By JAMES CHEN

Reviewed by EBONY HOWARD

编写人：JAMES CHEN

审核人：EBONY HOWARD

What Is a Held-For-Trading Security?

什么是交易性金融资产？

A held-for-trading security is a debt or equity investment that investors purchase with the intent of selling within a short period of time, usually less than one year. Within that time frame, the investor hopes to see appreciation in the value of the security and sell it for a profit.

交易性金融资产是投资者购买后有意在较短期限内（通常是一年以内）出售的债务投资或权益投资。投资者希望在购买后至出售前的期间证券升值，然后出售获得利润。

Because of accounting standards, companies have to classify investments in debt or equity securities when they are purchased. Other than held-for trading, other options include held-to maturity or available for sale.

依据会计准则，公司必须在购买债务证券或权益证券时对其进行分类。除交易性金融资产外，还包括持有至到期证券和可供出售金融资产。

KEY TAKEAWAYS

关键要点

·A held-for-trading security is a debt or equity investment purchased with the intention of short-term gain.

交易性金融资产是为获得短期收益而购买的债务投资或权益投资。

·Any gains or losses for a held-for-trading security during its period of holding must be reported on the balance sheet of the trading firm.

交易性金融资产在持有期间的任何损益必须在贸易公司的资产负债表上列报。

·On the balance sheet, held-for-trading securities are considered current assets.

交易性金融资产在资产负债表作为流动资产列示。

·Held-for-trading securities are reported at fair value, and unrealized/gains or losses are reflected in earnings.

交易性金融资产按公允价值列报，未实现损益计入收益。

·Accounting standards require debt or equity securities to be classified when they are purchased. In addition to held-for-trading, classifications include held-to-maturity and available for sale.

会计准则规定，购买债务证券或权益证券时必须对其进行分类。除交易性金融资产外，还包括持有至到期证券和可供出售金融资产。

Understanding a Held-For-Trading Security

了解交易性金融资产

Held-for-trading securities can generate a profit from short-term price changes when investors sell them in the near term. They are short-term assets, and their accounting reflects that fact; the value of these investments is reported at fair value, and unrealized gains and/or losses are included as earnings.

投资者在短期内出售交易性金融资产，可从短期价格变化中获利。交易性金融资产属于短期资产，这一点从其会计处理就可以看出；交易性金融资产的价值按公允价值列报，未实现损益计入收益。

The initial cost basis of these investments equals their fair value at the time of purchase. Over time, the market value of trading securities changes, and investors must report any unrealized gains and/or losses as earnings. The calculation of those gains and losses involves comparing a trading security's fair market value to its original purchase cost basis.

交易性金融资产的初始成本等于购买时的公允价值。一段时间后，交易性金融资产的市值会发生变化，必须将未实现损益计入收益。所述损益的计算涉及对交易性金融资产的公允市值与原始购买成本进行比较。

Held-for-trading securities are classified as current assets since they will be sold within a year and the cash flows from these securities are considered operating cash flows. Cash flows from held-to-maturity and available for sale securities are cash flows from investing.

交易性金融资产将在一年内出售，属于流动资产。交易性金融资产产生的现金流被视为营业现金流，而持有至到期证券和可供出售金融资产产生的现金流属于投资活动产生的现金流。

Held-For-Trading Security and Fair Value Adjustment

交易性金融资产与公允价值调整

Any increase or decrease in the fair value of a held-for-trading security requires an accounting adjustment. One must add or subtract the change from the security's previously reported value on the financial statements.

交易性金融资产的公允价值增加或减少，均需要进行会计调整，即在财务报表所示价值的基础上加上或减去变动额。

An accountant achieves this by debiting an increase or crediting a decrease in the fair-value change to an account called "securities fair value adjustment (trading)," which is a sub-account of the asset account for trading securities. A debit or a credit to the account of securities fair value adjustment is an accumulation or deficit, respectively, to the fair value of the trading security.

为进行会计调整，会计师会将公允价值的增加或减少借记或贷记“证券公允价值调整（交易）”账户，该账户是交易性金融资产的子账户。借记或贷记“证券公允价值调整”账户，即表示交易性金融资产公允价值的增加或减少。

Changes in the fair value of a held-for-trading security from one period to another become an unrealized gain or loss to earnings.

就交易性金融资产而言，会计期间之间的公允价值变动记为收益的未实现损益。

A debit to the account of securities fair value adjustment from an increase in the security's fair value requires a credit to record the unrealized gain that adds to net income. Conversely, a credit to the account of securities fair value adjustment from a decrease in the security's fair value requires a debit to record the unrealized loss that reduces net income.

交易性金融资产公允价值增加，借记“证券公允价值调整”账户，贷方需记录使净利润增多的未实现收益。相反，交易性金融资产公允价值减少，贷记“证券公允价值调整”账户，借方需记录使净利润减少的未实现损失。

Example of a Held-For-Trading Security

交易性金融资产示例

Suppose that Company ABC purchased a security with the intent of selling it within a year. That security was recorded at its purchase costs when it was bought.

假设ABC公司购买了一种证券，并打算在一年内出售，该证券在购买时按其购买成本记录。

Now suppose that nine months have gone by and the security had a fair value of $1,000 as last reported on its financial statements. In the following quarter, by the end of the current accounting period, the security is trading for $1,200 in the market, which is the fair value of the security.

现在假设九个月过去了，上次财务报表中列示的证券公允价值为1,000美元。在下个季度，即当前会计期末，该证券的市场交易价格为1,200美元，也就是该证券的公允价值。

Per accounting standards, the company will have to record the new fair value of the security in its quarterly reporting. The fair-value-adjustment accounting requires a debit of $200 to the securities-fair-value-adjustment account.

依据会计准则，公司必须在季度报告中记录证券的新公允价值。按公允价值调整会计规定，需在“证券公允价值调整”账户中借记200美元。

Given the original value of $1,000, the trading-security account for this particular security ends the period with a fair value of $1,200. The $200 is also an unrealized gain that is reflected in earnings.

该证券的原始价值为1,000美元，其交易性金融资产账户在该会计期间结束时的公允价值为1,200美元，200美元是计入收益的未实现收益。

When the next accounting period arrives and the updated fair value of the security needs to be recorded, the calculation determining an increase or decrease will start from $1,200.

在下一会计期间，若需要记录该证券的新公允价值，则应以1,200美元为起点，通过计算确定公允价值增加还是减少。