公允價(jià)值仍留在此處外文翻譯中英文(可編輯)

1、英文原文:Fair Value is here to stayThefairvalueguidanceinSFAS157FairValueMeasurements,doesnot represent, as many perceive, a radical departure from previousaccounting rules. SFAS157is theresult ofanatural evolution that hasbeen taking place for more than 30 years. SFAS 157 is the result of anatural evol

2、ution that has been taking place for more than 30 years.Many who oppose SFAS 157 do so because of the current economicenvironment.Thiscurrenteconomy,duringwhichmanyhedgefundsandotherinstitutional investors face significant other-than-temporarywrite-downs on illiquid assets, is, however, an anomaly.

3、Any valuationmethod that does not require significant write-downs in the currentenvironment would fail to provide a reasonable representation of fairvalue for those illiquid assets.When it was introduced in 2007, SFAS 157 amended, deleted, orotherwise affected more than 40 areas of accounting guidan

4、ce, includingSFAS 13, Accounting for Leases. SFAS 13, issued in 1976, introduced thefair value concept when it described an asset being sold in an armslengthtransactionbetweenunrelatedparties.Sincethen,theaccountingframework has continued to move away from a historical cost model andtoward a fair va

5、lue model.Throughoutthistransition,accountingstandardswereissuedthatdiscussed fair value in different contexts. SFAS 157 was designedprimarily to provide a uniform definition of fair value and a universalmeasurementframework.Contrarytopopularperception,SFAS157doesnotrequire any new items to be measu

6、red at fair value; it specifies theframework to be used wherever other standards require that items bemeasured at fair value.Along the WayManyaccountantswereeducatedduringanerawhencollegestaughtthe tenets of historical cost as part of the fundamental framework ofaccounting. To those watching the fai

7、r value model slowly supplant thecost model during the past 30 years, it may seem like a dramatic changeinthinkinghasrecentlyoccurred,butmuchofthisshiftisattributabletotheongoingdevelopmentofaccountingstandardsandrules,ratherthana change in approach.To those watching the fair value model slowly supp

8、lant the costmodel during the past 30 years, it may seem like a dramatic change inthinking has recently occurred, but much of this shift is attributabletotheongoingdevelopmentofaccountingstandardsandrules,ratherthanachangeinapproach.PriortoSFAS87,AccountingforPensions,andSFAS106, Employers Accountin

9、g for Postretirement Benefits Other ThanPensions,manycompaniespaidforthesebenefitsonapay-as-yougocashbasis, with little attention given to the fair value of the plan assetsthat were needed to be set aside to cover the cost of such benefits orhow to account for them on an accrual basis. SASs 87 and 1

10、06 requiredcompanies for the first time to factor in the fair value of plan assetswhen determining their benefit obligations.The next sweeping implementation of fair value took place whencompaniesbegantoadoptSFAS133,AccountingforDerivativesandHedgingActivities, in 1999. Prior to SFAS 133, companies

11、were not required toputallderivativesontheirbalancesheetatfairvalue;derivativeswerenotevendefinedintheliterature.Forthefirsttime,complexfinancialinstruments, many of which were involved in hedging relationships, weresubject to fair valuation. Soon after, SFAS 140, Transfers of FinancialAssets,gaveri

12、setodifficult-to-valueseductivefinancialassets,suchas residential and commercial mortgage-hacked securities RMBS and CMBS,which in turn gave rise to collateralized debt obligationsCDO and otherfinancialinstruments.Abarrageofvaluationtechniquesbasedonhighermath designed to account for securitization

13、followed.SFAS 157 had a significant impact on fair value accounting forilliquidsecurities,whicharetypicallyamongthemostdifficultassetsto value. Prior to SFAS 157, companies often cherry-picked informationtosupportvaluationsforilliquidpositions,regardlessofaccuracy.Now,theyarerequiredtoconsiderallrea

14、sonablyavailableinformationanduse the best data available to support their market assumptions andparameters.EventhoughSFAS157hasbeenineffectformorethanayear,manyilliquid assets are still being valued based on previous methodologiesthat are clearly inaccurate.Todays EnvironmentIn the current economic

15、 environment, air value accounting facesintensifiedscrutiny,challengingsituations,andsignificantopposition.Attention is especially focused on three areas:? Other-than-temporary write-downs,? Fresh-start accounting, and? Illiquid securities.Other-than-temporary write-downs.With Level 1 securities, de

16、termining when to record another-than-temporaryimpairmentcanheasstraightforwardasdecidinghowmuchtimehaspassedsinceanimpairmentbegan.Whenthetechbubbleburst,forexample,companiesoftenrealizedaftersixtoninemonthsthatassetvalues werent going to recover any time soon, if at all.But what about Level 2 or L

17、evel 3 assets that are valued usingsophisticatedmodelingtechniques?PriortoSFAS157,companiesandtheirauditorsmighthaveagreedtoholdofforpostponemakinganadjustment,due to a lack of relevant and reliable information. SFAS 157 has drivencompanies to consider new types and sources of information, and to wo

18、rkharder to support valuations for Level 2 and Level 3 assets. Companiesare now expected to support their Level 2 and Level 3 assets almost asif they were Level I assets.Inevaluatinggoodwillforother-than temporaryimpairment,SFAS157suggeststhatapubliclytradedstockprice,ifavailable,isthebestindicatoro

19、ffairvalue.Butevenwhenastockpriceisavailable,other,moretraditionalmethodsoffairvalue,suchasdiscountedcashflow,mustalsobeconsidered.Thechallengeliesinsupportingtheseothermethodsin the current environment of declining prices.With the release of FASB Staff Position FSP FAS 1 15-2 and FAS124-2,Recogniti

20、onandPresentationofOther-Than-TemporaryImpairments,in April 2009, companies are able to bifurcate certain losses on debtsecuritiesclassifiedasheld-to-maturityoravailable-for-salebetweenthe portion related to credit conditions and the portion related tononcredit conditions. The noncredit portion will

21、 be recognized on thebalance sheet until the debt security matures or is sold. In manysituations, the amount reclassified to the balance sheet will includelosses previously recognized in other periods. This new rule has causedcontroversyamongpractitionersandstandardssetters,primarilybecauseitdelayst

22、heinevitablerecognitionofthoselossesinearningswhenthedebt security is sold or matures.Fresh-start accounting Companies petitioning for Chapter 11bankruptcy need to know whether they will qualify for fresh startaccounting based on their reorganization value according to theprovisions of AICPA Stateme

23、nt of Position SOP 90-7, Financial Reportingby Entities in Reorganization Under the Bankruptcy Code.SOP 90-7 provides a two-step test. The first step requires acomparisonofreorganizationvaluewiththevalueofpostpositionclaimsand obligations immediately prior to court confirmation. This balancesheetsol

24、vencytestisamovingtargetthroughoutabankruptcyproceeding,becausetheremaybelargefluctuationsinreorganizationvalueandclaimsuntil the plan is implemented. The second step requires that holders ofexisting common shares immediately before court confirmation have, as agroup, less than 50% of the new compan

25、ys shares upon emergence frombankruptcy.Thechallengehereinvolvesthenegotiationsthattakeplacebetween debtor and creditor committees and the company, which are thensubject to final court approval.Illiquidsecurities.Whendetermining fairvalue,companiesmustconsider the frequency with which securities are

26、 traded. Fair value ismore readily supportable for a frequently traded security than for onethat is thinly traded because SFAS 157 emphasizes the importance ofobservable prices.Today, a companys desire to hold a position, together with itsrequirement to value that position, is causing a unique anoma

27、ly in thevaluation world, as securities that would otherwise trade normally areincreasinglysubjecttowrite-downs.Agoodvaluationmodelmusttakeintoaccountallfactsandcircumstances.Forexample,whenthemarketisdryforaspecificilliquidsecurity,thevaluationmethodologymustconsideranywideningcreditspreads,liquidi

28、typremiumsfromthetimeofthelastactive trading activity to the then-current indications, and discountrates implicit in nonbinding broker quotes.WiththefinalizationinApril2009ofFSPFAS157-4,DeterminingFairValueWhentheVolumeandLevelofActivityfortheAssetorLiabilityHave Significantly Decreased and Identify

29、ing Transactions that Are NotOrderly,companiesarenowsubjecttoadditionaldisclosurerequirementsand must carefully support how observable prices from inactive marketsareusedinvaluations.Companiesmayalsoneedtoexplainsignificantdifferences between different inputs to value.FSPFAS157-4didnotcomeaboutwitho

30、utopposition;itgeneratednearly400commentletterswithinashortperiod.Theauthorisnotawareof any other proposed accounting rule that generated so many commentletters within such a short time and that underwent such a drastic turnaround before being finalized.Tomorrows EnvironmentU.S. companies are facing

31、 a seemingly inevitable changeover toInternational Financial Reporting Standards IFRS. Fair value guidanceunder U.S. Generally Accepted Accounting Principles GAAP is primarilyrules-based,whilefairvalueguidanceunderIFRSisbasedonprinciples.Principles often evolve into rules, but, in this case, rules a

32、ppear tobe reverting back to their origin as principles.Fair value guidance under SFAS 157 and FRS are different inseveral respects. For example, IFRS does not define the term marketparticipants, does not include the concepts of principal market orhighest and best use, and does not generally permit

33、imaret pricing.Whiletherewillbeconvergencetoeliminatemanydifferences,companieswillneedtoembraceandunderstandtheprinciplesbasedapproachbehindIFRS.Fair value will continue to generate challenges for accountants,especiallyifandwhenIFRSisadopted.Thesoonercompaniescometogripswiththeimpactoffairvalueaccou

34、nting,thebetter,becausefairvalueis here to stay.二、英文翻譯:公允價(jià)值仍留在此處在美國(guó)財(cái)務(wù)會(huì)計(jì)準(zhǔn)則委員會(huì)財(cái)務(wù)會(huì)計(jì)準(zhǔn)則公告第157號(hào)?公允價(jià)值計(jì)量(SFAS 157)的指導(dǎo)下,公允價(jià)值計(jì)量,并不代表盡可能多的感知,與以前的會(huì)計(jì)準(zhǔn)則大相徑庭。SFAS第157號(hào)的產(chǎn)生,是會(huì)計(jì)發(fā)展已經(jīng)到了超過30年而自然發(fā)生的結(jié)果。許多人反對(duì) SFAS 第 157 號(hào)這樣做,因?yàn)槟壳暗慕?jīng)濟(jì)環(huán)境。目前這樣的經(jīng)濟(jì)形勢(shì)下,在此期間,許多對(duì)沖基金和其他機(jī)構(gòu)投資者面臨著流動(dòng)性不足的資產(chǎn)呈現(xiàn)非暫時(shí)性減值,然而,在當(dāng)前環(huán)境下進(jìn)行重大減值的估值方法,將無(wú)法為那些流動(dòng)性差的資產(chǎn)提供合理相

35、關(guān)的公允價(jià)值。在 2007 年推出 SFAS 第 157 40 多個(gè)地區(qū)的會(huì)計(jì)指導(dǎo),包括 SFAS 第 13 SFAS 第 13 號(hào)在 1976 年發(fā)表的概念中引入了資產(chǎn)的公允價(jià)值時(shí),它描述的是按照“非關(guān)聯(lián)方的公平交易”出售的資產(chǎn)。自那時(shí)以后,會(huì)計(jì)框架繼續(xù)從歷史成本模式,轉(zhuǎn)向公允價(jià)值計(jì)量模式。在這個(gè)過渡時(shí)期,公允價(jià)值準(zhǔn)則的發(fā)布,討論了在不同市場(chǎng)環(huán)境中的公允價(jià)值計(jì)量。SFAS 第 157 號(hào)主要是旨在提供一個(gè)一致的定義和一種普遍的公允價(jià),SFAS 第 157 號(hào)該準(zhǔn)則本身并未作出任何新的采用公允價(jià)值會(huì)計(jì)處理的要求,而僅是應(yīng)用于那些其他特定準(zhǔn)則已經(jīng)要求或允許采用公允價(jià)值計(jì)量的場(chǎng)合。一、沿著這條路許

36、多會(huì)計(jì)師處于這樣的時(shí)代?大學(xué)里所學(xué)的是歷史成本原則作為基礎(chǔ)架 30 年的歷史成本模式,它看起來像一個(gè)戲劇性的最近發(fā)生的思想變化,但這一轉(zhuǎn)變的原因是很多正在頒布的會(huì)計(jì)準(zhǔn)則,而不是目前的發(fā)展要改變這種做法。第一個(gè)廣泛應(yīng)用的公允價(jià)值發(fā)生在 1985 年和 1990 年的養(yǎng)老金和退休后福利的會(huì)計(jì)改革中。在此之前 SFAS 第 87 號(hào)對(duì)養(yǎng)老金會(huì)計(jì)和 SFAS 第 106 號(hào)雇主對(duì)退休后退休金以外的福利會(huì)計(jì),許多公司在 pay-as-yougo現(xiàn)金基礎(chǔ)上支付這些福利,幾乎不關(guān)注該計(jì)劃資產(chǎn)的公允價(jià)值,包括該計(jì)劃必須留出的費(fèi)用、這些益處或如何解釋它們以權(quán)責(zé)發(fā)生制為基礎(chǔ)。審計(jì)準(zhǔn)則公報(bào) (Statement s

37、onAuditingStandards,SASs)第 87 106號(hào)首次要求,公司對(duì)該計(jì)劃資產(chǎn)的公允價(jià)值的確定是公司履行該計(jì)劃資產(chǎn)時(shí)應(yīng)盡義務(wù)的因素。接下來的公允價(jià)值發(fā)生了徹底的執(zhí)行情況時(shí) ,在 1999 年公司開始采用SFAS第 133SFAS第 133號(hào)之前,公司并沒有要求把他們的資產(chǎn)負(fù)債表中所有的衍生工具按公允價(jià)值計(jì)量,衍生產(chǎn)品甚至沒有在文獻(xiàn)中定義的。第一次,復(fù)雜的金融工具,其中許多被卷入套期關(guān)系,SFAS第 140號(hào)金融資產(chǎn)的轉(zhuǎn)讓與服務(wù)以及債務(wù)清償?shù)臅?huì)計(jì)處理,引起了難以估價(jià)的證券制度等金融資產(chǎn),例如住宅按揭抵押證券(RMBS)和商業(yè)按揭抵押證券(CMBS),而這也就會(huì)反過來引發(fā)抵押債權(quán)債

38、務(wù)抵押證券和其他金融工具。一連串的估值方法基于高等數(shù)學(xué)的設(shè)計(jì)為證券化緊隨其后。SFAS第157號(hào)有一個(gè)關(guān)于缺乏流動(dòng)性的證券,這是最困難的資產(chǎn)估價(jià),通 SFAS第 157號(hào)實(shí)行之前,公司通常會(huì)櫻桃式地采用信息,以支持估價(jià)為非流動(dòng)性的位置,不論結(jié)果的準(zhǔn)確性。現(xiàn)在,他們必須全面考慮所有的“合理使用”的信息,以便提供最佳的數(shù)據(jù)支持他們的市場(chǎng)假設(shè)及參數(shù)。盡管 SFAS第 157號(hào)實(shí)行已經(jīng)超過一年,但許多非流動(dòng)性資產(chǎn)計(jì)量仍然是基于先前的方法,顯然是不正確的。二、現(xiàn)行環(huán)境在目前的經(jīng)濟(jì)環(huán)境下,公允價(jià)值會(huì)計(jì)面臨激烈的爭(zhēng)議,具有挑戰(zhàn)性的局面,阻力很大。特別注意的是集中在三個(gè)方面: 非暫時(shí)性減計(jì); 新起點(diǎn)會(huì)計(jì); 流動(dòng)性差的證券。三、非暫時(shí)性減計(jì)用一級(jí)證券,確定何時(shí)記錄非暫時(shí)性減值,相當(dāng)于直接確認(rèn)開始減值已經(jīng)有多長(zhǎng)時(shí)間了。當(dāng)科技泡沫破滅,例如,公司通常會(huì)意識(shí)到六到九個(gè)月后 ,如果資產(chǎn)價(jià)值都沒有恢復(fù)原值,那短期內(nèi)不會(huì)恢復(fù)。然而關(guān)于二級(jí)或三級(jí)資產(chǎn)的價(jià)值,是用最先進(jìn)的建模技術(shù)嗎?SFAS第 157號(hào)在此之前,公司及其審計(jì)師可能已同意暫緩或推遲作出調(diào)整 ,由于缺乏相關(guān)和可靠的信息。SFAS第 157號(hào)使得公司承認(rèn)新的類型和信息來源,并更加努力地工作,以支持第二