) 69 VIE VIEVIESPE SPE ( ) 70 SPE3% FIN46R10% SPE SPESPE 71 SFAS140FIN46RSPE SPE SPESPE SPE SPE SPE SPE 72 SPESPE SPE 111
18 ABCP SPEABCP 73 SPESPE SPE SPE SPE SPE 74 SPESPE 75 FASBSFAS140FIN46R SPEFIN 46RSPE FASBFIN46RSPE FASBSFAS166 SFAS167FAS140FIN46R SFAS SFAS SFAS166 SFAS166 SPE 78 SFAS167SPE SPE SPE VIE VIE 112
19 VIE 79 SPE SPE SPE
20 SPE ASBJ IFRS10 82 IFRS SPC () IASB 114
21 SPE SPE 56 SPE 86 SPE SPE SPE SPE SPE SPE 87 NPO SPE SPESPE 22 SPE 88 SPE SPESPE 115
22 89 SPE ( )
23 (a) (b) (a)
24 SPE 118
25 SPE SPE SPE SPE SPE SPE 2SFAS140SPE SPE SPESPE SPE Variable Interest EntityVIEFIN46FIN 46R,,, SPESFAS1404 SPEVIE SPESFAS166 SPEVIE VIE VIE 20SPE 119
26
27 ()
28 SFAS1401 () (financial component approach) 55 1 SPC SPE SPE SPE 4 SPEEnron SPE SPESPE Enron SPE Asset Backed Securities: ABS(4)168 6 (4) ( 13)
29 (4) ( ( 12)297 16,,,,, (adjusted basis),, 721(a),,,,,,,,, 17,,,,,LLP, ,LLC, (" "), % SPE
30 26 FASBSPEFASB surrogate bodyemerging Issues Task Force ((4)171) 27 (24)2 28 (4) (4) ( Charles Abrams, FASB's Failure to Regulate Off Balance Sheet Special urpose Entities and the Downfall of Securitization(12 Asper Rev. Int'l Bus. & Trade L. 39 )at53.:fasb, Statement of FAS No (4) ( SPE Charles Abrams,supra note31,at ( ( Charles Abrams, supra note31,at ( Charles Abrams, supra note31,at Id., at Ibid. 44 ( Charles Abrams, supra note31,at ( Charles Abrams, supra note31,at Id., at Ibid. 51 ( ( ( Charles Abrams, supra note31,at56. See US, Joint Committee on Taxation, 108th Cong, Report of Investigation of Enron Corporation and Related Entities Regarding Federal Tax and Compensation Issues, and Policy Recommendations, Volume 1: Report (JCS-3-03) (Washington, DC: US Government Printing Office, 2003) at 64-74, online: Joint Committee on Taxation < 55 Charles Abrams, supra note31,at56. Joint Committee, on Taxation, supra note 54 at Charles Abrams, supra note31,at Ibid. 124
31 58 ( Charles Abrams, supra note31,at Ibid. 61 FIN46R par.4 62 Charles Abrams, supra note31,at Id., at Id., at Ibid. 66 ( ( ( ( ( ( Charles Abrams, supra note31,at Id., at Ibid. 75 Id., at Id., at Id., at Ibid. 79 Id., at Id., at ( IFRS IFRS SPE SPE87SPE 84 TMKTMKSPE SPESPE SPE SPE ( 125
32 25329)3SPE SPE 81Law,Accounting & Tax Q&A ( 25329) _Kitabatake.pdf ( ( (25329) CHARLES ABRAMS, FASB's Failure to Regulate Off Balance Sheet Special Purpose Entities and the Downfall of Securitization (12 Asper Rev. Int'l Bus. & Trade L ) 2 JEROLD A.FRIEDLAND, UNDERSTANDING PARTNERSHIP AND LLC TAXATION Lexis Nexis Richard T.GARRIGAN,REAL ESTATE INVESTMENT TRUST(McGRAW-Hill 1997) 4 M.A. CHIRESTEIN, FEDERAL TAXATION,Foundation Press. Inc., 5 th ed US, Joint Committee on Taxation,108th Cong, Report of Investigation of Enron Corporation 126
33 and Related Entities Regarding Federal Tax and Compensation Issues, and Policy Recommendations, Volume 1 6 ()( ) 7 ( ) 8 ( ) 9 ( 2008) 10( ) 11SVP ( ) 13( ) 14()SPC( ) 15SPE2( 2005) 16()Q&A( ) 17( ) 18SPCBP( ) 19ABS( ) 20()LawAccount&Tax ( ) 21( ) 22( ) 23⒄ SPC ( ) 25()( ) 26A.()REIT()REIT ( ) 27( ) 28( ) 29() ( ) ( ) 33SPC () ( ) 35()( )
34 Q&A LLPLLC (1999) 42 ( ) 43( ) 44( ) 45SPC SPE (2003) 48SPESPE Enron _Kitabatake.pdf 50SPE(2011) LawAccounting & Tax Abstract This paper described for the consolidated issues of special purpose entities(spe) in the securitization scheme, in which was discussed for the US accounting standards and the accounting standards of Japan. The US Financial Accounting Standards Board (FASB) is corresponding to the first of the off-balance-related companies issue in Then, in 2000, FASB issued SFAS140, was defined in more detail how to handle SPE. In addition the FASB issued FIN 46R, and it became the authoritative basis. If SPE is considered as VIE and the sponsor must consolidate the SPE, FIN 46R is usefull for a guideline of how to identify. FIN46R defined variable interests as "contractual, ownership, or other pecuniary interests in an entity that change with changes in the fair value of the entity's net assets exclusive of variable interests." Consolidated rules for the VIE has become a big spotlight after Enron. The VIE concept has not been adopted in Japanese GAAP. 128
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