完全公允价值会计时代的到来【外文翻译】.doc

1、本科毕业论文（设计）外文翻译外文出处BANKASSET/LIABILITYMANAGEMENT,20091078外文作者ORLANDOHANSELMAN原文FULLFAIRVALUEACCOUNTINGITSTIMEHASCOMEEXECUTIVESUMMARYITISTIMETOEVALUATEFAIRVALUEACCOUNTINGOBJECTIVELYBYRETURNINGTOTHECONCEPTUALROOTSOFOURMODERNACCOUNTINGFRAMEWORKANDDEBUNKINGCERTAINFALSEDOCTRINESANALYZINGTHECONCEPTUALINTEG

2、RITYOFFAIRVALUECOMPAREDTOHISTORICCOSTACCOUNTINGDEMONSTRATESTHECLEARSUPERIORITYOFFAIRVALUEMEASUREMENTANDREPORTINGTRUECAPITALADEQUACYCANONLYBEASCERTAINEDONARISKADJUSTEDBASISTHESTARTINGPOINTFORSUCHNEEDEDANDSOUNDRISKADJUSTMENTISREFLECTINGCHANGESINMARKETVALUESFORALLASSETSANDLIABILITIESTODETERMINETHEECONO

3、MICVALUEOFEQUITYFULLFAIRVALUEACCOUNTINGWITHAPPROPRIATELYDETAILEDDISCLOSURESSHOULDBEREQUIREDNOWFORALLREPORTINGENTITIESANDFORALLASSETSANDLIABILITIESSUCHAREQUIREMENTALSOWOULDRESULTINEQUITYSTATEDONAFULLFAIRVALUEBASISHISTORICALCOSTSHOULDBEPROPERLYRELEGATEDTONOMORETHANFOOTNOTEDISCLOSUREFULLFAIRVALUEACCOUN

4、TINGSHARPENSINVESTORANDMANAGEMENTFOCUSONLONGTERM,RISKADJUSTEDORGANIZATIONALPERFORMANCEANDTHEOPTIMIZATIONOFECONOMICVALUEOFEQUITYFULLFAIRVALUEACCOUNTINGITSTIMEHASCOMEFAIRVALUEACCOUNTING,ONCEASUBJECTRELEGATEDFORDISCUSSIONBYTHEGREENEYESHADEANDTHEPOCKETPROTECTORCROWD,HASMOVEDFROMACCOUNTINGCUBICLESTOMAINS

5、TREETANDTHEPOLITICALPOWERCORRIDORSOFAMERICAMUCHHASRECENTLYBEENWRITTENABOUTITMUCHCONVERSATIONHASBEENHELDTHEISSUEHASTAKENONPARTISANTONESWITHBOTHSTAUNCHPROPONENTSANDDETERMINED,WELLFUNDEDOPPONENTSRAISINGUPTHEIRVOICESTOSORTTHROUGHTHISRHETORICITISTIMETOLOOKATFAIRVALUEACCOUNTINGOBJECTIVELYBYRETURNINGTOTHEC

6、ONCEPTUALROOTSOFOURMODERNACCOUNTINGFRAMEWORKANDDEBUNKINGCERTAINFALSEDOCTRINESESPOUSEDBYFAIRVALUEACCOUNTINGCRITICSASTHISANALYSISWILLSUBSTANTIATE,NOWISTHETIMEFORFULLFAIRVALUEACCOUNTINGFAIRVALUEACCOUNTINGISNOTANEWCONCEPTORRECENTPHENOMENA“ASSETVALUATIONSFORFINANCIALINSTITUTIONSWEREATFAIRMARKETVALUEITWAS

7、NOTUNTIL1938THATTHEFEDERALRESERVEFORCEDTHEOTHERREGULATORSTOACCEDETOHISTORICCOSTACCOUNTINGFORBANKSASSETSTHE1938ACCOUNTINGCHANGEWASMADETOENCOURAGENEWLENDINGANDTOENABLEPRIVATEINVESTORSTOACQUIREFAILEDBANKSASSETSFROMTHEFEDERALAUTHORITIESWITHOUTIMMEDIATEWRITEDOWNSOFTHEIRVALUE”SOURCE“STRESSTESTINGTHEBANKS”

8、BYWALKERFTODD,THEINSTITUTIONALRISKANALYST,FEBRUARY24,2009EARNESTEXPLORATIONOFFAIRVALUEACCOUNTINGBEGANINTHEEARLY1980S,LONGBEFOREITBECAMEAFORCERECOGNIZEDBYMAINSTREETANDWASHINGTONELEMENTSOFFAIRVALUEACCOUNTINGSLOWLYENTEREDINTOGENERALLYACCEPTEDACCOUNTINGPRINCIPLES“GAAP”ASPROMULGATEDBYTHEUSFINANCIALACCOUN

9、TINGSTANDARDSBOARD“FASB”LOWEROFCOSTORMARKETACCOUNTINGBECAMEANACCEPTEDPRACTICEWRITEDOWNTOMARKETOFPERMANENTLYIMPAIREDASSETSEMERGEDINVESTMENTACCOUNTINGBASEDUPONMANAGEMENTSINTENTWASINSTITUTEDWITHTHREESEPARATEPORTFOLIOSANDTREATMENTSHELDTOMATURITYHELDFORSALETRADINGSTATEMENTOFFINANCIALACCOUNTINGSTANDARDS“S

10、FAS”159NOWALLOWSAONETIMEMANAGEMENTELECTIONTHATISIRREVOCABLEWHEREINTHEREPORTINGENTITYCANCHOOSETOUSEFAIRVALUEACCOUNTINGFORSELECTEDFINANCIALASSETSORLIABILITIESTHERESULTOFTHISPIECEMEALAPPROACHHASBEENAPATCHWORKQUILTOFFINANCIALSTATEMENTUSERCONFUSIONANDREPORTINGINCONSISTENCYDEPRAVEDOFCONCEPTUALINTEGRITYAND

11、HEAVILYDETERMINEDBYMANAGEMENTINTENTORELECTIONDURINGTHEEARLYDAYSOFCLOSEDBACKROOMDISCUSSION,FAIRVALUEACCOUNTINGPROPONENTSSUGGESTEDTHATMOVEMENTFROMANHISTORICALCOSTSTANDARDTOAMARKETBASEDAPPROACHWOULDACHIEVEATLEASTFIVEKEYFINANCIALREPORTINGADVANTAGESENHANCERELEVANCEANDTRANSPARENCYREDUCERULECOMPLEXITYLOWER

12、EARNINGSVOLATILITYENHANCECONSISTENCYANDCOMPARABILITYCONVERGEUSACCOUNTINGSTANDARDSWITHEMERGINGINTERNATIONALACCOUNTINGSTANDARDSASUSCOMPANIESCOMPETEINANINTERDEPENDENTGLOBALECONOMYANDBATTLETOCOSTEFFECTIVELYOBTAINEQUITYANDDEBTFUNDING,THESEPURPORTEDADVANTAGESASSUMEAGREATERSENSEOFURGENCYANDMAGNITUDEHISTORI

13、CALCOSTACCOUNTING,WHEREANASSETISVALUEDATTHETIMEOFACQUISITIONBASEDUPONCONSIDERATIONTENDERED,ISTHOUGHTTOHAVEBEGUNINTHEDAYSOFTHEANCIENTROMANSINCREASINGLYTHISLONGSTANDINGACCOUNTINGMETHODISVIEWEDASIRRELEVANTANDMISLEADINGDEPRECIATIONRULES,USEDTOSUBSEQUENTLYREDUCEASSETVALUESBYONEOFMANYSTANDARDIZEDANDCAPRIC

14、IOUSMETHODSTOAPPROXIMATETHEEXPIRATIONOFUSEFULNESS,AREUNDERSTOODTOBECRUDEESTIMATIONSWHICHPROVIDEONLYMINORCONCEPTUALINSIGHTRELATEDTOTHEUNDERLYINGANDCHANGINGVALUEOFANASSETWITHPASSINGTIMEA1983AUDITCLIENTPOINTEDOUTTHISILLOGICTOMEBYVALUINGTHEIRFIXEDASSETSUSINGASELFDETERMINEDANDCLEARLYNONGAAPACCOUNTINGMETH

15、ODTHISCLIENTPROPERLYRECORDEDTHEFIXEDASSETATTIMEOFACQUISITIONTHEREAFTERHETHENDEPRECIATEDTHEASSETUSINGANACCEPTABLEMETHODOLOGYUNTILTHENETASSETVALUEREACHEDAFULLYDEPRECIATEDSTATEOFZEROATTHATPOINTHEPERSONALLYASSESSEDTHEASSETSREMAININGUTILITYANDUPONDETERMININGITWASNOTWORNOUTANDINDEEDWASSTILLQUITEUSEFUL,HEM

16、ARKEDTHEASSETBACKUPTOANESTIMATEDCURRENTMARKETVALUEAFTERTHEWRITEUP,HEONCEGAINBEGANTHEGAAPREQUIREDDEPRECIATIONPROCESS,WITHTHECYCLECONTINUINGUNTILTHEASSETWASJUNKEDWHENOURAUDITPROCEDURESUNCOVEREDTHISUNCONVENTIONALAPPROACH,IMETWITHTHECLIENTTODISCUSSHISERRORDESPITEMYELOQUENCEINEXPLANATION,MYCLIENTRELUCTAN

17、TLYCOMPLIEDWITHOUTEVERCHANGINGHISMINDREGARDINGTHESOUNDNESSOFHISLOGICAFTERALL,THEASSETWITHANETDEPRECIATEDBOOKVALUEOFZEROWASSTILLUSEFULPERHAPSMYPRACTICALCLIENTWASSIMPLYAHEADOFHISTIMEASASAGEHARBINGER,MYCLIENTWASELOQUENTLYEMPHASIZINGTHEFINANCIALREPORTINGADVANTAGEOFENHANCEDRELEVANCEANDTRANSPARENCYANASSET

18、SRECORDEDBOOKBALANCESHOULDREFLECTABESTESTIMATEOFITSCURRENTINHERENTVALUE,UTILITYANDMARKETABILITYTHECOMPLEXITYOFRULESEASESWITHELIMINATIONOFTHECURRENTPATCHWORKQUILTAPPROACHCONSISTENCY,COMPARABILITYANDTRANSPARENCYINCREASESWITHSTANDARDIZATIONOFRULES,ELIMINATIONOFMANAGEMENTSINTENTANDADOPTIONOFMOREDETAILED

19、DISCLOSURESINCLUDINGQUANTITATIVEANDQUALITATIVEINSIGHTSREGARDINGVALUATIONASSUMPTIONSANDMETHODSGLOBALCONVERGENCEWOULDBEACHIEVEDASINTERNATIONALACCOUNTINGSTANDARDSHAVEALREADYGREATLYEMBRACEDFAIRVALUEACCOUNTINGTHEUSWOULDSIMPLYBEALIGNINGWITHTHERESTOFTHEWORLDTHEEXPECTEDBENEFITOFREDUCEDEARNINGSVOLATILITYFROM

20、FAIRVALUEISASTRANGEANDMISGUIDEDPOINTOFADVOCACYWHICHISILLADVISEDANDMUSTBEDISMISSEDBYSERIOUSMINDSCONCEPTUALPURITYOFSOUNDACCOUNTINGPRIMARILYRESTSINSTANDARDIZEDANDREASONABLEREPORTINGOFTHEUNDERLYINGECONOMICSOFALLBUSINESSACTIVITY,OBJECTIVELYMEASURINGANDREPORTINGRESULTS“ASIS”NOT“ASDESIRED”INDEED,THERECENTL

21、YSTATEDFAIRVALUEADVANTAGEOFELIMINATINGEARNINGSVOLATILITYORSMOOTHINGEARNINGSRESULTINGFROMBUSINESSACTIVITIESHASBEENHISTORICALLYANDCORRECTLYFROWNEDUPONBYLEARNEDPROFESSIONALSASWELLASTHESECURITIESANDEXCHANGECOMMISSIONDISCLOSUREOFEARNINGSVOLATILITYANDECONOMICTURBULENCEISMATERIALTOINFORMEDDECISIONMAKINGTHU

22、S,FAIRVALUEPROPONENTSAPPEARTOBECORRECTINTHEIREARLYASSESSMENTRELATEDTOFOUROFTHEFIVEKEYREPORTINGADVANTAGESTOBEGLEANEDASTOTHEEARNINGSVOLATILITYADVANTAGE,WESIMPLYPREFEROBJECTIVE“ASIS”MEASUREMENTANDREPORTINGOFECONOMICREALITYWHICHISALWAYSENHANCEDBYFAIRVALUEMETHODSTOFURTHERBUILDACOMPREHENSIVECASETOSUPPORTT

23、HATTHETIMEFORFULLFAIRVALUEACCOUNTINGHASARRIVEDLETUSFIRSTAGREEONTHEDEFINITIONOFFAIRVALUEITISTHEEXCHANGEPRICETHATWOULDBERECEIVEDFORANASSETORPAIDTOTRANSFERALIABILITYINAPRINCIPALORMOSTADVANTAGEOUSMARKETINANORDERLYTRANSACTIONBETWEENMARKETPARTICIPANTSONASETMEASUREMENTDATETHISFAIRVALUEATORIGINATIONISINTEND

24、EDTOCONVEYTHEVALUEDERIVEDFROMANOPENMARKETANDITISNOTINTENDEDTOREPRESENTAFIRESALEORFORCEDLIQUIDATIONPRICESUCHANEXCHANGEPRICEECONOMICALLYCONSIDERSFUTUREEXPECTEDCASHFLOWS,ALLUNCERTAINTIESORRISKSASSOCIATEDWITHTHECASHFLOWS,RISKPREMIUMS,ADISCOUNTFACTORANDMARKETLIQUIDITYFAIRVALUEFORFINANCIALASSETSANDLIABILI

25、TIESISDETERMINEDUSINGATHREELEVELMEASUREMENTHIERARCHYLEVELONEQUOTEDMARKETPRICESFORSPECIFICASSETSORLIABILITIESLEVELTWOUSEOFVALUATIONTECHNIQUESANDMODELSORQUOTEDMARKETPRICESFORCOMPARABLEASSETSORLIABILITIESLEVELTHREEUNOBSERVABLEINPUTSINTOTHEREPORTINGENTITYSOWNANALYSISOFUNDERLYINGECONOMICDATATODETERMINEPR

26、ICEINTHEABSENCEOFWELLESTABLISHEDMARKETSORAVAILABLETRADEDPRICESFORCOMPARABLEINSTRUMENTSTHISLEVELREQUIRESSIGNIFICANTJUDGMENTANDGREATLYEXPANDEDDISCLOSURESLONGSTANDINGANDWIDELYACCEPTEDPRESENTVALUEANDDISCOUNTINGTECHNIQUESALLOWFORAPPROPRIATEFAIRVALUEESTIMATIONFORFINANCIALINSTRUMENTSWHICHLACKANADVANTAGEOUS

27、MARKETORSUFFERFROMEITHERPERMANENTORTEMPORARYILLIQUIDITYDUETOINACTIVEMARKETSORMARKETDISRUPTIONSTHEDEFINITIONANDMETHODSTODETERMINEFAIRVALUEAREWELLARTICULATEDINSFAS159THEFOUNDATIONTOSUPPORTTHISACCEPTEDFAIRVALUEDEFINITIONANDDETERMINATIONMODELMUSTBEGINWITHANUNDERSTANDINGOFFUNDAMENTALFINANCIALREPORTINGOBJ

28、ECTIVESTHEKEYTOFINANCIALREPORTINGISTHATTHEPRESENTEDINFORMATIONISUSEFULINMAKINGINFORMEDBUSINESSDECISIONSPRESENTEDINFORMATIONMUSTCONVEYTHEECONOMICSUBSTANCEANDALLOWFORASSESSMENTOFTHERISKADJUSTEDCASHFLOWPROSPECTSRELATEDTOALLTRANSACTIONSTHISINFORMATIONMUSTILLUMINATETHEREPORTINGENTITYSRESOURCES,CLAIMSTOTH

29、OSERESOURCESANDCHANGESTOTHERESOURCESTHEPARAMOUNTCRITERIONISDECISIONMAKINGUTILITYOFTHEREPORTEDINFORMATIONTOASCERTAINTHEDECISIONMAKINGUTILITYOFFAIRVALUECOMPAREDTOHISTORICALCOSTACCOUNTINGWECANEITHERSIMPLYRELYUPONTHELOGICOFMYAUDITCLIENTORWECANALTERNATIVELYCHOOSETOANALYZETHECONCEPTUALINTEGRITYOFTHETWOMET

30、HODSBASEDUPONAWELLDEFINEDANDLONGSTANDINGCONCEPTUALACCOUNTINGFRAMEWORKTHISFRAMEWORK,CONSISTINGOFTENCORECHARACTERISTICS,ALONGWITHMYSUBJECTIVEASSESSMENTISSHOWNINTABLEATHESETENCHARACTERISTICSDEFINETHEOPTIMALQUALITYOFREPORTEDFINANCIALINFORMATIONA“HIGH”ASSESSMENTINDICATESTHATTHEACCOUNTINGMETHODSTRONGLYACH

31、IEVESTHISDESIREDCHARACTERISTICA“MODERATE”RATINGCONVEYSAMIXEDVIEWOFSUCCESSINCAPTURINGTHEESSENCEOFTHETRAITANDFINALLY,A“LOW”EVALUATIONCONNOTESPOORREFLECTIONOFTHEDESIREDATTRIBUTEFAIRVALUEACCOUNTINGISPREFERREDTOHISTORICCOSTINDECISIONUSEFULNESS,RELEVANCE,PREDICTIVEVALUE,FEEDBACKVALUE,TIMELINESS,RELIABILIT

32、YANDREPRESENTATIONALFAITHFULNESSWHENCONFRONTINGADECISIONTOHOLDORDIVESTOFANASSET,HISTORICALCOSTPLAYSANINCONSEQUENTIALROLEGREATERQUESTIONSASSUMEDECISIONMAKINGPROMINENCEANDRELEVANCEDOESTHEASSETHAVEREMAININGUTILITYCANTHEASSETBESOLDTODAYATAGAINORLOSSWILLTHERISKADJUSTEDCASHFLOWGENERATEDBYTHEASSETEXCEEDTHE

33、COSTSTOMAINTAINANDHOLDTHEASSETAMIINCURRINGECONOMICLOSSOROPPORTUNITYCOSTBYCONTINUINGTOHOLDTHISASSETFAIRVALUEANSWERSTHESEQUESTIONSHISTORICCOSTACCOUNTINGDOESNOTWEAREALSOABLETOFORMREASONABLEEXPECTATIONSABOUTTHEFUTUREFROMFAIRVALUEALOANUNDERWRITTENINTHEPASTWITHA5INTERESTRATEWHILETHEMARKETRATEFORASIMILARLO

34、ANWITHCOMPARABLERISKANDREMAININGDURATIONISNOW7INDICATESANEXPECTEDECONOMICLOSS,ANOPPORTUNITYCOST,TOCONTINUINGTOHOLDTHE5LOANITALSOCOMMUNICATESTHATTHISLOANSMARKETVALUEISLESSTHANTHEBOOKCARRYINGVALUEONANHISTORICCOSTBASISFUTURECASHFLOWINSIGHTSAREGLEANEDFROMTHISFAIRVALUEINFORMATIONASWEKNOWTHATTHELIKELIHOOD

35、OFBORROWERPREPAYMENTHASNOWFALLENPASTUNDERSTANDINGOFTHELIFETIMEECONOMICVALUEOFTHELOANISALSOGAINEDWEKNOWTHATSUBSEQUENTLYCHANGEDMARKETCIRCUMSTANCESHAVELESSENEDTHEECONOMICVALUEOFOURPRIORDECISIONTHEMEASUREDINSIGHTSFROMFAIRVALUEAREDYNAMICANDTIMELY,ALWAYSSREFLECTINGCURRENTRATHERTHANHISTORICMARKETSREPRESENT

36、ATIONALFAITHFULNESSISMAINTAINEDBYFAIRVALUEASTHECURRENTECONOMICANDMARKETREALITYISDUTIFULLYCAPTUREDANDREPORTEDCONSEQUENTLY,INSEVENOFTHETENCONCEPTUALCHARACTERISTICS,FAIRVALUEACCOUNTINGISPROVENTOBEMOREEFFECTIVEHISTORICCOSTACCOUNTINGMODESTLYOUTPERFORMSFAIRVALUEINJUSTTWOOFTHETENCORECHARACTERISTICSUNDERSTA

37、NDABILITYANDVERIFIABILITYTHEUNDERSTANDABILITYADVANTAGEISOBTAINEDSIMPLYBYTHELONGSTANDINGCOMMONPRACTICEANDUSEOFHISTORICCOSTACCOUNTINGHISTORICCOSTACCOUNTINGHASBECOMEFORMANYFINANCIALSTATEMENTPREPARERSTHECOMFORTABLE,OLDPAIROFSHOESTHEVERIFIABILITYADVANTAGEISEARNEDBYHISTORICCOSTACCOUNTINGSINCETHEINFORMATIO

38、NISCERTAINTOBECONFIRMEDBYSEVERALINDEPENDENTEVALUATORSSINCETHEPURCHASEPRICEISFIXEDANDEASILYDETERMINEDANDANYSUBSEQUENTADJUSTMENTSLIKELYCONFORMTOSTANDARDDEPRECIATIONSCHEDULESALLTHISISNOT,HOWEVER,TOSAYTHATFAIRVALUEACCOUNTINGLACKSUNDERSTANDABILITYORVERIFIABILITYTHEADVANTAGEOFHISTORICCOSTINTHESEATTRIBUTES

39、ISNOMINALAREPORTINGENTITYCANELEVATEFAIRVALUESRATINGINTHESETWOTRAITSBYCAREFULANDTHOROUGHTRANSPARENTDISCLOSUREOFMETHODS,SIGNIFICANTASSUMPTIONSANDJUDGMENTSUSEDINDETERMININGFAIRVALUEWITHFULLDISCLOSURE,ANINDEPENDENTEVALUATORCANFOCUSONTHEVALIDITYOFTHEASSUMPTIONSANDJUDGMENTSUNDERLYINGTHEFAIRVALUEINDEED,THE

40、FLEXIBILITYOFTHEFAIRVALUECALCULATION,WHICHMOREAPPROPRIATELYCAPTURESTHECURRENTECONOMICREALITY,ISONEOFITSGREATESTVIRTUESSUCHPROPERFOCUSALLOWSTHEEVALUATORTOATTESTTOTHESOUNDNESSOFTHEMEASUREMENTSIAMCONFIDENTTHATMYSAGEAUDITCLIENTWOULDPREFERECONOMICALLYUSEFULINFORMATIONOVERINACCURATEANDUNREALISTICMEASUREME

41、NTSWHICHAREEASILYREPRODUCEDANALYZINGTHECONCEPTUALINTEGRITYOFFAIRVALUEACCOUNTINGCOMPAREDTOHISTORICCOSTDEMONSTRATESTHEFUNDAMENTALSUPERIORITYOFFAIRVALUEACCOUNTINGTHISSUPERIORITYISSUPPORTEDBYTHESHEERNUMERICADVANTAGEOFSEVENOFTHETENCHARACTERISTICSFAVORINGFAIRVALUEITISFURTHERDEFENDEDBYMYAUDITCLIENTSCONFOUN

42、DINGSITUATIONITISALSOBACKEDBYMYASSESSMENTSOFTHEATTRIBUTESFAIRVALUEACCOUNTINGISNOT“LOW”ONANYCHARACTERISTIC,WHILEHISTORICCOSTISRATED“LOW”INSIXDIMENSIONSANDFINALLY,FAIRVALUESMARGINALWEAKNESSINJUSTTWOTRAITSCANBEMITIGATEDLARGELYTHROUGHREPORTINGDISCLOSUREREASONEDANALYSISCONFIRMSTHATFAIRVALUEACCOUNTINGISMU

43、CHMOREUSEFULINDECISIONMAKING译文完全公允价值会计时代的到来摘要通过回顾我们现代会计框架的概念根源，客观地计量公允价值会计的时代到来了。通过分析比较公允价值概念的完整性与历史成本会计的区别来证实公允价值测量与报告的明显的优越性。真正的资本充足率只有在风险调节的基础上才能被确定。这些需要合理的风险调节，出发点就是能够反映所有资产和负债，确定资本经济价值在市场价值的变化。完全公允价值会计和披露对于现在所有的报告实体和资产负债都是必需的。这种必需性也会使完全公允价值基础成为实体规定。历史成本应该适当降低不得高于附注中披露的数值。完全公允价值使投资者和管理者更加看重长期的风险

44、调节组织的表现和企业经济价值的最优化。这些都宣布着完全公允价值的时代到来了完全公允价值曾经一度是工薪阶层讨论的话题，现在已经由会计领域转移到美国的大街小巷和政界。最近，很多相关的文章都在发表。很多相关的论坛也在举行。这个问题已经使理事单位和那些坚定的支持者和手头有资金的投资者达成一致并说出他们的观点。为了整理这些华丽的词藻，现在是时候通过回归现代会计框架的概念根源和揭穿某些被公允价值会计的评论家支持的假信条来客观地评价完全公允价值了。如果这些分析将被证实了，那么现在就是完全公允价值的时代了。公允价值会计，它并不是一个全新的概念或者最近提出的观点。“资产估价（针对金融机构）都是在公允的市场价值上

45、进行的。直到1938年，美联储才强迫其他的调整者去赞同银行资产的历史成本会计。在1938年，没有及时记录下资产历史价值的情况下，账户变更被用来鼓励新的贷款和使私人投资者能从联邦当局获得破产银行的资产。”（来源“银行的压力测试”，沃克托德，机构风险分析，2009，2，24）。早期公允价值的探究发生在二十世纪八十年代初期，不久后，它被大家和华盛顿（政府）所承认。由美国财务会计准则委员会（FASB）发布的公允价值会计理论被慢慢地认定为一般公认会计原则（GAAP）。成本与市价孰低会计成为公认的惯例。资产减值市场的出现。投资会计以管理者的意图为基础被设置成三种独立的投资组合和对待方法，它们是持有至到期、

46、可供出售资产、交换资产。美国财务会计准则公告SFAS中的159号在其的报告个体中规定，可以选择使用公允价值会计来计量特定的金融资产或金融负债。实行这些方法的结果是使得财务报告的使用者混淆财务报告的概念也与管理者的意图不一致。在早期的封闭式讨论期间，公允价值会计建议者，建议从一项历史成本标准去设立一个市场基础方法。此方法至少有五项财务报告发面的优势1提高相关性和透明度2降低复杂程度3降低收入波动的影响4提高一致和可比较性5符合新国际会计准则的标准由于美国公司是在一种互助的全球经济中竞争的，并且在竞争中获得真正的公允和债务融资，这些竞争优势呈现出一种更强的紧迫感和重要性。历史性成本会计，资产以取得

47、时的价值为入账价值，这种做法早在古代的古罗马人就开始了。这种长期存在的会计方法现在看来是不相关而且起到误导作用。会计折旧准则规定资产价值的减少应当使用很多标准化的和多变的折旧方法直到资产被耗用完毕。或者可以理解成是提供的概对短暂的时间的一项资产的潜在和改变价值的估计。1983年一位审计客户用自己的评估方法（非GAAP）评估自己的固定资产价值，并且指出这种理论是不符合逻辑的。首先这位审计客户严格的记录了取得固定资产的时候价值，然后他使用一系列适当的方法减少固定资产的价值，直到完全折旧或者净资产为零的这么一个状态。在他的观点中，他个人评估了资产剩余的效用，这种方法确实是非常有用的。他为资产的现时价

48、值评估提供了一个坚实的后盾。后来美国一般会计公认原则（GAAP）将他的观点写入资产的折旧过程即资产周期性的损耗直到资产报废。当我们审计程序发现这种非传统方法时，我会见了这位审计客户并讨论他的错误所在。尽管我解释得确切，但是我的客户并没有改变他自己的一整套完整逻辑，他不情愿的接受我的观点。最终结果提出当资产的账面价值为零时，资产还是有使用价值。我的客户明智的提出了他的观点，我的客户也强调了财务报告能增加相关性和透明度优点即资产的账面价值余额应当最准确的表现资产的内在价值和内在效用这种综合的方法消除实时更新的复杂性。同时，这种方法也增加了准则的标准化和相关信息的透明度对于管理者的意图以及评估方法在

49、内的定性和定量见解应当通过财务报告披露更详细的披露。全球关注点在于国际会计标准将完全提出公允价值会计。美国与世界其他各国观点排成一致。从公允价值的角度计算降低收入的变动所带来的预期收益的观点是一种容易误导别人的观点。经过认真实考这种观点被否定。健全的会计制度和会计标准能够合理的解释所有经济业务的基础经济现象。客观的计量和报告要求资产计量达到“确实是”而不是“需要是”。事实上，对于最近提出的公允价值能够增加准则标准化和相关信息的透明度的优点已经成为历史，因为专业人士和美国证券交易委员会都不同意这个人观点。因此对于经济波动和盈余波动的披露只能作为决策的材料。因此，在公允价值建议者看来，原提出的五个主要财务报告优势中的四个优势是正确的。对于公允价值能够降低收入波动的影响的优势，我们仅“按原样”选择目标测量和始终被公允价值方法的经济现实的报告。进一步建立一个全面的标准从而支持完全公允价值计算的时间已经到到了首先让我们赞同对公允价值的定义。公允价值的定义指的是一项资产未来可收回的价值或者未来偿还一项负债的价值。公允价值从根源上旨在表达资产从一个公开市场上取得时候的价值。公允价值并不代表一个商品甩卖或强迫清算时候的价格。这样的一个市场交易价格，它经济地考虑了未来预期的现金流量和所有不确定性冒险带来的现金流量，以及风险溢价，廉价因素和市场流动性。对于金融资产和金融负债的