未来公允价值的变化外文翻译Word格式.docx

未来公允价值的变化外文翻译Word格式.docx

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FairValueChangesAhead

Theuseoffairvalueinfinancialreportingisnotnew;

itisrequiredorpermittedundermanystandards,someofwhichhavebeeninplacefordecades.Yet,givenitsroleintheassetwrite-downsandmarketvolatilityprecipitatedbythefinancialcrisis,therehasbeenconsiderablediscussionand

debateabouttheuseoffairvalueinfinancialreporting.Asthefinancialcrisishasbroadened,thedebatehasevolvedintoaglobaloneinvolvingnotonlyFASBanditsinternationalcounterpart,theInternationalAccountingStandardsBoard（IASB）,butalsosecuritiesparticipantsintheglobalcapitalmarkets.Responsestothefinancialcrisishavefocusedonfairvalueaccountingandhaveledtochangesinthestandardsthatwillaffectfinancialreportinggoingforward.

TheFairValueDebate

AtthecenterofthefairvaluedebateisSFAS157,FairValueMeasurements,whichwentintoeffectforfinancialassetsandliabilitiesin2008.SFAS157clarifiesthatwhenfairvalueisusedinfinancialreporting,themeasurementshouldrepresentacurrentmarketprice.SFAS157establishesaframeworkfordeterminingfairvalue,butitdoesnotspecifywhentousefairvalue.SFAS157anditscurrentmarketpriceobjectiveonlyapplywhenotherstandardsrequireorpermittheuseoffairvalue.

ThereportingmodelintheUnitedStates（andabroad）isamixed-attributemodelthatusesacombinationofmeasurements,includinghistoricalcost,fairvalue,andotherbases,suchaslowerofcostorfairvalue.Theuseoffairvaluehasexpandedinrecentyears.Forexample,morefairvaluesarenowrequiredwhenaccountingforabusinesscombinationunderSFAS141（R）,BusinessCombinations.Inaddition,companieshavetheoptiontovoluntarilyusefairvalueforcertainfinancialitemsforwhichfairvalueisnototherwiserequiredinspecifiedcircumstancesunderSFAS159,The

FairValueOptionforFinancialAssetsandFinancialLiabilities.Nevertheless,fairvalueisstillusedmostfrequentlyforfinancialassets.Butfairvalueisnotalways

usedonanongoingbasis（mark-to-market）;

itoftenisusedonlywhenafinancialassetisimpaired.Intoday'

sdistressedmarkets,manyofthefinancialassetsthattradeinthosemarkets（e.g.,mortgage-relatedsecurities）areimpaired.

Therequirementtorecordimpairmentlossesbasedonfairvaluesthatrepresentcurrentmarketpriceshasraisedconcernsaboutwhentousefairvalueinfinancialreporting.Theconcernstocusmainlyonlong-standingissuesofrelevanceandreliability，aswellasthevolatilitycausedbyreporting

changesinfairvalueinnetincome,especiallyintheabsenceofobservablemarketdatatosupportthefairvalues.

Some,includingbankinginstitutionssubjecttoregulatorycapitalrequirements,claimthatfairvalueaccountinghasledtopro-cyclicalbehaviorbyforcingimpairmentwrite-downstoamountsthatdonotreflectthetrueeconomicvaluesofiheassets.Theysaythatthewrite-downshavecausedadownwardspiralthathasexacerbatedthefinancialcrisisandthatfairvalueaccountingshouldbesuspendedormodified.Forexample,inapublicSECroundtableonmark-to-marketaccountingonOctober29,2008,WilliamM.Isaac,chairmanoftheSecuraGroupofLECGandformerFDICchairman,stated:

Whentherearetemporaryimpairmentsofassetvaluesduetoeconomicandmarketplaceturmoil,regulatorsmustgiveinstitutionsanopportunitytosurvivethetemporaryimpairment.Permanentimpairmentshouldberecognized,butassetsshouldnotbemarkedtounrealisticfire-saleprices.Regulatorsmustevaluatetheassetsonthebasisoftheirtrueeconomicvalueoverareasonabletimehorizon…[I]tistheuseofMTMaccounting,whenmarketsarenotfunctioningproperly,thathasproducedterriblymisleadingaccountinganddisclosuresthatvalueassetswellbelowtheirtrueeconomicvalue...Ibelieveitisextremelyimportantthatbankregulationbecounter-cyclical,notpro-cyclical...Itisnotsoundpublicpolicytocausebankstohesitateinthecreationofreservesduringgoodtimeswhentheycanbestaffordthehittoearnings.

Others,however,includingmanyinvestors,saythattheinformationconveyedthroughfairvalueaccountingisusefulfordecisionmakingandenhancesthe

transparencyoffinancialinformation,whichiscriticalintimesofstress.Theysaythatfairvalueaccountinghasexposedthedeterioratingfinancialconditionofmanyfinancialinstitutionsandthatsuspendingfairvalueaccountingwouldweakeninvestorconfidenceandaddtoinstabilityinthecapitalmarkets.Forexample,inajointstatementopposingthesuspensionofmark-to-marketaccountingissuedonOctober1,2008,theCenterforAuditQuality,theCouncilofInstitutionalInvestors,andtheCFAInstitutestated:

Suspendingfairvalueaccountingduringthesechallengingeconomictimeswoulddepriveinvestorsofcriticalfinancialinformationwhenitisneededmost.Fairvalueaccountingwithrobustdisclosuresprovidesmoreaccurate,timely，andcomparableinformationtoinvestorsthan

amountsthatwouldhavebeenreportedunderotheralternativeapproaches.Investorshavearighttoknowthecurrentvalueofaninvestment,eveniftheinvestmentisfallingshortofthepastorfutureexpectations.

TheEmergencyEconomicStabilizationActof2008（EESA）requiredtheSECtoconductastudyontheuseofmark-to-market（fairvalue）accountingbyfinancialinstitutions（section133）.InDecember2008,theSECissuedReportandRecommendationsPursuanttoSection133ofthe

EmergencyEconomicStabilizationActof2008:

StudyonMark-to-MarketAccounting.Basedonitsstudy,theSECconcludedthatfairvalueaccountingprovidesdecision-usefulinformationtoinvestorsanddidnotplayameaningfulroleinrecentbankfailures.TheSECrecommendedthatfairvalueaccountingbeimproved,notsuspended.Tnitsreport,theSECemphasizedthathavingstandardsin

placethatmeettheneedsofinvestorsiscritical,notingthattheobjectiveoffinancialreportingistoproviderelevant,transparent,andunbiasedfinancialinformationtoinvestorsandthecapitalmarketsinordertofacilitateinformedinvestmentdecisions.

FairValueChangesfor2009Reporting

Atthispoint,thekeyprinciplesoutlinedinSFAS157areineffectfor2009reporting.Recentlyissuedfairvalueguidanceclaritles-butdoesnotchange-thoseprinciples.Theserecentclarificationsemphasizetheneedforjudgmentsthatcouldchangehowsomeareapplyingthoseprinciplesinthecurrentenvironment,andrequiresmorefairvaluedisclosures.

Exitprice.SFAS157emphasizesthatfairvalueshouldrepresentthepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionfortheassetorliabilityatthemeasurementdate（i.e.，theexitprice）.

TheclarifyingguidanceaffirmsthefairvalueobjectiveinSFAS157.Thismeansthatfairvalueisacurrentmarketprice（thepricethatwouldbereceivedorpaidtodayundercurrentmarketconditions）,notafuturemarketprice（whatmightbereceivedorpaidatsomefuturedateunderdifferentmarketconditions）.Becausefairvalueisamarket-basedmeasurement,thecurrentmarketpriceisdeterminedbasedontheassumptionsthatmarketparticipantswouldusewhendeterminingfairvalue.

Inputhierarchy.ThefairvaluehierarchyinSFAS157prioritizestheuseofobservablemarketprices,whileallowingfortheuseofotherinputsthatwouldbeconsideredbymarketparticipantswhenmakingdecisions.

TheclarifyingguidanceaffirmsthefairvaluehierarchyapproachinSFAS157butemphasizesthatmarketpricesshouldnotbethesolebasisforafairvaluemeasurementunlesstheycanbeobservedinanactivemarketforidenticalitemsandresultfromorderlytransactionsinthatmarket（LevelIinputs）.Inallothercases,thevaluationswillinvolvemoreworkandanalysisrequiringinformedjudgments,butthefairvalueobjectiveinSFAS157remainsthesame.

Activemarket.SFAS157referstoanactivemarketasoneinwhichtransactionsoccurwithsufficientfrequencyandvolumetoprovideongoingandcurrentpricinginformation.Theclarifyingguidanceemphasizesthatdeterminingwhetherthemarketforanitemis（orcontinuestobe）active

requiresjudgment,consideringthevolumeandlevelofactivityfortheitemincomparisontonormallevels.

Orderlytransaction.SFAS157referstoanorderlytransactionasonethatinvolvesawillingbuyerandawillingsellerandallowsforsufficientexposuretothemarket;

thatis,thesellerhashadsufficienttimetomarkettheassetandundertakemarketingactivitiesthatareusualandcustomaryfortransactionsinvolvingsimilaritems.

Theclarifyingguidanceemphasizesthatdeterminingwhetheratransactionisorderlyordisorderly（i.e.,adistressedsaleorforcedtransactionwheretheselleriscompelledtotransact）requiresjudgmentandtheconsiderationoffactorsspecificto

thetransaction,notthemarket.Forexample,adisorderlytransactionmightbeindicatedifthesellerisinornearbankruptcyorreceivership,ifthesellerwasforced

toselltomeetregulatoryrequirements,orifthesellerwasforcedtosellwithinaperiodthatdidnotallowforusualandcustomarymarketingactivitiesundercurrentmarketconditions.Thetransactionfocusappliesevenwhenmarketsaredislocated.Itisnotappropriatetoautomaticallyconcludethatallmarketactivityrepresentsdisorderlytransactions.Conversely,itisnotappropriatetoautomaticallyconcludethatallmarketactivityrepresentsorderlytransactionsrepresentativeoffairvalue.

Adjustments.SFAS157indicatesthatmarketpricesthatarenotLevel1inputsmustbeevalua