1、0外文文献翻译原文FULLFAIRVALUEACCOUNTINGITSTIMEHASCOMEFAIRVALUEACCOUNTINGISNOTANEWCONCEPTORRECENTPHENOMENAEARNESTEXPLORATIONOFFAIRVALUEACCOUNTINGBEGANINTHEEARLY1980S,LONGBEFOREITBECAMEAFORCERECOGNIZEDBYMAINSTREETANDWASHINGTONELEMENTSOFFAIRVALUEACCOUNTINGSLOWLYENTEREDINTOGENERALLYACCEPTEDACCOUNTINGPRINCIPLES
2、“GAAP“ASPROMULGATEDBYTHEUSFINANCIALACCOUNTINGSTANDARDSBOARD“FASB“LOWEROFCOSTORMARKETACCOUNTINGBECAMEANACCEPTEDPRACTICEWRITEDOWNTOMARKETOFPERMANENTLYIMPAIREDASSETSEMERGEDINVESTMENTACCOUNTINGBASEDUPONMANAGEMENTSINTENTWASINSTITUTEDWITHTHREESEPARATEPORTFOLIOSANDTREATMENTSHELDTOMATURITYHELDFORSALETRADING
3、STATEMENTOFFINANCIALACCOUNTINGSTANDARDS“SFAS“159NOWALLOWSAONETIMEMANAGEMENTELECTIONTHATISIRREVOCABLEWHEREINTHEREPORTINGENTITYCANCHOOSETOUSEFAIRVALUEACCOUNTINGFORSELECTEDFINANCIALASSETSORLIABILITIESTHERESULTOFTHISPIECEMEALAPPROACHHASBEENAPATCHWORKQUILTOFFINANCIALSTATEMENTUSERCONFUSIONANDREPORTINGINCO
4、NSISTENCYDEPRAVEDOFCONCEPTUALINTEGRITYANDHEAVILYDETERMINEDBYMANAGEMENTINTENTORELECTIONHISTORICALCOSTACCOUNTING,WHEREANASSETISVALUEDATTHETIMEOFACQUISITIONBASEDUPONCONSIDERATIONTENDERED,ISTHOUGHTTOHAVEBEGUNINTHEDAYSOFTHEANCIENTROMANSINCREASINGLYTHISLONGSTANDINGACCOUNTINGMETHODISVIEWEDASIRRELEVANTANDMI
5、SLEADINGDEPRECIATIONRULES,USEDTOSUBSEQUENTLYREDUCEASSETVALUESBYONEOFMANYSTANDARDIZEDANDCAPRICIOUSMETHODSTOAPPROXIMATETHEEXPIRATIONOFUSEFULNESS,AREUNDERSTOODTOBECRUDEESTIMATIONSWHICHPROVIDEONLYMINORCONCEPTUALINSIGHTRELATEDTOTHEUNDERLYINGANDCHANGINGVALUEOFANASSETWITHPASSINGTIMEA1983AUDITCLIENTPOINTEDO
6、UTTHISILLOGICTOMEBYVALUINGTHEIRFIXEDASSETSUSINGASELFDETERMINEDANDCLEARLYNONGAAPACCOUNTINGMETHODTHISCLIENTPROPERLYRECORDEDTHEFIXEDASSETATTIMEOFACQUISITIONTHEREAFTERHETHENDEPRECIATEDTHEASSETUSINGANACCEPTABLEMETHODOLOGYUNTILTHENETASSETVALUEREACHEDAFULLY1DEPRECIATEDSTATEOFZEROATTHATPOINTHEPERSONALLYASSE
7、SSEDTHEASSETSREMAININGUTILITYANDUPONDETERMININGITWASNOTWORNOUTANDINDEEDWASSTILLQUITEUSEFUL,HEMARKEDTHEASSETBACKUPTOANESTIMATEDCURRENTMARKETVALUEAFTERTHEWRITEUP,HEONCEGAINBEGANTHEGAAPREQUIREDDEPRECIATIONPROCESS,WITHTHECYCLECONTINUINGUNTILTHEASSETWASJUNKEDWHENOURAUDITPROCEDURESUNCOVEREDTHISUNCONVENTIO
8、NALAPPROACH,IMETWITHTHECLIENTTODISCUSSHISERRORDESPITEMYELOQUENCEINEXPLANATION,MYCLIENTRELUCTANTLYCOMPLIEDWITHOUTEVERCHANGINGHISMINDREGARDINGTHESOUNDNESSOFHISLOGICAFTERALL,THEASSETWITHANETDEPRECIATEDBOOKVALUEOFZEROWASSTILLUSEFULPERHAPSMYPRACTICALCLIENTWASSIMPLYAHEADOFHISTIMEASASAGEHARBINGER,MYCLIENTW
9、ASELOQUENTLYEMPHASIZINGTHEFINANCIALREPORTINGADVANTAGEOFENHANCEDRELEVANCEANDTRANSPARENCYANASSETSRECORDEDBOOKBALANCESHOULDREFLECTABESTESTIMATEOFITSCURRENTINHERENTVALUE,UTILITYANDMARKETABILITYTOASCERTAINTHEDECISIONMAKINGUTILITYOFFAIRVALUECOMPAREDTOHISTORICALCOSTACCOUNTINGWECANEITHERSIMPLYRELYUPONTHELOG
10、ICOFMYAUDITCLIENTORWECANALTERNATIVELYCHOOSETOANALYZETHECONCEPTUALINTEGRITYOFTHETWOMETHODSBASEDUPONAWELLDEFINEDANDLONGSTANDINGCONCEPTUALACCOUNTINGFRAMEWORKTHISFRAMEWORK,CONSISTINGOFTENCORECHARACTERISTICS,ALONGWITHMYSUBJECTIVEASSESSMENTISSHOWNINTABLEATHESETENCHARACTERISTICSDEFINETHEOPTIMALQUALITYOFREP
11、ORTEDFINANCIALINFORMATIONA“HIGH“ASSESSMENTINDICATESTHATTHEACCOUNTINGMETHODSTRONGLYACHIEVESTHISDESIREDCHARACTERISTICA“MODERATE“RATINGCONVEYSAMIXEDVIEWOFSUCCESSINCAPTURINGTHEESSENCEOFTHETRAITANDFINALLY,A“LOW“EVALUATIONCONNOTESPOORREFLECTIONOFTHEDESIREDATTRIBUTEFAIRVALUEACCOUNTINGISPREFERREDTOHISTORICC
12、OSTINDECISIONUSEFULNESS,RELEVANCE,PREDICTIVEVALUE,FEEDBACKVALUE,TIMELINESS,RELIABILITYANDREPRESENTATIONALFAITHFULNESSWHENCONFRONTINGADECISIONTOHOLDORDIVESTOFANASSET,HISTORICALCOSTPLAYSANINCONSEQUENTIALROLEGREATERQUESTIONSASSUMEDECISIONMAKINGPROMINENCEANDRELEVANCEDOESTHEASSETHAVEREMAININGUTILITYCANTH
13、EASSETBESOLDTODAYATAGAINORLOSS2WILLTHERISKADJUSTEDCASHFLOWGENERATEDBYTHEASSETEXCEEDTHECOSTSTOMAINTAINANDHOLDTHEASSETAMIINCURRINGECONOMICLOSSOROPPORTUNITYCOSTBYCONTINUINGTOHOLDTHISASSETFAIRVALUEANSWERSTHESEQUESTIONSHISTORICCOSTACCOUNTINGDOESNOTWEAREALSOABLETOFORMREASONABLEEXPECTATIONSABOUTTHEFUTUREFR
14、OMFAIRVALUEALOANUNDERWRITTENINTHEPASTWITHA5INTERESTRATEWHILETHEMARKETRATEFORASIMILARLOANWITHCOMPARABLERISKANDREMAININGDURATIONISNOW7INDICATESANEXPECTEDECONOMICLOSS,ANOPPORTUNITYCOST,TOCONTINUINGTOHOLDTHE5LOANITALSOCOMMUNICATESTHATTHISLOANSMARKETVALUEISLESSTHANTHEBOOKCARRYINGVALUEONANHISTORICCOSTBASI
15、SFUTURECASHFLOWINSIGHTSAREGLEANEDFROMTHISFAIRVALUEINFORMATIONASWEKNOWTHATTHELIKELIHOODOFBORROWERPREPAYMENTHASNOWFALLENPASTUNDERSTANDINGOFTHELIFETIMEECONOMICVALUEOFTHELOANISALSOGAINEDWEKNOWTHATSUBSEQUENTLYCHANGEDMARKETCIRCUMSTANCESHAVELESSENEDTHEECONOMICVALUEOFOURPRIORDECISIONTHEMEASUREDINSIGHTSFROMF
16、AIRVALUEAREDYNAMICANDTIMELY,ALWAYSREFLECTINGCURRENTRATHERTHANHISTORICMARKETSREPRESENTATIONALFAITHFULNESSISMAINTAINEDBYFAIRVALUEASTHECURRENTECONOMICANDMARKETREALITYISDUTIFULLYCAPTUREDANDREPORTEDCONSEQUENTLY,INSEVENOFTHETENCONCEPTUALCHARACTERISTICS,FAIRVALUEACCOUNTINGISPROVENTOBEMOREEFFECTIVEHISTORICC
17、OSTACCOUNTINGMODESTLYOUTPERFORMSFAIRVALUEINJUSTTWOOFTHETENCORECHARACTERISTICSUNDERSTANDABILITYANDVERIFIABILITYTHEUNDERSTANDABILITYADVANTAGEISOBTAINEDSIMPLYBYTHELONGSTANDINGCOMMONPRACTICEANDUSEOFHISTORICCOSTACCOUNTINGHISTORICCOSTACCOUNTINGHASBECOMEFORMANYFINANCIALSTATEMENTPREPARERSTHECOMFORTABLE,OLDP
18、AIROFSHOESTHEVERIFIABILITYADVANTAGEISEARNEDBYHISTORICCOSTACCOUNTINGSINCETHEINFORMATIONISCERTAINTOBECONFIRMEDBYSEVERALINDEPENDENTEVALUATORSSINCETHEPURCHASEPRICEISFIXEDANDEASILYDETERMINEDANDANYSUBSEQUENTADJUSTMENTSLIKELYCONFORMTOSTANDARDDEPRECIATIONSCHEDULESALLTHISISNOT,HOWEVER,TOSAYTHATFAIRVALUEACCOU
19、NTINGLACKSUNDERSTANDABILITYORVERIFIABILITYTHEADVANTAGEOFHISTORICCOSTINTHESEATTRIBUTESISNOMINALAREPORTINGENTITYCANELEVATEFAIRVALUESRATINGINTHESETWOTRAITSBYCAREFULAND3THOROUGHTRANSPARENTDISCLOSUREOFMETHODS,SIGNIFICANTASSUMPTIONSANDJUDGMENTSUSEDINDETERMININGFAIRVALUEWITHFULLDISCLOSURE,ANINDEPENDENTEVAL
20、UATORCANFOCUSONTHEVALIDITYOFTHEASSUMPTIONSANDJUDGMENTSUNDERLYINGTHEFAIRVALUEINDEED,THEFLEXIBILITYOFTHEFAIRVALUECALCULATION,WHICHMOREAPPROPRIATELYCAPTURESTHECURRENTECONOMICREALITY,ISONEOFITSGREATESTVIRTUESSUCHPROPERFOCUSALLOWSTHEEVALUATORTOATTESTTOTHESOUNDNESSOFTHEMEASUREMENTSIAMCONFIDENTTHATMYSAGEAU
21、DITCLIENTWOULDPREFERECONOMICALLYUSEFULINFORMATIONOVERINACCURATEANDUNREALISTICMEASUREMENTSWHICHAREEASILYREPRODUCEDANALYZINGTHECONCEPTUALINTEGRITYOFFAIRVALUEACCOUNTINGCOMPAREDTOHISTORICCOSTDEMONSTRATESTHEFUNDAMENTALSUPERIORITYOFFAIRVALUEACCOUNTINGTHISSUPERIORITYISSUPPORTEDBYTHESHEERNUMERICADVANTAGEOFS
22、EVENOFTHETENCHARACTERISTICSFAVORINGFAIRVALUEITISFURTHERDEFENDEDBYMYAUDITCLIENTSCONFOUNDINGSITUATIONITISALSOBACKEDBYMYASSESSMENTSOFTHEATTRIBUTESFAIRVALUEACCOUNTINGISNOT“LOW“ONANYCHARACTERISTIC,WHILEHISTORICCOSTISRATED“LOW“INSIXDIMENSIONSANDFINALLY,FAIRVALUESMARGINALWEAKNESSINJUSTTWOTRAITSCANBEMITIGAT
23、EDLARGELYTHROUGHREPORTINGDISCLOSUREREASONEDANALYSISCONFIRMSTHATFAIRVALUEACCOUNTINGISMUCHMOREUSEFULINDECISIONMAKINGANOTHERARGUMENTSUPPORTINGFAIRVALUEISDERIVEDFROMUNDERSTANDINGTHEBASICBUSINESSMODELOFFINANCIALPERFORMANCEORGANIZATIONALLEADERSHAVETHEDUALRESPONSIBILITYOFOPTIMIZINGNETINCOMEASWELLASTHEVALUE
24、OFCAPITAL,EACHPREFERABLYSTATEDONARISKADJUSTEDBASISNETINCOMEMEASUREMENTISAGAAPCONCEPTLARGELYDRIVENBYTHECOSTBASISOFACCOUNTINGITISMEASUREDUSINGDISCRETEACCOUNTINGPERIODSMONTHSQUARTERSANDYEARSTHEINFLUENCEOFRISKONNETINCOMEISREFLECTEDOVERTIMEOUREARLIERLOANEXAMPLESHOWSTHERISKOFECONOMICLOSSOROPPORTUNITYCOSTR
25、ECOGNIZEDPARTIALLYINEACHACCOUNTINGPERIODASBELOWMARKETEARNINGSONTHEASSETNETINCOMEISASHORTTERMFOCUSRISKADJUSTEDCAPITALVALUE,HOWEVER,ISAFOREVERFORWARDMEASUREMENTUSINGAMARKTOMARKETBASIS,RISKADJUSTEDCAPITAL,ORECONOMICVALUEOFEQUITY,REFLECTSTHEINFLUENCEOFRISKIMMEDIATELYANDFULLYINTHECASEOFTHELOANEXAMPLE,THE
26、TOTALUNREALIZEDECONOMICLOSSWOULDIMMEDIATELYBERECOGNIZEDASADECREASEINTHEASSETSFAIRVALUEWHICHWOULDRUNTHROUGHPERIOD4EARNINGSTHEECONOMICVALUEOFEQUITYFORTHELOANOWNERWOULDLIKEWISEDIMINISHREGARDLESSOFMANAGEMENTSINTENTTOHOLDTOMATURITYBECAUSETHEUNDERLYINGECONOMICLOSSISREALANDMARKETDRIVENOPTIMALORGANIZATIONAL
27、PERFORMANCEISABALANCINGACTBETWEENSHORTTERMANDLONGTERMITISALSOABALANCINGACTBETWEENALLRISKSASSUMEDANDRETURNGENERATEDTRUECAPITALADEQUACYCANONLYBEASCERTAINEDONARISKADJUSTEDBASISTHEVITALSTARTINGPOINTFORSUCHNEEDEDANDSOUNDRISKADJUSTMENTISIMMEDIATELYANDFULLYCAPTURINGANDREFLECTINGCHANGESINMARKETVALUESOFALLAS
28、SETSANDLIABILITIESFULLFAIRVALUEACCOUNTINGBRINGSGREATERINTEGRITYANDFORETHOUGHTTOTHESEESSENTIALBALANCINGACTSIFTHECASEFORFULLFAIRVALUEACCOUNTINGISSOABUNDANTLYCLEARFROMACONCEPTUALANDFUNDAMENTALVIEWPOINT,THENWHOARETHEADVERSARIESTOADOPTIONANDWHYTHELINGERINGOPPOSITIONCHIEFOPPONENTSARELARGELYREPORTINGENTITY
29、EXECUTIVESASWELLASTHEIRPAIDLOBBYISTSSUCHASTHEAMERICANBANKERSASSOCIATION,USCHAMBEROFCOMMERCEANDTHEFAIRVALUECOALITIONTHIRTYONEFINANCIALFIRMSANDTRADEGROUPSFORMEDACOALITIONANDSPENT276MILLIONINTHEFIRSTQUARTEROF2009LOBBYINGWASHINGTONABOUTTHERULEITISNOGREATSURPRISETHATCONGRESS,FOLLOWINGTHEMONEY,ISNOWTHROWI
30、NGITSWEIGHTBEHINDTHEOPPOSITIONMANYBELIEVETHATTHEOPPONENTSWILLNOTBESATISFIEDWITHANYTHINGLESSTHANTOTALABANDONMENTOFFAIRVALUEACCOUNTINGTHEATTACKISALMOSTALWAYSPRIMARILYCENTEREDONTHEATTRIBUTEOFVERIFIABILITYWEARENONSENSICALLYTOLDTHATVALUINGNUMEROUSASSETSANDLIABILITIESINDIVIDUALLYISMUCHMOREDIFFICULTTHANVAL
31、UINGTHETOTALORGANIZATIONINDEED,WEAREINFORMEDTHATTHEORGANIZATIONISWORTHMORETHANTHENETSUMOFITSPARTSWEAREALSONOTIFIEDBYOPPONENTSTHATONANYGIVENDAYANASSETVALUEDBYANYMEANSOTHERTHANAMARKETEXCHANGECANRESULTINA“MADEASINSTRUCTED“VALUEINSHORT,THEARGUMENTISREDUCEDTOFAIRVALUEACCOUNTINGCANRESULTINARBITRARYANDMANI
32、PULATEDRESULTSMYANSWERISTWOFOLDFIRST,CONSIDERATIONOFMANAGEMENTINTENTINVALUATIONISARBITRARYANDOFTENMANIPULATEDORUNSOUNDTHEDEMISEOFTHESAVINGSANDLOANINDUSTRYWASACASEOF“MANAGEMENTSINTENT“NOTALIGNEDWITHECONOMICREALITYTHISINDUSTRYLACKEDTHECAPITALSTRENGTHANDSTAYINGPOWERTOHOLDUNDERWATERFIXED5RATELONGTERMMOR
33、TGAGESTOMATURITYASSHORTTERMFUNDINGCOSTSSOAREDTODOUBLEDIGITINTERESTRATESCHANGINGECONOMICCIRCUMSTANCESHADRENDEREDTHEBUSINESSMODELUNVIABLEWITHOUTFAIRVALUEACCOUNTINGREQUIREMENTS,HOWEVER,FINANCIALSTATEMENTSFAILEDTODISCLOSETHEDESTRUCTIONINATIMELYANDTRANSPARENTMANNERWHILETHESLDESPERATELYHOPEDTOHOLDTHESEMOR
34、TGAGESTOMATURITY,THEYLACKEDTHECAPABILITYSECONDLY,FAIRVALUEDISCLOSURE,SCRUTINIZEDBYINTELLIGENTSTATEMENTUSERS,INDEPENDENTACCOUNTANTSANDREGULATORYAUTHORITIES,IMPOSESMARKETDISCIPLINE,RELIABILITYANDVERIFIABILITYINTOTHEPROCESSPROPONENTSWISELYTENDTOTRUSTTHEFREEHANDOFMARKETDISCIPLINEOVERTHEOFTENHOLLOWASSERT
35、IONSOFREPORTINGEXECUTIVESWHOAREFREQUENTLYINCENTEDBASEDUPONNONRISKADJUSTEDGAAPNETINCOMERESULTSANOTHERATTACKBYFAIRVALUEOPPONENTSISTHATVALUINGFINANCIALASSETSANDLIABILITIESINTHEABSENCEOFADVANTAGEOUSMARKETSANDORDERLYTRANSACTIONSISIMPOSSIBLENOTONLYISTHISARGUMENTFALSE,ITISOFTENTHEPRESENCEOFILLIQUIDITYORMAR
36、KETDISRUPTIONWHENFAIRVALUEACCOUNTINGISMOSTCRITICALPRESENTVALUINGTHEEXPECTEDCASHFLOWSOFFINANCIALINSTRUMENTSISALWAYSPOSSIBLEWITHWELLSUPPORTEDANDDISCLOSEDASSUMPTIONSTHISPRESENTVALUINGMUSTBEDESIGNEDTOREFLECTTHEPROBABILITIESOFTHECASHFLOWSANDALLOTHERINHERENTRISKSASSOCIATEDWITHTHEFINANCIALINSTRUMENTTHEFINA
37、NCIALINSTRUMENTONCEAPPROPRIATELYDISCOUNTEDREFLECTSTHEBESTAVAILABLEESTIMATEOFITSINHERENTRISKADJUSTEDECONOMICVALUESUCHPROPERDISCOUNTINGCANANDMUSTCAPTURETHEMARKETILLIQUIDITYANDDISRUPTIONDIFFICULTANDREQUIRINGESTIMATION,YESIMPOSSIBLE,NOCONGRESSSONGOINGEFFORTSTOBULLYFASBTOTAKEACTIONTOCURTAIL,DERAILORDILUT
38、ETHEEMBRACINGOFFULLFAIRVALUEACCOUNTINGMUSTBESTOPPEDTHERECENTROLLBACKINITIATIVESOFTHEIASBANDFASBMUSTBEEXPOSEDASPOLITICALPANDERINGANDNOTSOUNDPOLICYORCONCEPTUALLYSTRONGACCOUNTINGRULEMAKINGFASBSMISGUIDEDRELAXATIONOFCURRENTFAIRMARKETRULESONLYLEADSTOFURTHERDELAYINRECOGNIZINGTHEECONOMICSOFTHEONGOINGFINANCI
39、ALCRISIS,BUTITCANNOTCHANGEITSREALITYORELIMINATEITSEVENTUALCONSEQUENCESFULLFAIRVALUEACCOUNTINGITSTIMEHASCOMETABLEA6CHARACTERISTICDESCRIPTIONFAIRVALUEHISTORICALCOSTUNDERSTANDABILITYCLEARTOINFORMEDUSERSWHOEXERTREASONABLEDILIGENCEMODERATEHIGHDECISIONUSEFULNESSAIDSEFFECTIVEINFORMEDDECISIONMAKINGHIGHLOWRE
40、LEVANCECAPACITYTOMAKEADIFFERENCEINDECISIONSHIGHLOWPREDICTIVEVALUESUPPORTSFORMINGAPPROPRIATEFUTUREEXPECTATIONSHIGHLOWFEEDBACKVALUEENABLESCONFIRMATIONORCORRECTIONOFPASTEXPECTATIONSHIGHMODERATETIMELINESSCURRENTRELEVANTINFORMATIONAVAILABLEWHENNEEDEDHIGHLOWRELIABILITYINFORMATIONCONSISTENTWITHUNDERLYINGEC
41、ONOMICSHIGHLOWVERIFIABILITYLIKELIHOODTHATINDEPENDENTMEASURERSWOULDARRIVEATSIMILARRESULTSMODERATEHIGH7REPRESENTATIONALFAITHFULNESSCONSIDERSALLRELEVANTECNOMICENVIRONMENTALFACTORSWITHOUTDISTRACTIONOFINSIGNIFICANTITEMSHIGHLOWNEUTRUALITYFREEDOMFROMBIASMODERATEMODERATESOURCEJOURNALOFPERFORMANCEMANAGEMENT8
42、译文完全公允价值会计它的时代已经到来公允价值会计不是一个新概念或最近的现象在它被华尔街和华盛顿认可前，对公允价值会计真正的探索早在80年代初就已经开始了。之后，公允价值会计要素慢慢进入了由美国财务会计准则委员会（“财务会计准则委员会”）颁布的一般公认会计原则（“会计准则”）。低成本会计或市场会计成为公认的惯例。按市场记录长期资产减值准备出现了。基于管理层意图的投资会计是由三个独立的投资组合和方式组成的持有至到期，交易性，可供出售。目前，财务会计准则（“会计准则”）159号，允许一次性的不可撤销的管理选择。此时报告实体可以选择用公允价值计量选定的金融资产或负债。这种零敲碎打使财务报表使用者迷惑不
43、解，概念完整性和报告要求不一致，并且很大程度上被管理层的意图或选择所决定。历史成本会计资产的价值以当初购买该资产时的价格作为其入账价值，在古罗马时代就开始了。这个长期存在的会计处理方法越来越被视为无关紧要的、误导性的。折旧是通过采用许多标准和多变的方法来近似估计资产可用的限期，来持续的减少资产的价值的一种方法。这被认为只是粗略的估计，仅仅提供有关一项资产潜在的不断随时间变化的价值的概念上的见解。1983年一位审计委托人指出，使用自定的，显然非一般公认会计原则的方法来给他们的固定资产估价是不合逻辑的。此客户在购买时正确记录了固定资产的价值信息。此后，他使用当时可以接受的资产折旧的方法对资产进行折
44、旧处理，直到其净资产值达到了零完全折旧的状态为止。之后，他个人评估资产的剩余效用，在此基础上，他认为资产还没有耗尽完全，实际上仍然相当有用，他就把估计的目前的市场价值作为该资产的现时参考价值。在提高账面价值后,他就马上开始一般公认会计原则所要求的折旧过程,随着折旧周期的延续，资产报废。当我们的审核程序中发现了这个非常规的方法,我与这位客户见面并讨论了他的错误。忽略我在解释中的口才,我的客户不情愿的遵从了。但他仍认为自己的想法更具逻辑性和合理性。毕竟，资产账面净值为零的资产仍然是有用的也许我的讲究9实际的客户仅仅是走在时代的前列而已。作为一个明智的预告者,我的客户掷地有声地强调了财务报告相关性和
45、透明性的优势固定资产记录的账面余额应是反映其当前的内在价值、效用和市场价值的最佳估计。为了确定公允价值与历史成本会计相比较而言在决策中的效用，我们可以简单地依赖于我审计客户的逻辑，也可以选择通过一个非常明确的且长期存在的会计框架去分析两种方法的概念完整性。这一框架,包括十个核心特征和我的主观评价，见表A。这10个特征可以确定报告上来的财务信息的最优质量。“高”的评级表示这种会计方法很完美的达到其预期的特性。“中”等级表示其显示了一部分此特性。最后,“低”的评级意味着极少的反映到所期望的属性。就决策有用性、相关性、预测价值，反馈价值、及时性、可靠性和代表性的真实性等方面而言，和历史成本相比，采用
46、公允价值会计较优。当面对持有还是抛出资产的决定时，历史成本扮演着一个无关紧要的角色。更多的问题需要决策更突出和相关资产还有剩余价值吗资产当前出售的话，是获利还是亏损风险调整后，为了持续持有某项资产而产生的现金流会超出成本吗我是否因继续持有这种资产而承担经济损失或机会成本公允价值会计回答了这些问题，但历史成本会计没有。我们也能够从公允价值中形成对未来的合理期望。如果认购一笔在过去利率为5的贷款，而现在具有类似的贷款风险和余下的持续时间的贷款的市场利率是7的话，就表明继续持有5的贷款将带来一个可预期的经济损失,即机会成本。它同时也想传达出这样一个信息这种贷款的市场价值小于它以历史成本记录的账面价值
47、。未来现金流量的观点来源于公允价值信息,因为我们知道借款人提前还款的可能性已经下降。以前对整期内贷款的经济价值的认识也提高了。我们知道，持续变化的市场环境使我们先前作出的决定的经济价值减少了。从公允价值角度出发的可量化的认识是动态的和及时的，总是能够反映当前的10而不是历史的市场状况。代表性的真实性被公允价值保留下来，因为当前的经济和市场的现实是一字不漏地被捕获和报告了。因此,在十个概念特点中的七个特征中,公允价值会计已被证明是更加有效的。在十个核心的特征中，历史成本会计仅仅有两个略微优于公允价值会计易懂性和可核查性。易懂性的优势的获得只是因为长期的普通实践和历史成本会计的使用。历史成本会计已
48、经成为许多财务报表编制者的一双舒适却陈旧的鞋子。可核查性优势的获得是由于购买价格是固定的且容易确定的，而且任何后来的调整可能符合标准的折旧时间表，那么信息肯定是能被几个独立的评估所验证的。然而，所有以上所说的不是要说明公允价值会计缺乏易懂性或者可验证性。历史成本在这些属性上的优势是正常的。通过仔细和彻底透明的披露、重要的前提假设和判断，一个报告主体可以提高公允价值在这两个特征上的评价。在充分披露的条件下，一项独立的评估就可以充分揭示公允价值背后假设和判断的有效性。事实上，公允价值计算的灵活性使它更适当地抓住当前的经济现实。这是它最大的优点之一。如此恰当的亮点允许评估人验证方法的可靠性。我坚信，
49、我的明智的审计客户希望经济实用的信息而不是很容易复制的、不准确的、不切实际的信息。通过分析公允价值会计相较于历史成本而言的概念完整性，公允价值会计的根本优势尽显。这种优势靠的是对公允价值有益的10个特点中，它就有7项，这个绝对的数字上的优势。它继续为我的审计客户的混乱的状况辩护。它也是被我所评估的属性所支持的。公允价值会计在任何特点上都不是“低”的评级,而历史成本在六个方面都被评为“低”这个评级。最后,公允价值在两个特点上的仅有的微小弱点,通过报告披露能被大大的减轻。我的理性分析使我确认,公允价值会计在决策中更加实用。另一个支持公允价值的理由是来源于对基本的财务业绩的商业模式的理解。组织的领袖有优化净收益和资本价值的双重责任,它们都以风险调控为基础。净收入的计量是一个公认会计准则的概念，它很大程度上被会计的成本基础所影响。它是通过采用离散的会计期间月，季，年来测量的。风险对净收益的影响是在时间上体现出来的。我们早前的贷款例子表明经济损失或者机会成本的11风险是对每个会计期间资产低于市场收益的部分的确认。净收益只是一个短期的焦点而已。最佳组织表现是介于长期和短期的平衡行为。这也是介于假定的风险和产生的回报之间的平衡行为。真正的资本充足率只能在风险调控的基础上被确定。这种急需的健全的风险调控措施，必须以立即充分的捕捉和反映资产和负债的市场价值的变
