1、外文翻译原文RECENTDEVELOPMENTSINFAIRVALUEACCOUNTINGSFAS157,FAIRVALUEMEASUREMENTS,WHICHBECAMEEFFECTIVEINJANUARY2008,DEFINESFAIRVALUEANDPROVIDESCOMPREHENSIVEIMPLEMENTATIONGUIDANCEFORAPPLYINGITTOASSETSANDLIABILITIESFORMEASUREMENTUNDERGAAPSINCETHEN,THEMELTDOWNOFFINANCIALMARKETSANDADEEPENINGRECESSIONHAVELEDTOA
2、REAPPRAISALOFFAIRVALUEACCOUNTINGCRITICSARGUETHATTHEFAIRVALUEACCOUNTING,COMMONLYCALLEDMARKTOMARKETACCOUNTING,HASEXACERBATEDTHECRISISBYREQUIRINGSIGNIFICANTWRITEDOWNOFASSETS,RESULTINGINSHARPDECREASESINREGULATORYCAPITALOFBANKSANDOTHERFINANCIALINSTITUTIONSSEEWILLIAMISAAC,“HOWTOSAVETHEFINANCIALSYSTEM,”WAL
3、LSTREETJOURNAL,SEPTEMBER19,2008JOHNBERLAU,“MAYBETHEBANKSAREJUSTCOUNTINGWRONG,”WALLSTREETJOURNAL,SEPTEMBER20,2008GARYGORTON,“THEPANICOF2007,”YALEICFWORKINGPAPERNO0824,SSRNCOM/ABSTRACT1255362THECRISISLEDTOSWIFTANDUNPRECEDENTEDACTIONSFROMTHETREASURYDEPARTMENT,THEFEDERALRESERVE,ANDCONGRESS,INCLUDINGTHE7
4、00BILLIONTROUBLEDASSETSRELIEFPROGRAMTARPTOHELPFINANCIALINSTITUTIONSINOCTOBER2008,CONGRESSPASSEDTHEEMERGENCYECONOMICSTABILIZATIONACT,AUTHORIZINGTHESECTOSUSPENDSFAS157FORSOMEISSUERSORCERTAINTRANSACTIONSINORDERTOPROTECTINVESTORSANDTHEPUBLICINTERESTTHEACTALSODIRECTEDTHESECTOSTUDYTHESTANDARDSIMPACTONFINA
5、NCIALINSTITUTIONSBALANCESHEETSANDONBANKFAILURES,ASWELLASTOSUGGESTALTERNATIVEACCOUNTINGSTANDARDSFASBSOONISSUEDTHREESTAFFPOSITIONSFSPFSPFAS1574,“DETERMININGFAIRVALUEWHENTHEVOLUMEANDLEVELOFACTIVITYFORTHEASSETORLIABILITYHAVESIGNIFICANTLYDECREASEDANDIDENTIFYINGTRANSACTIONSTHATARENOTORDERLY”FSPFAS1071ANDA
6、PB281,“INTERIMDISCLOSURESABOUTFAIRVALUEOFFINANCIALINSTRUMENTS”ANDFSPFAS1152AND1242,“RECOGNITIONANDPRESENTATIONOFOTHERTHANTEMPORARYIMPAIRMENTS”ASPARTOFITSRESPONSETOTHECONCERNSRELATEDTOMEASUREMENTANDRECOGNITIONOFFAIRVALUEININACTIVEMARKETSTHEAUTHORSDISCUSSHOWTOIMPLEMENTTHESEFSPS,PROVIDEEXAMPLESANDDECIS
7、IONFLOWCHARTSTOAIDTHEPROCESS,ANDDISCUSSTHEIRIMPLICATIONSFORBACKGROUNDINFORMATIONONFSPFAS1574,ITSLINKAGEWITHSFAS157,ANDTHEMARKETANDPREPARERSREACTIONSTOIT,SEE“FAIRVALUESHOWMEETSWHENTHECOMPLICATIONSOFAPPLYINGMARKTOMARKETACCOUNTINGINANINACTIVEMARKET,”BYCHENGKANG,THECPAJOURNAL,AUGUST2009SFAS157ESTABLISHE
8、SATHREETIERHIERARCHYOFOBSERVABLEORUNOBSERVABLEINPUTSLEVEL1INPUTSAREQUOTEDPRICESUNADJUSTEDFORIDENTICALASSETSORLIABILITIESINACTIVEMARKETS,SUCHASTHESTOCKPRICEOFAPUBLICLYTRADEDCORPORATIONLEVEL2INPUTSAREQUOTEDPRICESFORSIMILARASSETSANDLIABILITIES,INPUTSOTHERTHANQUOTEDPRICESTHATAREOBSERVABLEFORTHEASSETORLI
9、ABILITYEG,INTERESTRATES,YIELDCURVES,ORINPUTSTHATAREDERIVEDPRINCIPALLYFROMORCORROBORATEDBYOBSERVABLEMARKETDATABYCORRELATIONOROTHERMEANSLEVEL3INPUTSAREUNOBSERVABLEINPUTSTHATREFLECTAREPORTINGENTITYSOWNASSUMPTIONSWITHLITTLEORNOCORROBORATIONWITHOBSERVABLEMARKETDATAABOUTASSUMPTIONSTHATMARKETPARTICIPANTSWO
10、ULDUSEINPRICINGTHEASSETORLIABILITYOBSERVABLEINPUTSAREBASEDONINDEPENDENTMARKETDATA,WHILEUNOBSERVABLEINPUTSREFLECTTHECOMPANYSOWNASSUMPTIONSSFAS157REQUIRESMAXIMIZINGOBSERVABLEINPUTSLEVEL1ANDMINIMIZINGUNOBSERVABLELEVEL3INPUTSASMEASUREMENTTECHNIQUESTODETERMINEFAIRVALUETHECURRENTCREDITCRISISHASINCREASEDTH
11、EDIFFICULTYINMEASURINGMANYFINANCIALASSETSANDLIABILITIESFAIRVALUE,PARTICULARLYREPACKAGEDCOMPLEXFINANCIALINSTRUMENTSSUCHASMORTGAGEBACKEDORASSETBACKEDSECURITIESVALUINGTHEMOFTENINVOLVESUSINGLEVEL2INPUTSTHEFREEZINGOFMARKETSFORMANYFINANCIALINSTRUMENTSHASFORCEDCOMPANIESTORELYINCREASINGLYONLEVEL3INPUTSTOVAL
12、UESUCHASSETSADJUSTMENTSTOTRANSACTIONPRICESININACTIVEMARKETSFSPFAS1574STRESSESTHATAFAIRVALUEMEASUREMENTSHOULDINCLUDEARISKPREMIUMTHEAMOUNTMARKETPARTICIPANTSWOULDDEMANDDUETOTHERISKUNCERTAINTYINTHEASSOCIATEDCASHFLOWSTHERISKPREMIUMSHOULDREFLECTANORDERLYTRANSACTIONIE,NOTAFORCEDORDISTRESSEDSALEBETWEENMARKE
13、TPARTICIPANTSATTHEMEASUREMENTDATEUNDERCURRENTMARKETCONDITIONSITSPECIFICALLYPROHIBITSCONSIDERINGAREPORTINGENTITYSINTENTIONTOHOLDTHEASSETORLIABILITYBECAUSEFAIRVALUEISAMARKETBASEDMEASUREMENT,NOTANENTITYSPECIFICMEASUREMENTPRICESSHOULDBEADJUSTEDFORDISORDERLYTRANSACTIONSSIGNIFICANTADJUSTMENTSALSOMAYBENEED
14、EDTOMAKETHEMMORECOMPARABLETOTHEMEASUREDASSETORFOROLDTRANSACTIONSWHILENOTINDICATINGPRECISELYHOWORWHATADJUSTMENTSTOMAKETOTRANSACTIONPRICESBEFOREUSINGTHEMTODETERMINEFAIRVALUE,FSPFAS1574PROVIDESSOMETIPSFORDOINGSOCHANGETHEVALUATIONTECHNIQUEORUSEMULTIPLEVALUATIONTECHNIQUESEG,MARKETAPPROACHESANDPRESENTVALU
15、ETECHNIQUESTOYIELDARANGEOFFAIRVALUEESTIMATESSELECTTHEPOINTWITHINTHATRANGETHATISMOSTREPRESENTATIVEOFFAIRVALUEUNDERCURRENTMARKETCONDITIONSASTHEFAIRVALUEESTIMATEIFTHERANGEISWIDE,USEFURTHERANALYSISTONARROWITDOWNIFUSINGBROKERVALUATIONQUOTES,PLACELESSWEIGHTONQUOTESNOTREFLECTINGTRANSACTIONRESULTSWHEREBOTHA
16、NINDICATIVEPRICEANDBINDINGOFFERCANBEOBTAINED,GIVEMOREWEIGHTTOTHEBINDINGOFFERDISCLOSURESFSPFAS1574STRENGTHENSANDEXPANDSTHEDISCLOSUREREQUIREMENTSCOMPANIESSHOULDDISCLOSETHEINPUTSANDVALUATIONTECHNIQUESUSEDTOMEASUREFAIRVALUEANDDISCUSSANYCHANGESINVALUATIONTECHNIQUESANDRELATEDINPUTSINBOTHINTERIMANDANNUALRE
17、PORTSSFAS157REQUIREDDISCLOSUREOFVALUATIONTECHNIQUESONLYFORANNUALREPORTSSFAS157REQUIREDDISCLOSURESBYMAJORCATEGORYOFSECURITIESBUTDIDNOTSPECIFYTHEMFSPFAS1574INSTEADRELATESTHEMAJORCATEGORIESTOTHECLASSIFICATIONFOUNDINPARAGRAPH19OFSFAS115,ACCOUNTINGFORCERTAININVESTMENTSINDEBTANDEQUITYSECURITIESMAJORCATEGO
18、RIESOFSECURITIESSHOULDBEBASEDONTHESECURITYSNATUREANDRISKS,INLIGHTOFFACTORSSUCHASBUSINESSSECTOR,GEOGRAPHICCONCENTRATION,CREDITQUALITY,ANDOTHERECONOMICSECURITYCHARACTERISTICSFSPFAS1574PROVIDESANEXAMPLEOFAPPLYINGTHISGUIDANCETOARESIDENTIALMORTGAGEBACKEDSECURITYWITHLITTLETRADINGVOLUMEWHOSECREDITRATINGHAS
19、FALLENBASEDONTHISANDOTHERINDICATORSOFINACTIVEMARKETS,THESECURITYHOLDERCONCLUDESTHATTHEMARKETISINACTIVEANDSWITCHESFROMAMARKETBASEDVALUATIONTOADISCOUNTRATEADJUSTMENTTECHNIQUESEESFAS157APPENDIXBTODETERMINETHEDISCOUNTRATEMARKETRATEOFRETURN,USETHERISKFREERATEOFRETURNASASTARTINGPOINTANDMAKETHEFOLLOWINGADJ
20、USTMENTSTHECREDITSPREADATTHETIMETHESECURITYWASISSUEDCHANGESINTHECREDITSPREADBETWEENTHEISSUANCEDATEANDFAIRVALUEMEASUREMENTDATEONTHEBASISOFRELEVANTINDICES,AFTERADJUSTINGFORANYDIFFERENCESBETWEENSECURITYCHARACTERISTICSANDINDICESANDTHELIQUIDITYRISKPREMIUM,BASEDONRECENTTRANSACTIONSFORSIMILARSECURITIESBASE
21、DONTHEABOVEADJUSTMENTS,ASSUMETHATTHESECURITYHOLDERESTIMATESA12MARKETRATEOFRETURNANDRECEIVESTWONONBINDINGBROKERQUOTESOF15AND17MARKETRATESOFRETURNBECAUSETHEHOLDERDOESNOTKNOWTHEVALUATIONTECHNIQUESORSIGNIFICANTINPUTSUNDERLYINGBROKERQUOTES,ITPLACESMOREWEIGHTONITSOWNESTIMATEANDSELECTS13ASTHEMOSTREPRESENTA
22、TIVEMARKETRATEOFRETURNTHEEXAMPLEDOESNOTEXPLAINTHEAPPROPRIATENESSOFSWITCHINGTOADISCOUNTRATEADJUSTMENTTECHNIQUE,ANDITPROVIDESNOGUIDANCEABOUTAPPROPRIATEVALUATIONTECHNIQUESFOROTHERTYPESOFSECURITIESTHERELATIVEWEIGHTSPLACEDONINTERNALESTIMATES75VERSUSBROKERQUOTES25SEEMSUBJECTIVEMOREOVER,THEEXAMPLESHOWSTHAT
23、BROKERQUOTESCANNOTBEIGNOREDBYTHESECURITYHOLDERUNLESSTHEEVIDENCESHOWSTHATTHEYDONOTREPRESENTORDERLYTRANSACTIONSTHEEXAMPLEEXPLICITLYINCORPORATESCREDITANDLIQUIDITYRISKSUNDERCURRENTMARKETCONDITIONSONTHEMEASUREMENTDATE,WHICHISPROBLEMATICBECAUSEINACTIVEMARKETSOFTENHAVESUBSTANTIALLIQUIDITYPREMIUMSINCORPORAT
24、INGTHEMWOULDDERIVEFAIRVALUESTHATAPPROXIMATELIQUIDATIONPRICESOFTENFOUNDININACTIVEMARKETSREMARKSINHELPINGUSERSDETERMINEWHETHERTHEMARKETFORASECURITYISACTIVEANDWHETHEROBSERVEDTRANSACTIONSAREORDERLY,FSPFAS1574IMPROVESSIGNIFICANTLYUPON1573,BUTITALSOREQUIRESTHAT,AFTERMANAGEMENTHASSELECTEDITSINPUTSANDMADEPR
25、OPERADJUSTMENTS,THERESULTINGFAIRVALUESHOULDBETHEEXITVALUEATTHEMEASUREMENTDATEUNDERCURRENTMARKETCONDITIONSFORINACTIVEMARKETSORDISORDERLYTRANSACTIONS,EXITVALUESWOULDRESEMBLELIQUIDATIONPRICES,THUSTHEYWOULDHAVETHESAMEFUNDAMENTALFLAWASFSP1573BECAUSEFSPFAS1574PROVIDEDNOGENERALMETHODOLOGYTODETERMINERELEVAN
26、TINPUTSANDHOWTOAGGREGATETHEMTOARRIVEATFAIRVALUE,ITREMAINSUNCLEARHOWTOAPPLYTHEFSPGUIDANCETOOTHERTYPESOFSECURITIESNEWDISCLOSURESFSPFAS1152ANDFAS1242SIGNIFICANTLYEXPANDSTHEDISCLOSUREREQUIREMENTSANDINCREASESTHEFREQUENCYOFBOTHEXISTINGREQUIREDBYTHEORIGINALSTANDARDSANDFSPFAS1151ANDFAS1241ANDNEWDISCLOSUREST
27、OINTERIMANDANNUALPERIODS,RATHERTHANONLYFORANNUALPERIODSCOMPANIESSHOULDNOWDISCLOSETHEAMORTIZEDCOSTBASISFORBOTHAVAILABLEFORSALEANDHELDTOMATURITYSECURITIESSFAS115REQUIREDDISCLOSURESBY“MAJORSECURITYTYPE”WITHOUTDEFININGTHISTERMFSPFAS1152ANDFAS1242CLARIFIESTHATMAJORSECURITYTYPESINCORPORATETHESHAREDACTIVIT
28、YORBUSINESSSECTOR,VINTAGE,GEOGRAPHICCONCENTRATION,CREDITQUALITY,ORECONOMICCHARACTERISTICTODETERMINETHENEEDFORSEPARATEDISCLOSUREFORAPARTICULARSECURITYTYPEFINANCIALINSTITUTIONSSHOULDINCLUDETHESEMAJORSECURITYTYPES,BUTCERTAINADDITIONALTYPESALSOMAYBENEEDEDTHUS,COMPANIESCANINDIVIDUALLYDECIDETHELEVELOFDISA
29、GGREGATIONCONSISTENTWITHTHENATUREANDRISKOFTHEIRSECURITIESANDHOWTHEYMONITORANDMANAGETHEMCOMPANIESSHOULDDISCLOSETHEMETHODOLOGYANDSIGNIFICANTINPUTSEG,PERFORMANCEINDICATORSOFTHEUNDERLYINGASSETS,LOANTOCOLLATERALVALUERATIOS,THIRDPARTYGUARANTEES,CURRENTLEVELSOFSUBORDINATION,GEOGRAPHICCONCENTRATION,CREDITRA
30、TINGSUSEDTOCALCULATETHECREDITLOSSRECOGNIZEDINEARNINGSANDDISCLOSEWHYANYREMAININGPORTIONOFOTTIWASNOTRECOGNIZEDINEARNINGSWHERETHENONCREDITPORTIONOFOTTIWASRECOGNIZEDINOCI,THEYSHOULDDEVELOPATABULARROLLFORWARDTORECONCILEBEGINNINGANDENDINGBALANCESOFTHECREDITLOSSPORTIONOFOTTIATAMINIMUM,THETABLESHOULDINCLUDE
31、THEFOLLOWINGNEWCREDITLOSSESIE,ADDITIONSFORTHEAMOUNTRELATEDTOTHECREDITLOSSFORWHICHANOTTIWASNOTPREVIOUSLYRECOGNIZEDREDUCTIONSFORSECURITIESSOLDDURINGTHEPERIODIE,REALIZEDLOSSESREDUCTIONSFORSECURITIESFORWHICHTHEAMOUNTPREVIOUSLYRECOGNIZEDINOCIWASTRANSFERREDTOEARNINGSINCREMENTALCREDITLOSSESIE,ADDITIONALINC
32、REASESTOTHEAMOUNTRELATEDTOTHECREDITLOSSFORWHICHANOTTIWASPREVIOUSLYRECOGNIZEDANDREDUCTIONSFORINCREASESINCASHFLOWSEXPECTEDTOBECOLLECTEDTHATARERECOGNIZEDOVERTHESECURITIESREMAININGLIFETHENEWDISCLOSURESPROVIDEAMOREDETAILEDRISKORIENTEDBREAKDOWNOFMAJORSECURITYTYPES,INFORMATIONABOUTVALUATIONMODELS,SIGNIFICA
33、NTASSUMPTIONSORINPUTSTOTHOSEMODELS,ANDMARKETCONDITIONSTOHELPUSERSUNDERSTANDWHYAPORTIONOFOTTIISNOTRECOGNIZEDINEARNINGSANDASSESSTHEREASONABLENESSOFOTTIAMOUNTSTHEAPPENDIXPROVIDESANEXAMPLEOFREQUIREDDISCLOSURESFROMBANKOFAMERICAS2009SECONDQUARTER10QREMARKSAUNIQUEFEATUREOFFSPFAS1152ANDFAS1242ISITSREQUIREME
34、NTOFASEPARATEESTIMATEOFCREDITLOSSFORIMMEDIATERECOGNITIONINEARNINGSBYSEPARATINGCREDITLOSSESFROMLOSSESDUETOMARKETCONDITIONS,THEFSPPROVIDESUSEFULINFORMATIONTOINVESTORSWHILELIMITINGTHEIMPACTONTHEENTITYSEARNINGSFSPFAS1152ANDFAS1242ALSOBRINGSTHERECOGNITIONANDMEASUREMENTOFIMPAIRMENTLOSSESFORINVESTMENTINDEB
35、TSECURITIESCLOSERTOTHOSEFORLOANSISOLATINGCREDITLOSSESFROMOTHERLOSSESINTIMESOFFINANCIALCRISISISDIFFICULT,HOWEVER,ASLIQUIDITYRISKBECOMESINTERTWINEDWITHTHECREDITRISKFASBHADLITTLECHOICEINTHISMATTERAFTERTHESECSMARKTOMARKETSTUDYNOTEDTHATAMODELREQUIRINGONLYRECOGNIZINGCREDITLOSSESININCOMEANDRECOGNIZINGREMAI
36、NINGINVESTMENTFAIRVALUEDECLINESINOCICOULD“PROVIDEINVESTORSWITHBOTHFAIRVALUEINFORMATIONASWELLASTRANSPARENTINFORMATION”ESTIMATINGCREDITLOSSINVOLVESCAREFULLYESTIMATINGTHECASHFLOWSEXPECTEDTOBECOLLECTED,WHICHCANBEADAUNTINGTASKFORCERTAINFINANCIALINSTRUMENTSMIXEDRESULTSTHESETHREESTAFFPOSITIONSHAVEHADAMIXED
37、ECONOMICIMPACTFSP1574REITERATESTHESFAS157FAIRVALUEMEASUREMENTOBJECTIVEWHILEALLOWINGCHANGESORADJUSTMENTSINVALUATIONINPUTSANDVALUATIONTECHNIQUESININACTIVEMARKETSONESTUDY“BANKSCLAIMLITTLEEFFECTINMARKTOMARKETEASING,”BYHEATHERLANDY,AMERICANBANKER,VOL174,NO83,2009FOUNDTHATMOSTBANKSFIRSTQUARTEREARNINGSSAWN
38、OMATERIALEARNINGSIMPACTFROMFSPFAS1574THISISNOTSURPRISINGBECAUSEMOSTOFTHEIMPACTSHOULDAFFECTTHEBALANCESHEET,ASBANKSCLASSIFYMOREOFTHEIRASSETSASLEVEL3THENEWRULEENABLESTHEMTOAVOIDWRITINGDOWNCERTAINASSETSANDRESULTANTLOSSESUNREALIZEDGAINSORLOSSESONAVAILABLEFORSALESECURITIESRESULTINGFROMTHERULEWILLNOTAPPEAR
39、ONINCOMESTATEMENTSTOHELPINVESTORSASSESSTHEIMPACTOFTHERULE,COMPANIESSHOULDDISCLOSECHANGESINVALUATIONTECHNIQUESANDINPUTS,ANDQUANTIFYTHEIRIMPACTONMAJORSECURITYCATEGORIESFSPFAS1152SIGNIFICANTLYCHANGEDTHEOTTIMODELPRIORTOITSISSUANCE,ENTITIESHADTOASSERTTHATTHEYHADBOTHTHEINTENTANDABILITYTOHOLDTHESECURITYTOR
40、ECOVERITSAMORTIZEDCOSTBASISTOAVOIDANOTTICHARGETOEARNINGSNOW,OTTIONDEBTSECURITIESCANBEAVOIDEDIFTHEHOLDERDOESNOTINTENDTOSELLTHESECURITY,ANDITISMORELIKELYTHANNOTTHATITWILLNOTBEREQUIREDTOSELLITBEFOREITSANTICIPATEDRECOVERYOFCOSTWHILETHETOTALOTTIISSHOWNPROMINENTLYONTHEINCOMESTATEMENT,THEHITTOEARNINGSISLIM
41、ITEDTOTHECREDITLOSSPORTIONOFIMPAIRMENTTHEREMAINDEROFIMPAIRMENTISPLACEDINTOOCI,CAUSINGFEWERIMPAIRMENTLOSSESTOFLOWTHROUGHEARNINGSUPONTHEADOPTIONDATE,COMPANIESCANALSOREASSESSOTTIAMOUNTSONEXISTINGDEBTSECURITIESCHARGEDTOPRIORPERIODEARNINGSIFTHEYMEETCERTAINCONDITIONS,THEYCANRECLASSIFYTHENONCREDITPORTIONOF
42、OTTIOUTOFBEGINNINGRETAINEDEARNINGS,WITHACORRESPONDINGADJUSTMENTTOACCUMULATEDOCIFORBANKS,THISRECLASSIFICATIONHASRESULTEDINANINCREASEINTIER1CAPITAL,BECAUSETHENONCREDITLOSSES,ASPARTOFUNREALIZEDFAIRVALUELOSSESINACCUMULATEDOCI,AREADDEDBACKTODETERMINETIER1CAPITALTHISCHANGEPROBABLYHELPEDCAUSESIGNIFICANTINC
43、REASESINFINANCIALSTOCKPRICESSOONAFTERTHEISSUANCEOFFSPFAS1152NEVERTHELESS,THENEWDISCLOSUREREQUIREMENTSAREROBUSTANDPROVIDEINFORMATIONONAQUARTERLYBASISSOTHATINVESTORSCANHAVEACOMPREHENSIVEVIEWOFTHEQUALITYOFACOMPANYSINVESTMENTHOLDINGSFASBRESPONDEDPROMPTLYTOTHEFINANCIALCRISISBYISSUINGTHESESTAFFPOSITIONSTH
44、ESEPRINCIPLESBASEDFSPSREQUIREMUCHJUDGMENTANDINCLUDEMANYDISCLOSURESABOUTTHEINPUTSANDASSUMPTIONSUSEDINTHEVALUATIONPROCESSINORDERTOHELPINVESTORSANDANALYSTSEVALUATETHEQUALITYANDSOUNDNESSOFFAIRVALUESHOWEVER,THEYHAVEALSOLEDTOTWOIMPAIRMENTMODELSONEFOREQUITYANDONEFORDEBTSECURITIESTHEFSPSHAVEALSOCAUSEDUSGAAP
45、TODIVERGEFROMINTERNATIONALFINANCIALREPORTINGSTANDARDSIFRS,WHICHDOESNOTPERMITOTHERTHANTEMPORARYIMPAIRMENTANDREQUIRESTHERECOGNITIONOFIMPAIRMENTSONLYIFOBJECTIVEEVIDENCESUPPORTSANEXPECTATIONOFDEFAULTONCONTRACTUALCASHFLOWSTHEAUTHORSHOPETHATTHECOMPREHENSIVEIASBFASBJOINTPROJECTONACCOUNTINGFORFINANCIALINSTR
46、UMENTSWILLRECONCILETHISANDOTHERSUCHDIFFERENCESTOPRODUCEASINGLE,HIGHQUALITYSTANDARDSOURCEARYA,AVINASHREINSTEIN,ALANRECENTDEVELOPMENTSINFAIRVALUEACCOUNTINGCPAJOURNAL,AUG2010,VOL80ISSUE8,P2029,10P译文公允价值会计方面的最新发展第157号财务会计准则中有关公允价值计量的规定，将从2008年1月开始实施生效。该规定确定了公允价值计量标准，并为其应用于会计准则下的资产和负债提供指导和测量。从实施规定以来，金融市场
47、的崩溃和经济衰退的加剧导致了人们对公允价值会计的重新评价。评论家们认为俗称按市价计算的公允价值会计已加剧了要大量减记资产的危机，并导致了银行和其他金融机构的监管资本大幅的下降（详见威廉艾萨克于2008年9月19日在华尔街日报上发表的一篇名为这场危机如何拯救金融系统的文章、约翰于2008年9月20日在华尔街日报上发表的一篇名为也许银行只是算错了的文章以及加里戈顿在耶鲁ICF的第24号工作文件上发表的一篇名为2007年恐慌的文章）。这场危机造成财政部、美联储、国会采取了前所未有的紧急救助行动，其中包括为帮助金融机构的7000亿美元救助计划（TARP）。2008年10月，国会通过颁布紧急经济稳定法案
48、，授权美国证券交易委员会暂停第157号财务会计准则有关发行人或某些特定交易事项的内容的实施，以维护投资者和公众的利益。该法案还指示美国证券交易委员会去研究该标准中有关金融机构的资产负债表及银行倒闭产生的影响，以及建议替代会计准则。财务会计准则委员会根据第157号财务会计准则中的第4条规定，作出以下声明在交易活动的数量和相应的资产或负债已大幅减少并确定不属于有序交易时，以此来确定公允价值；财务会计准则委员会发布的第107号和第28号文件中规定在交易中期时，要披露有关金融工具的公允价值；以及在第115号和第124号中规定承认其他非暂时性减值，并使其作为相关的关注测量和在市场上影响公允价值不活跃的一
49、个因素。作者还讨论了如何管理这些金融服务商的方法，并提供了相关的实例和决策流程图来帮助说明这一管理方法。FSPFAS的第157号的背景资料，与第157号财务会计准则类似，而且交易者和报税者当看到公允价值如何在交易中适当的被运用时，立即做出了反应。例如，郑康于2009年8月在注册会计师杂志中发表了一篇名为在不活跃市场中运用马克市场会计的并发症的文章。第157号财务会计准则建立了一个三级输入层次的结构。1级输入是指在活跃的市场中，与资产或负债价格相同的报价（未经调整），比如一个上市公司的股票价格、负债价格。2级输入是类似资产或负债价格的报价，这是资产或负债（例如，利率、收益曲线），或者来自以其他方式观察得到的市场数据所证实的输入。3级输入反映报告实体自身的假设（很少或根本没有与市场有关的数据），就是市场参与者利用资产或负债的不可观定价投入的假设。观察数据是来源于独立的市场数据，但它无法观察和反映该公司自己的有关假设。第157号财务会计准则规定把最大限度地观察（1级）和减少的不可观察（3级）作为测量技术的依据，来确定公允价值。目前，信贷危机加大了有关金融资产和负债的公允价值计量的难度，尤其是那些重新包装的金融工具，如抵押担保或资产抵押证券，他们往往需要使用二级输入。由于许多金融工具被市场冻结了，迫使公司越来越依赖三级输入该资产的价
