公允价值会计外文翻译.docx
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公允价值会计外文翻译.docx
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公允价值会计外文翻译
公允价值会计【外文翻译】
本科毕业设计(论文)
外文翻译
外文题目FairValueAccounting
外文出处FairValueAccounting[J].FederalReserve
Bulletin,2005.91
(1):
26—29.
外文作者苏珊.施密特
原文:
FairValueAccounting
AdaptedfromremarksbySusanSchmidtBies,Member,BoardofGovernorsof
theFederalReserveSystem,totheInternationalAssociationofCreditPortfolioManagersGeneralMeeting,November18,2004.
Goodmorning.IappreciatetheopportunitytoparticipateinyourFallGeneralMeeting.AsmycolleaguesattheFinancialAccountingStandardsBoard(FASB)andtheInternationalAccountingStandardsBoard(IASB)willagree,fairvalue
accountingposesmanychallengesandhassparkedsignificantindustrydebate.
ThesubjectoffairvalueaccountinghasbeendiscussedintheUnitedStatesforwelloveradecade.Advocatesoffairvalueaccountingbelievethatfairvalueisthemostrelevantmeasureforfinancialreporting.Othersbelievethathistoricalcostprovidesamoreusefulmeasurebecauseitmoreclearlyrepresentstheeconomicsofbusinessperformanceandbecausefairvalueestimatesnotbereliableorverifiable.
So,whichismoreappropriate—fairvalueorhistoricalcost?
Letmesharewith
youtheFederalReserve'slong-standingpositiononthisissue.AsasupervisoroftheU.S.bankingsystem,wewanttoensurethatfinancialinstitutionsfollowsoundaccountingpoliciesandpractices.Wecontinuetosupportimprovedtransparencyandenhancedfinancialdisclosures,whichpromotemarketdisciplineandprovide
usefulinformationtodecisionmakers.Wealsosupportfairvalueaccountingforassetsandliabilitiesusedinthebusinessofshort-termtradingforprofit,suchas
thetradingaccountforbanks.Wesupportenhanceddisclosuresoffair-value-basedinformationaspartofbroaderdescriptionsofriskexposuresandriskmanagement.webelievethattheaccountingindustryshouldbeverycarefulbeforemovingtowardamorecomprehensivefairvalueapproach,whereallfinancialassets
andliabilitiesarerecordedonthebalancesheetatfairvalueandchangesinfairvaluearerecordedinearnings,whetherrealizedornot.
TheFASBrecendyissuedaproposedstandardonfairvaluemeasurementsthatprovidesageneralframeworkforvaluingassetsandliabilitiesthatarecurrendymeasuredordisclosedatfairvalue.'Atthistime,itdoesnotexpandtheuseof
fairvaluesintheprimaryfinancialstatements.IwouldliketosummarizeandsharewithyoutheFederalReserve'sviewsontheproposedstandard,whichwere
providedtoFASBinacommentletteraspartoftheexposureprocess.^Weseetheproposalasagoodfirststeptowardenhancingmeasurementguidanceinthisarea.However,asIwilldiscussinamoment,anumberofimportantissueswarrant
furtherconsideration,especiallybeforedramaticmovesaremade
Towardincreasedfairvalueaccounting.
Butbeforediscussingthesespecificissues,allowmetoemphasizeoneimportant
point.Asabanksupervisor,theFederalReservebelievesthatinnovationsin
riskmanagementareveryimportanttothecontinuedimprovementofourfinancialsystem.Newmethodsandfinancialinstrumentsallowbankingorganizationstoimprovetheirriskmanagementpracticesbyselectingtargetlevelsofriskexposuresandsheddingorlimitingunwantedpositions.Accountingframeworksshouldimprovetransparencyaroundbusinessdecisionsandoutcomeswithoutprovidingadisincentivetobettermanagementofrisk.
Fairvaluemeasurementissuesthatwarrantfurtherconsideration
ReliabilityandMeasurement
Ifmarketswereliquidandtransparentforallassetsandliabilities,fairvalue
accountingclearlywouldbereliableinformationusefulinthedecisionmakingprocess.However,becausemanyassetsandliabilitiesdonothaveanactivemarket,
theinputsandmethodsforestimatingtheirfairvaluearemoresubjectiveand,
therefore,thevaluationslessreliable.
ResearchbyFederalReservestaffshowsthatfairvalueestimatesforbankloanscangreatlydependingonthevaluationinputsandmethodologyused.Forexample,
observedmarketratesforcorporatebondsandsyndicatedloanswithinlowerratedcategorieshavevariedbyasmuchas200to500basispoints.Suchwiderangesoccureveninthecaseofseniorbondsandloanswhenobligorsarematched.
TheFASBstatementontheproposedfairvaluestandardsuggeststhatreliabilitycanbesignificandyenhancedifmarketinputsareusedinvaluation.However,
becausemanagementusessignificantjudgmentinselectingmarketinputswhenmarketpricesarenotavailable,reliabilitywillcontinuetobeanissue.
Theproposalidentifiesthreelevelsofestimates,withthelowestprioritygivento
level-3estimates.Theseestimatesarenotbasedonquotedpricesinactivemarketsforeitheridenticalorsimilarassetsorliabilities,butratheronmark-to-modelestimates.
Theproposalsuggeststhattheuseofmultipleapproaches,suchasthemarket,
income,andreplacement-costmethods,willimprovereliabilityoftheseestimates.
However,thenumberofapproachesaddslittletoreliabilityifallthemethodsarebasedonthesameunderlyinginformation,aswouldoftenbethecaseforfinancial
instruments.
Inourroleasabanksupervisor,wehaveobservedthatminorchangesina
numberofassumptionsinapricingmodelcanhaveasubstantialeffect.Generally,
wearecomfortablewiththefairvaluemeasurementprocessforliquidtradinginstrumentsthatfinancialinstitutionshavehadsignificantexperienceinvaluing.However,webelieveforless-liquidassetsandliabilities,reliabilityisa
significantConcern.
MartagementBias
Thefactthatmanagementusessignificantjudgmentinthevaluationprocess,
particularlyforlevel-3estimates,addstoourconcernsaboutreliability.Management
bias,whetherintentionalorunintentional,mayresultininappropriatefair
valuemeasurementsandmisstatementsofearningsandequitycapital.Thiswasthe
caseintheovervaluationofcertainresidualtranchesinsecuritizationsinrecentyears,whentherewasnoactivemarketfortheseassets.Significantwrite-downsofoverstatedassetvaluationshaveresultedinthefailureofanumberoffinancecompaniesanddepositoryinstitutions.Similarproblemshaveoccurredduetoovervaluationsinnonbanktradingportfoliosthatresultedinoverstatementsofincomeandequity.
Thepossibilityformanagementbiasexiststoday.Wecontinuetoseenewsstoriesaboutchargesofearningsmanipulation,evenunderthehistoricalcost
accountingframework.Webelievethat,withoutreliablefairvalueestimates,the
potentialformisstatementsinfinancialstatementspreparedusingfairvaluemeasurementswillbeevengreater.
Verification
Asthevarietyandcomplexityoffinancialinstrumentsincreases,sodoesthe
needforindependentverificationoffairvalueestimates.However,verificationof
valuationsthatarenotbasedonobservablemarketpricesisverychallenging.Manyofthevalueswillbebasedoninputsandverify.Bothauditorsandusersoffinancialstatements,includingcreditportfoliomanagers,willneedtoplace
greateremphasisonunderstandinghowassetsandliabilitiesaremeasuredandhowreliablethesevaluationsarewhenmakingdecisionsbasedonthem.
CompoundValuesandRevenueRecognition
Thevalueofafinancialinstrumentmay,insomecases,becoupledwithan
intangiblevalue.Forexample,aservicingassetcanbeconsideredtoreflecttwo
values:
afinancialinstrumentthatissimilartoaninterest-onlystripandanintangiblevaluereflectingthecontractualrighttoperformservicesovertimeinexchangeforafee.Thecurrentaccountingframeworkoftenrequiresdifferentaccountinganddisclosuretreatmentsforfinancialandnonfinancialcomponents.However,theaccountingliteratureofferslitdeguidanceonwhentheseassetsshouldbeseparatedandhowtodeterminetheseparatevaluations.Thislackofguidancemayinsomecasesresultinquestionableorinappropriatepractices,suchas
includingprojectedincomefromcross-marketingactivitiesinthevaluationof
financialinstruments.Additionalguidancetoaddresstheseissuesiswarranted.
Also,considerationmustbegiventorevenuerecognitionissuesinafairvalueregime.Wemustensurethatunearnedrevenueisnotrecognizedupfront,asitinappropriatelywasbycertainhightechcompaniesnotsolongago.
Disclosures
Fairvaluesreflectpointestimatesandbythemselvesdonotresultintransparentfinancialstatements.Additionaldisclosuresarenecessarytobringmeaningtothesefairvalueestimates.FASB'sproposaltakesafirststeptowardenhancingfairvaluedisclosuresrelatedtothereliabilityoffairvalueestimates.Ibelievethatadditionaltypesofdisclosuresshouldbeconsideredtogiveusersoffinancialstatementsabetterunderstandingoftherelativereliabilityoffairvalueestimates.Thesedisclosuresmightincludekeydriversaffectingvaluations,fair-value-rangeestimates,and
'confidencelevels.
Anotherimportantdisclosureconsiderationrelatestochangesinfairvalueamounts.Forexample,changesinfairvaluesofsecuritiesportfolioscanarisefrommovementsininterestrates,foreigncurrencyrates,andcreditquality,aswellas
purchasesandsalesfromtheportfolio.Foruserstounderstandfairvalueestimates,I
believethattheymustbegivenadequatedisclosuresaboutwhatfactorscausedthechangesinfairvalue.
Considerationsforcreditportfolio/management
Fairvalueestimatesaffecttheinformationyouuseascreditportfoliomanagers.Today'sfinancialstatementsarebasedonamixed-attributeaccountingmodel.Thismeansthatanentity'sbalancesheetmayincludecertainvaluesreporte
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