公允价值会计方面的最新进展【外文翻译】.doc

1、外文文献翻译原文RECENTDEVELOPMENTSINFAIRVALUEACCOUNTINGSFAS157,FAIRVALUEMEASUREMENTS,WHICHBECAMEEFFECTIVEINJANUARY2008,DEFINESFAIRVALUEANDPROVIDESCOMPREHENSIVEIMPLEMENTATIONGUIDANCEFORAPPLYINGITTOASSETSANDLIABILITIESFORMEASUREMENTUNDERGAAPSINCETHEN,THEMELTDOWNOFFINANCIALMARKETSANDADEEPENINGRECESSIONHAVELEDT

2、OAREAPPRAISALOFFAIRVALUEACCOUNTINGCRITICSARGUETHATTHEFAIRVALUEACCOUNTING,COMMONLYCALLEDMARKTOMARKETACCOUNTING,HASEXACERBATEDTHECRISISBYREQUIRINGSIGNIFICANTWRITEDOWNOFASSETS,RESULTINGINSHARPDECREASESINREGULATORYCAPITALOFBANKSANDOTHERFINANCIALINSTITUTIONSSEEWILLIAMISAAC,“HOWTOSAVETHEFINANCIALSYSTEM,”W

3、ALLSTREETJOURNAL,SEPTEMBER19,2008JOHNBERLAU,“MAYBETHEBANKSAREJUSTCOUNTINGWRONG,”WALLSTREETJOURNAL,SEPTEMBER20,2008GARYGORTON,“THEPANICOF2007,”YALEICFWORKINGPAPERNO0824,SSRNCOM/ABSTRACT1255362THECRISISLEDTOSWIFTANDUNPRECEDENTEDACTIONSFROMTHETREASURYDEPARTMENT,THEFEDERALRESERVE,ANDCONGRESS,INCLUDINGTH

4、E700BILLIONTROUBLEDASSETSRELIEFPROGRAMTARPTOHELPFINANCIALINSTITUTIONSINOCTOBER2008,CONGRESSPASSEDTHEEMERGENCYECONOMICSTABILIZATIONACT,AUTHORIZINGTHESECTOSUSPENDSFAS157FORSOMEISSUERSORCERTAINTRANSACTIONSINORDERTOPROTECTINVESTORSANDTHEPUBLICINTERESTTHEACTALSODIRECTEDTHESECTOSTUDYTHESTANDARDSIMPACTONFI

5、NANCIALINSTITUTIONSBALANCESHEETSANDONBANKFAILURES,ASWELLASTOSUGGESTALTERNATIVEACCOUNTINGSTANDARDSFASBSOONISSUEDTHREESTAFFPOSITIONSFSPFSPFAS1574,“DETERMININGFAIRVALUEWHENTHEVOLUMEANDLEVELOFACTIVITYFORTHEASSETORLIABILITYHAVESIGNIFICANTLYDECREASEDANDIDENTIFYINGTRANSACTIONSTHATARENOTORDERLY”FSPFAS1071AN

6、DAPB281,“INTERIMDISCLOSURESABOUTFAIRVALUEOFFINANCIALINSTRUMENTS”ANDFSPFAS1152AND1242,“RECOGNITIONANDPRESENTATIONOFOTHERTHANTEMPORARYIMPAIRMENTS”ASPARTOFITSRESPONSETOTHECONCERNSRELATEDTOMEASUREMENTANDRECOGNITIONOFFAIRVALUEININACTIVEMARKETSTHEAUTHORSDISCUSSHOWTOIMPLEMENTTHESEFSPS,PROVIDEEXAMPLESANDDEC

7、ISIONFLOWCHARTSTOAIDTHEPROCESS,ANDDISCUSSTHEIRIMPLICATIONSFORBACKGROUNDINFORMATIONONFSPFAS1574,ITSLINKAGEWITHSFAS157,ANDTHEMARKETANDPREPARERSREACTIONSTOIT,SEE“FAIRVALUESHOWMEETSWHENTHECOMPLICATIONSOFAPPLYINGMARKTOMARKETACCOUNTINGINANINACTIVEMARKET,”BYCHENGKANG,THECPAJOURNAL,AUGUST2009SFAS157ESTABLIS

8、HESATHREETIERHIERARCHYOFOBSERVABLEORUNOBSERVABLEINPUTSLEVEL1INPUTSAREQUOTEDPRICESUNADJUSTEDFORIDENTICALASSETSORLIABILITIESINACTIVEMARKETS,SUCHASTHESTOCKPRICEOFAPUBLICLYTRADEDCORPORATIONLEVEL2INPUTSAREQUOTEDPRICESFORSIMILARASSETSANDLIABILITIES,INPUTSOTHERTHANQUOTEDPRICESTHATAREOBSERVABLEFORTHEASSETOR

9、LIABILITYEG,INTERESTRATES,YIELDCURVES,ORINPUTSTHATAREDERIVEDPRINCIPALLYFROMORCORROBORATEDBYOBSERVABLEMARKETDATABYCORRELATIONOROTHERMEANSLEVEL3INPUTSAREUNOBSERVABLEINPUTSTHATREFLECTAREPORTINGENTITYSOWNASSUMPTIONSWITHLITTLEORNOCORROBORATIONWITHOBSERVABLEMARKETDATAABOUTASSUMPTIONSTHATMARKETPARTICIPANTS

10、WOULDUSEINPRICINGTHEASSETORLIABILITYOBSERVABLEINPUTSAREBASEDONINDEPENDENTMARKETDATA,WHILEUNOBSERVABLEINPUTSREFLECTTHECOMPANYSOWNASSUMPTIONSSFAS157REQUIRESMAXIMIZINGOBSERVABLEINPUTSLEVEL1ANDMINIMIZINGUNOBSERVABLELEVEL3INPUTSASMEASUREMENTTECHNIQUESTODETERMINEFAIRVALUETHECURRENTCREDITCRISISHASINCREASED

11、THEDIFFICULTYINMEASURINGMANYFINANCIALASSETSANDLIABILITIESFAIRVALUE,PARTICULARLYREPACKAGEDCOMPLEXFINANCIALINSTRUMENTSSUCHASMORTGAGEBACKEDORASSETBACKEDSECURITIESVALUINGTHEMOFTENINVOLVESUSINGLEVEL2INPUTSTHEFREEZINGOFMARKETSFORMANYFINANCIALINSTRUMENTSHASFORCEDCOMPANIESTORELYINCREASINGLYONLEVEL3INPUTSTOV

12、ALUESUCHASSETSFSPSFAS1573AND1574TOCLARIFYTHEAPPLICATIONOFSFAS157ININACTIVEMARKETS,INOCTOBER2008FASBISSUEDFSPFAS1573,“DETERMININGTHEFAIRVALUEOFAFINANCIALASSETWHENTHEMARKETFORTHATASSETISNOTACTIVE”FSPFAS1573NOTESTHATWHENSIGNIFICANTDECLINESINANASSETSVOLUMEANDLEVELOFTRADINGACTIVITYOCCUR,AVAILABLEPRICESVA

13、RYSIGNIFICANTLYOVERTIMEORAMONGMARKETPARTICIPANTS,ANDIFOBSERVABLEPRICESARENOTCURRENT,THEMARKETSMAYBEDEEMEDINACTIVETHEFAIRVALUEMEASUREMENTOBJECTIVESOFSFAS157SHOULDAPPLYEQUALLYTOINACTIVEANDACTIVEMARKETSNEVERTHELESS,FSPFAS1573DOESNOTDEFINE“INACTIVE”ANDWHILEITMENTIONSSEVERALFACTORSSUCHQUOTEDPRICES,ANALYS

14、TREPORTS,INTERESTRATES,ANDBROKERQUOTESTOBECONSIDEREDINDETERMININGFAIRVALUE,ITPROVIDESNOGUIDANCEASTOTHEIRRELATIVEIMPORTANCEORHOWTOAGGREGATETHEMCOMPANIESTHEMSHOULDDETERMINEWHETHERTHEMARKETFORAPARTICULARASSETISINACTIVEONTHEMEASUREMENTDATEAND,IFSO,DECIDEONTHENECESSARYADJUSTMENTSFOROBSERVABLEINPUTSFSPFAS

15、1573ALSOREQUIRESTHECONSIDERATIONOFNONPERFORMANCEANDLIQUIDITYRISKSINVALUATIONNONPERFORMANCERISKREFERSTOOBLIGATIONSTHATTHELIABILITYWILLNOTBEFULFILLEDLIQUIDITYRISKREFERSTOTHEBUYERFINDINGDIFFICULTYSELLINGTHEASSETUNDERCURRENTMARKETCONDITIONSADDINGLIQUIDITYPREMIUMS,WHICHCANBESUBSTANTIALININACTIVEMARKETS,P

16、UTSTHEFAIRVALUEBACKTOWHATTHEMARKETPARTICIPANTSWILLPAYATTHEMEASUREMENTDATE,ESSENTIALLYREFLECTINGINACTIVEORDISORDERLYMARKETSTHESESHORTCOMINGSLEDFASBTORESCINDFSPFAS1573INAPRIL2009,MAKINGITEFFECTIVEONLYFROMTHELASTQUARTEROF2008TOTHEFIRSTQUARTEROF2009THESECSDECEMBER2008MARKTOMARKETACCOUNTINGSTUDYHADRECOMM

17、ENDEDTHATFASBPROVIDEADDITIONALGUIDANCETOIDENTIFYFORCEDORDISTRESSEDTRANSACTIONSANDINACTIVEMARKETSANDDETERMINEFAIRVALUEUNDERSUCHCONDITIONSINMARCH2009,THEHOUSEFINANCIALSERVICESCOMMITTEEHELDAHEARINGONMARKTOMARKETACCOUNTING,WHEREITURGEDFASBTOACTQUICKLYORFACELEGISLATIVEINTERVENTIONTOMEETTHESECMANDATEANDTO

18、ADDRESSTHECONCERNSEXPRESSEDATTHEHEARING,INAPRIL2009FASBISSUEDFSPFAS1574SUPERSEDINGFSPFAS1573,FSPFAS1574BECAMEEFFECTIVEFORREPORTINGPERIODSENDINGAFTERJUNE15,2009,ANDSHOULDBEAPPLIEDPROSPECTIVELYASACHANGEINESTIMATEFSPFAS1574REITERATESTHEORIGINALSFAS157POSITIONTHATFAIRVALUEISTHEPRICETHATWOULDBERECEIVEDTO

19、SELLANASSETORPAIDTOTRANSFERALIABILITYINANORDERLYNOTAFORCEDLIQUIDATIONORDISTRESSEDSALETRANSACTIONBETWEENMARKETPARTICIPANTSATTHEMEASUREMENTDATEUNDERCURRENTMARKETCONDITIONSSFAS157STRESSEDTHEUSEOFOBSERVABLELEVEL1ANDLEVEL2INPUTSTHATDONOTREQUIRESIGNIFICANTADJUSTMENTTHEFSPNOTESTHATOBSERVABLEINPUTSSHOULDBE“

20、RELEVANT”TOTHESECURITY,THATIS,UNOBSERVABLE,RELEVANTINPUTSAREPREFERREDOVEROBSERVABLEONESTHEGUIDANCEDOESNOTAPPLYTOQUOTEDPRICESFORANIDENTICALASSETORLIABILITYINANACTIVEMARKETLEVEL1INPUTS,ANDITSTATESTHATSIGNIFICANTDECLINESINVOLUMEDONOTBYTHEMSELVESMAKETHEMARKETINACTIVE“INACTIVE”REPRESENTINGASIGNIFICANTDEC

21、REASEINVOLUMEANDLEVELOFACTIVITYWHENCOMPAREDWITHNORMALMARKETACTIVITY,RATHERTHANACOMPLETEABSENCEOFTRANSACTIONSTHEMARKETISSTILLCONSIDEREDACTIVEFORFREQUENTLYOCCURRINGTRANSACTIONSUNLIKEFSPFAS1573,THEFSPFAS1574AVOIDSTHENEEDTOIDENTIFYTHELASTTRANSACTIONINACTIVEMARKETSITINSTEADPROVIDESASETOFINDICATORSOFINACT

22、IVEMARKETSFORASSETSORLIABILITIESTHEREAREFEWRECENTTRANSACTIONSPRICEQUOTATIONSARENOTBASEDONCURRENTINFORMATIONPRICEQUOTATIONSVARYSUBSTANTIALLYEITHEROVERTIMEORAMONGMARKETMAKERSINDICESTHATWEREPREVIOUSLYHIGHLYCORRELATEDWITHTHEFAIRVALUESOFTHEASSETORLIABILITYARENOWDEMONSTRABLYUNCORRELATEDWITHRECENTINDICATIO

23、NSOFFAIRVALUETHEREISASIGNIFICANTINCREASEINIMPLIEDLIQUIDITYRISKPREMIUMS,YIELDS,ORPERFORMANCEINDICATORSFOROBSERVEDTRANSACTIONSORQUOTEDPRICESWHENCOMPAREDWITHTHEREPORTINGENTITYSESTIMATEOFEXPECTEDCASHFLOWSTHEREISAWIDEBIDASKSPREADORASIGNIFICANTINCREASEINTHEBIDASKSPREADTHEREISASIGNIFICANTDECLINEORABSENCEOF

24、AMARKETFORNEWISSUANCESIE,APRIMARYMARKETFORTHEASSETORLIABILITYORSIMILARASSETSORLIABILITIESLITTLEINFORMATIONISRELEASEDPUBLICLYEG,APRINCIPALTOPRINCIPALMARKETTHEABOVELISTISNOTEXHAUSTIVEAFTERCONCLUDINGTHATTHEMARKETFORAPARTICULARASSETORLIABILITYHASBECOMEINACTIVE,ANENTITYSHOULDANALYZEAVAILABLETRANSACTIONSO

25、RQUOTEDPRICESTODETERMINEWHETHERTHEYAREDISORDERLYIE,DISTRESSEDORFORCEDTOHELPMAKETHISDETERMINATION,THEFSPPROVIDESTHEFOLLOWINGINDICATORSOFDISORDERLYTRANSACTIONSTHEREWASNOTADEQUATEEXPOSURETOTHEMARKETFORAPERIODBEFORETHEMEASUREMENTDATETOALLOWFORUSUALANDCUSTOMARYMARKETINGACTIVITIESTHEREWASAUSUALANDCUSTOMAR

26、YMARKETINGPERIOD,BUTTHESELLERMARKETEDTHEASSETORLIABILITYTOASINGLEMARKETPARTICIPANTTHESELLERISINORNEARBANKRUPTCYORRECEIVERSHIPIE,DISTRESSED,ORTHESELLERWASREQUIREDTOSELLTOMEETREGULATORYORLEGALREQUIREMENTSIE,FORCEDTHETRANSACTIONPRICEISANOUTLIERWHENCOMPAREDTOOTHERRECENTTRANSACTIONSFORANIDENTICALORSIMILA

27、RASSETORLIABILITYUSEOFTRANSACTIONPRICESINDETERMININGFAIRVALUETHEWEIGHTPLACEDONATRANSACTIONININACTIVEMARKETDEPENDSONWHETHERTHETRANSACTIONISORDERLYBASEDUPONTHEFOLLOWINGFSPGUIDANCEIFTHETRANSACTIONISNOTORDERLY,PLACELITTLE,IFANY,WEIGHTCOMPAREDWITHOTHERINDICATORSOFFAIRVALUEONTHATTRANSACTIONPRICEWHENESTIMA

28、TINGFAIRVALUEORMARKETRISKPREMIUMSIFTHETRANSACTIONISORDERLYWHENESTIMATINGFAIRVALUEORMARKETRISKPREMIUMS,THEWEIGHTONTHATTRANSACTIONPRICEDEPENDSUPONFACTORSSUCHASTHEVOLUMEOFTHETRANSACTION,COMPARABILITYOFTHETRANSACTIONTOTHEASSETORLIABILITYMEASUREDATFAIRVALUE,ANDPROXIMITYOFTHETRANSACTIONTOTHEMEASUREMENTDAT

29、EIFITCANNOTBEDETERMINEDWHETHERTHETRANSACTIONISORDERLY,DONOTUSETHATTRANSACTIONPRICEASTHESOLEORPRIMARYBASISTOESTIMATEFAIRVALUEORMARKETRISKPREMIUMSSUCHTRANSACTIONSSHOULDRECEIVELESSWEIGHTTHANORDERLYTRANSACTIONSADJUSTMENTSTOTRANSACTIONPRICESININACTIVEMARKETSFSPFAS1574STRESSESTHATAFAIRVALUEMEASUREMENTSHOU

30、LDINCLUDEARISKPREMIUMTHEAMOUNTMARKETPARTICIPANTSWOULDDEMANDDUETOTHERISKUNCERTAINTYINTHEASSOCIATEDCASHFLOWSTHERISKPREMIUMSHOULDREFLECTANORDERLYTRANSACTIONIE,NOTAFORCEDORDISTRESSEDSALEBETWEENMARKETPARTICIPANTSATTHEMEASUREMENTDATEUNDERCURRENTMARKETCONDITIONSITSPECIFICALLYPROHIBITSCONSIDERINGAREPORTINGE

31、NTITYSINTENTIONTOHOLDTHEASSETORLIABILITYBECAUSEFAIRVALUEISAMARKETBASEDMEASUREMENT,NOTANENTITYSPECIFICMEASUREMENTPRICESSHOULDBEADJUSTEDFORDISORDERLYTRANSACTIONSSIGNIFICANTADJUSTMENTSALSOMAYBENEEDEDTOMAKETHEMMORECOMPARABLETOTHEMEASUREDASSETORFOROLDTRANSACTIONSWHILENOTINDICATINGPRECISELYHOWORWHATADJUST

32、MENTSTOMAKETOTRANSACTIONPRICESBEFOREUSINGTHEMTODETERMINEFAIRVALUE,FSPFAS1574PROVIDESSOMETIPSFORDOINGSOCHANGETHEVALUATIONTECHNIQUEORUSEMULTIPLEVALUATIONTECHNIQUESEG,MARKETAPPROACHESANDPRESENTVALUETECHNIQUESTOYIELDARANGEOFFAIRVALUEESTIMATESSELECTTHEPOINTWITHINTHATRANGETHATISMOSTREPRESENTATIVEOFFAIRVAL

33、UEUNDERCURRENTMARKETCONDITIONSASTHEFAIRVALUEESTIMATEIFTHERANGEISWIDE,USEFURTHERANALYSISTONARROWITDOWNIFUSINGBROKERVALUATIONQUOTES,PLACELESSWEIGHTONQUOTESNOTREFLECTINGTRANSACTIONRESULTSWHEREBOTHANINDICATIVEPRICEANDBINDINGOFFERCANBEOBTAINED,GIVEMOREWEIGHTTOTHEBINDINGOFFERDISCLOSURESFSPFAS1574STRENGTHE

34、NSANDEXPANDSTHEDISCLOSUREREQUIREMENTSCOMPANIESSHOULDDISCLOSETHEINPUTSANDVALUATIONTECHNIQUESUSEDTOMEASUREFAIRVALUEANDDISCUSSANYCHANGESINVALUATIONTECHNIQUESANDRELATEDINPUTSINBOTHINTERIMANDANNUALREPORTSSFAS157REQUIREDDISCLOSUREOFVALUATIONTECHNIQUESONLYFORANNUALREPORTSSFAS157REQUIREDDISCLOSURESBYMAJORCA

35、TEGORYOFSECURITIESBUTDIDNOTSPECIFYTHEMFSPFAS1574INSTEADRELATESTHEMAJORCATEGORIESTOTHECLASSIFICATIONFOUNDINPARAGRAPH19OFSFAS115,ACCOUNTINGFORCERTAININVESTMENTSINDEBTANDEQUITYSECURITIESMAJORCATEGORIESOFSECURITIESSHOULDBEBASEDONTHESECURITYSNATUREANDRISKS,INLIGHTOFFACTORSSUCHASBUSINESSSECTOR,GEOGRAPHICC

36、ONCENTRATION,CREDITQUALITY,ANDOTHERECONOMICSECURITYCHARACTERISTICSFSPFAS1574PROVIDESANEXAMPLEOFAPPLYINGTHISGUIDANCETOARESIDENTIALMORTGAGEBACKEDSECURITYWITHLITTLETRADINGVOLUMEWHOSECREDITRATINGHASFALLENBASEDONTHISANDOTHERINDICATORSOFINACTIVEMARKETS,THESECURITYHOLDERCONCLUDESTHATTHEMARKETISINACTIVEANDS

37、WITCHESFROMAMARKETBASEDVALUATIONTOADISCOUNTRATEADJUSTMENTTECHNIQUETODETERMINETHEDISCOUNTRATEMARKETRATEOFRETURN,USETHERISKFREERATEOFRETURNASASTARTINGPOINTANDMAKETHEFOLLOWINGADJUSTMENTSTHECREDITSPREADATTHETIMETHESECURITYWASISSUEDCHANGESINTHECREDITSPREADBETWEENTHEISSUANCEDATEANDFAIRVALUEMEASUREMENTDATE

38、ONTHEBASISOFRELEVANTINDICES,AFTERADJUSTINGFORANYDIFFERENCESBETWEENSECURITYCHARACTERISTICSANDINDICESANDTHELIQUIDITYRISKPREMIUM,BASEDONRECENTTRANSACTIONSFORSIMILARSECURITIESBASEDONTHEABOVEADJUSTMENTS,ASSUMETHATTHESECURITYHOLDERESTIMATESA12MARKETRATEOFRETURNANDRECEIVESTWONONBINDINGBROKERQUOTESOF15AND17

39、MARKETRATESOFRETURNBECAUSETHEHOLDERDOESNOTKNOWTHEVALUATIONTECHNIQUESORSIGNIFICANTINPUTSUNDERLYINGBROKERQUOTES,ITPLACESMOREWEIGHTONITSOWNESTIMATEANDSELECTS13ASTHEMOSTREPRESENTATIVEMARKETRATEOFRETURNSOURCEAVINASHARYA,ALANREINSTEINRECENTDEVELOPMENTSINFAIRVALUEACCOUNTINGJACCOUNTING流动性风险是指买方难以找到根据目前的市场销售

40、条件的资产。新增流动性溢价，它可以在不活跃市场中增大，把公允价值放回到市场参与者将在测量日期支付的情况下，基本上反映了无效或无序的市场。这些缺陷导致财务会计准则委员会2009年4月撤销FSPFAS的第1573号，使其有效性只在2008年最后一个季度到2009年第一季度。2008年12月美国证券交易委员会的盯市场会计研究会曾建议财务会计准则委员提供更多的指导，以确定强迫或不良交易和不活跃市场，并确定在这种条件下的公允价值。2009年3月，在美国众议院金融服务委员会举行关于盯市场会计的听证会上，敦促财务会计准则委员会迅速采取行动，否则将面临立法干预。为了满足美国证券交易委员会的要求和解决听证会上的

41、关注，2009年4月，FASB发布了FSPFAS的第1574号。取代了FSPFAS的第1573号，FSPFAS第1574号在的报告期2009年6月15日结束后变得越来越有效，应采用未来适用法作为估计变更。FSPFAS的第1574号重申原有立场，即SFAS第157条的公允价值，是将收到的出售资产或有偿转让资产在一个有秩序的（而不是被迫清算或不良销售）交易，在目前的市场条件下的市场参与者之间的交易价格日期。SFAS第157条强调了观察（1级和2级）的投入使用，不需要重大调整。FSP指出，观察的投入应该是对安全“有关”，即不可观察，相关投入优于可观察的。本指南不适用于相同资产或负债在活跃市场（1级输

42、入）的价格，并指出，数量显着下降本身并不会令市场不活跃（“不活跃”代表着较正常的市场活动在数量和活动水平上大幅减少，而不是完全没有交易。）市场仍然被认为是经常发生的交易的活跃。不像FSPFAS的第1573号，在FSPFAS第1574号避免了需要确定在活跃市场上的交易。它为资产或负债在不活跃市场提供了一个的指标最近的交易很少。报价不是基于当前信息。报价或者随着时间的推移或在市场参与者之间差异很大。该指数以前与资产或负债的公允价值高度相关，现在明显迹象显示与最近的公允价值不相关。有一个隐含的流动性风险溢价，收益率，或观察到的交易或报价性能指标，与报告主体的预期现金流量的估计比较显着增加。有一个广泛

43、的买入及卖出的买卖差价传播或者有显着增加。有显着下降或缺乏市场对于新发行（即一级市场）市场的资产或负债或类似的资产或负债。公开发布的信息很少（例如，主要对主要市场）。上述清单并不详尽。之后得出结论认为，对于一个特定的资产或负债市场已经变为无效，应分析现有的实体交易或报价，以确定它们是否无序（即痛苦，强迫）。为了这个决心，FSP提供了以下确定无序的交易指标在测量允许的通常和习惯的营销活动之前，没有充分暴露在市场。有一个习惯和通常销售期，但卖方向单一德市场参与者销售的资产或负债。卖方在或接近破产或接管（即心疼）的时候，或卖方的出售必须符合法规或法律要求（即强迫）。交易价格，同其他一个相同或类似的资

44、产或负债近期交易相比时异常的。用交易价格确定公允价值把重量指标放在不活跃市场的交易取决于交易是否有秩序，根据以下的FSP指导为基础如果交易没有秩序，地方不大，如果有的话，重量（与其他公允价值指标相比）时，该交易价格估计公平价值或市场的风险溢价。在估计公平价值或市场风险溢价时，如果交易有秩序，关于该交易价格的重量依赖于诸如交易数量，按公允价值计量的资产或负债的可比性的交易，交易的测量日期等因素。如果不能确定有关交易是否有序，不要使用交易价格作为唯一或主要依据去估计公平价值或市场风险溢价，此类交易与有序交易相交易量不足。调整不活跃市场的交易价格FSPFAS的第1574号强调，公允价值计量应包括风险

45、溢价市场参与者的数量由相关现金流量的风险（不确定性）决定。风险溢价应一个有序交易（即不强制或不良销售）在市场参与者之间，在当前市场条件下测量日期。它明确禁止考虑报告实体的打算持有该资产或负债，因为公平价值是指以市场为基础的测量，而不是一个实体的具体测量。价格应该是调整为无序交易下的价格。为了使计量的资产或旧的交易更具有可比性，因此要进行重大调整。虽然没有确切说明在使用他们确定公允价值前如何或怎样调整交易价格，但FSPFAS的第1574号为此提供了一些建议变更估值方法或使用多个估值技术（例如，市场方法和现值技术）产生公允价值的估计范围内。在这个范围选择目前的市场条件下最有代表性的公允价值作为公允

46、价值估计点。如果范围广，使用进一步分析程序，以缩小范围。如果使用经纪人估价报价，重量轻的报价将没有反映交易结果。同时在此情况下可以得到指示性的价格和具有约束力的要约，具有约束力的要约变得重要。披露FSPFAS的第1574号加强和扩大了信息披露的要求。公司应披露的投入和使用资产的公允价值，并讨论在估值技术上的任何改变和有关的投入在两个中期及年度报告中。SFAS第157条只要求年度报告披露的估值方法。SFAS第157条规定披露主要类别的证券，但没有说明他们而在FSPFAS的第1574号，及到的主要类别的分类在SFAS第115条的19中会计债务及股本证券若干投资。主要证券的分类，应根据证券的性质和风

47、险，如业务部门，地理集中，信贷质量，安全特性和其他经济因素。FSPFAS的第1574号提供了应用此指导的一个例子，住宅抵押贷款支持证券的交易量不大，其信用等级已经下降了。根据这个与在不活跃市场的指标，证券持有者的结论是，市场不活跃，从市场为基础的估值技术切换到一个折扣率调整技术。要确定折现率（市场回报率），应回到无风险回报率并以此为出发点，进行以下调整在信用传播时安全是被签发的在有关指标基础上信在签发日期和公允价值计量日之间贷的变化，在对安全特性和指数之间的任何不同进行调整之后流动性风险溢价，以类似证券的最近交易为基础。基于上述调整，假设证券的持有人估计有12的回报率和接收两个市场的15不具约束力的经纪报价和17的市场回报率。由于持有人不知道的估值技术或重大投入以经纪报价为基础，它会将对自身的估计更为重视，并选择13作为最具代表性的市场回报率。资料来源阿维纳什阿里亚,艾伦瑞斯坦公允价值会计方面的最新进展，会计与审计,2010年,第80卷，第8期,2030。