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1、外文文献翻译原文:RecentDevelopmentsinFairValueAccountingSFAS157,FairValueMeasurements,whichbecameeffectiveinJanuary2008,definesfairvalueandprovidescomprehensiveimplementationguidanceforapplyingittoassetsandliabilitiesformeasurementunderGAAP.Sincethen,themeltdow
2、noffinancialmarketsandadeepeningrecessionhaveledtoareappraisaloffairvalueaccounting.Criticsarguethatthefairvalueaccounting,commonlycalledmark-to-marketaccounting,hasexacerbatedthecrisisbyrequiringsignificantwrite-downofassets,resultinginsharpdecreasesin
3、regulatorycapitalofbanksandotherfinancialinstitutions(seeWilliamIsaac,“HowtoSavetheFinancialSystem,”WallStreetJournal,September19,2008;JohnBerlau,“MaybetheBanksAreJustCountingWrong,”WallStreetJournal,September20,2008;GaryGorton,“ThePanicof2007,”YaleICFW
4、orkingPaperNo.08-24,ssrn.com/abstract=1255362).ThecrisisledtoswiftandunprecedentedactionsfromtheTreasuryDepartment,theFederalReserve,andCongress,includingthe$700billionTroubledAssetsReliefProgram(TARP)tohelpfinancialinstitutions.InOctober2008,Congresspa
5、ssedtheEmergencyEconomicStabilizationAct,authorizingtheSECtosuspendSFAS157forsomeissuersorcertaintransactionsinordertoprotectinvestorsandthepublicinterest.TheactalsodirectedtheSECtostudythestandard’simpactonfinancialinstitutions’balancesheetsandonbankfa
6、ilures,aswellastosuggestalternativeaccountingstandards.FASBsoonissuedthreeStaffPositions(FSP)—FSPFAS157-4,“DeterminingFairValueWhentheVolumeandLevelofActivityfortheAssetorLiabilityHaveSignificantlyDecreasedandIdentifyingTransactionsThatAreNotOrderly”;FS
7、PFAS107-1andAPB28-1,“InterimDisclosuresAboutFairValueofFinancialInstruments”;andFSPFAS115-2and124-2,“RecognitionandPresentationofOther-Than-TemporaryImpairments”—aspartofitsresponsetotheconcernsrelatedtomeasurementandrecognitionoffairvalueininactivemark
8、ets.TheauthorsdiscusshowtoimplementtheseFSPs,provideexamplesanddecisionflowchartstoaidtheprocess,anddiscusstheirimplications.ForbackgroundinformationonFSPFAS157-4,itslinkagewithSFAS157,andthemarketandpreparers’reactionstoit,see“F