By ALICIA TUOVILA

Reviewed by MARGARET JAMES

Fact checked by KIMBERLY OVERCAST

编写人：ALICIA TUOVILA

审核人：MARGARET JAMES

事实核查人：KIMBERLY OVERCAST

What Is a Write-Down?

什么是减记？

A write-down is an accounting term for the reduction in the book value of an asset when its fair market value (FMV) has fallen below the carrying book value, and thus becomes an impaired asset. The amount to be written down is the difference between the book value of the asset and the amount of cash that the business can obtain by disposing of it in the most optimal manner.

减记是会计术语，是指资产的公允市场价值低于账面价值导致资产减值时资产账面价值的减少。减记的金额是资产账面价值与企业以最佳方式处置资产可获得的现金之间的差额。

A write-down is the opposite of a write-up, and it will become a write-off if the entire value of the asset becomes worthless and is eliminated from the account altogether.

减记与增记相反，一旦资产的全部价值变得毫无价值并从账户中完全去除，就变成冲销。

KEY TAKEAWAYS

关键要点

·A write down is necessary if the fair market value (FMV) of an asset is less than the carrying value currently on the books.

如果资产的公允市场价值低于账面价值，则需要进行减记。

·The income statement will include an impairment loss, reducing net income.

利润表涵盖减值损失，净利润减少。

·On the balance sheet, the value of the asset is reduced by the difference between the book value and the amount of cash the business could obtain by disposing of it in the most optimal manner.

在资产负债表上，资产的减值金额为资产账面价值与企业以最佳方式处置资产可获得的现金之间的差额。

·An impairment can not be deducted on taxes until the asset is sold or disposed.

在资产出售或处置之前，减值不可扣税。

·If an asset is being "held for sale," the write down will also need to include the expected costs of the sale.

如果资产“持有待售”，则减记还需要包括预计销售成本。

Understanding Write-Downs

了解减记

Write-downs can have a huge impact on a company’s net income and balance sheet. During the 2007-2008 financial crisis, the drop in the market value of assets on the balance sheets of financial institutions forced them to raise capital to meet minimum capital obligations.

减记会对公司的净利润和资产负债表产生巨大影响。2007-2008年金融危机期间，金融机构资产负债表上的资产市值下降，金融机构被迫筹集资金以满足最低资本要求。

Accounts that are most likely to be written down are a company's goodwill, accounts receivable, inventory, and long-term assets like property, plant, and equipment (PP&E). PP&E may become impaired because it has become obsolete, damaged beyond repair, or property prices have fallen below the historical cost. In the service sector, a business may write down the value of its stores if they no longer serve their purpose and need to be revamped.

最有可能被减记的账户是公司的商誉、应收账款、存货，以及不动产、厂房和设备等长期资产。不动产、厂房和设备可能会因过时、损坏无法修复或房地产价格低于历史成本而受损。在服务业，如果企业旗下的商店无法发挥作用，需要改造，则企业可能会减记其商店的价值。

Write-downs are common in businesses that produce or sell goods, which require a stock of inventory that can become damaged or obsolete. For example, technology and automobile inventories can lose value rapidly, if they go unsold or new updated models replace them. In some cases, a full inventory write-off may be necessary.

对于生产或销售商品的企业来说，需要对可能损坏或过时的库存进行盘点，减记很常见。例如，如果技术和汽车库存未售出或新型号取代旧型号，它们可能会迅速失去价值。在某些情况下，可能需要完全冲销库存。

Generally accepted accounting principles (GAAP) in the U.S. has specific standards regarding the fair value measurement of intangible assets. It requires that goodwill be written down immediately at any time if its value declines. For example, in November 2012, Hewlett-Packard announced a massive $8.8 billion impairment charge to write down a botched acquisition of U.K.-based Autonomy Corporation PLC—which represented a huge loss in shareholder value since the company was worth only a fraction of its earlier estimated value.

美国公认会计准则（GAAP）对无形资产的公允价值计量作出了具体规定，其中要求商誉在其价值下降时随时立即减记。例如，2012年11月，惠普宣布，收购英国公司Autonomy Corporation PLC减记88亿美元，该公司的价值仅为其先前估值的一小部分，对股东价值造成了巨大损失。

Effect of Write-Downs on Financial Statements and Ratios

减记对财务报表和比率的影响

A write-down impacts both the income statement and the balance sheet. A loss is reported on the income statement. If the write-down is related to inventory, it may be recorded as a cost of goods sold (COGS). Otherwise, it is listed as a separate impairment loss line item on the income statement so lenders and investors can assess the impact of devalued assets.

减记会对利润表和资产负债表产生影响。损失在利润表中列示。如果减记与存货相关，则可记为销售成本（COGS）。否则，减记在利润表中作为单独的减值损失项目列示，以便贷款人和投资者评估资产贬值的影响。

The asset's carrying value on the balance sheet is written down to fair value. Shareholders' equity on the balance sheet is reduced as a result of the impairment loss on the income statement. An impairment may also create a deferred tax asset or reduce a deferred tax liability because the write-down is not tax deductible until the affected assets are physically sold or disposed.

资产负债表上资产的账面价值减记至公允价值。资产负债表上的股东权益因利润表中的减值损失而减少。减值还可能产生递延税资产或减少递延税负债，原因在于，在受影响的资产实际出售或处置之前，减记不可扣税。

In terms of financial statement ratios, a write down to a fixed asset will cause the current and future fixed-asset turnover to improve, as net sales will now be divided by a smaller fixed asset base. Because shareholders' equity falls, debt-to-equity rises. Debt-to-assets will be higher as well, with the lower asset base. Future net income potential rises because the lower asset value reduces future depreciation expenses.

就财务报表比率而言，固定资产减记会提高当前和未来的固定资产周转率，即净销售额除以较小的固定资产基数。股东权益减少，债务股本比上升。同时，资产基础较低，债务资产比也会更高。由于资产价值较低，未来折旧费用减少，那么未来净利润具有上升潜力。

Special Considerations

特殊注意事项

Assets Held for Sale

持有待售资产

Assets are said to be impaired when their net carrying value is greater than the future un-discounted cash flow that these assets can provide or be sold for. Under GAAP, impaired assets must be recognized once it is evident this book value cannot be recovered. Once impaired, the asset can be written down if it remains in use, or classified as an asset "held for sale" which will be disposed of or abandoned.

当资产的账面净值大于资产可提供或出售的未来未折现现金流时，资产会被认为减值。美国公认会计准则规定，如果账面价值明显无法收回，则必须确认减值资产。发生减值时，如果资产仍在使用，则可以减记，或者归类为“持有待售”资产进行处置或放弃。

The disposition decision differs from a typical write-down because once a company classifies impaired assets as "held for sale" or abandonment, they are no longer expected to contribute to ongoing operations. The book value would need to be written down to the fair market value less any costs to sell the item. For more on impairment recognition and measurement, read How do businesses determine if an asset may be impaired?

处置决策与减记的不同之处在于，一旦公司将减值资产归类为“持有待售”资产或放弃资产，这些资产将不再用于公司的日常运营；而账面价值需要减记至公允市场价值减去销售成本。想要了解更多有关减值确认和计量的信息，请阅读《企业如何确定资产是否发生减值？》一文。

Big Bath Accounting

巨额冲销法

Companies often write down assets in quarters or years in which earnings are already disappointing, to get all the bad news out at once – which is known as “taking a bath." A big bath is a way of manipulating a company's income statement to make poor results look even worse, to make future results look better.

公司通常会在盈利不如人意的季度或年度减记资产，立即公开所有坏消息，俗称“洗大澡”。“洗大澡”是操纵公司利润表的一种方式，让本就糟糕的业绩看起来更差，为未来实现盈利拓展空间。

For example, banks often write down or write off loans when the economy goes into recession and they face rising delinquency and default rates on loans. By writing off the loans in advance of any losses—and creating a loan loss reserve—they can report enhanced earnings if the loan loss provisions turn out to be overly pessimistic when the economy recovers.

例如，经济下行期，贷款拖欠率和违约率持续上升，银行通常会减记或冲销贷款。银行在产生任何损失之前冲销贷款，并设立贷款损失准备金，如果经济复苏时贷款损失准备金过于悲观，银行可以报告盈利增加。