财政部在借鉴国际会计准则IFRS15的基础上，于2017年7月印 发了新修订的收入准则。本文将以此为背景，围绕新收入准则在房地 产企业的应用展开讨论，就房地产企业应用新收入准则过程中存在的 问题进行解析并提出应对策略。 本文主要内容如下：第一部分围绕选题背景及选题意义；第二部 分是文献回顾，涵盖收入准则、会计政策选择动因及国内收入准则相 关研究；第三部分将讲述房地产行业从改革开放到迄今的收入确认政 策变迁，并展开对两版收入准则的对比分析，最后基于合同层面对房 地产行业应用“五步法”模型提出可落地策略；第四部分统计A股上 市房地产企业应用新收入准则的执行现状，并分析房地产行业盈余管 理的相关动机，如资本市场业绩压力、市值管理以及融资压力等等， 为下文案例分析埋下铺垫；第五部分以新城控股为主要案例进行研究， 主要分析新城控股在应用新收入准则过程中给财务业绩带来的影响 程度如何及应用过程的合理性，并从上交所问询函切入分析新城控股 提前采纳新收入准则的原因，最后以碧桂园、万科作为补充案例简要 分析采用新收入准则对上述两家企业的财务影响；第六部分总结房地 产企业应用新收入准则过程中存在的问题及应对策略，主要问题集中 在房地产企业是否符合按照一段时间确认收入、新准则应用过程的合 新收入准则下房地产企业收入确认应用研究 理性该如何把握、新收入准则是否会成为企业调节盈余的工具以及通 过应用新准则能否可从根本上解决收入成本不匹配及收入现金流不 匹配等问题。第七部分是案例总结与结论分析，总结本文结论，并提 出研究不足与展望。 通过本文研究得出如下结论：目前行业内收入确认政策可以总结 为按时点确认收入为主、按时间段确认收入为辅，通过对2018年上 市房地产企业应用收入准则的统计结果看，按时间点确认收入的方法 以交付验收确认收入为主，按时间段确认收入则按照“五步法”模型； 通过案例研究发现，新城控股披露的提早执行新收入准则的原因解释、 对合同增量成本及合同交易价格中重大的融资成分的确认与计量及 其他相关资料披露的完整性和充分性方面均存在瑕疵，新收入准则采 纳带来的业绩改善可以修饰资产市场业绩压力、融资需求以及市值管 理等方面的财务指标，我们认为提早采纳新收入准则很可能是新城控 股盈余调节的手段之一；新收入准则的采纳对不同的房地产企业会带 来了不同的财务影响，需要结合每家房地产企业的具体情况进行判断； 本文认为房地产企业符合按照一段时间确认收入，但是需要对新准则 在实操中的应用过程合理性进行把握，并杜绝将其作为企业调节经营 业绩的工具。 关键字：房地产企业，收入确认，新收入准则，动因分析 新收入准则下房地产企业收入确认应用研究 RESEARCH ON APPLICATION OF REVENUE RECOGNITION STANDARDS IN REAL ESTATE ENTERPRISES UNDER NEW REVENUE STANDARDS ABSTRACT The Ministry of Finance issued the newly revised revenue standards in July 2017, drawing on the International Financial Reporting Standards IFRS15. Taking this as a background, this paper discusses the application of the new revenue recognition standards in real estate enterprises, analyzes the problems in the application process and proposes coping strategies. The first part of this paper introduces the background of choosing this topic and its significance. The second part reviews relevant references, covering revenue standards, motivations behind choices of accounting policies, and domestic research related to revenue standards. The third part first introduces the development history of revenue recognition standards in the real estate industry, then compares and analyzes the new revenue recognition standards and the old standards, and then puts forward strategies to apply the “Five-step Method” model in the real estate industry based on contract level. The fourth part 新收入准则下房地产企业收入确认应用研究 introduces the current status of the application of the new revenue recognition standards in A-share listed real estate enterprises, and analyzes the motivations behind the real estate industry’s earnings management, such as capital market performance pressure, market value management and financing pressure, etc. This part lays the ground for the case study that follows. The fifth part takes Seazen as the main case to study. It first introduces the case and its revenue recognition policy, and then analyzes the financial impact of the application of the new revenue recognition standards and rationality of the application process. On the basis of a inquiry letter from SSE, this part also analyzes the reason why Seazen applied the new revenue recognition standards in advance. Finally, using Country Garden and Vanke as supplementary cases, this part also briefly analyzes the financial impact of adopting the new revenue recognition standards by these two enterprises. The sixth part summarizes the problems encountered by real estate enterprises in the process of adopting the new revenue recognition standards and coping strategies. The major problems are: whether the real estate enterprises meet the requirements for recognizing revenue based on a period in time , how to ensure rationality in the process of applying the new revenue recognition standards, whether the new standards will by used by enterprises as an earnings manipulation tool, and whether the application of the new standards can solve the mismatch between revenue and costs and the mismatch between revenue and cash flow, etc. The seventh part is the case summary and conclusion analysis. It summarizes the conclusion of this paper, and puts forward deficiencies and 新收入准则下房地产企业收入确认应用研究 prospects of the research. The conclusions of this paper are as follows. Recognizing revenue based on a point in time and recognizing revenue based on a period in time are both in practice in the industry; recognizing revenue based on a point in time is mainly revenue recognition upon delivery, and recognizing revenue based on a period in time is recognition according to the “Five-step” model. From the case study, we find that Seazen’s disclosed explanation of the reason for the early adoption of the new revenue standards, and its disclosure on the identification and measurement of contract incremental costs and significant financing components in contract transaction prices and other related materials are flawed in integrity and adequacy. The application of the new revenue recognition standards improves Seazen’s financial indicators that help them cope with performance pressure from capital market, and needs related to financing and market value management, etc. We think Seazen probably used the new revenue recognition standards as a way of managing earnings. The application of the new revenue recognition standards has different financial impacts on different real estate enterprises; recognition will be advanced for some, postponed for some, and unchanged for some. Thus the specific enterprise needs to be analyzed to have a conclusion. This paper thinks revenue recognition based on a period in time suits the real estate industry, the enterprises should ensure rationality in the process of applying the new revenue recognition standards, and should not using the new revenue recognition standards as a earnings manipulation tool. The new revenue recognition 新收入准则下房地产企业收入确认应用研究 standards don’t solve the mismatch between revenue and costs and the mismatch between revenue and cash flow. KEYWORDS: Real estate industry, revenue recognition, new revenue recognition standards, motivation analysis 新收入准则下房地产企业收入确认应用研究 目 录 第一章 绪论 ............................................ 1 第一节 研究背景和选题意义 ......................................... 1 一、研究背景 ...................................................... 1 二、选题意义 ...................................................... 2 第二节 研究内容、思路和方法 ....................................... 2 一、研究内容 ...................................................... 3 二、研究思路 ...................................................... 3 三、研究方法 ...................................................... 3 第三节 本文的创新之处 ............................................. 4 第二章 文献综述 ....................................... 5 第一节 收入确认准则相关研究 ....................................... 5 一、中国的收入会计准则演进及国际趋同 .............................. 5 二、新旧收入准则比较 ..............................................