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1 International Financial Reporting Standards and Dividend Restrictions in Corporate Law : Cases of the United Kingdom and Australia KOCHIYAMA, Takuma Abstract This paper discusses how the adoption of International Financial Reporting StandardsIFRS affects the role of dividend restrictions in corporate law. While corporate law has been restricting companies ability to pay dividends on the basis of their financial statements, the efficacy of such regulations depends on the accounting standards and methods by its nature. In this respect, it has been concerned that the adoption of IFRS in particular, application of fair value measurements vitiates creditor protection that intended in the dividend restrictions. The UK and Australia have changed their ways to assess companies ability to pay dividends in accordance with the adoption of IFRS. This paper argues their legal reforms and provides additional insights into the relationship between accounting standards and corporate law. Key Words International Financial Reporting StandardsIFRS, dividend restrictions, corporate law, fair value measurements, creditor protections IFRS IFRS

2 IFRS IFRS IFRS IFRSJMIS,IFRS EU IFRS IASCIASB IASIFRS IFRS IFRS

3 ,;, IFRS p. IFRS, a : p.,b :p. : p. IFRS IFRS IFRS IFRS IFRS

4 : pp. : pp.: p. Leuz et al.,

5 , Enriques and MaceyMülbert and Birke ArmourRickford

6 Armour,,;,,

7 IFRS IFRS present value techniques,, IFRS Schön,; Lutter,IFRS IASB, : para.ob, OB IASB IFRS para. para.,ferranlutterpellens and Sellhorn,

8 IFRS mark-tomarket mark-to-model Kothari et al., Kothari et al.mark-to-model IFRS FerranPellens and Sellhorn RickfordSchön

9 IFRS IFRS,: p. IAS EC Regulation No./ Companies Act IFRS IFRS AYamey, EC IAS Article Article Article EU EC //EC Articlea ArticlecEU EC / /EC

10 Companies Act a b ICAEW ICAS Morris,; Leuz et al., ICAEW CCAB TR TR Report of Company Law CommitteeDimbula ValleyCeylonTea Co. Ltd. vs Laurie. para. EC EC Articlec Rickford, Ferran,

11 TR The Determination of Realised Profits and Disclosure of Distributable Profits in the Context of the Companies Actsto TR The Determination of Distributable Profits in the Context of the Companies Acts- TECH/ Guidance on the Determination of Realised Profits and Losses in the Context of Distributions under the Companies Act TECH/ Guidance on the Effect of FRS Retirement Benefits and IAS Employee Benefits on Realised Profits and Losses TECH/ Distributable Profits : Implications of IAS and FRS for Dividendsexternal and intra-group dividends TECH/ Distributable Profits : Implications of Recent Accounting Changes TECH/ Guidance on the Determination of Realised Profits and Losses in the Context of Distributions under the Companies Act TECH/ Guidance on the Determination of Relaised Profits and Losses in the Context of Distributions under the Companies ActRevised TECH/ IFRS ICAEW ICAS TR SSAP prudence conceptccab, a : para. CCAB,a : para. TR CCAB,b : para. SSAP FRSSSAP Ferran, TR SSAP CCAB,a : para.

12 ASB, : Appendix, para. readily realisable ASB,: para. TECH/mark-to-market ICAEW and ICAS,: para. ICAEW and ICAS,: para. IFRS IFRS Corporate Law Economic Reform Program AASB FRC AASB IFRS FRC, IFRS TECH/ ICAEW and ICAS,: para. qualifying considerationreadily convertible to cash Hastie TR TR TECH/ IFRS

13 Companies Act AASB T IFRS T T IFRS IFRS IFRS IFRS IASB IFRS IFRS IFRS Deloitte Corporations AmendmentCorporate Reporting ReformBill Explanatory Memorandum

14 Quick, William Gary v Stoland Pty Ltd G IFRS IFRS IFRS Corporations Legislations AmendmentDeregulatory and Other MeasureBill Corporations Legislations Amendment Deregulatory and Other Measure Bill Explanatory Material

15 IFRS IFRS IFRS,;, ASBJ ASBJ,;,,, IFRS,

16 , IFRS EU IFRS,;, IFRS JSPS IFRS IFRS IFRS

17 IFRS IFRS IFRS IFRS IFRS a b IFRS IFRS

18 Accounting Standards Board Financial Reporting Standard: Accounting Policies, December,. Armour, J. Legal Capital : An Outdated Concept?, European Business Organization Law Review,, pp.. Consultative Committee of Accountancy Bodiesa The Determination of Realised Profits and Disclosure of Distributable Profits in the Context of the Companies Acts to TR, ICAEW, London. Consultative Committee of Accountancy Bodiesb The Determination of Distributable Profits in the Context of the Companies ActstoTR, ICAEW, London. Deloitte A-IFRS vs IFRS : Differences between Australian Equivalents to International Financial Reporting StandardsA-IFRSand International Financial Reporting StandardsIFRS, September. Enriques, L. and Macey, J. R. Creditor versus Capital Formation : The Case against the European Legal Capital Rules, Cornell Law Review,, pp.. Ferran, E. The Place for Creditor Protection on the Agenda for Modernisation of Company Law in the European Union, European Company and Financial Law Review,, pp.. Ferran, E.Principles of Corporate Finance Law, Oxford University Press. Financial Reporting Council Board Strategic Direction Provided by the Financial Reporting Council to the Australian Accounting Standards Board for, Canberra, th December,. Hastie, S. Distributable Profits : A Growing Headache for Directors and Auditors, Financial Reporting and Auditing News,September, pp.. Institute of Chartered Accountants in England and Wales and Institute of Chartered Accountants of Scotland Guidance on the Determination of Realised Profits and Losses in the Context of Distributions under the Companies ActTECH/,, London. Institute of Chartered Accountants in England and Wales and Institute of Chartered Accountants of Scotland Guidance on the Determination of Relaised Profits and Losses in the Context of Distributions under the Companies ActTECH/,, London. International Accounting Standards BoardConceptual Framework for Financial Reporting, September. International Accounting Standards Board International Financial Reporting Standard No.: Fair Value Measurement, May. Kothari, S. P., Ramanna, K. and Skinner, D. J. Implications for GAAP from an Analysis of Positive Research in Accounting, Journal of Accounting and Economics,, pp.. Leuz, C., Deller, D. and Stubenrath, M. An International Comparison of Accounting-Based Payout Restrictions in the United States, United Kingdom and Germany, Accounting and Business Research,, pp.. Lutter, M. Legal Capital of Public Companies in Europe, European Company and Financial Law Review, Special IssueLegal Capital in Europe, Marcus, L. ed., pp..

19 Morris, R. D. Distributable Profits in Britain since : A Critical Appraisal, Abacus,, pp.. Mülbert, P. O. and Birke, M. Legal Capital : Is There a Case against the European Legal Capital Rules?, European Business Organization Law Review,, pp.. Pellens, B. and Sellhorn, T. Improving Creditor Protection through IFRS Reporting and Solvency Test, European Company and Financial Law Review, Special IssueLegal Capital in Europe, Marcus, L. ed., pp.. Rickford, J. Legal Approaches to Restricting Distribution to Shareholders : Balance Sheet Tests and Solvency Tests, European Business Organization Law Review,, pp.. Schön, W. Balance Sheets Tests or Solvency Tests : or Both?, European Business Organization Law Review,, pp.. Yamey, B. S. The Case Law Relating to Company Dividends, Studies in Accounting Theory 2nd ed.baxter, W. T. and Davidson, S., eds., pp., Sweet & Maxwell Ltd.

Financial Reporting Standard 17 FRS17 FAS87 87 Financial Accounting Standard 87 FAS87 International Accounting Standard Board IASB 19 Internat

Financial Reporting Standard 17 FRS17 FAS87 87 Financial Accounting Standard 87 FAS87 International Accounting Standard Board IASB 19 Internat No,25-36(2005) Two Changes in Accounting Principles of Pension Plans British, or Americanthat is the question Masaharu Usuki Nihon University, Graduate School of Social and Cultural School, and NLI Research

第５１巻 第１・２号 Ｂ５／目次

第５１巻　第１・２号　Ｂ５／目次