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1、外文文獻(xiàn)翻譯譯文原文：WeighingYourFinancials:ALookattheImpactofFairValueJohnD.RossiIIIFairvalueaccountingisstirringupheateddebatebetweenitsadversariesitsproponents.Criticsarguethatfairvaluedisttsfinancialresultsbusinessdecisionswit

2、hrulesthatmakelittlesenseproduceinconsistentresultslackabasisinrealityopenuppotentialfabuse.Proponentsoffairvalueaccountingexpectgreatertransparencyincapitalmarketsanimprovedunderstingofriskunderlyingvalue.Fairvaluerequi

3、restheassessmentofapricethatisfairbetweentwospecificpartiestakingintoaccounttherespectiveadvantagesdisadvantagesthateachwillgainfromthetransaction.Marketvalueisthepriceatwhichanassetwouldtradeinacompetitiveauctionenviron

4、ment.Althoughmarketvaluemaymeetthefairvaluecriteriatheyarenotnecessarilythesamemeasurement.AccdingtotheMay2008FinancialAccountingStardsBoard(FASB)publicationUnderstingtheIssuesRobertH.HertzFASBchairwrites“Manyinvestshave

5、toldourboardthatfairvalueistheirpreferredmethodofreptingthevalueoffinancialassets.Intheirviewbecausefairvalueisgroundedineconomicrealityitfacilitatesinfmedinvestmentdecisionswhichultimatelystrengthensourcapitalmarkets.In

6、factinarecentonlinesurveyofover2000investsconductedbyCFAInstituteanoverwhelmingmajityofrespondents(79percent)saidthatffinancialinstitutionsfairvalueaccountingimprovestransparencycontributestoinvestunderstingaboutrisk.“In

7、December2008theSECcompletedaCongressionallymatedstudyonthemeritsoffairvalueaccounting.DespitetheconcernsofsomebankersprivateequityfirmswhoblamefairvaluefexacerbatingthefinancialcrisistheSECadvisedthat“thesuspensionoffair

8、valueaccountingtoreturntohisticalcostbaseddecisionsmadebycapitalproviders.ReliabilityInfmationmustprovideafaithfulrepresentationoftheeconomicphenomenathatitpurptstorepresent.IbelieveFASBhasanultimateobjectivetoestablishs

9、tardsthatwouldrequirereptingofallfinancialassetsliabilitiesatfairvalueinthefinancialstatementshoweverpritopromulgatingsuchstardsFASBmustresolvecertainconceptualpracticalissues.ItsStatementonFairValueMeasurements(SFAS157)

10、finstanceaddressestheconceptualpracticalissuesrelatingtofairvaluemeasurement.IssuedinSeptember2006SFAS157definestheintentoffairvaluemeasurementsffinancialrepting.Thisguidanceisintendedtoincreasetheconsistencycomparabilit

11、yoffairvaluemeasurementsdiscusstechniquesusedbyvaluationprofessionalsenhancedisclosuresaboutthenaturesourceoffairvaluemeasurements.SFAS157doesnotextenduseoffairvaluemeasurements.Fairvalueisdefinedas“thepricethatwouldbere

12、ceivedtosellanassetpaidtotransferaliabilityinanderlytransactionbetweenmarketparticipantsatthemeasurementdate.“Keyattributesoffairvalueincludethefollowing:FocusonexitnotentryvalueInmanysituationstheymaybethesamenumberbutw

13、hendifferentusetheexitvalue.MarketparticipantperspectivenotanentityperspectiveValuationmustconsiderinputsassumptionsthemarketwoulduseratherthanentityspecificassumptions.Thisincludesassumptionsaboutriskthatmarketparticipa

14、ntsmightuse.ActualtransactionnotnecessarynorequirementthatamarketexistsIfnopricesareavailableusethemodelstechniquesassumptionsthatmarketplaceparticipantswoulduse.Thereisnorequirementtoidentifyspecificmarketparticipants.P

15、ricerepresentshighestbestusefaparticularassetthelowestpricetotransferaparticularliability.Transactionassumedtobeanderlyexchangeinprincipalmostadvantageousmarket.Valuationtechniquesmustfirstlooktoaprincipalmarketbutifnopr

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