1、本科毕业设计（论文）外文翻译外文题目FAIRVALUEACCOUNTING外文出处FAIRVALUEACCOUNTINGJFEDERALRESERVEBULLETIN,20059112629外文作者苏珊施密特原文FAIRVALUEACCOUNTINGADAPTEDFROMREMARKSBYSUSANSCHMIDTBIES，MEMBER，BOARDOFGOVERNORSOFTHEFEDERALRESERVESYSTEM，TOTHEINTERNATIONALASSOCIATIONOFCREDITPORTFOLIOMANAGERSGENERALMEETING，NOVEMBER18，2004GOODM
2、ORNINGIAPPRECIATETHEOPPORTUNITYTOPARTICIPATEINYOURFALLGENERALMEETINGASMYCOLLEAGUESATTHEFINANCIALACCOUNTINGSTANDARDSBOARDFASBANDTHEINTERNATIONALACCOUNTINGSTANDARDSBOARDIASBWILLAGREE，FAIRVALUEACCOUNTINGPOSESMANYCHALLENGESANDHASSPARKEDSIGNIFICANTINDUSTRYDEBATETHESUBJECTOFFAIRVALUEACCOUNTINGHASBEENDISCU
3、SSEDINTHEUNITEDSTATESFORWELLOVERADECADEADVOCATESOFFAIRVALUEACCOUNTINGBELIEVETHATFAIRVALUEISTHEMOSTRELEVANTMEASUREFORFINANCIALREPORTINGOTHERSBELIEVETHATHISTORICALCOSTPROVIDESAMOREUSEFULMEASUREBECAUSEITMORECLEARLYREPRESENTSTHEECONOMICSOFBUSINESSPERFORMANCEANDBECAUSEFAIRVALUEESTIMATESNOTBERELIABLEORVER
4、IFIABLESO，WHICHISMOREAPPROPRIATEFAIRVALUEORHISTORICALCOSTLETMESHAREWITHYOUTHEFEDERALRESERVESLONGSTANDINGPOSITIONONTHISISSUEASASUPERVISOROFTHEUSBANKINGSYSTEM，WEWANTTOENSURETHATFINANCIALINSTITUTIONSFOLLOWSOUNDACCOUNTINGPOLICIESANDPRACTICESWECONTINUETOSUPPORTIMPROVEDTRANSPARENCYANDENHANCEDFINANCIALDISC
5、LOSURES，WHICHPROMOTEMARKETDISCIPLINEANDPROVIDEUSEFULINFORMATIONTODECISIONMAKERSWEALSOSUPPORTFAIRVALUEACCOUNTINGFORASSETSANDLIABILITIESUSEDINTHEBUSINESSOFSHORTTERMTRADINGFORPROFIT，SUCHASTHETRADINGACCOUNTFORBANKSWESUPPORTENHANCEDDISCLOSURESOFFAIRVALUEBASEDINFORMATIONASPARTOFBROADERDESCRIPTIONSOFRISKEX
6、POSURESANDRISKMANAGEMENTWEBELIEVETHATTHEACCOUNTINGINDUSTRYSHOULDBEVERYCAREFULBEFOREMOVINGTOWARDAMORECOMPREHENSIVEFAIRVALUEAPPROACH，WHEREALLFINANCIALASSETSANDLIABILITIESARERECORDEDONTHEBALANCESHEETATFAIRVALUEANDCHANGESINFAIRVALUEARERECORDEDINEARNINGS,WHETHERREALIZEDORNOTTHEFASBRECENDYISSUEDAPROPOSEDS
7、TANDARDONFAIRVALUEMEASUREMENTSTHATPROVIDESAGENERALFRAMEWORKFORVALUINGASSETSANDLIABILITIESTHATARECURRENDYMEASUREDORDISCLOSEDATFAIRVALUEATTHISTIME，ITDOESNOTEXPANDTHEUSEOFFAIRVALUESINTHEPRIMARYFINANCIALSTATEMENTSIWOULDLIKETOSUMMARIZEANDSHAREWITHYOUTHEFEDERALRESERVESVIEWSONTHEPROPOSEDSTANDARD，WHICHWEREP
8、ROVIDEDTOFASBINACOMMENTLETTERASPARTOFTHEEXPOSUREPROCESSWESEETHEPROPOSALASAGOODFIRSTSTEPTOWARDENHANCINGMEASUREMENTGUIDANCEINTHISAREAHOWEVER，ASIWILLDISCUSSINAMOMENT，ANUMBEROFIMPORTANTISSUESWARRANTFURTHERCONSIDERATION，ESPECIALLYBEFOREDRAMATICMOVESAREMADETOWARDINCREASEDFAIRVALUEACCOUNTINGBUTBEFOREDISCUS
9、SINGTHESESPECIFICISSUES，ALLOWMETOEMPHASIZEONEIMPORTANTPOINTASABANKSUPERVISOR，THEFEDERALRESERVEBELIEVESTHATINNOVATIONSINRISKMANAGEMENTAREVERYIMPORTANTTOTHECONTINUEDIMPROVEMENTOFOURFINANCIALSYSTEMNEWMETHODSANDFINANCIALINSTRUMENTSALLOWBANKINGORGANIZATIONSTOIMPROVETHEIRRISKMANAGEMENTPRACTICESBYSELECTING
10、TARGETLEVELSOFRISKEXPOSURESANDSHEDDINGORLIMITINGUNWANTEDPOSITIONSACCOUNTINGFRAMEWORKSSHOULDIMPROVETRANSPARENCYAROUNDBUSINESSDECISIONSANDOUTCOMESWITHOUTPROVIDINGADISINCENTIVETOBETTERMANAGEMENTOFRISKFAIRVALUEMEASUREMENTISSUESTHATWARRANTFURTHERCONSIDERATIONRELIABILITYANDMEASUREMENTIFMARKETSWERELIQUIDAN
11、DTRANSPARENTFORALLASSETSANDLIABILITIES，FAIRVALUEACCOUNTINGCLEARLYWOULDBERELIABLEINFORMATIONUSEFULINTHEDECISIONMAKINGPROCESSHOWEVER，BECAUSEMANYASSETSANDLIABILITIESDONOTHAVEANACTIVEMARKET，THEINPUTSANDMETHODSFORESTIMATINGTHEIRFAIRVALUEAREMORESUBJECTIVEAND，THEREFORE，THEVALUATIONSLESSRELIABLERESEARCHBYFE
12、DERALRESERVESTAFFSHOWSTHATFAIRVALUEESTIMATESFORBANKLOANSCANGREATLYDEPENDINGONTHEVALUATIONINPUTSANDMETHODOLOGYUSEDFOREXAMPLE，OBSERVEDMARKETRATESFORCORPORATEBONDSANDSYNDICATEDLOANSWITHINLOWERRATEDCATEGORIESHAVEVARIEDBYASMUCHAS200TO500BASISPOINTSSUCHWIDERANGESOCCUREVENINTHECASEOFSENIORBONDSANDLOANSWHEN
13、OBLIGORSAREMATCHEDTHEFASBSTATEMENTONTHEPROPOSEDFAIRVALUESTANDARDSUGGESTSTHATRELIABILITYCANBESIGNIFICANDYENHANCEDIFMARKETINPUTSAREUSEDINVALUATIONHOWEVER，BECAUSEMANAGEMENTUSESSIGNIFICANTJUDGMENTINSELECTINGMARKETINPUTSWHENMARKETPRICESARENOTAVAILABLE，RELIABILITYWILLCONTINUETOBEANISSUETHEPROPOSALIDENTIFI
14、ESTHREELEVELSOFESTIMATES，WITHTHELOWESTPRIORITYGIVENTOLEVEL3ESTIMATESTHESEESTIMATESARENOTBASEDONQUOTEDPRICESINACTIVEMARKETSFOREITHERIDENTICALORSIMILARASSETSORLIABILITIES，BUTRATHERONMARKTOMODELESTIMATESTHEPROPOSALSUGGESTSTHATTHEUSEOFMULTIPLEAPPROACHES，SUCHASTHEMARKET，INCOME，ANDREPLACEMENTCOSTMETHODS，W
15、ILLIMPROVERELIABILITYOFTHESEESTIMATESHOWEVER，THENUMBEROFAPPROACHESADDSLITTLETORELIABILITYIFALLTHEMETHODSAREBASEDONTHESAMEUNDERLYINGINFORMATION，ASWOULDOFTENBETHECASEFORFINANCIALINSTRUMENTSINOURROLEASABANKSUPERVISOR，WEHAVEOBSERVEDTHATMINORCHANGESINANUMBEROFASSUMPTIONSINAPRICINGMODELCANHAVEASUBSTANTIAL
16、EFFECTGENERALLY，WEARECOMFORTABLEWITHTHEFAIRVALUEMEASUREMENTPROCESSFORLIQUIDTRADINGINSTRUMENTSTHATFINANCIALINSTITUTIONSHAVEHADSIGNIFICANTEXPERIENCEINVALUINGHOWEVER，WEBELIEVEFORLESSLIQUIDASSETSANDLIABILITIES，RELIABILITYISASIGNIFICANTCONCERNMARTAGEMENTBIASTHEFACTTHATMANAGEMENTUSESSIGNIFICANTJUDGMENTINT
17、HEVALUATIONPROCESS，PARTICULARLYFORLEVEL3ESTIMATES，ADDSTOOURCONCERNSABOUTRELIABILITYMANAGEMENTBIAS，WHETHERINTENTIONALORUNINTENTIONAL，MAYRESULTININAPPROPRIATEFAIRVALUEMEASUREMENTSANDMISSTATEMENTSOFEARNINGSANDEQUITYCAPITALTHISWASTHECASEINTHEOVERVALUATIONOFCERTAINRESIDUALTRANCHESINSECURITIZATIONSINRECEN
18、TYEARS，WHENTHEREWASNOACTIVEMARKETFORTHESEASSETSSIGNIFICANTWRITEDOWNSOFOVERSTATEDASSETVALUATIONSHAVERESULTEDINTHEFAILUREOFANUMBEROFFINANCECOMPANIESANDDEPOSITORYINSTITUTIONSSIMILARPROBLEMSHAVEOCCURREDDUETOOVERVALUATIONSINNONBANKTRADINGPORTFOLIOSTHATRESULTEDINOVERSTATEMENTSOFINCOMEANDEQUITYTHEPOSSIBILI
19、TYFORMANAGEMENTBIASEXISTSTODAYWECONTINUETOSEENEWSSTORIESABOUTCHARGESOFEARNINGSMANIPULATION，EVENUNDERTHEHISTORICALCOSTACCOUNTINGFRAMEWORKWEBELIEVETHAT，WITHOUTRELIABLEFAIRVALUEESTIMATES，THEPOTENTIALFORMISSTATEMENTSINFINANCIALSTATEMENTSPREPAREDUSINGFAIRVALUEMEASUREMENTSWILLBEEVENGREATERVERIFICATIONASTH
20、EVARIETYANDCOMPLEXITYOFFINANCIALINSTRUMENTSINCREASES，SODOESTHENEEDFORINDEPENDENTVERIFICATIONOFFAIRVALUEESTIMATESHOWEVER，VERIFICATIONOFVALUATIONSTHATARENOTBASEDONOBSERVABLEMARKETPRICESISVERYCHALLENGINGMANYOFTHEVALUESWILLBEBASEDONINPUTSANDVERIFYBOTHAUDITORSANDUSERSOFFINANCIALSTATEMENTS，INCLUDINGCREDIT
21、PORTFOLIOMANAGERS，WILLNEEDTOPLACEGREATEREMPHASISONUNDERSTANDINGHOWASSETSANDLIABILITIESAREMEASUREDANDHOWRELIABLETHESEVALUATIONSAREWHENMAKINGDECISIONSBASEDONTHEMCOMPOUNDVALUESANDREVENUERECOGNITIONTHEVALUEOFAFINANCIALINSTRUMENTMAY，INSOMECASES，BECOUPLEDWITHANINTANGIBLEVALUEFOREXAMPLE，ASERVICINGASSETCANB
22、ECONSIDEREDTOREFLECTTWOVALUESAFINANCIALINSTRUMENTTHATISSIMILARTOANINTERESTONLYSTRIPANDANINTANGIBLEVALUEREFLECTINGTHECONTRACTUALRIGHTTOPERFORMSERVICESOVERTIMEINEXCHANGEFORAFEETHECURRENTACCOUNTINGFRAMEWORKOFTENREQUIRESDIFFERENTACCOUNTINGANDDISCLOSURETREATMENTSFORFINANCIALANDNONFINANCIALCOMPONENTSHOWEV
23、ER，THEACCOUNTINGLITERATUREOFFERSLITDEGUIDANCEONWHENTHESEASSETSSHOULDBESEPARATEDANDHOWTODETERMINETHESEPARATEVALUATIONSTHISLACKOFGUIDANCEMAYINSOMECASESRESULTINQUESTIONABLEORINAPPROPRIATEPRACTICES，SUCHASINCLUDINGPROJECTEDINCOMEFROMCROSSMARKETINGACTIVITIESINTHEVALUATIONOFFINANCIALINSTRUMENTSADDITIONALGU
24、IDANCETOADDRESSTHESEISSUESISWARRANTEDALSO，CONSIDERATIONMUSTBEGIVENTOREVENUERECOGNITIONISSUESINAFAIRVALUEREGIMEWEMUSTENSURETHATUNEARNEDREVENUEISNOTRECOGNIZEDUPFRONT，ASITINAPPROPRIATELYWASBYCERTAINHIGHTECHCOMPANIESNOTSOLONGAGODISCLOSURESFAIRVALUESREFLECTPOINTESTIMATESANDBYTHEMSELVESDONOTRESULTINTRANSP
25、ARENTFINANCIALSTATEMENTSADDITIONALDISCLOSURESARENECESSARYTOBRINGMEANINGTOTHESEFAIRVALUEESTIMATESFASBSPROPOSALTAKESAFIRSTSTEPTOWARDENHANCINGFAIRVALUEDISCLOSURESRELATEDTOTHERELIABILITYOFFAIRVALUEESTIMATESIBELIEVETHATADDITIONALTYPESOFDISCLOSURESSHOULDBECONSIDEREDTOGIVEUSERSOFFINANCIALSTATEMENTSABETTERU
26、NDERSTANDINGOFTHERELATIVERELIABILITYOFFAIRVALUEESTIMATESTHESEDISCLOSURESMIGHTINCLUDEKEYDRIVERSAFFECTINGVALUATIONS，FAIRVALUERANGEESTIMATES，ANDCONFIDENCELEVELSANOTHERIMPORTANTDISCLOSURECONSIDERATIONRELATESTOCHANGESINFAIRVALUEAMOUNTSFOREXAMPLE，CHANGESINFAIRVALUESOFSECURITIESPORTFOLIOSCANARISEFROMMOVEME
27、NTSININTERESTRATES，FOREIGNCURRENCYRATES，ANDCREDITQUALITY，ASWELLASPURCHASESANDSALESFROMTHEPORTFOLIOFORUSERSTOUNDERSTANDFAIRVALUEESTIMATES，IBELIEVETHATTHEYMUSTBEGIVENADEQUATEDISCLOSURESABOUTWHATFACTORSCAUSEDTHECHANGESINFAIRVALUECONSIDERATIONSFORCREDITPORTFOLIO/MANAGEMENTFAIRVALUEESTIMATESAFFECTTHEINFO
28、RMATIONYOUUSEASCREDITPORTFOLIOMANAGERSTODAYSFINANCIALSTATEMENTSAREBASEDONAMIXEDATTRIBUTEACCOUNTINGMODELTHISMEANSTHATANENTITYSBALANCESHEETMAYINCLUDECERTAINVALUESREPORTEDATHISTORICALCOSTANDCERTAINVALUESREPORTEDATFAIRVALUEFAIRVALUESMAYBEUSEDASANANALYTICTOOLINTHELENDINGPROCESSANDARECOMPAREDWITHHISTORICA
29、LCOSTVALUESTHISHISTORICALCOSTINFORMATION，ALONGWITHASSOCIATEDDISCLOSURES，CONTAINSRELIABLEINFORMATIONTHATPROVIDESINSIGHTSINTOAFIRMSEXPECTEDCASHFIOWSASTHEINDUSTRYMOVESTOWARDEXPANDEDUSEOFFAIRVALUE，IBELIEVEDISCLOSUREOFCERTAINHISTORICALCOSTINFORMATIONWILLREMAINESSENTIALASINDICATEDABOVE，THERELIABILITYOFTHE
30、VALUATIONSANDTHETRANSPARENCYOFTHEMETHODSANDINPUTSUSEDTOCALCULATETHEVALUESARECRITICALLYIMPORTANTCLEARLY，FAIRVALUATIONSWILLHAVEANIMPACTONLEVERAGERATIOS，CAPITALRATIOS，ANDOTHERRATIOSUSEDINTHELENDINGANCREDITMANAGEMENTPROCESSCREDITPORTFOLIOMANAGERSWILLNEEDTOIDENTIFYANDUNDERSTANDTHEIMPACTOFCHANGESINFAIRVAL
31、UEESTIMATESTHATRESULTFROMCHANGESINSPECIFICFACTORS，ECONOMICCONDITIONS，MANAGEMENTJUDGMENT，MODELINGTECHNIQUES，ANDSOFORTHANDDISTINGUISHTHESEMARKTOMODELFACTORSFROMREALIZEDGAINSORLOSSESACCOUNTINGTREATMENTFORCREDITDERIVATIVESUNDERUSGENERALLYACCEPTEDACCOUNTINGPRINCIPLES，CREDITDERIVATIVESAREGENERALLYREQUIRED
32、TOBERECOGNIZEDASANASSETORLIABILITYANDMEASUREDATFAIRVALUE，ANDTHEGAINORLOSSRESULTINGFROMTHECHANGEINFAIRVALUEMUSTBERECORDEDINEARNINGSMOSTCREDITDERIVATIVESDONOTQUALIFYFORHEDGEACCOUNTINGTREATMENT，WHICHWOULDPERMITTHEGAINORLOSSONTHECREDITDERIVATIVETOBEREPORTEDINTHESAMEPERIODASTHEGAINORLOSSONTHEPOSITIONBEIN
33、GHEDGED，ASSUMINGTHEHEDGEISEFFECTIVETHEREFORE，THEUSEOFCREDITDERIVATIVESCANRESULTINEARNINGSVOLATILITYCONSIDERACREDITDERIVATIVETHATHEDGESCREDITRISKOFALOAN，FOREXAMPLEASTHELOANSCREDITQUALITYDETERIORATES，THEVALUEOFTHECREDITDERIVATIVEIMPROVESSINCETHELOANISRECORDEDATHISTORICALCOST，ANDTHECREDITDERIVATIVEISMA
34、RKEDTOFAIRVALUE，AGAINFROMTHECHANGEINVALUEOFTHEDERIVATIVEISRECOGNIZEDINEARNINGSCONVERSELY，IFTHELOANSCREDITQUALITYIMPROVES，THEVALUEOFTHECREDITDERIVATIVEDECLINES，RESULTINGINAREPORTEDLOSSTHESEGAINSANDLOSSESMAYBEOFFSETBYTHELEVELOFPROVISIONSTHATAREESTABLISHEDFORESTIMATEDCREDITLOSSESONTHELOAN，BUTTHISWOULDL
35、IKELYRESULTINONLYAPARTIALOFFSETASMANAGEMENTATTEMPTSTOREDUCETHISEARNINGSVOLATILITY，WEMAYSEECHANGESINRISKMANAGEMENTPRACTICESUNFORTUNATELY，SOMEMANAGERSMIGHTUSEFEWERCREDITDERIVATIVESTOREDUCECREDITRISKDUETOTHISPOTENTIALEARNINGSVOLATILITYACCORDINGLY，SETTERSOFACCOUNTINGSTANDARDSNEEDTOCONSIDERIMPROVEMENTSTO
36、THEACCOUNTINGTREATMENTTHATDONOTRESULTINADISINCENTIVETOTHOSEWHOPRUDENTLYUSECREDITDERIVATIVESFORRISKMANAGEMENTPURPOSESISFAIRVALUEACCOUNTINGTHEANSWERTOTHISVOLATILITYISSUEIFTHEHEDGEDASSETWEREMEASUREDATFAIRVALUE，THECHANGESINVALUESOFTHEHEDGEDITEMANDTHECREDITDERIVATIVEMAYOFFSETEACHOTHER，REDUCINGTHEVOLATILI
37、TYTHATARISESWHENONLYTHEDERIVATIVEISMARKEDTOMARKETANDNOTTHEHEDGEDITEMOFCOURSE，THEDEGREEOFTHEEARNINGSVOLATILITYUNDERAFULLFAIRVALUEACCOUNTINGAPPROACHWOULDDEPENDONTHEEFFECTIVENESSOFTHEHEDGETHEIASBDEVELOPEDTHENEW“FAIRVALUEOPTION“UNDERINTERNATIONALACCOUNTINGSTANDARDIAS39USINGTHISOPTION，COMPANIESTHATUSEINT
38、ERNATIONALACCOUNTINGSTANDARDSWILLBEPERMITTEDTOAPPLYFAIRVALUEACCOUNTINGTOCERTAINFINANCIALINSTRUMENTSTHATHEYDESIGNATEATTHETIMEOFPURCHASEORORIGINATIONACCORDINGLY，FIRMSUSINGTHEFAIRVALUEOPTIONCOULDMARKTOMARKETBOTHTHECREDITDERIVATIVEANDTHEHEDGEDPOSITIONANDREPORTCHANGESINTHEIRFAIRVALUESINCURRENTEARNINGSWHI
39、LEATFIRSTGLANCETHEFAIRVALUEOPTIONMIGHTBEVIEWEDASTHESOLUTIONTOADDRESSINGTHEPROBLEMSOFTHEMIXEDATTRIBUTEMODEL，ITALSORAISESANUMBEROFCONCERNSMANYOFTHESECONCERNS，ASWELLASRECOMMENDATIONSTOADDRESSTHEM，WEREINCLUDEDINACOMMENTLETTERTOTHEIASBFROMTHEBASELCOMMITTEEONBANKINGSUPERVISIONBASELCOMMITTEEISSUEDONJULY303
40、MANYOFTHEBASELCOMMITTEESCONCERNSARESIMILARTOTHOSEIDESCRIBEDABOVEANDCANBESUMMARIZEDASFOLLOWSADDRESSINGRELIABILITYANDVERIFIABILITYISSUES，THECOMMITTEESUGGESTEDTHAT，WITHOUTOBSERVABLEMARKETPRICESANDSOUNDVALUATIONAPPROACHES，FAIRVALUEMEASUREMENTSAREDIFFICULTTODETERMINE，VERIFY，ANDAUDITITALSOSUGGESTEDTHATREP
41、ORTINGWILLBECOMEMORECOMPLEXANDLESSCOMPARABLETHEBASELCOMMITTEECOMMENTLETTERALSODISCUSSEDTHEOWNCREDITRISKISSUEIFANENTITYSCREDITWORTHINESSDETERIORATES，FINANCIALLIABILITIESWOULDBEMARKEDDOWNTOFAIRVALUEANDAGAINWOULDBERECORDEDINTHEENTITYSPROFITANDLOSSSTATEMENTINTHEMOSTDRAMATICCASE，ANINSOLVENTENTITYMIGHTAPP
42、EARSOLVENTASARESULTOFMARKINGTOMARKETITSOWNDETERIORATEDCREDITRISKTOADDRESSTHESECONCERNS，THEBASELCOMMITTEERECOMMENDEDCERTAINRESTRICTIONSONTHEFAIRVALUEOPTION，SUCHASDISALLOWINGTHEMARKINGTOMARKETOFCREDITRISKOFTHEINSTITUTIONSOWNOUTSTANDINGDEBTANDPROHIBITINGTHEFAIRVALUEOPTIONFORILLIQUIDFINANCIALINSTRUMENTS
43、ITALSOSUGGESTEDTHATTHEFAIRVALUEOPTIONBELIMITEDTOTRANSACTIONSTHATSEEKTOECONOMICALLYHEDGERISKEXPOSURESANDTOSITUATIONSINWHICHACCOUNTINGVOLATILITYASSOCIATEDWITHTHEMIXEDATTRIBUTEMODELCANBEREDUCEDLASTLY，ITRECOMMENDEDENHANCEDDISCLOSURESRELATEDTOTHEFAIRVALUEOPTIONREPRESENTATIVESOFTHEBASELCOMMITTEECONTINUETO
44、WORKCONSTRUCTIVELYWITHTHEIASBONTHESEISSUES，ANDIBELIEVETHISDIALOGUECANLEADTOAMOREBALANCEDAPPROACHTOTHEFAIRVALUEOPTIONTHATSUPPORTSTRANSPARENTACCOUNTINGANDSOUNDRISKMANAGEMENTPOLICIESINAMANNERCONSISTENTWITHSAFEANDSOUNDBANKINGPRACTICESCONCLUSIONFASBSFAIRVALUEMEASUREMENTSTANDARDISAGOODFIRSTSTEPTOWARDDEVEL
45、OPINGENHANCEDGUIDANCEFORTHEESTIMATIONOFFAIRVALUESHOWEVER，MUCHMOREWORKNEEDSTOBEDONEBEFOREFAIRVALUEESTIMATESARERELIABLE，VERIFIABLE，ANDAUDITABLECREDITPORTFOLIOMANAGERSWILLNEEDTOBEAWAREOFTHESEMOVEMENTSTOFAIRVALUEACCOUNTINGANDHOWTHEYWILLAFFECTYOURUNDERSTANDINGOFCOMPANIESYOUEVALUATECREDITDERIVATIVESCANBEA
46、USEFULTOOLINMANAGINGCREDITRISKHOWEVER，THEYRAISETHORNYACCOUNTINGISSUESWHILEIASBSFAIRVALUEOPTIONISONEPOSSIBLEAPPROACHTOADDRESSINGTHESEPROBLEMS，FURTHERDEVELOPMENTOFTHISALTERNATIVEACCOUNTINGMETHODSHOULDMOVEFORWARDINABALANCEDFASHIONTOENSURETHATITRESULTSINANACTUALIMPROVEMENTINACCOUNTINGPRACTICESSOURCESUSA
47、NSCHMIDTBIERSFAIRVALUEACCOUNTINGJFEDERALRESERVEBULLETIN，20059112629译文公允价值会计改编自2004年11月18日，管理理事会的联邦储备银行系统、国际协会信用证券投资经理大会成员苏珊施密特的言论。早上好。我很希望有机会参与你们的大会。我在财务会计准则委员会FASB以及与国际会计准则委员会IASB的同事也将会同意公允价值会计提出许多挑战并且已经引发了卓越的行业辩论。公允价值会计的主题在美国讨论超过十年了。公允价值会计的支持者相信对金融中心报告来说公平价值是最恰当的措施。然而，另一些人却认为历史成本提供了一个更为有用的措施，因为它清楚
48、地代表了商业经济学和经营业绩，并且公允价值估计可能不会可靠或者是可以被证实的。所以，公允价值和历史成本哪个更适当呢让我和你一起分享这个联邦储备的长期的立场问题。作为一名美国银行系统的管理者，我们想要的是确保金融机构遵循会计政策和实践。我们继续支持提高和增强市场运作透明度的财务披露，促进市场规律并提供有用的信息和决策。我们也支持对资产的公允价值计量以及负债用于短期的交易。对利润的追逐，如银行账户。我们支持提高以公允价值为基础，披露更广泛的描述信息作为风险暴露和风险管理的手段。然而，我们相信会计行业中应非常仔细地向更加全面公平价值投资法转变，所有金融资产和负债都要按公平价值和公允价值变动，被记录在
49、资产负债表内，记录盈利是否实现。美国财务会计标准委员会最近提请标准公允价值计量，提供一个一般框架来评估资产和负债，在这个时间内测量公允价值或披露，不推广公允价值基本财务报告。我想和大家分享一下美国联邦储备委员会的观点。综合性理论是财务会计标准委员会在这一问题基础上提出的评论信的一部分。我们看到第一步是在这个地区提高测量的指导。但是，正如我讨论时，对一个数字重要的问题进行深入思考，特别是在戏剧性的举动是对公允价值会计增加。但是在讨论这些具体问题时，允许我强调一个重要的观点。作为一名银行主管，美联储认为创新对其在风险管理是非常重要的，有利于持续改善我们的金融体系。新方法和金融工具允许银行业组织通过选择目标水平的暴露和风险的目标流或限制不必要的位置来改善他们的风险管理习惯。会计框架应提高透明度左右商业决策和成果而不是提供机会遏制了更好的管理风险。保证进一步考虑公允价值计量问题可靠性和测量如果市场是所有的透明资产债务，公允价值会计的清楚可靠的信息有助于决策过程。然而，由于许多的资产和债务没有活跃市场、投入和方法，他们的公允价值估算更主观。因此，估值更可靠。美联储的研究人员表明，根据不同的评估输入和方法使用，公平价格对银行贷款价格估计会有很大的影响。例如，观察市场价格购买公司债券范畴内的各不相同，高达200人500个基点。这样，即使在发生大范围申请高级债券和贷
