公允价值仍留在此处外文翻译中英文(可编辑)

1、英文原文:Fair Value is here to stayThefairvalueguidanceinSFAS157FairValueMeasurements,doesnot represent, as many perceive, a radical departure from previousaccounting rules. SFAS157is theresult ofanatural evolution that hasbeen taking place for more than 30 years. SFAS 157 is the result of anatural evol

2、ution that has been taking place for more than 30 years.Many who oppose SFAS 157 do so because of the current economicenvironment.Thiscurrenteconomy,duringwhichmanyhedgefundsandotherinstitutional investors face significant other-than-temporarywrite-downs on illiquid assets, is, however, an anomaly.

3、Any valuationmethod that does not require significant write-downs in the currentenvironment would fail to provide a reasonable representation of fairvalue for those illiquid assets.When it was introduced in 2007, SFAS 157 amended, deleted, orotherwise affected more than 40 areas of accounting guidan

4、ce, includingSFAS 13, Accounting for Leases. SFAS 13, issued in 1976, introduced thefair value concept when it described an asset being sold in an armslengthtransactionbetweenunrelatedparties.Sincethen,theaccountingframework has continued to move away from a historical cost model andtoward a fair va

5、lue model.Throughoutthistransition,accountingstandardswereissuedthatdiscussed fair value in different contexts. SFAS 157 was designedprimarily to provide a uniform definition of fair value and a universalmeasurementframework.Contrarytopopularperception,SFAS157doesnotrequire any new items to be measu

6、red at fair value; it specifies theframework to be used wherever other standards require that items bemeasured at fair value.Along the WayManyaccountantswereeducatedduringanerawhencollegestaughtthe tenets of historical cost as part of the fundamental framework ofaccounting. To those watching the fai

7、r value model slowly supplant thecost model during the past 30 years, it may seem like a dramatic changeinthinkinghasrecentlyoccurred,butmuchofthisshiftisattributabletotheongoingdevelopmentofaccountingstandardsandrules,ratherthana change in approach.To those watching the fair value model slowly supp

8、lant the costmodel during the past 30 years, it may seem like a dramatic change inthinking has recently occurred, but much of this shift is attributabletotheongoingdevelopmentofaccountingstandardsandrules,ratherthanachangeinapproach.PriortoSFAS87,AccountingforPensions,andSFAS106, Employers Accountin

9、g for Postretirement Benefits Other ThanPensions,manycompaniespaidforthesebenefitsonapay-as-yougocashbasis, with little attention given to the fair value of the plan assetsthat were needed to be set aside to cover the cost of such benefits orhow to account for them on an accrual basis. SASs 87 and 1

10、06 requiredcompanies for the first time to factor in the fair value of plan assetswhen determining their benefit obligations.The next sweeping implementation of fair value took place whencompaniesbegantoadoptSFAS133,AccountingforDerivativesandHedgingActivities, in 1999. Prior to SFAS 133, companies

11、were not required toputallderivativesontheirbalancesheetatfairvalue;derivativeswerenotevendefinedintheliterature.Forthefirsttime,complexfinancialinstruments, many of which were involved in hedging relationships, weresubject to fair valuation. Soon after, SFAS 140, Transfers of FinancialAssets,gaveri

12、setodifficult-to-valueseductivefinancialassets,suchas residential and commercial mortgage-hacked securities RMBS and CMBS,which in turn gave rise to collateralized debt obligationsCDO and otherfinancialinstruments.Abarrageofvaluationtechniquesbasedonhighermath designed to account for securitization

13、followed.SFAS 157 had a significant impact on fair value accounting forilliquidsecurities,whicharetypicallyamongthemostdifficultassetsto value. Prior to SFAS 157, companies often cherry-picked informationtosupportvaluationsforilliquidpositions,regardlessofaccuracy.Now,theyarerequiredtoconsiderallrea

14、sonablyavailableinformationanduse the best data available to support their market assumptions andparameters.EventhoughSFAS157hasbeenineffectformorethanayear,manyilliquid assets are still being valued based on previous methodologiesthat are clearly inaccurate.Todays EnvironmentIn the current economic

15、 environment, air value accounting facesintensifiedscrutiny,challengingsituations,andsignificantopposition.Attention is especially focused on three areas:? Other-than-temporary write-downs,? Fresh-start accounting, and? Illiquid securities.Other-than-temporary write-downs.With Level 1 securities, de

16、termining when to record another-than-temporaryimpairmentcanheasstraightforwardasdecidinghowmuchtimehaspassedsinceanimpairmentbegan.Whenthetechbubbleburst,forexample,companiesoftenrealizedaftersixtoninemonthsthatassetvalues werent going to recover any time soon, if at all.But what about Level 2 or L

17、evel 3 assets that are valued usingsophisticatedmodelingtechniques?PriortoSFAS157,companiesandtheirauditorsmighthaveagreedtoholdofforpostponemakinganadjustment,due to a lack of relevant and reliable information. SFAS 157 has drivencompanies to consider new types and sources of information, and to wo

18、rkharder to support valuations for Level 2 and Level 3 assets. Companiesare now expected to support their Level 2 and Level 3 assets almost asif they were Level I assets.Inevaluatinggoodwillforother-than temporaryimpairment,SFAS157suggeststhatapubliclytradedstockprice,ifavailable,isthebestindicatoro

19、ffairvalue.Butevenwhenastockpriceisavailable,other,moretraditionalmethodsoffairvalue,suchasdiscountedcashflow,mustalsobeconsidered.Thechallengeliesinsupportingtheseothermethodsin the current environment of declining prices.With the release of FASB Staff Position FSP FAS 1 15-2 and FAS124-2,Recogniti

20、onandPresentationofOther-Than-TemporaryImpairments,in April 2009, companies are able to bifurcate certain losses on debtsecuritiesclassifiedasheld-to-maturityoravailable-for-salebetweenthe portion related to credit conditions and the portion related tononcredit conditions. The noncredit portion will

21、 be recognized on thebalance sheet until the debt security matures or is sold. In manysituations, the amount reclassified to the balance sheet will includelosses previously recognized in other periods. This new rule has causedcontroversyamongpractitionersandstandardssetters,primarilybecauseitdelayst

22、heinevitablerecognitionofthoselossesinearningswhenthedebt security is sold or matures.Fresh-start accounting Companies petitioning for Chapter 11bankruptcy need to know whether they will qualify for fresh startaccounting based on their reorganization value according to theprovisions of AICPA Stateme

23、nt of Position SOP 90-7, Financial Reportingby Entities in Reorganization Under the Bankruptcy Code.SOP 90-7 provides a two-step test. The first step requires acomparisonofreorganizationvaluewiththevalueofpostpositionclaimsand obligations immediately prior to court confirmation. This balancesheetsol

24、vencytestisamovingtargetthroughoutabankruptcyproceeding,becausetheremaybelargefluctuationsinreorganizationvalueandclaimsuntil the plan is implemented. The second step requires that holders ofexisting common shares immediately before court confirmation have, as agroup, less than 50% of the new compan

25、ys shares upon emergence frombankruptcy.Thechallengehereinvolvesthenegotiationsthattakeplacebetween debtor and creditor committees and the company, which are thensubject to final court approval.Illiquidsecurities.Whendetermining fairvalue,companiesmustconsider the frequency with which securities are

26、 traded. Fair value ismore readily supportable for a frequently traded security than for onethat is thinly traded because SFAS 157 emphasizes the importance ofobservable prices.Today, a companys desire to hold a position, together with itsrequirement to value that position, is causing a unique anoma

27、ly in thevaluation world, as securities that would otherwise trade normally areincreasinglysubjecttowrite-downs.Agoodvaluationmodelmusttakeintoaccountallfactsandcircumstances.Forexample,whenthemarketisdryforaspecificilliquidsecurity,thevaluationmethodologymustconsideranywideningcreditspreads,liquidi

28、typremiumsfromthetimeofthelastactive trading activity to the then-current indications, and discountrates implicit in nonbinding broker quotes.WiththefinalizationinApril2009ofFSPFAS157-4,DeterminingFairValueWhentheVolumeandLevelofActivityfortheAssetorLiabilityHave Significantly Decreased and Identify

29、ing Transactions that Are NotOrderly,companiesarenowsubjecttoadditionaldisclosurerequirementsand must carefully support how observable prices from inactive marketsareusedinvaluations.Companiesmayalsoneedtoexplainsignificantdifferences between different inputs to value.FSPFAS157-4didnotcomeaboutwitho

30、utopposition;itgeneratednearly400commentletterswithinashortperiod.Theauthorisnotawareof any other proposed accounting rule that generated so many commentletters within such a short time and that underwent such a drastic turnaround before being finalized.Tomorrows EnvironmentU.S. companies are facing

31、 a seemingly inevitable changeover toInternational Financial Reporting Standards IFRS. Fair value guidanceunder U.S. Generally Accepted Accounting Principles GAAP is primarilyrules-based,whilefairvalueguidanceunderIFRSisbasedonprinciples.Principles often evolve into rules, but, in this case, rules a

32、ppear tobe reverting back to their origin as principles.Fair value guidance under SFAS 157 and FRS are different inseveral respects. For example, IFRS does not define the term marketparticipants, does not include the concepts of principal market orhighest and best use, and does not generally permit

33、imaret pricing.Whiletherewillbeconvergencetoeliminatemanydifferences,companieswillneedtoembraceandunderstandtheprinciplesbasedapproachbehindIFRS.Fair value will continue to generate challenges for accountants,especiallyifandwhenIFRSisadopted.Thesoonercompaniescometogripswiththeimpactoffairvalueaccou

34、nting,thebetter,becausefairvalueis here to stay.二、英文翻译:公允价值仍留在此处在美国财务会计准则委员会财务会计准则公告第157号?公允价值计量(SFAS 157)的指导下,公允价值计量,并不代表尽可能多的感知,与以前的会计准则大相径庭。SFAS第157号的产生,是会计发展已经到了超过30年而自然发生的结果。许多人反对 SFAS 第 157 号这样做,因为目前的经济环境。目前这样的经济形势下,在此期间,许多对冲基金和其他机构投资者面临着流动性不足的资产呈现非暂时性减值,然而,在当前环境下进行重大减值的估值方法,将无法为那些流动性差的资产提供合理相

35、关的公允价值。在 2007 年推出 SFAS 第 157 40 多个地区的会计指导,包括 SFAS 第 13 SFAS 第 13 号在 1976 年发表的概念中引入了资产的公允价值时,它描述的是按照“非关联方的公平交易”出售的资产。自那时以后,会计框架继续从历史成本模式,转向公允价值计量模式。在这个过渡时期,公允价值准则的发布,讨论了在不同市场环境中的公允价值计量。SFAS 第 157 号主要是旨在提供一个一致的定义和一种普遍的公允价,SFAS 第 157 号该准则本身并未作出任何新的采用公允价值会计处理的要求,而仅是应用于那些其他特定准则已经要求或允许采用公允价值计量的场合。一、沿着这条路许

36、多会计师处于这样的时代?大学里所学的是历史成本原则作为基础架 30 年的历史成本模式,它看起来像一个戏剧性的最近发生的思想变化,但这一转变的原因是很多正在颁布的会计准则,而不是目前的发展要改变这种做法。第一个广泛应用的公允价值发生在 1985 年和 1990 年的养老金和退休后福利的会计改革中。在此之前 SFAS 第 87 号对养老金会计和 SFAS 第 106 号雇主对退休后退休金以外的福利会计,许多公司在 pay-as-yougo现金基础上支付这些福利,几乎不关注该计划资产的公允价值,包括该计划必须留出的费用、这些益处或如何解释它们以权责发生制为基础。审计准则公报 (Statement s

37、onAuditingStandards,SASs)第 87 106号首次要求,公司对该计划资产的公允价值的确定是公司履行该计划资产时应尽义务的因素。接下来的公允价值发生了彻底的执行情况时 ,在 1999 年公司开始采用SFAS第 133SFAS第 133号之前,公司并没有要求把他们的资产负债表中所有的衍生工具按公允价值计量,衍生产品甚至没有在文献中定义的。第一次,复杂的金融工具,其中许多被卷入套期关系,SFAS第 140号金融资产的转让与服务以及债务清偿的会计处理,引起了难以估价的证券制度等金融资产,例如住宅按揭抵押证券(RMBS)和商业按揭抵押证券(CMBS),而这也就会反过来引发抵押债权债

38、务抵押证券和其他金融工具。一连串的估值方法基于高等数学的设计为证券化紧随其后。SFAS第157号有一个关于缺乏流动性的证券,这是最困难的资产估价,通 SFAS第 157号实行之前,公司通常会樱桃式地采用信息,以支持估价为非流动性的位置,不论结果的准确性。现在,他们必须全面考虑所有的“合理使用”的信息,以便提供最佳的数据支持他们的市场假设及参数。尽管 SFAS第 157号实行已经超过一年,但许多非流动性资产计量仍然是基于先前的方法,显然是不正确的。二、现行环境在目前的经济环境下,公允价值会计面临激烈的争议,具有挑战性的局面,阻力很大。特别注意的是集中在三个方面: 非暂时性减计; 新起点会计; 流动性差的证券。三、非暂时性减计用一级证券,确定何时记录非暂时性减值,相当于直接确认开始减值已经有多长时间了。当科技泡沫破灭,例如,公司通常会意识到六到九个月后 ,如果资产价值都没有恢复原值,那短期内不会恢复。然而关于二级或三级资产的价值,是用最先进的建模技术吗?SFAS第 157号在此之前,公司及其审计师可能已同意暂缓或推迟作出调整 ,由于缺乏相关和可靠的信息。SFAS第 157号使得公司承认新的类型和信息来源,并更加努力地工作,以支持第二