全部公允價(jià)值會(huì)計(jì)它的時(shí)代已經(jīng)到來【外文翻譯】

1、外文翻譯原文FullFairValueAccounting:ItsTimeHasComeFairvalueaccountingonceasubjectrelegatedfdiscussionbythegreeneyeshadepocketprotectcrowdhasmovedfromaccountingcubiclestoMainStreetthepoliticalpowercridsofAmerica.Muchhasrecently

2、beenwrittenaboutit.Muchconversationhasbeenheld.Theissuehastakenonpartisantoneswithbothstaunchproponentsdeterminedwellfundedopponentsraisinguptheirvoices.Tostthroughthisrheticitistimetolookatfairvalueaccountingobjectively

3、byreturningtotheconceptualrootsofourmodernaccountingframewkdebunkingcertainfalsedoctrinesespousedbyfairvalueaccountingcritics.Asthisanalysiswillsubstantiatenowisthetimeffullfairvalueaccounting.Fairvalueaccountingisnotane

4、wconceptrecentphenomena:“Assetvaluations(ffinancialinstitutions)wereatfairmarketvalue.Itwasnotuntil1938thattheFederalReservefcedtheotherregulatstoaccedetohisticcostaccountingfbanks’assets.The1938accountingchangewasmadeto

5、encouragenewlendingtoenableprivateinveststoacquirefailedbanks’assetsfromthefederalauthitieswithoutimmediatewritedownsoftheirvalue.”Earnestexplationoffairvalueaccountingbeganintheearly1980’slongbefeitbecameafcerecognizedb

6、yMainStreetWashington.Elementsoffairvalueaccountingslowlyenteredintogenerallyacceptedaccountingprinciples(“GAAP”)aspromulgatedbytheU.S.FinancialAccountingStardsBoard(“FASB”).Lowerofcostmarketaccountingbecameanacceptedpra

7、ctice.Writedowntomarketofpermanentlyimpairedassetsemerged.Investmentaccountingbaseduponmanagement’sintentwasinstitutedwiththreeseparateptfoliostreatments:heldtomaturityheldfsaletrading.StatementofFinancialAccountingStard

8、s(“SFAS”)#159nowallowsaonetimemanagementelectionthatisirrevocablewhereinthereptingentitycanchoosetousefairvalueaccountingfedfinancialassetsliabilities.Theresultofthispiecemealmarkedtheassetbackuptoanestimatedcurrentmarke

9、tvalue.AfterthewriteupheoncegainbegantheGAAPrequireddepreciationprocesswiththecyclecontinuinguntiltheassetwasjunked!WhenourauditproceduresuncoveredthisunconventionalapproachImetwiththeclienttodiscusshiserr.Despitemyeloqu

10、enceinexplanationmyclientreluctantlycompliedwithouteverchanginghismindregardingthesoundnessofhislogic.Afteralltheassetwithadepreciatedbookvalueofzerowasstilluseful!Perhapsmypracticalclientwassimplyaheadofhistime.Asasageh

11、arbingermyclientwaseloquentlyemphasizingthefinancialreptingadvantageofenhancedrelevancetransparency:anasset’srecdedbookbalanceshouldreflectabestestimateofitscurrentinherentvalueutilitymarketability.Thecomplexityofrulesea

12、seswitheliminationofthecurrentpatchwkquiltapproach.Consistencycomparabilitytransparencyincreaseswithstardizationofruleseliminationofmanagement’sintentadoptionofmedetaileddisclosuresincludingquantitativequalitativeinsight

13、sregardingvaluationassumptionsmethods.Globalconvergencewouldbeachievedasinternationalaccountingstardshavealreadygreatlyembracedfairvalueaccounting.TheU.S.wouldsimplybealigningwiththerestofthewld.Theexpectedbenefitofreduc

14、edearningsvolatilityfromfairvalueisastrangemisguidedpointofadvocacywhichisilladvisedmustbedismissedbyseriousminds.Conceptualpurityofsoundaccountingprimarilyrestsinstardizedreasonablereptingoftheunderlyingeconomicsofallbu

15、sinessactivityobjectivelymeasuringreptingresults“asis”not“asdesired”.Indeedtherecentlystatedfairvalueadvantageofeliminatingearningsvolatilitysmoothingearningsresultingfrombusinessactivitieshasbeenhisticallycrectlyfrowned

16、uponbylearnedprofessionalsaswellastheSecuritiesExchangeCommission.Disclosureofearningsvolatilityeconomicturbulenceismaterialtoinfmeddecisionmaking!Thusfairvalueproponentsappeartobecrectintheirearlyassessmentrelatedtofour