將金融危機歸咎于公允價值會計公平嗎？【外文翻譯】

1、外文文獻翻譯外文文獻翻譯原文：IsItFairtoBlameFairValueAccountingftheFinancialCrisisWhatwastheprimarycauseofthecurrentfinancialcrisisSubprimemtgagescreditdefaultswapsexcessivedebtNoneofthosesaysSteveFbeschairmanofFbesMediasometimepoliti

2、calcidate.Inhisviewmarktomarketaccountingwas“theprincipalreason“thattheU.S.financialsystemmelteddownin2008.DoaccountingrulesactuallypacksuchawallopFreadersnotschooledinfinancialjargonmarkingtomarketisthepracticeofrevalui

3、nganassetquarterlyaccdingtothepriceitwouldfetchifsoldontheopenmarketregardlessofwhatwasactuallypaidfit.Becausethepracticeallowsfnooutdatedwishfulthinkingvaluationsitisakeycomponentofwhatisknownasfairvalueaccounting.itisa

4、tthecenterofthehottestaccountingdebateindecades.Manybankerspilliedfairvalueaccountingwhenthesuddenseizeupofcreditmarketsinthefallof2008drovetheclearingpricesfkeyassetsheldbytheirinstitutionstounprecedentedlows.EconomistB

5、rianWesburyrepresentedtheviewsofthatgroupwhenhedeclared“Marktomarketaccountingruleshaveturnedalargeproblemintoahumongousone.Avastmajityofmtgagescpatebondsstructureddebtsarestillperfming.Butbecausethemarketisfrozenthepric

6、esoftheseassetshavefallenbelowtheirtruevalue.“WesburyFbesarguethatmarkingtomarketpushedmanybankstowardinsolvencyfcedthemtounloadassetsatfiresalepriceswhichthencausedvaluestofallevenfurther.Persuadedbysuchargumentssomepol

7、iticiansintheUnitedStatesEuropehavecalledfthesuspensionoffairvalueaccountinginfavofhisticalcostaccountinginwhichassetsaregenerallyvaluedatiginalcostpurchaseprice.Yetmarktomarketaccountingcontinuestohaveitsproponentswhoar

8、eequallyadamant.LisaKoonceanaccountingprofessattheUniversityofTexaswroteinTexasmagazine:“Thisissimplyacaseofblamingthemessenger.Fairadjustmentsfdepreciationovertheirlifefappreciationuntilmaturity.Abuildingownedbyacompany

9、fdecadestherefeislikelytoappearonthebooksatamuchlowervaluethanitwouldactuallycommintodaysmarket.Howeverevenunderhisticalaccountingcurrentmarketvaluesarefactedintofinancialstatements.U.S.regulatsrequireallpubliclytradedco

10、mpaniestoscrutinizetheirassetscarefullyeachquarterertainwhethertheyhavebeenpermanentlyimpairedthatiswhethertheirmarketvalueislikelytoremainmateriallybelowtheirhisticalcostfanextendedperiod.Iftheimpairmentisnotjusttempary

11、thecompanymustwritetheassetdowntoitscurrentmarketvalueonitsbalancesheetrecdtheresultinglossonitsincomestatement.Math2mostassetsoffinancialinstitutionsaremarkedtomarket.Thosewhoheapblameontheheadoffairvalueaccountingliket

12、oimplythatfinancialinstitutionssawamajityoftheirassetsmarkedtothedeteriatingmarket.InfactaccdingtoanSECstudyinlate2008only31%ofbankassetsweretreatedinthisfashiontherestwereaccountedfathisticalcost.Math3assetsmustbevalued

13、atcurrentmarketpricesevenifthemarketfthemisilliquid.LevelLevel1assetsLevel2assetsLevel3assetsLiquidityStardMostliquidityModerateliquidityLeastliquidityValuationMethodValuedatdirectmarketPricesbasedonactivetradingofindent

14、icalinstrumentsValuedusingobservableMarketinputsValuedusingafinancialModelsuchasadiscountedCashflowmodelHowevertheserulingsdidnotprovideenoughcomftfbankerswatchingthemarketvalueoftheirtoxicassetsplummettheycomplainedloud