全部公允价值会计：它的时代已经到来【外文翻译】.doc

1、外文翻译原文FULLFAIRVALUEACCOUNTINGITSTIMEHASCOMEFAIRVALUEACCOUNTING,ONCEASUBJECTRELEGATEDFORDISCUSSIONBYTHEGREENEYESHADEANDPOCKETPROTECTORCROWD,HASMOVEDFROMACCOUNTINGCUBICLESTOMAINSTREETANDTHEPOLITICALPOWERCORRIDORSOFAMERICAMUCHHASRECENTLYBEENWRITTENABOUTITMUCHCONVERSATIONHASBEENHELDTHEISSUEHASTAKENONPAR

2、TISANTONESWITHBOTHSTAUNCHPROPONENTSANDDETERMINED,WELLFUNDEDOPPONENTSRAISINGUPTHEIRVOICESTOSORTTHROUGHTHISRHETORICITISTIMETOLOOKATFAIRVALUEACCOUNTINGOBJECTIVELYBYRETURNINGTOTHECONCEPTUALROOTSOFOURMODERNACCOUNTINGFRAMEWORKANDDEBUNKINGCERTAINFALSEDOCTRINESESPOUSEDBYFAIRVALUEACCOUNTINGCRITICSASTHISANALY

3、SISWILLSUBSTANTIATE,NOWISTHETIMEFORFULLFAIRVALUEACCOUNTINGFAIRVALUEACCOUNTINGISNOTANEWCONCEPTORRECENTPHENOMENA“ASSETVALUATIONSFORFINANCIALINSTITUTIONSWEREATFAIRMARKETVALUEITWASNOTUNTIL1938THATTHEFEDERALRESERVEFORCEDTHEOTHERREGULATORSTOACCEDETOHISTORICCOSTACCOUNTINGFORBANKSASSETSTHE1938ACCOUNTINGCHAN

4、GEWASMADETOENCOURAGENEWLENDINGANDTOENABLEPRIVATEINVESTORSTOACQUIREFAILEDBANKSASSETSFROMTHEFEDERALAUTHORITIESWITHOUTIMMEDIATEWRITEDOWNSOFTHEIRVALUE”EARNESTEXPLORATIONOFFAIRVALUEACCOUNTINGBEGANINTHEEARLY1980S,LONGBEFOREITBECAMEAFORCERECOGNIZEDBYMAINSTREETANDWASHINGTONELEMENTSOFFAIRVALUEACCOUNTINGSLOWL

5、YENTEREDINTOGENERALLYACCEPTEDACCOUNTINGPRINCIPLES“GAAP”ASPROMULGATEDBYTHEUSFINANCIALACCOUNTINGSTANDARDSBOARD“FASB”LOWEROFCOSTORMARKETACCOUNTINGBECAMEANACCEPTEDPRACTICEWRITEDOWNTOMARKETOFPERMANENTLYIMPAIREDASSETSEMERGEDINVESTMENTACCOUNTINGBASEDUPONMANAGEMENTSINTENTWASINSTITUTEDWITHTHREESEPARATEPORTFO

6、LIOSANDTREATMENTSHELDTOMATURITYHELDFORSALETRADINGSTATEMENTOFFINANCIALACCOUNTINGSTANDARDS“SFAS”159NOWALLOWSAONETIMEMANAGEMENTELECTIONTHATISIRREVOCABLEWHEREINTHEREPORTINGENTITYCANCHOOSETOUSEFAIRVALUEACCOUNTINGFORSELECTEDFINANCIALASSETSORLIABILITIESTHERESULTOFTHISPIECEMEALAPPROACHHASBEENAPATCHWORKQUILT

7、OFFINANCIALSTATEMENTUSERCONFUSIONANDREPORTINGINCONSISTENCYDEPRAVEDOFCONCEPTUALINTEGRITYANDHEAVILYDETERMINEDBYMANAGEMENTINTENTORELECTIONDURINGTHEEARLYDAYSOFCLOSEDBACKROOMDISCUSSION,FAIRVALUEACCOUNTINGPROPONENTSSUGGESTEDTHATMOVEMENTFROMANHISTORICALCOSTSTANDARDTOAMARKETBASEDAPPROACHWOULDACHIEVEATLEASTF

8、IVEKEYFINANCIALREPORTINGADVANTAGESENHANCERELEVANCEANDTRANSPARENCYREDUCERULECOMPLEXITYLOWEREARNINGSVOLATILITYENHANCECONSISTENCYANDCOMPARABILITYCONVERGEUSACCOUNTINGSTANDARDSWITHEMERGINGINTERNATIONALACCOUNTINGSTANDARDSASUSCOMPANIESCOMPETEINANINTERDEPENDENTGLOBALECONOMYANDBATTLETOCOSTEFFECTIVELYOBTAINEQ

9、UITYANDDEBTFUNDING,THESEPURPORTEDADVANTAGESASSUMEAGREATERSENSEOFURGENCYANDMAGNITUDEHISTORICALCOSTACCOUNTING,WHEREANASSETISVALUEDATTHETIMEOFACQUISITIONBASEDUPONCONSIDERATIONTENDERED,ISTHOUGHTTOHAVEBEGUNINTHEDAYSOFTHEANCIENTROMANSINCREASINGLYTHISLONGSTANDINGACCOUNTINGMETHODISVIEWEDASIRRELEVANTANDMISLE

10、ADINGDEPRECIATIONRULES,USEDTOSUBSEQUENTLYREDUCEASSETVALUESBYONEOFMANYSTANDARDIZEDANDCAPRICIOUSMETHODSTOAPPROXIMATETHEEXPIRATIONOFUSEFULNESS,AREUNDERSTOODTOBECRUDEESTIMATIONSWHICHPROVIDEONLYMINORCONCEPTUALINSIGHTRELATEDTOTHEUNDERLYINGANDCHANGINGVALUEOFANASSETWITHPASSINGTIMEA1983AUDITCLIENTPOINTEDOUTT

11、HISILLOGICTOMEBYVALUINGTHEIRFIXEDASSETSUSINGASELFDETERMINEDANDCLEARLYNONGAAPACCOUNTINGMETHODTHISCLIENTPROPERLYRECORDEDTHEFIXEDASSETATTIMEOFACQUISITIONTHEREAFTERHETHENDEPRECIATEDTHEASSETUSINGANACCEPTABLEMETHODOLOGYUNTILTHENETASSETVALUEREACHEDAFULLYDEPRECIATEDSTATEOFZEROATTHATPOINTHEPERSONALLYASSESSED

12、THEASSETSREMAININGUTILITYANDUPONDETERMININGITWASNOTWORNOUTANDINDEEDWASSTILLQUITEUSEFUL,HEMARKEDTHEASSETBACKUPTOANESTIMATEDCURRENTMARKETVALUEAFTERTHEWRITEUP,HEONCEGAINBEGANTHEGAAPREQUIREDDEPRECIATIONPROCESS,WITHTHECYCLECONTINUINGUNTILTHEASSETWASJUNKEDWHENOURAUDITPROCEDURESUNCOVEREDTHISUNCONVENTIONALA

13、PPROACH,IMETWITHTHECLIENTTODISCUSSHISERRORDESPITEMYELOQUENCEINEXPLANATION,MYCLIENTRELUCTANTLYCOMPLIEDWITHOUTEVERCHANGINGHISMINDREGARDINGTHESOUNDNESSOFHISLOGICAFTERALL,THEASSETWITHANETDEPRECIATEDBOOKVALUEOFZEROWASSTILLUSEFULPERHAPSMYPRACTICALCLIENTWASSIMPLYAHEADOFHISTIMEASASAGEHARBINGER,MYCLIENTWASEL

14、OQUENTLYEMPHASIZINGTHEFINANCIALREPORTINGADVANTAGEOFENHANCEDRELEVANCEANDTRANSPARENCYANASSETSRECORDEDBOOKBALANCESHOULDREFLECTABESTESTIMATEOFITSCURRENTINHERENTVALUE,UTILITYANDMARKETABILITYTHECOMPLEXITYOFRULESEASESWITHELIMINATIONOFTHECURRENTPATCHWORKQUILTAPPROACHCONSISTENCY,COMPARABILITYANDTRANSPARENCYI

15、NCREASESWITHSTANDARDIZATIONOFRULES,ELIMINATIONOFMANAGEMENTSINTENTANDADOPTIONOFMOREDETAILEDDISCLOSURESINCLUDINGQUANTITATIVEANDQUALITATIVEINSIGHTSREGARDINGVALUATIONASSUMPTIONSANDMETHODSGLOBALCONVERGENCEWOULDBEACHIEVEDASINTERNATIONALACCOUNTINGSTANDARDSHAVEALREADYGREATLYEMBRACEDFAIRVALUEACCOUNTINGTHEUSW

16、OULDSIMPLYBEALIGNINGWITHTHERESTOFTHEWORLDTHEEXPECTEDBENEFITOFREDUCEDEARNINGSVOLATILITYFROMFAIRVALUEISASTRANGEANDMISGUIDEDPOINTOFADVOCACYWHICHISILLADVISEDANDMUSTBEDISMISSEDBYSERIOUSMINDSCONCEPTUALPURITYOFSOUNDACCOUNTINGPRIMARILYRESTSINSTANDARDIZEDANDREASONABLEREPORTINGOFTHEUNDERLYINGECONOMICSOFALLBUS

17、INESSACTIVITY,OBJECTIVELYMEASURINGANDREPORTINGRESULTS“ASIS”NOT“ASDESIRED”INDEED,THERECENTLYSTATEDFAIRVALUEADVANTAGEOFELIMINATINGEARNINGSVOLATILITYORSMOOTHINGEARNINGSRESULTINGFROMBUSINESSACTIVITIESHASBEENHISTORICALLYANDCORRECTLYFROWNEDUPONBYLEARNEDPROFESSIONALSASWELLASTHESECURITIESANDEXCHANGECOMMISSI

18、ONDISCLOSUREOFEARNINGSVOLATILITYANDECONOMICTURBULENCEISMATERIALTOINFORMEDDECISIONMAKINGTHUS,FAIRVALUEPROPONENTSAPPEARTOBECORRECTINTHEIREARLYASSESSMENTRELATEDTOFOUROFTHEFIVEKEYREPORTINGADVANTAGESTOBEGLEANEDASTOTHEEARNINGSVOLATILITYADVANTAGE,WESIMPLYPREFEROBJECTIVE“ASIS”MEASUREMENTANDREPORTINGOFECONOM

19、ICREALITYWHICHISALWAYSENHANCEDBYFAIRVALUEMETHODSTOFURTHERBUILDACOMPREHENSIVECASETOSUPPORTTHATTHETIMEFORFULLFAIRVALUEACCOUNTINGHASARRIVED,WEMUSTSTEPBACKFROMTHEFIVEBENEFITSFIRSTTOUTEDBYTHEENTHUSIASTSANDCONSTRUCTTHEFUNDAMENTALFOUNDATIONLETUSFIRSTAGREEONTHEDEFINITIONOFFAIRVALUEITISTHEEXCHANGEPRICETHATWO

20、ULDBERECEIVEDFORANASSETORPAIDTOTRANSFERALIABILITYINAPRINCIPALORMOSTADVANTAGEOUSMARKETINANORDERLYTRANSACTIONBETWEENMARKETPARTICIPANTSONASETMEASUREMENTDATETHISFAIRVALUEATORIGINATIONISINTENDEDTOCONVEYTHEVALUEDERIVEDFROMANOPENMARKETANDITISNOTINTENDEDTOREPRESENTAFIRESALEORFORCEDLIQUIDATIONPRICESUCHANEXCH

21、ANGEPRICEECONOMICALLYCONSIDERSFUTUREEXPECTEDCASHFLOWS,ALLUNCERTAINTIESORRISKSASSOCIATEDWITHTHECASHFLOWS,RISKPREMIUMS,ADISCOUNTFACTORANDMARKETLIQUIDITYFAIRVALUEFORFINANCIALASSETSANDLIABILITIESISDETERMINEDUSINGATHREELEVELMEASUREMENTHIERARCHYLEVELONEQUOTEDMARKETPRICESFORSPECIFICASSETSORLIABILITIESLEVEL

22、TWOUSEOFVALUATIONTECHNIQUESANDMODELSORQUOTEDMARKETPRICESFORCOMPARABLEASSETSORLIABILITIESLEVELTHREEUNOBSERVABLEINPUTSINTOTHEREPORTINGENTITYSOWNANALYSISOFUNDERLYINGECONOMICDATATODETERMINEPRICEINTHEABSENCEOFWELLESTABLISHEDMARKETSORAVAILABLETRADEDPRICESFORCOMPARABLEINSTRUMENTSTHISLEVELREQUIRESSIGNIFICAN

23、TJUDGMENTANDGREATLYEXPANDEDDISCLOSURESLONGSTANDINGANDWIDELYACCEPTEDPRESENTVALUEANDDISCOUNTINGTECHNIQUESALLOWFORAPPROPRIATEFAIRVALUEESTIMATIONFORFINANCIALINSTRUMENTSWHICHLACKANADVANTAGEOUSMARKETORSUFFERFROMEITHERPERMANENTORTEMPORARYILLIQUIDITYDUETOINACTIVEMARKETSORMARKETDISRUPTIONSTHEDEFINITIONANDMET

24、HODSTODETERMINEFAIRVALUEAREWELLARTICULATEDINSFAS159THEFOUNDATIONTOSUPPORTTHISACCEPTEDFAIRVALUEDEFINITIONANDDETERMINATIONMODELMUSTBEGINWITHANUNDERSTANDINGOFFUNDAMENTALFINANCIALREPORTINGOBJECTIVESTHEKEYTOFINANCIALREPORTINGISTHATTHEPRESENTEDINFORMATIONISUSEFULINMAKINGINFORMEDBUSINESSDECISIONSPRESENTEDI

25、NFORMATIONMUSTCONVEYTHEECONOMICSUBSTANCEANDALLOWFORASSESSMENTOFTHERISKADJUSTEDCASHFLOWPROSPECTSRELATEDTOALLTRANSACTIONSTHISINFORMATIONMUSTILLUMINATETHEREPORTINGENTITYSRESOURCES,CLAIMSTOTHOSERESOURCESANDCHANGESTOTHERESOURCESTHEPARAMOUNTCRITERIONISDECISIONMAKINGUTILITYOFTHEREPORTEDINFORMATIONTOASCERTA

26、INTHEDECISIONMAKINGUTILITYOFFAIRVALUECOMPAREDTOHISTORICALCOSTACCOUNTINGWECANEITHERSIMPLYRELYUPONTHELOGICOFMYAUDITCLIENTORWECANALTERNATIVELYCHOOSETOANALYZETHECONCEPTUALINTEGRITYOFTHETWOMETHODSBASEDUPONAWELLDEFINEDANDLONGSTANDINGCONCEPTUALACCOUNTINGFRAMEWORKTHISFRAMEWORK,CONSISTINGOFTENCORECHARACTERIS

27、TICS,ALONGWITHMYSUBJECTIVEASSESSMENTISSHOWNINTABLEATHESETENCHARACTERISTICSDEFINETHEOPTIMALQUALITYOFREPORTEDFINANCIALINFORMATIONA“HIGH”ASSESSMENTINDICATESTHATTHEACCOUNTINGMETHODSTRONGLYACHIEVESTHISDESIREDCHARACTERISTICA“MODERATE”RATINGCONVEYSAMIXEDVIEWOFSUCCESSINCAPTURINGTHEESSENCEOFTHETRAITANDFINALL

28、Y,A“LOW”EVALUATIONCONNOTESPOORREFLECTIONOFTHEDESIREDATTRIBUTEFAIRVALUEACCOUNTINGISPREFERREDTOHISTORICCOSTINDECISIONUSEFULNESS,RELEVANCE,PREDICTIVEVALUE,FEEDBACKVALUE,TIMELINESS,RELIABILITYANDREPRESENTATIONALFAITHFULNESSWHENCONFRONTINGADECISIONTOHOLDORDIVESTOFANASSET,HISTORICALCOSTPLAYSANINCONSEQUENT

29、IALROLEGREATERQUESTIONSASSUMEDECISIONMAKINGPROMINENCEANDRELEVANCEDOESTHEASSETHAVEREMAININGUTILITYCANTHEASSETBESOLDTODAYATAGAINORLOSSWILLTHERISKADJUSTEDCASHFLOWGENERATEDBYTHEASSETEXCEEDTHECOSTSTOMAINTAINANDHOLDTHEASSETAMIINCURRINGECONOMICLOSSOROPPORTUNITYCOSTBYCONTINUINGTOHOLDTHISASSETFAIRVALUEANSWER

30、STHESEQUESTIONSHISTORICCOSTACCOUNTINGDOESNOTWEAREALSOABLETOFORMREASONABLEEXPECTATIONSABOUTTHEFUTUREFROMFAIRVALUEALOANUNDERWRITTENINTHEPASTWITHA5INTERESTRATEWHILETHEMARKETRATEFORASIMILARLOANWITHCOMPARABLERISKANDREMAININGDURATIONISNOW7INDICATESANEXPECTEDECONOMICLOSS,ANOPPORTUNITYCOST,TOCONTINUINGTOHOL

31、DTHE5LOANITALSOCOMMUNICATESTHATTHISLOANSMARKETVALUEISLESSTHANTHEBOOKCARRYINGVALUEONANHISTORICCOSTBASISFUTURECASHFLOWINSIGHTSAREGLEANEDFROMTHISFAIRVALUEINFORMATIONASWEKNOWTHATTHELIKELIHOODOFBORROWERPREPAYMENTHASNOWFALLENPASTUNDERSTANDINGOFTHELIFETIMEECONOMICVALUEOFTHELOANISALSOGAINEDWEKNOWTHATSUBSEQU

32、ENTLYCHANGEDMARKETCIRCUMSTANCESHAVELESSENEDTHEECONOMICVALUEOFOURPRIORDECISIONTHEMEASUREDINSIGHTSFROMFAIRVALUEAREDYNAMICANDTIMELY,ALWAYSREFLECTINGCURRENTRATHERTHANHISTORICMARKETSREPRESENTATIONALFAITHFULNESSISMAINTAINEDBYFAIRVALUEASTHECURRENTECONOMICANDMARKETREALITYISDUTIFULLYCAPTUREDANDREPORTEDCONSEQ

33、UENTLY,INSEVENOFTHETENCONCEPTUALCHARACTERISTICS,FAIRVALUEACCOUNTINGISPROVENTOBEMOREEFFECTIVEHISTORICCOSTACCOUNTINGMODESTLYOUTPERFORMSFAIRVALUEINJUSTTWOOFTHETENCORECHARACTERISTICSUNDERSTANDABILITYANDVERIFIABILITYTHEUNDERSTANDABILITYADVANTAGEISOBTAINEDSIMPLYBYTHELONGSTANDINGCOMMONPRACTICEANDUSEOFHISTO

34、RICCOSTACCOUNTINGHISTORICCOSTACCOUNTINGHASBECOMEFORMANYFINANCIALSTATEMENTPREPARERSTHECOMFORTABLE,OLDPAIROFSHOESTHEVERIFIABILITYADVANTAGEISEARNEDBYHISTORICCOSTACCOUNTINGSINCETHEINFORMATIONISCERTAINTOBECONFIRMEDBYSEVERALINDEPENDENTEVALUATORSSINCETHEPURCHASEPRICEISFIXEDANDEASILYDETERMINEDANDANYSUBSEQUE

35、NTADJUSTMENTSLIKELYCONFORMTOSTANDARDDEPRECIATIONSCHEDULESALLTHISISNOT,HOWEVER,TOSAYTHATFAIRVALUEACCOUNTINGLACKSUNDERSTANDABILITYORVERIFIABILITYTHEADVANTAGEOFHISTORICCOSTINTHESEATTRIBUTESISNOMINALAREPORTINGENTITYCANELEVATEFAIRVALUESRATINGINTHESETWOTRAITSBYCAREFULANDTHOROUGHTRANSPARENTDISCLOSUREOFMETH

36、ODS,SIGNIFICANTASSUMPTIONSANDJUDGMENTSUSEDINDETERMININGFAIRVALUEWITHFULLDISCLOSURE,ANINDEPENDENTEVALUATORCANFOCUSONTHEVALIDITYOFTHEASSUMPTIONSANDJUDGMENTSUNDERLYINGTHEFAIRVALUEINDEED,THEFLEXIBILITYOFTHEFAIRVALUECALCULATION,WHICHMOREAPPROPRIATELYCAPTURESTHECURRENTECONOMICREALITY,ISONEOFITSGREATESTVIR

37、TUESSUCHPROPERFOCUSALLOWSTHEEVALUATORTOATTESTTOTHESOUNDNESSOFTHEMEASUREMENTSIAMCONFIDENTTHATMYSAGEAUDITCLIENTWOULDPREFERECONOMICALLYUSEFULINFORMATIONOVERINACCURATEANDUNREALISTICMEASUREMENTSWHICHAREEASILYREPRODUCEDANALYZINGTHECONCEPTUALINTEGRITYOFFAIRVALUEACCOUNTINGCOMPAREDTOHISTORICCOSTDEMONSTRATEST

38、HEFUNDAMENTALSUPERIORITYOFFAIRVALUEACCOUNTINGTHISSUPERIORITYISSUPPORTEDBYTHESHEERNUMERICADVANTAGEOFSEVENOFTHETENCHARACTERISTICSFAVORINGFAIRVALUEITISFURTHERDEFENDEDBYMYAUDITCLIENTSCONFOUNDINGSITUATIONITISALSOBACKEDBYMYASSESSMENTSOFTHEATTRIBUTESFAIRVALUEACCOUNTINGISNOT“LOW”ONANYCHARACTERISTIC,WHILEHIS

39、TORICCOSTISRATED“LOW”INSIXDIMENSIONSANDFINALLY,FAIRVALUESMARGINALWEAKNESSINJUSTTWOTRAITSCANBEMITIGATEDLARGELYTHROUGHREPORTINGDISCLOSUREREASONEDANALYSISCONFIRMSTHATFAIRVALUEACCOUNTINGISMUCHMOREUSEFULNDECISIONMAKINGTABLEACHARACTERISTICDESCRIPTIONFAIRVALUEHISTORICALCOSTUNDERSTANDABILITYCLEARTOINFORMEDU

40、SERSWHOEXERTREASONABLEDILIGENCEMODERATEHIGHDECISIONUSEFULNESSAIDSEFFECTIVEINFORMEDDECISIONMAKINGHIGHLOWRELEVANCECAPACITYTOMAKEADIFFERENCEINDECISIONSHIGHLOWPREDICTIVEVALUESUPPORTSFORMINGAPPROPRIATEFUTUREEXPECTATIONSHIGHLOWFEEDBACKVALUEENABLESCONFIRMATIONORCORRECTIONOFPASTEXPECTATIONSHIGHMODERATETIMEL

41、INESSCURRENTRELEVANTINFORMATIONAVAILABLEWHENNEEDEDHIGHLOWRELIABILITYINFORMATIONCONSISTENTWITHUNDERLYINGECONOMICSHIGHLOWVERIFIABILITYLIKELIHOODTHATINDEPENDENTMEASURERSWOULDARRIVEATSIMILARRESULTSMODERATEHIGHREPRESENTATIONALFAITHFULNESSCONSIDERSALLRELEVANTECONOMICENVIRONMENTALFACTORSWITHOUTDISTRACTIONO

42、FINSIGNIFICANTITEMSHIGHLOWNEUTRALITYFREEDOMFROMBIASMODERATEMODERATESOURCEORLANDOBHANSELMAN“FULLFAIRVALUEACCOUNTINGITSTIMEHASCOME”JOURNALOFPERFORMANCEMANAGEMENT,2009,223420译文全部公允价值会计它的时代已经到来公允价值会计，已经成为被绿色眼罩和口袋保护人群所讨论的一个主题，同时它的地位也提高了。最近很多人写了关于这个主题的文章。举行了很多关于这个问题的座谈会。这个问题即赢得一些人的坚定支持和决心，同时也引来许多资金雄厚者发出的反

43、对声音。这次修正论证了现在是客观性的看公允价值会计的时候了，通过阐述现代会计概念框架和推翻了一些公允价值会计的批评者所信奉的某些虚假的教义。而这一分析将恰恰证实，现在是完全公允价值的时代了。公允价值会计不是一个新概念或最近现象“资产估值（金融机构）按公平市场价值计量。这种现象是直到1938年，美联储强迫其他监管机构加入对金融资产用历史成本计量时才有的。1938年的会计变化鼓励了新贷款，但让私人投资者收购失败，如果不立即对金融资产进行减值的话。对公允价值会计的认真探索开始于80年代初，在那之前它的地位比较低使用范围小。公允价值作为美国财务会计准则委员会（“财务会计准则委员会”）颁布的会计原则（“

44、会计准则”）中的一个要素慢慢地被人们所接受。从此，低成本或市场会计成了公认的做法。对市场永久贬值的资产进行账面减值的做法出现了。而且，投资会计开始基于管理层的意图建立了三个独立的投资组合和方案持有至到期日投资，可供出售金融资产，交易性金融资产。同时，现在财务会计准则（“会计准则”）第159号允许不可撤销的一次性管理大选，其中报告实体可以选择使用公允价值会计为选定的金融资产的或负债进行计量。但是这种零星的办法的结果会使一部分财务报表使用者产生困惑和导致报告中的某些概念的完整性和管理层的意图或选举相矛盾。在早期的讨论中，公允价值会计的支持者就提出从历史成本计量向市场转变，将至少使财务报告达到五个关

45、键的优点提高相关性和透明度；降低规则的复杂性；收入波动性较低；加强一致性和可比性；使美国与新兴的国际会计准则接轨。为了使美国企业在经济全球化和以低成本有效地获得股权和债务资金的竞争中获得优势，这些目标的实现变得更加紧迫。所谓历史成本会计，是指资产是以收购时的价值计量的，这种方法被认为是在很早时就开始的。而且，这个长期存在的会计处理方法产生的误导被越来越被视为无关紧要。折旧规则，经常通过许多规范和反复无常的方法用于降低资产价值，估计有用期届满后的资产价值，然而这种估计不能反映相关的潜在资产随着时间的变化而消逝和变化的价值。1983年我的一个审计的客户，通过运用非一般的公认会计准则的方法估价其固定

46、资产价值，然后向我指出这不合逻辑的地方。这个客户在固定资产的采集时是进行了正确记录的。此后，他进行资产折旧时使用的是可接受的折旧方法，直到净资产值的完全达到了零值的状态。同时，他亲自评估资产的剩余效用确定它没有过时，而且仍然相当有用，他记下了资产目前估计的市场价值。之后，他根据美国通用会计准则进行贬值的要求，随着会计循环进行贬值一直持续到资产废弃。当我们发现这种非常规的审计程序的做法，我同客户讨论他的错误。不管我如何解释，我的客户虽然勉强遵守原来的折旧方法，但对于他的疑问我却没有做出很好的回答。毕竟，资产的账面价值折旧为零时资产仍然有用也许我的顾客是走在时代前端的。作为一个明智的先声，我的客户

47、坚定地强调了财务告可靠性和透明度的优势，在于资产的账面余额其最佳估计值，应反映其市场价值，实用性和市场竞争力。使复杂的规则简单化与淘汰当前补丁式的工作方法。相同地，会计信息的可比性和透明度随着会计准则标准化而增加，消除了管理层的意图和更详细的披露，包括关于价值洞察力采取定量和定性的假设和方法。会计准则的全球趋同将实现国际会计准则认可公允价值会计。公允价值使预期收益减少对收入波动的影响，这是一个奇怪和错误的观点而且必须在思想上改正。完整的会计概念，主要在于财务报告所包含的所有的基本经济业务规范和合理，客观地测量和报告结果为“是”而不是“想要”，即不以人的主观意志为转移。事实上，最近说公允价值的优

48、势在于消除盈利的波动性变动或使收益平稳，通过专业人士正皱着眉头学习的经营活动，以及有价证券。认为收入的不稳定和经济动荡是进行决策的必要条件。因此，公允价值的支持者似乎在其早期就正确的评估有关的五个被收集主要报告优势中的四个。至于盈利波动的优势，我们只是希望以公允价值的方法来客观的测量和报告以增强经济现实。在公允价值会计的时机已经到来的基础上，要进一步建立全面的公允价值会计方法，我们退一步讲必须从五个好处中首先宣传由爱好者吹捧和建造的根本基础。首先，让我们在公允价值的定义方面达成共识。公允价值是熟悉市场情况的买卖双方在公平交易的条件下和自愿的情况下所确定的价格，或无关联的双方在公平交易的条件下一

49、项资产可以被买卖或者一项负债可以被清偿的成交价格。这一首创的公允价值概念是为了表达它是一个开放的市场价值，它的目的不是代表被迫出售或清算的价格。公允价值考虑了未来预期现金流量，所有的与不确定性或风险相关的现金流量，风险溢价，折扣和市场流动性。对金融资产和负债的公允价值的确定采用了三个测量层次第一层次引用市场价格为特定的资产或负债计量。第二层次运用估值技术和模型，或使用同类资产或负债市场报价。第三层次将不公开的报告主体的基本经济数据进行分析，以确定在完善的市场或提供可比交易工具情况下的价格。这个级别需要做出重大判断，并大大扩大披露。长期和广泛接受的现值和贴现技术，允许进行适当的公允价值估计，在缺乏一个有利的市场或遭受永久或暂时性流动性不足，由于市场不活跃或市场扰乱金融工具的公允价值的情况下。公允价值的定义和确定方法在会计准则第159号中有阐述。必须在对基本的财务报告目标进行理解的基础上，对公允价值的定义进行理解。财务报告的关键目标是所提出的资料对做出明智的业务决策有用。披露的信息必须传达经济实质，并允许对风险调整后的所有相关现金流的交易前景的进行评估。这些信息必须披露报告实体的资源。为确定与历史成本会计相比的公允价值会计的决策有用性，我们既可以简单地依靠我的审计客户的逻辑，我们也可以选择两种基于一个长期存在的明确的概念核算框架的方法去分析完整的概念。这一框架