公允價(jià)值的解釋及其利益關(guān)系[外文翻譯]

1、外文翻譯ExplanationBenefitsofFairValueAccountingMaterialSource:internationalsecuritiesindustryassociationrules1.DefinitionFairvalueisanestimateofthepriceanentitywouldrealizeifitweretosellanassetthepriceitwouldpaytorelieveali

2、ability.Familiarwiththesituationofbuyerssellersinfairtradingconditionsaredeterminedthepriceofthepartiesassociationinfairtradeundertheconditionsofanassetcanbebuyingsellingprice.Inthefairvaluemeasurementtheassetsliabilitie

3、sinthefairtransactionaccdingtothecircumstancewithassetexchangebetweenpartiestheamountofliabilities.Manyfinancialinstruments–suchassharestradedonanexchangedebtsecurities(U.S.Treasurybonds)derivativesaremeasuredreptedatfai

4、rvalue.2.UseofFairValueFairvalueisarequiredmeasurefmanyfinancialinstruments.Determiningwhetherafinancialinstrumentshouldberecdedatfairvalueinacompany’sfinancialstatementsdependsinpartonwhattypeofinstitutionownstheinstrum

5、enttheintendeduseofthatinstrument.Fexampleinthecaseofabrokerdealerahighpercentageofitsassetstypicallyaretradedmusttherefebeaccountedfatfairvalue.Otherinstitutionsrecdfinancialinstrumentsatfairvaluedependingonwhattheirint

6、entisfholdingtheinstrumentthenatureofthebusinessactivity.IfaninstitutiondecidedtoholdaU.S.Treasurybondtomaturityfexamplethebondcanbeshownatitsiginalcost.IftheinstitutionpurchasesanotheridenticalTreasurybondthatitintendst

7、osellinthenearfuturethatbondwouldbeaccountedfatfairvalue.Inadditiontousingfairvaluemeasurestocomplywithpublicreptingrequirementscompaniesmeasuretheirfinancialinstrumentsatfairvaluefanumberofinternalprocessesincluding:mak

8、inginvestingtradingdecisionsmanagingmeasuringrisksdetermininghowmuchcapitaltodevotetovariouslinesofbusinesscalculatingcompensation.Theuseoffairvaluemeasurementsisdeemedtoberelevantintheseareas.Adoptionoffairvaluefinancia

9、lreptingnotonlywillbeoflittlevaluetoanyconstituentbutitwouldmakefinancialyearbeenpressingtheInternationalAccountingStardsBoard(IASB)torelaxitsrulesonfairvalueaccounting.Therulesfcebanksotherstovaluetheirassetsatcurrentma

10、rketprices.Assetholdersarguethatintimesofilliquidfallingmarketsitisdifficultimpossibletovalueassetsaccurately.Fairvalueaccountingisresultinginassetsbeingvaluedatdistressedsalepricesratherthanattheirfundamentalvaluecreati

11、ngadownwardspiral.TheIASBhascounteredthatanyrelaxationinthefairvalueruleswouldcloudthepicturefinvestsregulatscouldsowtheseedsofthenextcrisis.Butlastmonthitmadeasignificantamendmenttotherules.5.BenefitsFairvalueprovidesim

12、ptantinfmationaboutfinancialassetsliabilitiesascomparedtovaluesbasedonlyontheirhisticalcost(iginalpricepaidreceived).Sincefairvaluereflectscurrentmarketconditionsitprovidescomparabilityofthevalueoffinancialinstrumentsbou

13、ghtatdifferenttimes.Inadditionfinancialdisclosuresthatusefairvalueprovideinvestswithinsightintoprevailingmarketvaluesfurtherhelpingtoensuretheusefulnessoffinancialrepts.Regardlessofwhetherfinancialinstrumentsarereptedatf

14、airvalueonthefaceofafirm’sbalancesheetthefinancialstatementfootnotescontaininfmationaboutthefairvaluesofallafirm’sfinancialinstruments.Thesefootnotesprovidedetailsonhowsuchvaluesaredetermined.Quotedpricescomparisontosimi

15、larinstrumentsothervaluationmodelsetc.InadditionfirmswillbeginhighlightingtheirmostcriticalaccountingpoliciesintheManagement’sDiscussionAnalysis(MD&A)sectionoftheirfinancialstatementsfyearsended2001.Manyviewthefairvaluat

16、ionprocessasoneofthosecriticalpolicies.SuchastheenterprisetomakefulluseofidlecapitaltomakefthepurposeofbuyingfromasecondarymarketsharesbondsfundsBelikeagainnotaseffectivehedginginstrumententerpriseofderivativessuchaslong

17、termcontractsfuturescontractexchangeoptionsetc.Inadditiontheenterprisecanbebasedonriskmanagementneedsftheeliminationoffinancialassetsfinancialliabilitiesinaccountingrecognitionmeasurementareinconsistentdirectassignedcert

18、ainfinancialassetsfinancialliabilitiestothefairvaluemeasurement.Thesearelistedasthefairvaluemeasurementinstrumentsitsvalueistoreptthemarketvalueitschangedirectlyincludedinthecurrentprofitslosses.Thisalsomeansthatiftheent