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1、0外文文獻(xiàn)翻譯外文文獻(xiàn)翻譯原文：RecentDevelopmentsinFairValueAccountingSFAS157FairValueMeasurementswhichbecameeffectiveinJanuary2008definesfairvalueprovidescomprehensiveimplementationguidancefapplyingittoassetsliabilitiesfmeasurementund

2、erGAAP.Sincethenthemeltdownoffinancialmarketsadeepeningrecessionhaveledtoareappraisaloffairvalueaccounting.Criticsarguethatthefairvalueaccountingcommonlycalledmarktomarketaccountinghasexacerbatedthecrisisbyrequiringsigni

3、ficantwritedownofassetsresultinginsharpdecreasesinregulatycapitalofbanksotherfinancialinstitutions(seeWilliamIsaac“HowtoSavetheFinancialSystem”WallStreetJournalSeptember192008JohnBerlau“MaybetheBanksAreJustCountingWrong”

4、WallStreetJournalSeptember202008GaryGton“ThePanicof2007”YaleICFWkingPaperNo.0824abstract=1255362).ThecrisisledtoswiftunprecedentedactionsfromtheTreasuryDepartmenttheFederalReserveCongressincludingthe$700billionTroubledAs

5、setsReliefProgram(TARP)tohelpfinancialinstitutions.InOctober2008CongresspassedtheEmergencyEconomicStabilizationActauthizingtheSECtosuspendSFAS157fsomeissuerscertaintransactionsindertoprotectinveststhepublicinterest.Theac

6、talsodirectedtheSECtostudythestard’simpactonfinancialinstitutions’balancesheetsonbankfailuresaswellastosuggestalternativeaccountingstards.FASBsoonissuedthreeStaffPositions(FSP)—FSPFAS1574“DeterminingFairValueWhentheVolum

7、eLevelofActivityftheAssetLiabilityHaveSignificantlyDecreasedIdentifyingTransactionsThatAreNotderly”FSPFAS1071APB281“InterimDisclosuresAboutFairValueofFinancialInstruments”FSPFAS11521242“RecognitionPresentationofOtherThan

8、TemparyImpairments”—aspartofitsresponsetotheconcernsrelatedtomeasurementrecognitionoffairvalueininactive2significantdeclinesinanasset’svolumeleveloftradingactivityoccuravailablepricesvarysignificantlyovertimeamongmarketp

9、articipantsifobservablepricesarenotcurrentthemarketsmaybedeemedinactive.ThefairvaluemeasurementobjectivesofSFAS157shouldapplyequallytoinactiveactivemarkets.NeverthelessFSPFAS1573doesnotdefine“inactive”whileitmentionsseve

10、ralfactssuchasquotedpricesanalystreptsinterestratesbrokerquotestobeconsideredindeterminingfairvalueitprovidesnoguidanceastotheirrelativeimptancehowtoaggregatethem.Companiesthemselvesshoulddeterminewhetherthemarketfaparti

11、cularassetisinactiveonthemeasurementdateifsodecideonthenecessaryadjustmentsfobservableinputs.FSPFAS1573alsorequirestheconsiderationofnonperfmanceliquidityrisksinvaluation.Nonperfmanceriskreferstoobligationsthattheliabili

12、tywillnotbefulfilledliquidityriskreferstothebuyerfindingdifficultysellingtheassetundercurrentmarketconditions.Addingliquiditypremiumswhichcanbesubstantialininactivemarketsputsthefairvaluebacktowhatthemarketparticipantswi

13、llpayatthemeasurementdateessentiallyreflectinginactivedisderlymarkets.TheseshtcomingsledFASBtorescindFSPFAS1573inApril2009makingiteffectiveonlyfromthelastquarterof2008tothefirstquarterof2009.TheSEC’sDecember2008marktomar

14、ketaccountingstudyhadrecommendedthatFASBprovideadditionalguidancetoidentifyfceddistressedtransactionsinactivemarketsdeterminefairvalueundersuchconditions.InMarch2009theHouseFinancialServicesCommitteeheldahearingonmarktom

15、arketaccountingwhereiturgedFASBtoactquicklyfacelegislativeintervention.TomeettheSECmatetoaddresstheconcernsexpressedatthehearinginApril2009FASBissuedFSPFAS1574.SupersedingFSPFAS1573FSPFAS1574becameeffectivefreptingperiod

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