财务报告的质量公允价值是利还是弊【外文翻译】.doc

1、0外文文献翻译原文FINANCIALREPORTINGQUALITYISFAIRVALUEAPLUSORAMINUSRECENTDELIBERATIONSBYBOTHTHEINTERNATIONALACCOUNTINGSTANDARDSBOARDIASBANDTHEFINANCIALACCOUNTINGSTANDARDBOARDFASBINTHEUNITEDSTATESHAVEFOCUSEDONHOWFAIRVALUESOFASSETSANDLIABILITIESSHOULDBEMEASUREDTHEISSUEOFWHEN,RATHERTHANHOW,FAIRVALUEMEASUREMENTS

2、HOULDBEAPPLIEDISSTILLFARFROMRESOLVED,HOWEVERFAIRVALUESHAVEBEENMANDATEDFORSOMEASSETSANDLIABILITIESUNDERBOTHIASBANDFASBSTANDARDS,BUTITISFAIRTOSAYTHATPRINCIPLESGOVERNINGTHEAPPLICABILITYOFFAIRVALUESHAVEYETTOBEARTICULATEDWHENISFAIRVALUEACCOUNTINGAPPROPRIATEANDWHENISITNOTOR,INTERMSOFMYCHARGEFORTHISPAPER,U

3、NDERWHATCIRCUMSTANCESISFAIRVALUEAPLUSORAMINUSTOPREPAREFORMYTASK,IMADEASURVEYOFPUBLICSTATEMENTSMADEFORANDAGAINSTFAIRVALUEACCOUNTINGBYAVARIETYOFSTANDARDSETTERS,REGULATORS,ANALYSTS,ANDPREPARERSTHESTATEDMINUSESTYPICALLYPOINTTOTHEDANGERSOFFAIRVALUEESTIMATESFROMMARKINGTOMODELRATHERTHANMARKINGTOMARKET,CONC

4、ERNSABOUTINTRODUCINGEXCESSVOLATILITYINTOEARNINGS,ANDFEEDBACKEFFECTSONBANKSLENDINGPRACTICES,FOREXAMPLETHATCOULDDAMAGEABUSINESSAND,INDEED,HEIGHTENSYSTEMATICRISKAFEWANTAGONISTSQUESTIONWHETHERFAIRVALUESFORBANKASSETSANDLIABILITIES,FOREXAMPLEREALLYCAPTURETHEECONOMICSOFABUSINESSINFOSTERINGCOREDEPOSITSANDMA

5、KINGLOANSINCOUNTERPOINT,THEPROPONENTSOFFAIRVALUEARGUETHATFAIRVALUEISASUPERIORECONOMICMEASURETOHISTORICALCOSTCONSIDERTHEFOLLOWINGARGUMENTS,OFTENADVANCEDASPLUSESINVESTORSARECONCERNEDWITHVALUE,NOTCOSTS,SOREPORTFAIRVALUESWITHTHEPASSAGEOFTIME,HISTORICALPRICESBECOMEIRRELEVANTINASSESSINGANENTITYSCURRENTFIN

6、ANCIALPOSITIONPRICESPROVIDEUPTODATEINFORMATIONABOUTTHEVALUEOFASSETSFAIRVALUEACCOUNTINGREPORTSASSETSANDLIABILITIESINTHEWAYTHATANECONOMIST1WOULDLOOKATTHEMFAIRVALUESREFLECTTRUEECONOMICSUBSTANCEFAIRVALUEACCOUNTINGREPORTSECONOMICINCOMEINACCORDANCEWITHTHEWIDELYACCEPTEDHICKSIANDEFINITIONOFINCOMEASACHANGEIN

7、WEALTH,THECHANGEINFAIRVALUEOFNETASSETSONTHEBALANCESHEETYIELDSINCOMEFAIRVALUEACCOUNTINGISASOLUTIONTOTHEACCOUNTANTSPROBLEMOFINCOMEMEASUREMENT,ANDISTOBEPREFERREDTOTHEHUNDREDSOFRULESUNDERLYINGHISTORICALCOSTINCOMEFAIRVALUEISAMARKETBASEDMEASURETHATISNOTAFFECTEDBYFACTORSSPECIFICTOAPARTICULARENTITYACCORDING

8、LYITREPRESENTSANUNBIASEDMEASUREMENTTHATISCONSISTENTFROMPERIODTOPERIODANDACROSSENTITIESSOSELFEVIDENTDOTHESEPOINTSSEEMTOBETHATFAIRVALUEACCOUNTINGISOFTENJUSTPRESUMEDTOBEMORERELEVANTTHEWORDS,FAIRVALUESOUNDGOODWHOCOULDBEAGAINSTICECREAMANDFAIRVALUEWHILEHISTORICALCOSTSOUNDS,WELL,PASSASITTURNS,OUT,HOWEVER,E

9、ACHOFTHESESTATEMENTSBECOMESQUALIFIEDUNDERSCRUTINYCANECONOMICARGUMENTLEADTOCONSTRUCTIVEARGUMENTSFORIMPLEMENTINGFAIRVALUEACCOUNTING1WHATISFAIRVALUETHREENOTIONSOFFAIRVALUEACCOUNTINGENTERTHEDISCUSSION,ANDONEMUSTBECLEARWHICHISBEINGENTERTAINED1FAIRVALUEVARIOUSLYAPPLIEDINAMIXEDATTRIBUTEMODELINTHISTREATMENT

10、,FAIRVALUEISUSEDALTERNATIVELYWITHHISTORICALCOSTFORTHESAMEASSETORLIABILITYBUTATDIFFERENTTIMESTHEACCOUNTINGISPRIMARILYHISTORICALCOSTACCOUNTING,BUTFAIRVALUESAREAPPLIEDUNDERCERTAINCONDITIONSEXAMPLESAREFAIRVALUESAPPLIEDINFRESHSTARTTHATTHENPROCEEDSUNDERHISTORICALCOSTACCOUNTING,IMPAIRMENTFROMHISTORICALCOST

11、TOFAIRVALUEREALLYAFORMOFFRESHSTARTACCOUNTING,USINGFAIRVALUESTOESTABLISHHISTORICALCOSTFORBARTERTRANSACTIONSANDDONATIONS,FOREXAMPLEORINTHEALLOCATIONOFPURCHASEPRICEBETWEENGOODWILLANDTANGIBLEASSETS,FOREXAMPLE,ANDREFERENCETOFAIRVALUETODISCIPLINEESTIMATESUNDERHISTORICALCOSTACCOUNTING2FAIRVALUECONTINUALLYA

12、PPLIEDASENTRYVALUEASSETSAREREVALUEDATTHEIR2REPLACEMENTCOST,WITHCURRENTCOSTSTHENRECORDEDINTHEINCOMESTATEMENT,WITHUNREALISEDHOLDINGGAINSANDLOSSESALSORECOGNISEDREVENUERECOGNITIONANDMATCHINGISMAINTAINEDBUTINCOME,BASEDONCURRENTCOSTS,ISSAIDTOBEABETTERINDICATOROFTHEFUTUREANDNOTPATHDEPENDENT3FAIRVALUECONTIN

13、UALLYAPPLIEDASEXITVALUEASSETSANDLIABILITIESAREREMARKEDEACHPERIODTOCURRENTEXITPRICE,WITHUNREALISEDGAINSANDLOSSESFROMTHEREMARKINGRECORDEDASPARTOFCOMPREHENSIVEINCOME11FAIRVALUETOWHOMASWITHANYPOLICYISSUE,PRESCRIPTIONSCANNOTBEMADEWITHOUTANUNDERSTANDINGOFTHEOBJECTIVESOFTHEEXERCISETOWHOMAREWEREPORTINGWHOSE

14、PLUSESANDWHOSEMINUSESDIFFERENTUSERSMAYDEMANDDIFFERENTACCOUNTINGREPORTS,ANDCONFUSIONREIGNSIFISSUESAREDISCUSSEDATCROSSPURPOSESASHAREHOLDERMIGHTRECOGNISEAGAINFROMAFALLINTHEMARKETVALUEOFDEBTASCREDITWORTHINESSDETERIORATES,BUTNOTTHECREDITORBANKSHAREHOLDERSMIGHTWISHTOSEEBANKDEPOSITSATFAIRVALUE,BUTNOTTHEDEP

15、OSITORSABANKREGULATORWOULDALSOBECONCERNEDABOUTREPORTINGDEPOSITSATLESSTHANFACEVALUEIFSUCHREPORTINGAFFECTEDDEPOSITORSCONFIDENCEINTHEBANKINGSYSTEMWHILEANINVESTORMIGHTWELCOMETHEINFORMATIONABOUTVOLATILITYTHATFAIRVALUEACCOUNTINGREVEALS,NOTSOACENTRALBANKERWHOMIGHTBECONCERNEDABOUTFEEDBACKEFFECTSONSYSTEMATIC

16、RISKABANKREGULATORMIGHTBECONCERNEDABOUTMARKINGUPBANKSCAPITALDURINGSPECULATIVETIMESWITHTHERESULTINGINCENTIVEFORPROFLIGATELENDINGINTHISTALK,ITAKEASHAREHOLDERPERSPECTIVEWHATARETHEPLUSESANDMINUSESOFUSINGFAIRVALUEACCOUNTINGRATHERTHANHISTORICALCOSTACCOUNTINGFORREPORTINGTOSHAREHOLDERSTHIS,ISUBMIT,ISHARDLYC

17、ONTROVERSIALTHESHAREHOLDERSARETHEOWNERSTOWHOMMANAGEMENTANDAUDITORSREPORTBUTITDOESMEANTHAT,IFSTANDARDSETTERSHAVEABROADERSETOFCONSTITUENTSINMIND,WITHANOBJECTIVEOFGENERALPURPOSEFINANCIALREPORTING,THENTHEYMAYSEETHEISSUESDIFFERENTLY12MYAPPROACHNORMATIVESTATEMENTSABOUTACCOUNTINGISSUESAREOFTENSTATEMENTSOFT

18、HE3AUTHORSRECEIVEDWISDOMCOMBINEDWITHSOMEAPRIORITHINKINGHEREISWHATITHINKABOUTTHEMATTER,SAYSTHEAUTHOR,SUPPORTEDBYSOMEINDUCTIVEANDDEDUCTIVELOGICTHISAPPROACH,APPLIEDINTHEACCOUNTINGTHEORYERAOFTHE1950STOTHE1970S,GAVEUSNUMEROUSPRESCRIPTIONSBUTLITTLERESOLUTIONITWOULDBEHELPFULTOREFERTOCONCRETERESEARCHRESULTS

19、FORANSWERS,BUTTHEORETICALANDEMPIRICALRESEARCHHASNOTDELIVEREDADEFINITERESOLUTIONEITHERRECENTACCOUNTINGBASEDVALUATIONTHEORYHASGIVENUSSOMEINSIGHTTOWHICHIWILLREFERLATEREMPIRICALRESEARCHOFTHETYPEDISCUSSEDBYWAYNELANDSMANDOCUMENTSCORRELATIONSBETWEENFAIRVALUEMEASUREMENTSANDSTOCKPRICESTHATAREUSEFULFORUNDERST

20、ANDINGWHETHERFAIRVALUESARERELEVANTTOINVESTORSBUTITDOESNOTGIVEUSMUCHOFAHANDLEONTHEPOLICYQUESTIONOFWHETHERFAIRVALUESSHOULDBEREPORTEDINPLACEOFHISTORICALCOSTACCOUNTINGWHICH,RESEARCHSHOWS,ISALSORELEVANTTOINVESTORSMYAPPROACH,IMUSTCONFESS,ISLARGELYAPRIORIBUTIHOPETOGETSOMEBITEBYTAKINGWHATMIGHTBEREFERREDTOAS

21、ADEMANDAPPROACHACCOUNTING,ASISEEIT,ISAPRODUCTANDPRODUCTSAREAMATTEROFDESIGNTHEDESIGNANDTHEQUALITYOFTHEPRODUCTSHOULDBEJUDGEDONHOWWELLITSERVESTHECUSTOMERSO,WITHTHECUSTOMERIDENTIFIEDASTHESHAREHOLDERABOVE,IASKWHICHPRODUCTFEATURESFAIRVALUEORHISTORICALCOSTHELPORFRUSTRATETHECUSTOMERUNFORTUNATELY,INFERRINGDE

22、MANDFROMSTATEMENTSMADEINTHECURRENTREGULATORYENVIRONMENTISDIFFICULT,GIVENTHATREGULATIONAFFECTSBEHAVIOURWEDOOBSERVETHEVOLUNTARYAPPLICATIONOFFAIRVALUEACCOUNTINGWITHOUTTHECOERCIONOFREGULATIONINSOMESITUATIONSUNREGULATEDHEDGEFUNDSUSEFAIRVALUEACCOUNTING,FOREXAMPLEANDSOWECANDEFERTOTHEMARKETFORLESSONSSUCHOBS

23、ERVATIONSARELIMITED,HOWEVER,SOIRESORTTOAPRIORIANALYSISBUTIDOSOWITHANEYETOTHESHAREHOLDERIPRESUMETHATSHAREHOLDERSREQUIREACCOUNTINGINFORMATIONFORTWOPURPOSES1VALUATIONSHAREHOLDERSUSEACCOUNTINGINFORMATIONTOINFORMTHEMABOUT4THEFAIRVALUEOFTHEEQUITYWHATISTHEEQUITYWORTH2STEWARDSHIPSHAREHOLDERSUSEACCOUNTINGINF

24、ORMATIONTOASSESSTHESTEWARDSHIPOFMANAGEMENT,THEOWNERSEMPLOYEESHOWEFFICIENTHAVEMANAGERSBEENINMAKINGINVESTMENTSANDCONDUCTINGOPERATIONSTOADDVALUEFORSHAREHOLDERS2FAIRVALUEMEASUREMENTSCONCEPTSARETHEPLACETOSTART,BUTTHERUBBERHITSTHEROADWITHMEASUREMENTIFIDEALFAIRVALUEACCOUNTINGCANBEIMPLEMENTED,ALLISOK,FORNOT

25、HINGISLOSTBYABANDONINGHISTORICALCOSTACCOUNTING,ANDSOMETHINGISGAINEDWEHAVEANETPLUSHOWEVER,IFFAIRVALUEMEASUREMENTSDONOTACHIEVETHEIDEALANDATTHESAMETIMEWELOSETHEINFORMATIONPROVIDEDBYHISTORICALCOSTACCOUNTING,DAMAGECANBEDONEAFTERDEFININGFAIRVALUEASMARKETEXITPRICE,THERECENTFASBSTANDARD157,FAIRVALUEMEASUREM

26、ENTS,THENIDENTIFIESTHREELEVELSOFINPUTSTODETERMINEMARKETPRICE,DISTINGUISHEDBYINCREASINGLEVELSOFSUBJECTIVITY10LEVELS2AND3REFERTOESTIMATESOFHYPOTHETICALMARKETPRICESTHECRITICISMSOFSUBJECTIVEMEASUREMENTAREWELLKNOWN,ANDTHEFASBSLEVEL3,INPARTICULAR,RAISESCONCERNSTOSORTOUTTHEPLUSESANDMINUSES,ITISWORTHWHILETO

27、FOCUSONLEVEL1MEASUREMENTWHEREMARKETPRICESFORIDENTICALASSETSANDLIABILITIESAREOBSERVEDINACTIVEMARKETSFOR,IFFAIRVALUEACCOUNTINGISNOTAPPROPRIATEINTHATCASE,CONCERNSAREJUSTMAGNIFIEDWHENSUBJECTIVEESTIMATESAREMADE3CONCLUSIONPLUSESANDMINUSESINTHISPAPERIHAVETAKENADEMANDAPPROACHINCONSIDERINGTHEPLUSESANDMINUSES

28、OFFAIRVALUEACCOUNTINGDOFAIRVALUESENHANCETHETASKOFEQUITYVALUATIONANDSTEWARDSHIPASSESSMENTSURELYIHAVENOTEXHAUSTEDTHISEXPLORATION,BUTSOMEPOINTSHAVEBEENMADEATACONCEPTUALLEVEL,FAIRVALUEACCOUNTINGISAPLUSEQUITYVALUEISREADFROMTHEBALANCESHEET,WITHNOFURTHERANALYSISNEEDED,ANDTHEINCOMESTATEMENTREPORTSREALIZATIO

29、NSFORDETERMININGVALUEATRISKBUTCONCEPTSAREONETHINGANDIMPLEMENTATIONANOTHERWITHFAIRVALUEDEFINEDASEXITPRICE,THEMINUSESADDUPFAIRVALUEACCOUNTINGWORKSWELL,FORBOTHVALUATIONANDSTEWARDSHIP,WITH5INVESTMENTFUNDSWHERESHAREHOLDERSTRADEINANDOUTOFTHEFUNDATNETASSETVALUETHISCASEISINSTRUCTIVEFORITISTHESITUATIONWHERET

30、HEONETOONERELATIONSHIPBETWEENEXITPRICESANDFAIRVALUETOSHAREHOLDERSHOLDSTHATONETOONECONDITIONFAILS,HOWEVER,WHENAFIRMHOLDSNETASSETSWHOSEVALUECOMESFROMEXECUTIONOFABUSINESSPLANRATHERTHANFLUCTUATIONSINMARKETPRICES,EVENWHENEXITPRICESAREOBSERVEDINACTIVEMARKETSASSETANDLIABILITYMATCHINGPROBLEMSCONFOUNDTHEPROB

31、LEMFURTHEROVERLAYTHEMINUSESOFESTIMATEDFAIRVALUESWHENACTUALPRICESARENOTOBSERVED,ANDTHEMINUSESDOADDUPIHAVESPENTSOMETIMELAYINGOUTTHEVALUATIONPROPERTIESOFHISTORICALCOSTACCOUNTINGBETTERREFERREDTOASHISTORICALTRANSACTIONACCOUNTINGBECAUSEISENSETHATTHOSEPROPERTIESARENOTALWAYSAPPRECIATEDINTHEDISCUSSIONOFFAIRV

32、ALUESABALANCESHEETFOCUSISNOTNECESSARYFORVALUATION,FORWEALSOHAVEANINCOMESTATEMENTHISTORICALCOSTINCOMESTATEMENTSREPORTEARNINGSFROMASSETSANDVALUATIONCANBEMADEFROMEARNINGSEVENTHOUGHTHEIRFAIRVALUEISNOTONTHEBALANCESHEETTHECOCACOLAVALUATIONINTHEAPPENDIXMAKESTHEPOINTIDONTSEEAPLUSFROMBOOKINGANESTIMATEOFTHEMA

33、RKETPRICEOFCOKESBRANDASSETTOTHEBALANCESHEETANDTHENRUNNINGTHEREVALUATIONSTHROUGHTHEINCOMESTATEMENTTHISSCENARIOISNOTONTHEHORIZON,ONEWOULDTHINK,BUTTHEREISLITTLEDIFFERENCEINPRINCIPLEINAPPLYINGEXITVALUESTOBANKSLOANSANDDEPOSITSTHATALSOGETTHEIRVALUEFROMBRANDSANDOTHERCUSTOMERINTANGIBLESTHISHAVINGBEENSAID,TH

34、EIMPLEMENTATIONOFHISTORICALCOSTACCOUNTINGISNOTWITHOUTITSPROBLEMS,ANDMANYCRITICISMSOFHISTORICALCOSTACCOUNTINGUNDERCURRENTGAAPAREWELLTAKENTHEANALYSTISFRUSTRATEDBYANUMBEROFFEATURESOFGAAPIREALLYHAVENOTENGAGEDINTALLYINGUPTHEPLUSESANDMINUSESOFFAIRVALUESAGAINSTTHEPLUSESANDMINUSESOFHISTORICALCOSTACCOUNTINGW

35、ITHALLITSMEASUREMENTISSUESBUT,ITISDIFFICULTTOSEEHOWFAIRVALUEACCOUNTINGWITHEXITPRICESSOLVESTHEPROBLEMSWITHHISTORICALCOSTACCOUNTINGWHENTHEONETOONECONDITIONISNOTSATISFIEDTHATCONDITIONISANECESSARYCONDITIONFORFAIRVALUEACCOUNTINGFURTHER,6WHILETHEIMPLEMENTATIONPROBLEMSWITHHISTORICALCOSTACCOUNTINGAREDUETODI

36、FFICULTIESOFREVENUEANDEXPENSEMATCHING,FAIRVALUEACCOUNTINGALSOHASITSOWNASSETANDLIABILITYMATCHINGPROBLEMSANDTHESEAPPEARTOBESERIOUSONESFROMPENMANSTEPHENHFINANCIALREPORTINGQUALITYISFAIRVALUEAPLUSORAMINUSJACCOUNTING我认为股东要求会计信息有两个用途1、报价。股东会计信息通知他们使用的公平价值的股权什么是股票的价值2、管理。股东使用会计信息来评估管理、业主员工如何有效地进行投资9和开展业务，来为

37、股东增加价值二、公允价值计量概念是开始的地方，如果放弃了历史成本会计而使得公允价值会计得到执行，那么一切都是可行的。然而,如果公允价值计量不能达到理想的情况，同时我们失去了历史成本会计所提供的信息，那么我们可能会受到损害。最近的财务会计标准委员会标准157号指出经过界定为市场退出价款的公允价值即用公允价值计量,然后标识出三个层次的“输入”去决定的市场价格,使得独特主体性的水平升高。10个2级和3级的假想的估计是市场上的价格。这些批评主观的评估是众所周知的,美国财务会计标准委员会的三级,特别引起了人们的担忧。理顺长处和短处,相同资产和负债活跃的市场表现是值得关注的1级测量,因为,如果公允价值会计

38、是不适当的,在这种情况下,关注时的主观估计就放大。三、优缺点在本文中我已经在考虑公允价值会计的利弊公允价值提高股票价值的评估任务和管理的评估任务。当然我并没有用尽这一探索，但取得了一些观点。在概念上，公允价值会计是有利的；股权价值从资产负债表上阅读,没有进一步的分析需要,并且利润表报告确定实现风险值。但概念是一回事，执行是另一回事。对于投资基金评估和管理公允价值会计工作正常,股东贸易在基金净资产值。此案例是有意义的,公允价值出口价格和股东是在这个一对一的关系的情况下进行。然而,当一个公司持有的净资产价值来自商业计划的执行而不是市场价格波动,即使出口价格表现活跃的市场中那么一对一的条件就失败了。

39、资产和负债匹配问题进一步的混淆问题。当实际价格并没有观察到，则加减估计公允价值。我已经花了些时间摊开了工程量清单计价性质的历史成本会计最好被称作“历史交易会计的因为我理解那些性质并不总是欣赏在公允价值的讨论。资产负债表的重点是没有必要的估值，因为我们也有一个损益表。历史成本收益报表的报告，从资产和收益可以估值收益，即使他们在资产负债表作出不公平值。附录中的可口可乐估值是关键。我没有看到来自预先估计可口可乐的市场价格品牌资产负债表，然后运行通过利润表重估。这个场景不是在地平线上，一会想，但在原则上是没有差别的出口值向银行申请的贷款和存款，也10得到客户的品牌和其他无形资产的价值。这已经说过,实施的历史成本会计是没有任何问题,许多批评家的历史成本会计在当前的一般公认会计原则是精彩的。他分析的是功能数量的会计准则。我真的从来没有参加过计算对公允价值的长处和短处的历史成本会计系统和所有的测量问题。但是,当一对一的情况不满足时很难想象公允价值会计与出口价格问题,解决了历史成本会计的问题。这一条件是一个公允价值会计的必要条件。此外，虽然与历史成本会计法的执行问题是由于收入和费用匹配上的困难，公允价值会计也有自己的（资产和负债）的匹配问题，这些似乎是严重的来源佩因曼斯蒂芬财务报告的质量公允价值是利还是弊J会计和商业研究,2007123343