公允價(jià)值會(huì)計(jì)和當(dāng)前金融【外文翻譯】

1、本科畢業(yè)論文設(shè)計(jì)外 文 翻 譯外文出處 CPA Journal 外文作者 Jonh M.Trussel and Laura C.Rose 原文：Fair Value Accounting and the Current Financial CrisisThe accounting for financial assets and liabilities is a complex issue that has been evolving toward the use of fair value. Both the FASB and IASB provide the option of using

2、 fair value accounting in reporting financial assets and liabilities and certain other items. This move is not without controversy. Many have opined that the use of fair value accounting, as opposed to historical cost accounting, has helped cause the turmoil the financial markets. Research indicates

3、 that the exclusive use of one accounting method may not be efficient for financial institutions. The authors believe that the FASB should consider an alternative accounting approach that would incorporate both systems and mitigate the inefficiencies of using just one accounting method.In seeking to

4、 explain the current financial crisis, the spotlight has turned to fair value accounting and financial institutions. FASB issued SFAS 157. Fair Value Measurements, in September 2006. Shortly thereafter, the problems related to the sub prime mortgage market began to surface. Many began to question wh

5、ether or not the current distress in financial institutions is related to the new accounting standard. Did the new standard exacerbate the problems or merely illuminate them?In October 2021. Then President George W. Bush signed into law the Emergency Economic Stabilization Act of 2021 (EESA), the so

6、-called bailout bill. Under section 132 of the EESA. Congress gave the SEC the authority to suspend the use of fair value accounting under SFAS 157. Section 133 requires the SEC to conduct a study of the fair value accounting as stipulated in SFAS 157. See Exhibit 1 for excerpts from these two secti

7、ons of the EESA. Note that in Section 133, Congress even calls on the SEC to "review the process used by the Financial Accounting Standards Board in developing accounting standards." This is a much broader mandate than just studying a single accounting standard.The use of fair value accoun

8、ting has been expanding in reporting standards under generally accepted accounting principles (GAAP) in recent years. SFAS 157 defines fair value and provides methods of deriving fair values for different types of financial assets and liabilities. Fair value accounting stands in contrast to historic

9、al cost accounting, which reports assets at the original price paid and (in some cases) with costs allocated over time used. The current controversy questions whether financial assets and liabilities of financial institutions should be reported on the balance sheet at fair value or, as they had trad

10、itionally been reported, at historical cost. Another option to consider is an approach that incorporates both fair value and historical cost accountingSFAS 157 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. SFAS 157 define

11、s fair value as "the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date" (paragraph 5). Application of fair value may also affect a company's income statement, because unrealized ga

12、ins and losses may result from the adjustments to fair value. SFAS 157 was designed to establish a single definition of fair value to be used where required in other FASB standards resulting in increased consistency and comparability in fair value measurements. SFAS 157 also attempts to improve the

13、quality ol information in financial statements by expanding the disclosures about fair value measurements. It is important to note that the new standard does not require any new classes of assets to be measured at fair value.Prior to the issuance of SFAS 157, there were inconsistencies in how fair v

14、alue was determined. This statement provides guidelines for how companies formulate fair value when prescribed under GAAP. For example, in SFAS 115. Accounting for Certain Investments in Debt and Equity Securities (1993), companies are required to record investments in securities at faire value unde

15、r some circumstances and amortized (historical) cost under others. SFAS 157's biggest change relates to how companies determine fair value when there is no an active market. SFAS 157 provides a three-tier system of classifying assets. Level one asset has an active market with observable market p

16、rices. These assets include publicly traded securities that have a quoted price and that are actively traded on a national securities exchange. Level two assets do not have directly observable market prices. They are marked-to-market using inputs from observable market prices of similar assets. Thes

17、e may be prices of similar securities, interest rates, commercial real estate, and the like. Level three assets do not have observable market prices for the asset or similar assets, or the market may be illiquid. In this latter category, companies have to use more subjective estimates of fair value.

18、 According to SFAS 157, level three consists of unobservable inputs, such as those that reflect the reporting entity's own assumptions about what market participants would use to price the asset (including risk), developed using the best information available under a cost-benefit analysis. There

19、 is no requirement to verify whether the assumptions are in line with those of market participants. These thinly traded assets and liabilities are measured using estimates based on the value the company believes a hypothetical third party would pay for them. The question becomes how to value illiqui

20、d, unique, or complex assets. Should companies apply their own models? Some investors worry that this option gives company management too much discretion. The complexity of such assets suggests that it may not be possible to find a widely acceptable method.A related standard, SFAS 159, The Fair Valu

21、e Option for Financial Assets and Financial Liabilities., was issued in February 2007 and became effective for most companies on November 15. 2007. This standard gives companies the option of accounting for certain financial assets and liabilities at fair value. The optional adoption covers interest

22、 rate swaps, bonds, stocks, warranty obligations, and the like. This election can be made on an instrument-by- instrument basis, with the resulting unrealized gains and losses reported in earnings. The IASB also has a .standard that allows the use of fair value accounting for financial assets and li

23、abilities (IAS 39, Financial Instruments: Recognition and Measurement).Conceptually, the fair value option provided by SFAS 159 gives companies the opportunity of eliminating or mitigating the artificial volatility in reported earnings that occurs when assets and liabilities are measured and reporte

24、d differently in the financial statements. Presently. some assets are reported on the balance sheet using various bases, including fair value, historical cost, and the lower of cost or market. SFAS 159 gives companies the option of reporting most financial assets and liabilities at fair value, as ex

25、plicated under SFAS 157.The U.S. Congress, as well as many other commentators, believes that fair value accounting has aggravated the recent financial crisis. Some recent studies seem to support this suspicion. Fair value accounting, like historical cost accounting, may. under certain circumstances.

26、 be inefficient at providing information value. This is why the authors suggest a hybrid system that would incorporate both models, depending on the nature of the financial instrument. Although there has been a move toward fair value accounting for all assets and liabilities, standards setters like

27、the FASB and IASB and regulators like the SEC should consider the value of using historical costs as inputs in certain circumstances.Source：John M. Trussel and Laura C. Rose. Fair Value Accounting and the Current Financial CrisisJ. CPA Journal, 2021,79(6):26-30 譯文：公允價(jià)值會(huì)計(jì)和當(dāng)前金融危機(jī)金融資產(chǎn)和負(fù)債的核算是一個(gè)復(fù)雜的問題，正逐步

28、演變?yōu)殛P(guān)于公允價(jià)值的使用問題。FASB和IASB均提供了在金融資產(chǎn)和金融負(fù)債以及其他工程中運(yùn)用公允價(jià)值的不同方法。此舉并非沒有爭(zhēng)議.很多人認(rèn)為有認(rèn)為，公允價(jià)值會(huì)計(jì)，而不是歷史本錢會(huì)計(jì)，使用幫助引起金融市場(chǎng)的動(dòng)亂。研究說明，在一個(gè)專用的會(huì)計(jì)方法可能不適用于金融機(jī)構(gòu)的效率。筆者認(rèn)為，應(yīng)考慮替代財(cái)務(wù)會(huì)計(jì)準(zhǔn)那么委員會(huì)會(huì)計(jì)方法，將兩個(gè)系統(tǒng)合并和減少只用一個(gè)會(huì)計(jì)方法。在尋求解釋當(dāng)前的金融危機(jī)，大家的關(guān)注點(diǎn)已經(jīng)轉(zhuǎn)化到公允價(jià)值會(huì)計(jì)和金融機(jī)構(gòu)。財(cái)務(wù)會(huì)計(jì)準(zhǔn)那么委員會(huì)公布SFAS 157。公允價(jià)值計(jì)量，2006年9月。此后不久，有關(guān)次級(jí)抵押貸款市場(chǎng)的問題開始浮現(xiàn)。許多人開始疑心是否在金融機(jī)構(gòu)目前的困境是關(guān)系到新的會(huì)

29、計(jì)標(biāo)準(zhǔn)。有沒有新的標(biāo)準(zhǔn)的問題，或者僅僅是關(guān)注他們呢？2021年10月。當(dāng)時(shí)的總統(tǒng)布什總統(tǒng)簽署法律的緊急經(jīng)濟(jì)穩(wěn)定法案2021EESA，所謂的救市法案。根據(jù)EESA 第132條規(guī)定。國(guó)會(huì)給美國(guó)證券交易委員會(huì)有權(quán)根據(jù)SFAS 157暫停公允價(jià)值會(huì)計(jì)的使用。第133條規(guī)定，證券交易委員會(huì)進(jìn)行的一項(xiàng)研究公允價(jià)值會(huì)計(jì)在SFAS第157的規(guī)定。在第133條，國(guó)會(huì)甚至在美國(guó)證券交易委員會(huì)呼吁的“審查財(cái)務(wù)會(huì)計(jì)準(zhǔn)那么委員會(huì)在制定會(huì)計(jì)準(zhǔn)那么使用的過程。這不只是一個(gè)單一的會(huì)計(jì)標(biāo)準(zhǔn)的研究的任務(wù)。公允價(jià)值會(huì)計(jì)的使用擴(kuò)大，在財(cái)務(wù)報(bào)告中反響的已經(jīng)超出了會(huì)計(jì)準(zhǔn)那么的接受范圍內(nèi)。 SFAS第157條規(guī)定了公允價(jià)值，并提供不同類型

30、所產(chǎn)生的金融資產(chǎn)和負(fù)債。公允價(jià)值會(huì)計(jì)比照歷史本錢會(huì)計(jì)，在某些情況下，超過使用的時(shí)間分配本錢在原來的資產(chǎn)支付的價(jià)格報(bào)告。是否金融資產(chǎn)和金融機(jī)構(gòu)負(fù)債的爭(zhēng)議問題應(yīng)在報(bào)告資產(chǎn)負(fù)債表，因?yàn)樗麄儦v來報(bào)道，按歷史本錢計(jì)量。另一個(gè)值得考慮的選擇的方法，既包含公允價(jià)值又包括歷史本錢會(huì)計(jì)。SFAS第157條規(guī)定的公允價(jià)值，建立了計(jì)量公允價(jià)值的框架，并擴(kuò)大對(duì)公允價(jià)值計(jì)量的披露。 SFAS第157定義為：第5段“熟悉市場(chǎng)情況的買賣雙方在公平交易的條件下和自愿的情況下所確定的價(jià)格，或無關(guān)聯(lián)的雙方在公平交易的條件下一項(xiàng)資產(chǎn)可以被買賣或者一項(xiàng)負(fù)債可以被清償?shù)某山粌r(jià)格公允價(jià)值的應(yīng)用程式也可能影響公司的收益表，因?yàn)槲醋儸F(xiàn)收益及

31、虧損可以從調(diào)整。 SFAS第157條的目的是建立一個(gè)單一的定義，提高公允價(jià)值的一致性和可比性，可以用在其他財(cái)務(wù)會(huì)計(jì)準(zhǔn)那么。SFAS第157條也試圖通過擴(kuò)大公允價(jià)值計(jì)量披露的財(cái)務(wù)報(bào)表中的質(zhì)量信息。重要的是要注意到，新標(biāo)準(zhǔn)并不要求任何新的類別的資產(chǎn)以公允價(jià)值計(jì)量。SFAS第157號(hào)發(fā)布前，公允價(jià)值確實(shí)定不一致。本聲明提供了企業(yè)根據(jù)規(guī)定的準(zhǔn)那么如何制定會(huì)計(jì)準(zhǔn)那么公允價(jià)值。例如，在財(cái)務(wù)會(huì)計(jì)準(zhǔn)那么115。對(duì)某些債務(wù)及股本證券1993投資的會(huì)計(jì)，公司必須記錄證券投資在某些情況下的攤銷歷史本錢。SFAS第157條的最大的變化涉及到公司如何確定公允價(jià)值時(shí)，有沒有一個(gè)活潑的市場(chǎng)。 SFAS第157條規(guī)定了分類資產(chǎn)