1 2 SPE 1 2SPE 3SPE 3 SPE 1 2SPE 3FASB46 4SFAS166FAS167 4 SPE 1SPE 2 3 5 SPE FASB1996 2000FASBSFAS140 SPEFASBFIN 46R SPEVIESPE FIN 46RFIN 46R VIE VIE 95
Special Purpose EntitySPE ( SPC)199865199891 1 SPC (() )20005 2 SPESPE SPESPE SPE SPESPE SPE SPE SPE 3 4 1980 "" 5 TMK SPCSPT 96
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
10 ROE() ROA() 11 SPESPE 12 13 98
14 199810 REIT TMK 2000 2004430 2004 622004121 2005 LLP 667 99
200542781 200517 535 535 535542 23 100
1612318128 1919 12 2 2 101
1998 1980 19801990 ( ) 1986 (Real Estate lnvestment Trust;REIT) 15 1986 ()( ) 19701980 2 () 102
16 2 LLP 17 1 1 18 MLP Master Limited PartnershipMLP 1987secondary market Publicly Traded Partnerships:PTP7704(6) 19 LLC LLC LLC LLCLLC 20 103
REIT:RealEstateInvestmentTrust1992 RealEstate Investment Trust 21 1986 860AGReal Estate Mortgage Investment Conduit:REMIC 22 23 2001Enron Corp.SPE Arthur Andersen LLP SPE (ARB)51 ARB511958FAS 94SFAS941987 104
50% 24 (SPE)1980 SPE ARB51FAS94 EITFSPE 25 1990EITF 26 EITF Issue90-15 EITF TopicD-14 SPE 27 EITF Issue No. 90-15SECSPE 2 1EITF Issue No. 90-15SPE SECSPEQ.2 ResponseEITF Topic No. D-14EITF Issue No. 90-15 SPE 2EITF Topic No. D-14EITF Issue No. 90-15 SECSPE 3%3%Q.3 Response 28 FASB SPE3SPE 29 SPEGAAP SPE SPE3% 30 1996FASB 31 SPESFAS125SFAS125 SPESPESPEqualifying SPE 32 3(1)EITF Issue 90-15 EITF TopicD-14SPE 1996SFAS125 113% SPE 33 105
20009SFAS125140 SFAS125 SFAS140SFAS140SFAS125 34 SPE 35 SFAS140(Par.35)SPESPE 36 EITF Issue90-15EITF TopicD-14 SPE 37 SPE SPE SPE(qualifying SPE)SFAS140 SPE FIN46SPE 38 SFAS140 3 39 () SPE SFAS140(Par.9)3 3 40 41 SFAS1401 42 SPE 43 2 SFAS140SPEQSPE 44 106
SPE SPESPE 45 46 3 47 () 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) 51 107
2001 Special Purpose Entities: SPE FASBSPE 52 2003117FASBSPE FASB InterpretationFIN46 ARB51FIN46 53 SPE 2001 1990 SPE 54 SPE SPE SPE 200010600 SPE 55 SPESFAS140 SPE SPE 56 () SPE SPE 57 FASB 2002628FASBSPEARB51 8 2003117FASBInterpretationNo.46 (VIE;Variable Interest Entity)ARB51FIN46 58 200312FIN46R FASB 108
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
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
68,,,,,, (primary beneficiary) 69 VIE VIEVIESPE SPE ( ) 70 SPE3% FIN46R10% SPE SPESPE 71 SFAS140FIN46RSPE SPE SPESPE SPE SPE SPE SPE 72 SPESPE SPE 111
ABCP SPEABCP 73 SPESPE SPE SPE SPE SPE 74 SPESPE 75 FASBSFAS140FIN46R SPEFIN 46RSPE 76 200841FASBFIN46RSPE FASBSFAS166 SFAS167FAS140FIN46R200911 77 SFAS166167 SFAS166167 SFAS166 SFAS166 SPE 78 SFAS167SPE SPE SPE VIE VIE 112
VIE 79 SPE SPE SPE 80 8 2015774 19976 19994 81 113
SPE ASBJ 2011 23325 22 15 22 20 2320115IFRS10 82 IFRS10 252013329 50 1998SPC 19981010 () 83 84 212IASB 114
23322 85 87 SPE SPE 56 SPE 86 SPE 20 189821327 SPE SPE SPE SPE SPE 87 NPO SPE SPESPE 22 SPE 88 SPE SPESPE 115
89 SPE 90 2 91 10 92 14 ( ) 93 116
94 95 33 96 (a) (b) (a) 97 117
15 12731 98 5 5 99 5 100 SPE 118
SPE SPE SPE SPE SPE SPE 2SFAS140SPE SPE SPESPE SPE Variable Interest EntityVIEFIN46FIN 46R,,, SPESFAS1404 SPEVIE SPESFAS166 SPEVIE VIE VIE 20SPE 119
538 535536 535535536 5361 536 14-1- 3 120
17 1-3 - 2 1962817278 () 5361 5362542156 10 15 5 121
SFAS1401 () (financial component approach) 55 1 SPC 2 21 3 SPE SPE SPE 4 SPEEnron2006 200620082011 SPE SPESPE Enron2014.3.25167 5 SPE Asset Backed Securities: ABS(4)168 6 (4)168 7 962 8 ( 13)13 9 13 10 14 122
11 9 12 (4)168 13 (810 14 11 15 ( 12)297 16,,,,, (adjusted basis),, 721(a),,,,,,,,, 17,,,,,LLP, 18 15310 19 302 20,LLC, (" "), 15329-342 21 95% 15343-357 22 23 15358-362 24 SPE 20031 25 2 123
26 FASBSPEFASB surrogate bodyemerging Issues Task Force ((4)171) 27 (24)2 28 (4)172 29 (4)173 30 (243 31 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 140. 32 (4)171 33 (243 34 SPE34 17 35 Charles Abrams,supra note31,at53. 36 (243 37 3 38 (3479 39 Charles Abrams, supra note31,at 55. 40 (3446 41 Charles Abrams, supra note31,at54. 42 Id., at55. 43 Ibid. 44 (3453 45 46 Charles Abrams, supra note31,at 55. 47 (3447 48 Charles Abrams, supra note31,at 55. 49Id., at55. 50 Ibid. 51 (3441 52 (761 53 (244 54 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 <http://www.jct.gov/s-3-03-voll.pdf>. 55 Charles Abrams, supra note31,at56. Joint Committee, on Taxation, supra note 54 at 70-71. 56 Charles Abrams, supra note31,at56. 57 Ibid. 124
58 (244 59 Charles Abrams, supra note31,at57. 60 Ibid. 61 FIN46R par.4 62 Charles Abrams, supra note31,at57. 63 Id., at57. 64 Id., at58. 65 Ibid. 66 (245 67 (247 68 (248 69 (34188-189 70 (248 71 (245 72 Charles Abrams, supra note31,at59. 73 Id., at60. 74 Ibid. 75 Id., at69. 76 Id., at69-70. 77 Id., at70. 78 Ibid. 79 Id., at70-71. 80 Id., at71. 81 (2410 82 IFRS10 1 2 3 3 IFRS107 83 87 SPE SPE87SPE 84 TMKTMKSPE SPESPE SPE SPE 766 85 ( 125
25329)3SPE SPE 81Law,Accounting & Tax 86 20 87 88 14 132 89 Q&A12 90 20 91 231982 92 ( 25329)22 93 https://dspace.wul.waseda.ac.jp/dspace/bitstream/2065/31095/1/kaikeikenkyukashuron_ 2009_Kitabatake.pdf16 94 18 95 (9316 96 (9317 97 98 (25329)22 99 13 100 382272004 1 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. 2010 ) 2 JEROLD A.FRIEDLAND, UNDERSTANDING PARTNERSHIP AND LLC TAXATION Lexis Nexis 2002 3 Richard T.GARRIGAN,REAL ESTATE INVESTMENT TRUST(McGRAW-Hill 1997) 4 M.A. CHIRESTEIN, FEDERAL TAXATION,Foundation Press. Inc., 5 th ed.1988 5 US, Joint Committee on Taxation,108th Cong, Report of Investigation of Enron Corporation 126
and Related Entities Regarding Federal Tax and Compensation Issues, and Policy Recommendations, Volume 1 6 ()(1991.11.15) 7 (1999.3.30) 8 (1999.12.10) 9 ( 2008) 10(1999.3.20) 11SVP 2011 12(1999.7.21) 13(1998.7.15) 14()SPC(2000.4.20) 15SPE2( 2005) 16()Q&A(1998.12.10) 17(1990.4.25) 18SPCBP(1998.8.17) 19ABS(1999.4.20) 20()LawAccount&Tax (1993.3.19) 21(1990.2.28) 22(1995.8.25) 23⒄ 1993 24SPC (1999.1.11) 25()(1998.11.26) 26A.()REIT()REIT (1999.5.28) 27(1998.11.18) 28(1994.1.25) 29() (2000.3.25) 30 1998 31 2009 32 (1999.6.3) 33SPC2002.12.10 34() (1999.5.25) 35()(1999.6.30) 367 2013 127
37 2000 38 2001 39 1994 40Q&A LLPLLC 2005 41(1999) 42 (1999.4.15) 43(1997.5.8) 44(1992.10.4) 45SPC 14 462008 18-25 47SPE (2003) 48SPESPE Enron 2014.3.25 49 https://dspace.wul.waseda.ac.jp/dspace/bitstream/2065/31095/1/kaikeikenkyukashuron_ 2009_Kitabatake.pdf 50SPE(2011) 51 231993. 5 52 9 53 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 1996. 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