會計專業(yè)外文翻譯----公允價值測量

1、<p>　　畢業(yè)設(shè)計（論文）外文文獻(xiàn)翻譯</p><p><b>　　公允價值測量</b></p><p>　　1 在 2006 年二月，國際會計準(zhǔn)則委員會 (IASB) 和美國財務(wù)會計標(biāo)準(zhǔn)委員會 (FASB) 公布了再斷言他們對美國公認(rèn)會計原則 (GAAP) 和國際的金融報告標(biāo)準(zhǔn) (IFRSs) 的集中承諾的一個備忘錄和對他們的發(fā)展中高級質(zhì)量的被分享的目的

2、, 公共的為全球的使用資本市場的會計準(zhǔn)則。集中工作在備忘錄中被宣布的節(jié)目反映為使用 IFRSs ，而且在美國被登記的非美國公司為調(diào)節(jié)需要的拆遷以 IASB 、 FASB 和歐盟委員會在請教被美國證券交易管理委員會發(fā)展的 '路線圖' 的設(shè)定標(biāo)準(zhǔn)上下文。工作節(jié)目關(guān)于測量公允價值包括一個計劃。 </p><p>　　2 FASB 最近已經(jīng)發(fā)行『財務(wù)會計準(zhǔn)則匯編』 157 號公允價值測量 (SFAS 15

3、7) ，在那里在備忘錄被公布了之前，工作前進(jìn)得好。SFAS 157 連同為美國 GAAP 測量公允價值的架構(gòu)一起建立一種公允價值的定義。IASB 關(guān)于在 IFRSs 測量公允價值辨認(rèn)出對指導(dǎo)的需要了和為增加的集中用美國 GAAP。結(jié)果， IASB 決定為它的熟慮以 FASB 的標(biāo)準(zhǔn)作為出發(fā)點。作為它的計劃的第一個階段,IASB 在被包含在 SFAS 157 的主要的發(fā)行上正在這討論證券中出版它的初步視野。 </p>&l

4、t;p>　　3 IASB 計劃連同討論稿的發(fā)展在這討論證券上舉行回合-表格的會議。如果你對參加一個回合-表格的會議感興趣，請在對這邀請的你的回應(yīng)指出發(fā)表評論。請注意, 因為時間安排和場地拘束,正在指出一個利息可能能夠參加的不是所有的人。</p><p>　　4 IASB 將會考慮反應(yīng)至這邀請發(fā)表評論和在公允價值測量上發(fā)展 IFRS 的一個討論稿方面相關(guān)的回合-表格的討論。討論稿將會被明確地為 IFRSs 的

5、申請準(zhǔn)備.雖然SFAS 157 的食品可能被用于討論稿的預(yù)備, 但是，他們可能被重述或者改變對其他的 IFRSs 感到一致而且反映 IASB 的決定。IASB 計劃在 2008 年初之前公布一個討論稿。</p><p>　　5 在 2005 年十一月，IASB 為評論一個討論證券公布, 測量基礎(chǔ)為財務(wù)會計 - 在被加拿大會計準(zhǔn)則委員會的全體職員寫的原始承認(rèn)上的測量。雖然那證券包含了公允價值的討論, 但是，它的主要

6、目的將討論哪些測量歸屬適合原始承認(rèn)。那證券是在其他的事物之中尋求建立在金融報告中的測量架構(gòu)的繼續(xù)基本概念計劃的一部份。因為不同范圍和那證券的意圖，它不在這討論證券中被討論。然而，在那討論上發(fā)表評論與公允價值的測量有關(guān)的證券在公允價值測量上和在基本概念計劃將會在 IFRS 的討論稿的發(fā)展被考慮。發(fā)行在現(xiàn)在的 IFRSs 中的 SFAS 157 和公允價值測量指導(dǎo)。</p><p>　　6 IFRSs 需要一些資產(chǎn)、

7、負(fù)債和權(quán)益證券在一些環(huán)境中的公允價值被測量。然而，指導(dǎo)關(guān)于在 IFRSs 各處測量公允價值被驅(qū)散而且不總是一致。IASB 相信為是必需的所有的公允價值測量建立一個指導(dǎo)的根源由 IFRSs 將會兩者都單一化 IFRSs 而且改善被包含在財務(wù)報告之中的公允價值數(shù)據(jù)的質(zhì)量。一種公允價值的簡潔定義和適用于所有的公允價值測量的一致的指導(dǎo)結(jié)合了會更清楚溝通公允價值測量的目的而且除去對成份的需要考慮指導(dǎo)在 IFRSs 各處傳播。 </p>

8、;<p>　　7 IASB 強調(diào)公允價值測量計劃不是在金融報告中擴(kuò)張公允價值的使用的方法。然而，計劃的目的將編成法典, 澄清而且單一化存在 IFRSs 廣泛地被驅(qū)散的指導(dǎo)。然而, 為了要建立由 IFRSs 提供統(tǒng)一的指導(dǎo)給是必需的所有的公允價值測量的一個單本位, 修正將會需要被制造現(xiàn)有的指導(dǎo)。依照在發(fā)行更進(jìn)一步地討論，修正可能改變公允價值如何在一些標(biāo)準(zhǔn)和需要如何被解釋而且應(yīng)用中被測量。</p><p&g

9、t;　　8 即使指導(dǎo)不是一致具有公允價值測量目的，在一些 IFRSs 中，IASB(或它的前任身體) 有意識地包含了測量造成被對待好像它是公允價值的一個測量的指導(dǎo)。舉例來說，段落 IFRS 3 企業(yè)聯(lián)合的 B16 提供對公允價值測量目的感到不一致的指導(dǎo)，因為項目在一個企業(yè)聯(lián)合，像是稅資產(chǎn)中獲得,為定義利益計劃征負(fù)債稅而且用網(wǎng)捕雇員利益資產(chǎn)或負(fù)債。此外，一些 IFRSs 包含測量可靠性標(biāo)準(zhǔn)。只有當(dāng)如果公允價值能靠地被測量，舉例來說，信息家

10、電 16 特性、工廠和設(shè)備允許要用的再估價模型。 這一個計劃將不改變?nèi)魏蔚哪侵笇?dǎo)。然而, 指導(dǎo)將會是計劃的考慮過計劃。然而， IASB 計劃使用公允價值測量計畫建立指導(dǎo)哪里現(xiàn)在有沒有人, 像是在信息家電 17 租賃, 連同除去不清楚地以關(guān)節(jié)連接一個測量目的不一致的指導(dǎo)。</p><p>　　9 因為 SFAS 157 建立一個指導(dǎo)的根源和能被適用于所有的公允價值測量的一個目的， IASB 已經(jīng)到達(dá) SFAS 1

11、57 是在 IFRSs 的不同指導(dǎo)方面的一個改良的初步的視野。然而，當(dāng)做在下面更詳細(xì)地討論， IASB 在 SFAS 157 的所有食品上還沒有到達(dá)預(yù)備的視野。差額在 SFAS 157 的公允價值的定義之間和在 IFRSs</p><p>　　10 SFAS 157 的第 5 段定義公允價值當(dāng)做 '會被收到銷售一個財產(chǎn)的價格或者支付在測量日期在市場叁加者之間的一個有秩序的交易事項中轉(zhuǎn)移一個責(zé)任。公允價值通

12、常在 IFRSs 被定義當(dāng)做 '合計為哪一個財產(chǎn)可能被交換, 或一個責(zé)任付清, 在一個正常交易的聰明又樂意的政黨之間'.在 SFAS 157 的定義在三個重要的方法中IFRSs 上不同于定義:</p><p>　　(a)在 SFAS 157 的定義明確地是出口 (賣盤) 價格。在 IFRSs 的 Thedefinition 是既不明確地出口價格也不記錄 (買盤) 價格。</p>&l

13、t;p>　　(b)在 SFAS 157 的定義明確地提到銷售參加者。在 IFRSs 的定義在一個正常交易中提及聰明又樂意的政黨。</p><p>　　(c)對于負(fù)債,責(zé)任被轉(zhuǎn)移的在概念上的 SFAS 157 決算期的公允價值的定義 (對 counterparty 責(zé)任繼續(xù)；它不與 counterparty 一起付清)。在 IFRSs 的定義提及合計在哪一個責(zé)任可能在一個正常交易中被付清。</p>

14、<p>　　11 這些差額更詳細(xì)地被討論。</p><p>　　問題2A： 出口價格測量目的</p><p>　　12 對于 SFAS 157 的結(jié)論的基價包括下列的討論:</p><p>　　C26 交易事項銷售財產(chǎn)或者轉(zhuǎn)移責(zé)任在測量日期是一個假設(shè)的交易事項, 從持平財產(chǎn)，或者虧欠責(zé)任的市場參加者的觀點考慮。因此，公允價值測量的目的將決定會為財產(chǎn)被

15、收到的價格或者支付也就是說在測量日期轉(zhuǎn)移責(zé)任出口價格。 委員會 [FASB] 總結(jié)因為它具體表達(dá)與從市場叁加者的觀點與責(zé)任有關(guān)的財產(chǎn)和將來的流出有關(guān)的關(guān)于將來的流入現(xiàn)在的期待，一個出口價格目的是適當(dāng)?shù)摹Ｔ诹魅牒土鞒錾系膹娬{(diào)是一致的具有 FASB 概念聲明 6 號的資產(chǎn)與負(fù)債的定義, 金融邀請的元素發(fā)表評論聲明。概念聲明 6 的第 25 段根據(jù)將來的經(jīng)濟(jì)效益 (未來流入) 定義資產(chǎn)。 概念聲明 6 的第 35 段根據(jù)經(jīng)濟(jì)效益 (未來流出)

16、 的將來犧牲定義負(fù)債。</p><p>　　13 IASB 預(yù)備和財務(wù)報表的提示的架構(gòu)的第 49 段同樣地根據(jù)經(jīng)濟(jì)效益的流入和流出定義資產(chǎn)與負(fù)債。因為它反映經(jīng)濟(jì)效益的流轉(zhuǎn)的現(xiàn)在位于市場期待進(jìn)入，所以大多數(shù)的 IASB 成員相信一個公允價值測量用一個出口價格目的是一致的具有這些定義而且是適當(dāng)?shù)幕驈膫€體。 </p><p>　　14 其他的 IASB 成員同意這視野，但是在他們的視野中一個入

17、帳價格也反映經(jīng)濟(jì)效益的流轉(zhuǎn)的現(xiàn)在位于市場期待進(jìn)入或從個體。因此, 他們建議用測量歸屬更描述的條件更換期‘公允價值'，像是日常記錄定價格或現(xiàn)在的出口價格。</p><p>　　15 一個入帳價格測量目的會在它會被定義為會被支付獲得一個財產(chǎn)或者收到在測量日期在市場叁加者之間的一個有秩序的交易事項中承擔(dān)一個責(zé)任的價格中在 SFAS 157 上不同于出口價格目的。IASB 的一些成員是有視野的一個入帳價格和出口價

18、格會在相同的市場中是相同的合計, 傲慢的那交易事項費用被排除。然而，一個個體可能在一個市場中購買一個財產(chǎn)或者承擔(dān)一個責(zé)任而且銷售那個相同的財產(chǎn)或者在另外的一個市場中轉(zhuǎn)移那個相同的責(zé)任 (沒有修改的 ie 或再包裝)。在如此的環(huán)境中，在 SFAS 157 的出口價格會可能不同于入帳價格。</p><p>　　16個一些公允價值測量必需的由 IFRSs 可能不對一個出口價格測量目的感到一致。 尤其，IASB 觀察當(dāng)

19、公允價值在原始承認(rèn)上被需要的時候，這可能是情形，像是在:</p><p><b>　　(a)IFRS 3</b></p><p>　　(b)信息家電 17 為在一個融資租賃下面的一個承租人的資產(chǎn)與負(fù)債的原始承認(rèn), 和</p><p>　　(c)信息家電 39 金融證券: 為一些財務(wù)資產(chǎn)和金融負(fù)債的原始承認(rèn)的承認(rèn)和測量。</p>&

20、lt;p>　　17 在發(fā)展一個討論稿方面，IASB 可能提出一種公允價值的修正后定義。如果如此，它將會完成一個標(biāo)準(zhǔn)-在-之前公允價值測量的標(biāo)準(zhǔn)評論必需的在 IFRSs 估定每個標(biāo)準(zhǔn)的有意測量目的是否是一致的具有被提議的定義。如果 IASB 總結(jié)一個特別的標(biāo)準(zhǔn)的有意的測量目的是不一致的具有公允價值的被提議定義，或標(biāo)準(zhǔn)將會被排除在討論稿的范圍之外或者有意的測量目的將會使用公允價值之外的一個期被重新敘述.(像是‘日常記錄價值’) 為了

21、要協(xié)助它的評論，IASB 想要了解在 IFRSs 的公允價值測量指導(dǎo)如何現(xiàn)在在實務(wù)中被應(yīng)用。它因此請求被告在 IFRSs 識別那些公允價值測量為哪一個實務(wù)在 SFAS 157 上不同于公允價值測量目的。 </p><p>　　問題2B：市場參加者視野</p><p>　　18 SFAS 157 強調(diào)一個公允價值測量是市場基礎(chǔ)測量而不是一個個體-特有的測量。 因此,公允價值測量應(yīng)該基于市

22、場參與者會在訂定財產(chǎn)或責(zé)任的價格方面使用的假設(shè)被建立。此外，那里的任何時候是有限公司或者沒有觀察得出的市場活動，客觀的公允價值測量保持相同: 決定價格。那會被收到銷售一個財產(chǎn)或者被支付在測量日轉(zhuǎn)移責(zé)任在市場參加者之間的有秩序的交易事項,不管個體的意圖或者能力在那日期銷售財產(chǎn)或轉(zhuǎn)移責(zé)任。</p><p>　　19 SFAS 157 的第 10 段為財產(chǎn)在主要的 (或者大部分有利的) 市場中定義市場參加者作為買主誰是

23、:</p><p>　　(a)不依賴報告?zhèn)€體；</p><p>　　(b)聰明的, 有關(guān)于財產(chǎn)的合理理解或責(zé)任和交易事項基于所有的可得數(shù)據(jù), 包括可能被獲得過平常和習(xí)慣的適當(dāng)?shù)那趭^努力的數(shù)據(jù)。</p><p>　　(c)能夠為財產(chǎn)或責(zé)任辦理。</p><p>　　(d)樂意的為財產(chǎn)或責(zé)任辦理; 那是, 他們被給與動機(jī)但是不強迫或者強迫這么做。

24、</p><p>　　20 在比較中，在 IFRSs 的公允價值的定義提到樂意的政黨在一個正常交易中。信息家電 40 投資特性的第 42 段 44 提供這一個概念的描述：</p><p>　　42種公允價值的定義提及 '聰明又樂意的政黨'。在這上下文，‘聰明的'意謂樂意的買主和樂意的賣主是被適度告知的自然，而且投資特性，它的真實又潛在使用和市場的特性在結(jié)帳日為條件。

25、一個樂意的買主被給與動機(jī)，但是不強迫，購買。這一個買主是既非在-之上熱心的也不決定以任何的價格購買。假裝的買主不超過組成聰明又樂意的買主的一個市場支付較高的價格，而且賣主會需要。</p><p>　　43 一個樂意的賣主是既非一在-之上熱心的也不一個被迫的賣主,準(zhǔn)備以任何的價格銷售, 也不一準(zhǔn)備為不在現(xiàn)在的市場情況被視為合理的價格維持。樂意的賣主被給與動機(jī)以最佳價格在市場用語銷售投資特性可獲得的。因為樂意的賣主是

26、一個假設(shè)的所有者，所以真實投資業(yè)主的事實環(huán)境不是一個這考量的部份。</p><p>　　44種公允價值的定義提及一個正常交易。交易事項在沒有一個特別的政黨或者特別的市場使價格交易事項不特性情況的關(guān)系之間是一。交易事項被假定在無關(guān)的政黨之間, 每個獨立地行動。</p><p>　　21 IASB 的初步視野是市場參加者視野對一個現(xiàn)在被包含在 IFRSs 的正常交易的聰明又樂意政黨的概念感到通

27、常一致。然而，在 IASB 的視野中，被提議的定義更清楚在 IFRSs 以關(guān)節(jié)連接位于市場的公允價值測量目的。</p><p>　　Fair Value Measurements</p><p>　　1 In February 2006 the International Accounting Standards Board (IASB) and the US Financial Acco

28、unting Standards Board (FASB) published a Memorandum of Understanding reaffirming their commitment to the convergence of US generally accepted accounting principles (GAAP) and International Financial Reporting Standards

29、(IFRSs) and to their shared objective of developing high quality, common accounting standards for use in the world’s capital markets. The convergence work programme set out in the Mem</p><p>　　2 The FASB ha

30、s recently issued Statement of Financial Accounting Standards No. 157 Fair Value Measurements (SFAS 157), on which work was well advanced before the Memorandum of Understanding was published. SFAS 157 establishes a sin

31、gle definition of fair value together with a framework for measuring fair value for US GAAP. The IASB recognised the need for guidance on measuring fair value in IFRSs and for increased convergence with US GAAP. Conseq

32、uently, the IASB decided to use the FASB’s stan</p><p>　　3 The IASB plans to hold round-table meetings on this discussion paper in conjunction with the development of an exposure draft. Please indicate in yo

33、ur response to this Invitation to Comment if you are interested in taking part in a round-table meeting. Please note that, because of timing and space constraints, not all of those indicating an interest may be able to

34、take part.</p><p>　　4 The IASB will consider responses to this Invitation to Comment and the related round-table discussions in developing an exposure draft of an IFRS on fair value measurement. The exposur

35、e draft will be prepared specifically for application to IFRSs. Although provisions of SFAS 157 may be used in the preparation of an exposure draft, they may be reworded or altered to be consistent with other IFRSs and

36、to reflect the decisions of the IASB. The IASB plans to publish an exposure draft by early 2</p><p>　　5 In November 2005 the IASB published for comment a discussion paper, Measurement Bases for Financial Ac

37、counting – Measurement on Initial Recognition, written by the staff of the Canadian Accounting Standards Board. Although that paper contained a discussion of fair value, its primary purpose was to discuss which measurem

38、ent attributes were appropriate for initial recognition. That paper is part of the ongoing Conceptual Framework project that seeks to establish, among other things, a framework</p><p>　　6 IFRSs require some

39、assets, liabilities and equity instruments to be measured at fair value in some circumstances. However, guidance on measuring fair value is dispersed throughout IFRSs and is not always consistent. The IASB believes t

40、hat establishing a single source of guidance for all fair value measurements required by IFRSs will both simplify IFRSs and improve the quality of fair value information included in financial reports. A concise definiti

41、on of fair value combined with consiste</p><p>　　7 The IASB emphasises that the Fair Value Measurements project is not a means of expanding the use of fair value in financial reporting. Rather, the objectiv

42、e of the project is to codify, clarify and simplify existing guidance that is dispersed widely in IFRSs. However, in order to establish a single standard that provides uniform guidance for all fair value measurements re

43、quired by IFRSs, amendments will need to be made to the existing guidance. As discussed further in Issue 2, the amendment</p><p>　　8 In some IFRSs the IASB (or its predecessor body) consciously included mea

44、surement guidance that results in a measurement that is treated as if it were fair value even though the guidance is not consistent with the fair value measurement objective. For example, paragraph B16 of IFRS 3 Busines

45、s Combinations provides guidance that is inconsistent with the fair value measurement objective for items acquired in a business combination such as tax assets, tax liabilities and net employee benefit a</p><

46、;p>　　9 Because SFAS 157 establishes a single source of guidance and a single objective that can be applied to all fair value measurements, the IASB has reached the preliminary view that SFAS 157 is an improvement on t

47、he disparate guidance in IFRSs. However, as discussed in more detail below, the IASB has not reached preliminary views on all provisions of SFAS 157.</p><p>　　Issue 2. Differences between the definitions o

48、f fair value in SFAS 157 and in IFRSs</p><p>　　10 Paragraph 5 of SFAS 157 defines fair value as ‘the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction b

49、etween market participants at the measurement date.’ Bycomparison, fair value is generally defined in IFRSs as ‘the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing par

50、ties in an arm’s length transaction’ (withsome slight variations in wording in different standards). Thedefinition in SF</p><p>　　(a)The definition in SFAS 157 is explicitly an exit (selling) price. Thedefi

51、nition in IFRSs is neither explicitly an exit price nor an entry (buying) price.</p><p>　　(b)The definition in SFAS 157 explicitly refers to market participants. The definition in IFRSs refers to knowledgeab

52、le, willing parties in an arm’s length transaction.</p><p>　　(c)For liabilities, the definition of fair value in SFAS 157 rests on the notion that the liability is transferred (the liability to the counterpa

53、rty continues; it is not settled with the counterparty). The definition in IFRSs refers to the amount at which a liability</p><p>　　could be settled between knowledgeable, willing parties in an arm’s length

54、transaction.</p><p>　　11 These differences are discussed in more detail below.</p><p>　　Issue 2A. Exit price measurement objective</p><p>　　12 The Basis for Conclusions of SFAS 157

55、 includes the following discussion:</p><p>　　C26The transaction to sell the asset or transfer the liability is a hypothetical transaction at the measurement date, considered from the perspective of a market

56、participant that holds the asset or owes the liability. Therefore, the objective of a fair value measurement is to determine the price that would be received for the asset or paid to transfer the liability at the measur

57、ement date, that is, an exit price. The Board [FASB] concluded that an exit price objective is appropriate because it </p><p>　　13 Paragraph 49 of the IASB’s Framework for the Preparation and Presentation of

58、 Financial Statements similarly defines assets and liabilities in terms of inflows and outflows of economic benefits. The majority of IASB members believe that a fair value measurement with an exit price objective is c

59、onsistent with these definitions and is appropriate because it reflects current market-based expectations of flows of economic benefit into or out of the entity. </p><p>　　14 Other IASB members agree with t

60、his view, but in their view an entry price also reflects current market-based expectations of flows of economic benefit into or out of the entity. Therefore, they suggest replacing the term ‘fair value’ with terms that

61、are more descriptive of the measurement attribute, such as ‘current entry price’ or ‘current exit price’.</p><p>　　15 An entry price measurement objective would differ from the exit price objective in SFAS 1

62、57 in that it would be defined as the price that would be paid to acquire an asset or received to assume a liability in an orderly transaction between market participants at the measurement date. Some members of the IAS

63、B are of the view that an entry price and an exit price would be the same amount in the same market, assuming that transaction costs are excluded. However, an entity might buy an asset o</p><p>　　16Some fa

64、ir value measurements required by IFRSs might not be consistent with an exit price measurement objective. In particular, the IASB observes that this might be the case when fair value is required on initial recognition,

65、such as in:</p><p>　　(a)IFRS 3, </p><p>　　(b)IAS 17 for the initial recognition of assets and liabilities by a lessee under a finance lease, and</p><p>　　(c)IAS 39 Financial Instrum

66、ents: Recognition and Measurement for the initial recognition of some financial assets and financial liabilities.</p><p>　　17In developing an exposure draft, the IASB may propose a revised definition of fair

67、 value. If so, it will complete a standard-by-standard review of fair value measurements required in IFRSs to assess whether each standard’s intended measurement objective is consistent with the proposed definition. If

68、 the IASB concludes that the intended measurement objective in a particular standard is inconsistent with the proposed definition of fair value, either that standard will be excluded from the scop</p><p>　　I

69、ssue 2B. Market participant view</p><p>　　18SFAS 157 emphasises that a fair value measurement is a market-basedmeasurement, not an entity-specific measurement. Therefore, a fairvalue measurement should be

70、based on the assumptions that marketparticipants would use in pricing the asset or liability. Furthermore, evenwhen there is limited or no observable market activity, the objective ofthe fair value measurement remains t

71、he same: to determine the price</p><p>　　that would be received to sell an asset or be paid to transfer a liability inan orderly transaction between market participants at the measurementdate, regardless of

72、the entity’s intention or ability to sell the asset ortransfer the liability at that date.</p><p>　　19Paragraph 10 of SFAS 157 defines market participants as buyers andsellers in the principal (or most advan

73、tageous) market for the asset orliability who are:</p><p>　　(a)Independent of the reporting entity; that is, they are not related parties</p><p>　　(b)Knowledgeable, having a reasonable understan

74、ding about the asset or liability and the transaction based on all available information, including information that might be obtained through due diligence efforts that are usual and customary</p><p>　　(c)A

75、ble to transact for the asset or liability</p><p>　　(d)Willing to transact for the asset or liability; that is, they are motivated but not forced or otherwise compelled to do so.</p><p>　　20In c

76、omparison, the definition of fair value in IFRSs refers to‘knowledgeable, willing parties in an arm’s length transaction’.Paragraphs 42-44 of IAS 40 Investment Property provide a description of this concept:</p>&

77、lt;p>　　42The definition of fair value refers to ‘knowledgeable, willing parties’.In this context, ‘knowledgeable’ means that both the willing buyer and the willing seller are reasonably informed about the nature and c

78、haracteristics of the investment property, its actual and potential uses, and market conditions at the balance sheet date. A willing buyer is motivated, but not compelled, to buy. This buyer is neither over-eager nor d

79、etermined to buy at any price. The assumed buyer would not pay a high</p><p>　　43A willing seller is neither an over-eager nor a forced seller, prepared to sell at any price, nor one prepared to hold out fo

80、r a price not considered reasonable in current market conditions. The willing seller is motivated to sell the investment property at market terms for the best price obtainable. The factual circumstances of the actual i

81、nvestment property owner are not a part of this consideration because the willing seller is a hypothetical owner (ega willing seller would not take into </p><p>　　44The definition of fair value refers to an

82、arm’s length transaction. Anarm’s length transaction is one between parties that do not have a particular or special relationship that makes prices of transactions uncharacteristic of market conditions. The transaction

83、is presumed to be between unrelated parties, each acting independently.</p><p>　　21The IASB’s preliminary view is that the market participant view is generally consistent with the concepts of a knowledgeable

84、, willing party in an arm’s length transaction that are currently contained in IFRSs. However, in the IASB’s view, the proposed definition more clearly articulates the market-based fair value measurement objective in IFR