公允价值的披露，告诉我更多【外文翻译】.doc

1、外文文献翻译译文原文FAIRVALUEDISCLOSURESTELLMEMOREONBENEFITPLANSFINANCIALSTATEMENTS,FOOTNOTESABOUTTHEFAIRVALUEOFPLANINVESTMENTSAREBECOMINGLONGERANDMORECOMPLEXJUSTASMARKETVOLATILITYANDALTERNATIVEINVESTMENTSMAKEITMOREDIFFICULTTODETERMINEFAIRVALUETHECALLFORMORETRANSPARENCYISRESULTINGINFURTHERGUIDANCEFROMTHEFINAN

2、CIALACCOUNTINGSTANDARDSBOARDTHATMAYMAKETHOSEFOOTNOTESEVENLONGERTHEAUTHORPROVIDESAHISTORYOFHOWFAIRVALUEHASBEENDEFINEDANDRECENTUPDATESTOACCOUNTINGSTANDARDS,ANDDISCUSSESWHATLIESAHEADDOYOUTHINKYOUVEHADABOUTENOUGHOFTHEFAIRVALUEDISCLOSURESTHATYOURBENEFITPLANMAKESBRACEYOURSELFIN2010,TWOMOREUPDATESWERERELEA

3、SEDTHATMAYREQUIREEVENMORELENGTHYANDCOMPLEXFOOTNOTESTOTHEFINANCIALSTATEMENTSTHANEVERBEFOREALITTLEHISTORYBECAUSETHEREWEREDIFFERENTDEFINITIONSOFFAIRVALUEANDLIMITEDGUIDANCEFORAPPLYINGTHOSEDEFINITIONSTHATWEREDISPERSEDTHROUGHMANYACCOUNTINGPRONOUNCEMENTS,THEFINANCIALACCOUNTINGSTANDARDSBOARDFASBWORKEDFORSOM

4、ETIMETOUPDATEITSGUIDANCEONFAIRVALUETHEENDRESULTWASSTATEMENTOFFINANCIALACCOUNTINGSTANDARDSNO157,FAIRVALUEMEASUREMENTSNOWCODIFIEDUNDERTHEFASBACCOUNTINGSTANDARDSCODIFICATIONASASC820ITWASISSUEDINSEPTEMBER2006ANDBECAMEEFFECTIVEINNOVEMBER2007THENEWSTANDARDDEFINEDFAIRVALUESIMPLE,RIGHTTHEREWERENONEWREQUIREM

5、ENTSTOREPORTITEMSATFAIRVALUE,JUSTAUSEFULDEFINITIONWHENANITEMISREQUIREDTOBEREPORTEDATFAIRVALUEUNDERANOTHERACCOUNTINGSTANDARDFASBSEFFORTSWEREINTENDEDTOCLARIFYHOWTOMEASUREFAIRVALUESOTHATFINANCIALSTATEMENTSWERECONSISTENTANDCOMPARABLEACROSSTHEBOARDALTHOUGHTHENEWSTANDARDRETAINEDTHEEXCHANGEPRICENOTIONINEAR

6、LIERDEFINITIONSOFFAIRVALUE,ITCLARIFIEDTHATTHEEXCHANGEPRICEISTHEPRICEINANORDERLYTRANSACTIONBETWEENMARKETPARTICIPANTSTOSELLTHEASSETTHEDEFINITIONFOCUSEDONTHEPRICETHATWOULDBERECEIVEDTOSELLTHEASSET,NOTTHEPRICETHATWOULDBEPAIDTOACQUIRETHEASSETFURTHERMORE,THESTANDARDEMPHASIZEDTHATFAIRVALUEMEASUREMENTWASMARK

7、ETBASEDANDNOTENTITYBASEDINOTHERWORDS,THEFAIRVALUEMEASUREMENTOFANASSETSHOULDBEBASEDONTHEASSUMPTIONSOFAMARKETPARTICIPANTBUYERANDNOTTHEASSUMPTIONSOFTHEENTITYHOLDINGTHEASSETTHROUGHSFASNO157,FASBALSOAIMEDTOHELPFINANCIALSTATEMENTREADERSDISCERNJUSTHOWSUBJECTIVETHEPROCESSWASTOARRIVEATFAIRVALUETHESTANDARDWAS

8、DESIGNEDTOCREATEDISCLOSURESINFORMINGTHEREADERTHATNOTALLFAIRVALUESARETHESAMEFASBASSERTEDTHATBEINGEDUCATEDABOUTTHOSEDIFFERENCESWOULDHELPTHEREADERMAKEBETTERDECISIONSABOUTTHEINFORMATIONPRESENTEDTHUS,THEFAIRVALUEHIERARCHYLEVELS1,2AND3WASBORNTHEENDRESULTWASACLARIFYINGSTANDARDTHATSIMPLIFIEDANDFUSEDTHEVARIO

9、USDEFINITIONSOFFAIRVALUEFOUNDTHROUGHOUTTHEACCOUNTINGLITERATURE,WHILEATTHESAMETIMEPROVIDEDREADERSWITHIMPROVEDANDEXPANDEDDISCLOSURESTHEMARKETSINCRISISHOWEVER,NOTLONGAFTERTHEFAIRVALUEMEASUREMENTSACCOUNTINGSTANDARDWASISSUEDIN2006,TURMOILBEGANTOSPREADTHROUGHOUTTHEFINANCIALMARKETSBYTHETIMEPUBLICCOMPANIESA

10、NDFINANCIALINSTITUTIONSHADADOPTEDSFASNO157,THESUBPRIMEMORTGAGEMARKETCRISISWASINFULLSWINGBECAUSEMANYWRITEDOWNSOFASSETSWEREBEINGREPORTEDTOCONFORMTOFAIRVALUEACCOUNTING,FASBWASUNDERASIGNIFICANTAMOUNTOFPRESSUREANDSCRUTINYREGARDINGITSFAIRVALUEGUIDANCEWASTHEACCOUNTINGSTANDARDATLEASTPARTIALLYTOBLAMEFORTHEEC

11、ONOMICFALLOUTTHEREWEREMARKETCOMMENTATORSCALLINGFORTHERESCISSIONORSUSPENSIONOFSFASNO157INMARCH2009,FASBCHAIRMANROBERTHERZTESTIFIEDBEFORETHEUSHOUSEOFREPRESENTATIVES,ANSWERINGQUESTIONSABOUTHOWFASBDEVELOPSACCOUNTINGSTANDARDS,THEROLEOFACCOUNTINGSTANDARDSETTERSANDTHEDEFINITIONOFFAIRVALUECHAIRMANHERZEMPHAS

12、IZEDTHATFAIRVALUEACCOUNTINGWASNOTHINGNEWSFASNO157SERVEDONLYTOUNITEANDSIMPLIFYDISPARATEGUIDANCETHROUGHOUTTHELITERATUREFURTHERMORE,THEROLEOFFASB,HERZASSERTED,WASTOFOCUSPRIMARILYONPROVIDINGTRANSPARENT,NEUTRALINFORMATIONINFINANCIALSTATEMENTSTOAIDTHEREADERINDECISIONMAKINGWHILEACKNOWLEDGINGTHATFINANCIALRE

13、PORTSAFFECTMARKETBEHAVIOR,HERZCONTENDEDTHATITISNOTTHEROLEOFFASBTOTRYTODAMPENORCOUNTERSUCHEFFECTS,BUTITISTHEROLEOFTHEREGULATORSTOCREATESOUNDMARKETSHERZLIKENEDBLAMINGFAIRVALUEACCOUNTINGFORTHEMARKETCRISISTOBLAMINGTHEDOCTORFORTELLINGYOUTHATYOUARESICKUPDATESIN2009ALTHOUGHFASBHELDFIRMINUPHOLDINGTHENEWFAIR

14、VALUESTANDARD,THREEUPDATESTOTHEGUIDANCEWEREISSUEDTHENEXTMONTHTOAPPEASESOMECRITICSTHEUPDATESMAINLYADDRESSEDTHEVALUATIONSBEINGASSIGNEDTOSECURITIESININCREASINGLYDISTRESSEDANDINACTIVEMARKETSANDTHEDETERMINATIONOFIMPAIRMENTTHEYWEREEFFECTIVEALMOSTIMMEDIATELYALTHOUGHTHEIREFFECTWASINITIALLYTHOUGHTTOBEMINIMAL

15、FORPLANFINANCIALSTATEMENTS,IMPLEMENTINGONEOFTHEUPDATESFASBSTAFFPOSITIONFAS1574DIDREQUIREEXPANDEDDISCLOSURESOFSECURITIESHELDATTHEMAJORCATEGORYLEVELBASEDONTHENATUREANDRISKOFTHESECURITYTHISMEANTTHAT,FOREXAMPLE,SHOWING“COMMONSTOCK”ASALEVEL1ITEMINTHEFAIRVALUEDISCLOSUREWOULDNOTBETRANSPARENTENOUGHTHEFOOTNO

16、TETABLEWOULDNOWHAVETOLISTTHEMAJORCONCENTRATIONSOFSTOCKHELDBYTHEPLAN,ANDCOMMONSTOCKWOULDNEEDTOBESEGREGATEDBYITSNATUREORRISK,SUCHASBUSINESSSECTOREG,CONSUMERSTAPLES,ENERGY,INFORMATIONTECHNOLOGY,ETCORINVESTMENTOBJECTIVEORCOMPANYSIZEWHYTHECALLFOREXPANDEDCATEGORIESINONEWORDTRANSPARENCYTRUE,THROUGHTHEEYESO

17、FTHEFINANCIALSTATEMENTPREPARER,EACHUPDATETOTHEACCOUNTINGSTANDARDSRENDERSTHEFAIRVALUEDISCLOSURESMORELENGTHYANDCOMPLEXTHANBEFORETHEINTENTIONISNOTTOOVERWHELMORCONFUSE,HOWEVERTHROUGHTHEEYESOFTHEFINANCIALSTATEMENTREADER,FASBSUPDATESPROVIDEMOREINFORMATIONANDENABLEBETTERDECISIONMAKINGBASEDONTHEDETAILSPRESE

18、NTEDDRIVINGSOMEOFTHEADDITIONALCLARIFICATIONANDIMPLEMENTATIONGUIDANCEISTHEADVISORYBOARDESTABLISHEDBYFASB,THEVALUATIONRESOURCEGROUPVRGCOMPOSEDOFACROSSSECTIONOFINDUSTRYREPRESENTATIVESINCLUDINGFINANCIALSTATEMENTPREPARERS,AUDITORS,USERSANDVALUATIONEXPERTS,VRGASSESSESWHETHERANDTOWHATEXTENTADDITIONALANDMOR

19、ESPECIFICGUIDANCEISNEEDEDFORFINANCIALREPORTING,BEYONDFASBASC820FORMERLYSFASNO157ALTHOUGHNONAUTHORITATIVE,VRGADVISESFASBONVALUATIONISSUES,DIVERSITYINPRACTICEANDALTERNATIVEVIEWSTHROUGHOUTTHEINDUSTRYBASEDONRECOMMENDATIONSBYVRGANDOTHERCONSTITUENTS,FASBADDEDAPROJECTTOITSAGENDAIN2009ONAPPLYINGFAIRVALUEACC

20、OUNTINGSTANDARDSTOINTERESTSINALTERNATIVEINVESTMENTSTHERESULTWASTHEISSUANCEINSEPTEMBER2009OFACCOUNTINGSTANDARDSUPDATEASUNO200912,INVESTMENTSTHATCALCULATENETASSETVALUEPERSHAREORITSEQUIVALENTTHISUPDATEBECAMEEFFECTIVEFORPERIODSENDINGAFTERDECEMBER15,2009ANDIMPACTSTHEFINANCIALSTATEMENTSOFPLANSHOLDINGSUCHI

21、NVESTMENTSASCOMMONCOLLECTIVETRUSTFUNDS,HEDGEFUNDS,PRIVATEEQUITYFUNDS,LIMITEDPARTNERSHIPSANDREALESTATEFUNDSTHESEALTERNATIVEINVESTMENTSDONOTHAVEREADILYDETERMINABLEFAIRVALUESTHATIS,THEYARENOTLISTEDONNATIONALEXCHANGESOROVERTHECOUNTERMARKETSONCETHEPLANBUYSINTOTHEFUND,ITCANEXITREDEEMITSINVESTMENTORRECEIVE

22、DISTRIBUTIONSONLYTHROUGHTHEFUNDMANAGERANDNOTASECONDARYMARKETTHESEREDEMPTIONSTYPICALLYAREATTIMESSPECIFIEDUNDERTHETERMSOFTHEINVESTMENTFUNDSGOVERNINGDOCUMENTSWHENFASBISSUEDITSORIGINALGUIDANCEONFAIRVALUEMEASUREMENTS,THEREWEREMANYUNCERTAINTIESABOUTJUSTHOWITAPPLIEDTOTHESEALTERNATIVEINVESTMENTSTYPICALLYFOR

23、PLANS,ANINVESTMENTFUNDSTATEMENTORREPORTPROVIDESTHENETASSETVALUENAVPERSHARE,ANDTHEPLANADMINISTRATORORACCOUNTANTUSESTHISAMOUNTTOESTIMATETHEFAIRVALUEOFTHEALTERNATIVEINVESTMENTMANYFINANCIALSTATEMENTPREPARERSQUESTIONEDWHICHATTRIBUTESOFTHEINVESTMENTWOULDCAUSEANADJUSTMENTTOTHENAVSOMEOFTHEFEATURESOFTHESEFUN

24、DSINQUESTIONINVOLVEDRESTRICTIONSONREDEMPTIONSSUCHASGATES,NOTICEPERIODSANDLOCKUPPERIODSONEOFTHECONCERNSHADTODOWITHLIQUIDITYIFTHENAVWAS5ATYEARENDBUTTHEPLANCANTREDEEMITSSHARESFORATLEAST12MONTHS,ISTHEFUNDREALLYWORTHLESSTHAN5PERSHARERIGHTNOWSOMEHADTODOWITHFUNDCLOSURESIFTHEPLANBOUGHTINTOTHEINVESTMENTFUNDA

25、TANAVOF10PERSHAREBUTTHEFUNDHASCEASEDACCEPTINGSUBSCRIPTIONSATYEAREND,WOULDAPOTENTIALBUYERPAYMORETHAN10PERSHARERIGHTNOWFORTHEPRIVILEGEOFGETTINGINTOTHEFUNDBECAUSEOFTHESECOMPLEXITIESANDPRACTICALDIFFICULTIESINESTIMATINGTHEFAIRVALUEOFALTERNATIVEINVESTMENTS,FASBISSUEDASUNO200912TOALLOWTHEUSEOFNAVPERSHAREAS

26、APRACTICALEXPEDIENTANDTOPROVIDEGUIDANCEONWHENANADJUSTMENTTONAVPERSHAREWOULDBEAPPROPRIATEINOTHERWORDS,PREPARERSWEREPERMITTEDTHEUSEOFNAVASREPRESENTINGFAIRVALUE,PROVIDEDTHEINVESTMENTFUNDCALCULATEDNAVINACCORDANCEWITHGENERALLYACCEPTEDACCOUNTINGPRINCIPLESATTHEMEASUREMENTDATETHEFINANCIALSTATEMENTSINCLUDEDD

27、ISCLOSURESABOUTTHEATTRIBUTESOFTHEINVESTMENTFUNDS,SUCHASTHENATUREOFANYRESTRICTIONSONTHEABILITYTOREDEEMITSINVESTMENTSATTHEMEASUREMENTDATE,ANYUNFUNDEDCOMMITMENTSANDINVESTMENTSTRATEGIESOFTHEINVESTMENTFUNDINORDERTOASSISTINTHEIMPLEMENTATIONOFASUNO200912,THEAMERICANINSTITUTEOFCERTIFIEDPUBLICACCOUNTANTSAICP

28、AINDECEMBER2009ISSUEDNOLESSTHANTENTECHNICALPRACTICEAIDSONTHEFOLLOWINGSUBJECTSAPPLICABILITYOFPRACTICALEXPEDIENTUNITOFACCOUNTDETERMININGWHETHERNAVISCALCULATEDCONSISTENTWITHASC946,FINANCIALSERVICESINVESTMENTCOMPANIESDETERMININGWHETHERANADJUSTMENTTONAVISNECESSARYADJUSTINGNAVWHENITISNOTASOFTHEREPORTINGEN

29、TITYSMEASUREMENTDATEADJUSTINGNAVWHENITISNOTCALCULATEDCONSISTENTWITHFASBASC946DISCLOSURESABILITYTOREDEEMVERSUSACTUALREDEMPTIONREQUESTIMPACTOF“NEARTERM”ONCLASSIFICATIONWITHINFAIRVALUEHIERARCHYCATEGORIZATIONOFINVESTMENTSFORDISCLOSUREPURPOSESDETERMININGFAIRVALUEOFINVESTMENTSWHENTHEPRACTICALEXPEDIENTISNO

30、TUSEDORISNOTAVAILABLEINCLUDEDINTHESETECHNICALPRACTICEAIDSISAGLOSSARYOFINVESTMENTFUNDFEATURESTOASSISTINUNDERSTANDINGTHESECOMPLICATEDINVESTMENTSTRUCTURESTHISUPDATETOTHEFASBASCANDTHENUMEROUSPRACTICEAIDSONLYBEARWITNESSTOTHESOPHISTICATIONANDCOMPLEXITYRELATEDTOVALUINGALTERNATIVEINVESTMENTSSTANLEYFELDMAN,C

31、HIEFVALUATIONOFFICEROFAXIOMVALUATIONSOLUTIONS,URGESPLANFIDUCIARIESTODEMANDMORETRANSPARENCYFROMTHEMANAGERSOFITSALTERNATIVEINVESTMENTSPLANTRUSTEESSHOULDBEASKINGFORMOREDETAILEDDISCLOSURESABOUTAFUNDSUNDERLYINGINVESTMENTSFROMTHEIRINVESTMENTFUNDMANAGERSANDTHENUSETHISINFORMATIONTOANALYTICALLYVERIFYTHATSELF

32、REPORTEDINVESTMENTVALUESARECONSISTENTWITHFAIRVALUEFINANCIALREPORTINGSTANDARDS,ERISAFIDUCIARYREQUIREMENTSANDTHEIRSOCIALRESPONSIBILITIESTOALLPLANSTAKEHOLDERS,ASSERTSFELDMAN2010UPDATESATTHETIMETHISARTICLEWASWRITTEN,HALFWAYTHROUGH2010,WEALREADYHAVETWOMOREUPDATESCALLINGFOREVENGREATERTRANSPARENCYREGARDING

33、FAIRVALUEINJANUARY2010,FASBISSUEDASUNO201006,IMPROVINGDISCLOSURESABOUTFAIRVALUEMEASUREMENTSALTHOUGHNOTEFFECTIVEUNTILPERIODSBEGINNINGAFTERDECEMBER15,2009,THISUPDATEREQUIRESFINANCIALSTATEMENTFOOTNOTESTOSHOWTHETRANSFERSBETWEENLEVELS1AND2ASWELLASLEVEL3ANDTHEREASONSFORSUCHTRANSFERSFURTHERMORE,FORFAIRVALU

34、EMEASUREMENTSCATEGORIZEDASLEVELS2AND3UNDERTHEFAIRVALUEHIERARCHY,FINANCIALSTATEMENTPREPARERSAREREQUIREDTOINCLUDEQUANTITATIVEINFORMATIONABOUTTHEVALUATIONINPUTSUSEDANDTODESCRIBETHENATUREANDCHARACTERISTICSOFTHEASSETFOREXAMPLE,AFOOTNOTEWOULDNEEDTOCONVEYSOMEOFTHEMAJORATTRIBUTESREGARDINGRESIDENTIALMORTGAGE

35、BACKEDSECURITIES,SUCHASTHETYPESOFUNDERLYINGLOANS,ADESCRIPTIONOFTHECOLLATERAL,GUARANTEESOROTHERCREDITENHANCEMENTS,THESENIORITYLEVELOFTHETRANCHESOFSECURITIES,THEYEAROFISSUANCE,THEWEIGHTEDAVERAGECOUPONRATE,THEMATURITYOFUNDERLYINGLOANS,THEGEOGRAPHICALCONCENTRATIONORTHECREDITRATINGSOFTHELOANSASUNO201006A

36、LSOREQUIRESDISCLOSURESABOUTHOWTHIRDPARTYINFORMATIONSUCHASBROKERQUOTES,PRICINGSERVICES,NAVSANDRELEVANTMARKETDATAWASCONSIDEREDINFAIRVALUEMEASUREMENTSCATEGORIZEDWITHINLEVELS2AND3YETTHEREWASMORETOBESAIDABOUTFAIRVALUEMEASUREMENTSONJUNE29,2010,FASBRELEASEDAPROPOSEDACCOUNTINGSTANDARDSUPDATE,AMENDMENTSFORCO

37、MMONFAIRVALUEMEASUREMENTSANDDISCLOSUREREQUIREMENTSALTHOUGHTHEFINALVERSIONMAYULTIMATELYDIFFERFROMTHISEXPOSUREDRAFT,THEPROPOSEDREQUIREMENTSREVEALHOWTHEDEMANDFOREVENMORETRANSPARENCYCONTINUESWORKINGTOCONVERGEDEFINITIONSANDDISCLOSURESUNDERBOTHUSGENERALLYACCEPTEDACCOUNTINGSTANDARDSANDINTERNATIONALACCOUNTI

38、NGSTANDARDS,FASBISPROPOSINGCHANGINGTHEWORDINGUSEDTODESCRIBETHEPRINCIPLESANDREQUIREMENTSFORMEASURINGFAIRVALUETHESECHANGESAREMEANTTOIMPROVECOMPARABILITYBETWEENFINANCIALSTATEMENTSPREPAREDUNDEREITHERSETOFSTANDARDSHOWEVER,FINANCIALSTATEMENTPREPARERSSHOULDNOTSEEGREATEFFECTSONHOWTHEYAPPLYCURRENTFAIRVALUEME

39、ASUREMENTSTANDARDSALTHOUGHTHECHANGESTOTHEMEASUREMENTPRINCIPLESSHOULDNOTSIGNIFICANTLYAFFECTBENEFITPLANFINANCIALSTATEMENTS,THEPROPOSEDSTANDARDALSOREQUIRESADDITIONALDISCLOSURESTHATWOULDFURTHEREXPANDTHEFAIRVALUEMEASUREMENTSFOOTNOTEINTHEFINANCIALSTATEMENTSITAPPEARSTHATFASBHASBEENRECEIVINGREQUESTSFROMUSER

40、SOFFINANCIALSTATEMENTSFORMOREINFORMATIONONTHEMEASUREMENTUNCERTAINTYINHERENTINLEVEL3MEASUREMENTSFOREXAMPLE,ONEOFTHEEXPANDEDDISCLOSURESISTHESOCALLEDSENSITIVITYDISCLOSURETHISWOULDDESCRIBETHEEFFECTOFCHANGINGONEORMOREOFTHEUNOBSERVABLEINPUTSTHATCOULDHAVEBEENREASONABLYUSEDTOMEASUREFAIRVALUEINTHECIRCUMSTANC

41、ESIMPLEMENTINGTHISNEWUPDATEWOULDREQUIRETHATTHEPLANCALCULATETHEEFFECTONTHEFAIRVALUEMEASUREMENTOFCHANGINGONEORMOREOFTHEUNOBSERVABLEINPUTSUSEDINTHEFAIRVALUEMEASUREMENTWITHTHEDIFFERENTINPUTSAVAILABLEASREASONABLEALTERNATIVESAICPAALSOISSUEDMORETECHNICALPRACTICEAIDSINJUNE2010,INCLUDINGCERTIFICATESOFDEPOSIT

42、ANDFASBASC820,FAIRVALUEMEASUREMENTSANDDISCLOSURESAPPLICABILITYOFFAIRVALUEDISCLOSUREREQUIREMENTSANDMEASUREMENTPRINCIPLESINFASBASC820,FAIRVALUEMEASUREMENTSANDDISCLOSURES,TOCERTAINFINANCIALINSTRUMENTSFASBDOCUMENTSINCLUDINGPROPOSEDSTANDARDSCANBEFOUNDATWWWFASBORG,ANDAICPAPUBLICATIONSAREAVAILABLEATWWWAICP

43、AORGWHENALLISSAIDANDDONE,THEEXPANDINGFAIRVALUEMEASUREMENTDISCLOSURES,ALTHOUGHDIFFICULTANDTIMECONSUMINGFORMANYFINANCIALSTATEMENTPREPARERS,HELPINVESTORSUNDERSTANDJUSTHOWANASSETSVALUEWASDETERMINEDITJUSTSOHAPPENSTHATATTHESAMETIMETHATACCOUNTINGSTANDARDSAREFORCINGALLOFUSTOGETMOREINFORMEDABOUTPLANINVESTMEN

44、TS,THEFINANCIALMARKETSAREBEHAVINGUNEVENLYANDPLANSAREFACINGFUNDINGDEFICITS,FORCINGPLANFIDUCIARIESTOSEEKHIGHERRETURNSINNONTRADITIONALINVESTMENTSTHATMAXIMIZEINEFFICIENCIESINTHEMARKETYETANUNINTENDEDRESULTOFHOLDINGTHESE“HARDTOVALUE”INVESTMENTSISTHATTHEMORECOMPLEXTHEINVESTMENT,THELENGTHIERANDMORECOMPLICAT

45、EDTHEFINANCIALSTATEMENTFOOTNOTESBECOMEALVINTOFFLER,AUTHOROFFUTURESHOCK,SAID,“YOUCANUSEALLTHEQUANTITATIVEDATAYOUCANGET,BUTYOUSTILLHAVETODISTRUSTITANDUSEYOUROWNINTELLIGENCEANDJUDGMENT”AFTERSIFTINGTHROUGHALLTHEHEFTYDISCLOSURES,PLANTRUSTEES,ADMINISTRATORSANDPROFESSIONALSSTILLHAVETOASK,FOREACHINVESTMENT,

46、HOWFAIRISTHISFAIRVALUESOURCEBRASSIL,EILEENFAIRVALUEDISCLOSURESTELLMEMOREBENEFITSCOMPENSATIONDIGEST,OCT2010,VOL47ISSUE10,P3640,5P一、翻译文章译文公允价值的披露，告诉我更多在有关福利计划的财务报表的作用下，公允价值计划投资的脚注正在变得更长、更复杂，就像市场波动和另类投资一样，使它更难以确定公允价值。人们对公允价值更多透明度的呼吁，导致了美国财务会计准则委员会对脚注的进一步指导，该委员会可能会花很多时间去改变那些脚注。作者提供了一个公允价值如何被定义的历史和最近更新的会

47、计准则，并讨论了未来会是什么样子的。你认为你已经足够了解公允价值的披露，来制定您的福利计划了吗请你勇敢去面对这个问题吧。到2010年，两个被修改后更新的会计准则信息，可能需要比以往任何时候都要多的、复杂的脚注在会计报表附注中进行说明。一些历史由于存在有关公允价值不同的定义，以及通过应用那些被分散在许多会计公告中的定义，因此美国财务会计准则委员会（FASB）通过一段时间的工作，修改了有关公允价值的指导。最终的结果是有关公允价值计量的第157号财务会计准则的声明（即财务会计准则委员会在会计准则下编纂的升序820），这是在2006年9月颁布的，并于2007年11月正式生效。新标准中定义的公允价值，简

48、单对吧虽然目前还没有新的要求去申报公允价值的有关项目，但是当一个项目被要求在其他会计准则下去申报公允价值时，那将是一个有关公允价值的很有用的定义。财务会计准则委员会努力的目的是阐明如何衡量公允价值，以便使财务报表能被一致的和全面的比较。虽然新标准中保留了有关公允价值早期定义的交换价格的概念，但它澄清了这交换价格是在市场参与者之间的有序交易并出售资产时的价格。该定义侧重于将要收到的出售资产的价格，而不是将要支付收购资产的价格。此外，该标准还强调了公允价值计量是以市场为基础的，而不是以实体为基础的。换言之，一项资产的公允价值计量应基于对市场参与者（买方）的假设，而不是对资产的控股实体的假设。通过对

49、第157号财务会计准则的有关声明，财务会计准则委员会还旨在帮助读者辨别财务报表中生成的公允价值，并指出它是通过一个主观的过程而生成列账的。该标准的目的是通过建立信息披露来告诉读者，并不是所有的公允价值都是一样的。财务会计准则委员会宣称，正在对那些披露信息的差异进行的教育，将有助于读者对有关介绍的信息做出更好的决策。因此，公允价值等级（1级，2级和3级）诞生了。最终的结果是一个明确的公允价值标准，它简化和融合在了整个会计公允价值的文献中发现的各种定义，并在同一时间给读者提供了改进和扩大的信息。危机中的市场2006年，财务会计准则委员会颁布了有关公允价值计量的会计准则。然而颁布后没多久，动乱就开始蔓延在整个金融市场。其实早在那个时候，上市公司和金融机构都已经采用了第157号公报，因此在新会计准则的实施下，次级抵押贷款的市场危机全面展开。由于许多起伏不定的资产被报以符合公允价值的会计标准，因此在这强大的压力下，财务会计准则委员会正在审议有关其对公允价值的指导。会计标准是导致至少部分经济滑坡的原因吗有市场评论员要求撤销或暂停第157号公报的实施。2009年3月，财务会计准则委员会主席罗伯特赫兹在美国国会众议院前接受采访，回答了有关如何发展美国财务会计准则委员会制定的会计准则和制定准则的机构以及如何定义公允价值等问题。赫茨主席强调公允价值的会计计量是个创新的内容，并指出第1