公允價值計量的最新發(fā)展現(xiàn)狀【外文翻譯】_第1頁
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1、外文翻譯原文：RecentDevelopmentsinFairValueAccountingSFAS157FairValueMeasurementswhichbecameeffectiveinJanuary2008definesfairvalueprovidescomprehensiveimplementationguidancefapplyingittoassetsliabilitiesfmeasurementunderGAAP.Si

2、ncethenthemeltdownoffinancialmarketsadeepeningrecessionhaveledtoareappraisaloffairvalueaccounting.Criticsarguethatthefairvalueaccountingcommonlycalledmarktomarketaccountinghasexacerbatedthecrisisbyrequiringsignificantwri

3、tedownofassetsresultinginsharpdecreasesinregulatycapitalofbanksotherfinancialinstitutions(seeWilliamIsaac“HowtoSavetheFinancialSystem”WallStreetJournalSeptember192008JohnBerlau“MaybetheBanksAreJustCountingWrong”WallStree

4、tJournalSeptember202008GaryGton“ThePanicof2007”YaleICFWkingPaperNo.0824).ThecrisisledtoswiftunprecedentedactionsfromtheTreasuryDepartmenttheFederalReserveCongressincludingthe$700billionTroubledAssetsReliefProgram(TARP)to

5、helpfinancialinstitutions.InOctober2008CongresspassedtheEmergencyEconomicStabilizationActauthizingtheSECtosuspendSFAS157fsomeissuerscertaintransactionsindertoprotectinveststhepublicinterest.TheactalsodirectedtheSECtostud

6、ythestard’simpactonfinancialinstitutions’balancesheetsonbankfailuresaswellastosuggestalternativeaccountingstards.FASBsoonissuedthreeStaffPositions(FSP)—FSPFAS1574“DeterminingFairValueWhentheVolumeLevelofActivityftheAsset

7、LiabilityHaveSignificantlyDecreasedIdentifyingTransactionsThatAreNotderly”FSPFAS1071APB281“InterimDisclosuresAboutFairValueofFinancialInstruments”FSPFAS11521242“RecognitionPresentationofOtherThanTemparyImpairments”—aspar

8、tofitsresponsetotheconcernsrelatedtomeasurementrecognitionoffairvalueininactivemarkets.TheauthsdiscusshowtoimplementtheseFSPsprovideexamplesdecisionflowtstoaidthequotedpricesanalystreptsinterestratesbrokerquotestobeconsi

9、deredindeterminingfairvalueitprovidesnoguidanceastotheirrelativeimptancehowtoaggregatethem.Companiesthemselvesshoulddeterminewhetherthemarketfaparticularassetisinactiveonthemeasurementdateifsodecideonthenecessaryadjustme

10、ntsfobservableinputs.FSPFAS1573alsorequirestheconsiderationofnonperfmanceliquidityrisksinvaluation.Nonperfmanceriskreferstoobligationsthattheliabilitywillnotbefulfilledliquidityriskreferstothebuyerfindingdifficultysellin

11、gtheassetundercurrentmarketconditions.Addingliquiditypremiumswhichcanbesubstantialininactivemarketsputsthefairvaluebacktowhatthemarketparticipantswillpayatthemeasurementdateessentiallyreflectinginactivedisderlymarkets.Th

12、eseshtcomingsledFASBtorescindFSPFAS1573inApril2009makingiteffectiveonlyfromthelastquarterof2008tothefirstquarterof2009.TheSEC’sDecember2008marktomarketaccountingstudyhadrecommendedthatFASBprovideadditionalguidancetoident

13、ifyfceddistressedtransactionsinactivemarketsdeterminefairvalueundersuchconditions.InMarch2009theHouseFinancialServicesCommitteeheldahearingonmarktomarketaccountingwhereiturgedFASBtoactquicklyfacelegislativeintervention.T

14、omeettheSECmatetoaddresstheconcernsexpressedatthehearinginApril2009FASBissuedFSPFAS1574.SupersedingFSPFAS1573FSPFAS1574becameeffectivefreptingperiodsendingafterJune152009shouldbeappliedprospectivelyasachangeinestimate.FS

15、PFAS1574reiteratestheiginalSFAS157positionthatfairvalueisthepricethatwouldbereceivedtosellanassetpaidtotransferaliabilityinanderly(notafcedliquidationdistressedsale)transactionbetweenmarketparticipantsatthemeasurementdat

16、eundercurrentmarketconditions.SFAS157stressedtheuseofobservable(Level1Level2)inputsthatdonotrequiresignificantadjustment.TheFSPnotesthatobservableinputsshouldbe“relevant”tothesecuritythatisunobservablerelevantinputsarepr

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