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1、外文文献翻译译文原文：WeighingYourFinancials:ALookattheImpactofFairValueJohnD.RossiIIIFairvalueaccountingisstirringupheateddebatebetweenitsadversariesanditsproponents.Criticsarguethatfairvaluedistortsfinancialresultsandbusinessdecisionswithrulesthatmakelittlesense
2、,produceinconsistentresults,lackabasisinreality,andopenuppotentialforabuse.Proponentsoffairvalueaccountingexpectgreatertransparencyincapitalmarketsandanimprovedunderstandingofriskandunderlyingvalue.Fairvaluerequirestheassessmentofapricethatisfairbetween
3、twospecificparties,takingintoaccounttherespectiveadvantagesordisadvantagesthateachwillgainfromthetransaction.Marketvalueisthepriceatwhichanassetwouldtradeinacompetitiveauctionenvironment.Althoughmarketvaluemaymeetthefairvaluecriteria,theyarenotnecessari
4、lythesamemeasurement.AccordingtotheMay2008FinancialAccountingStandardsBoard(FASB)publicationUnderstandingtheIssues,RobertH.Hertz,FASBchair,writes"Manyinvestorshavetoldourboardthatfairvalueistheirpreferredmethodofreportingthevalueoffinancialassets.Inthei
5、rview,becausefairvalueisgroundedineconomicreality,itfacilitatesinformedinvestmentdecisions,whichultimatelystrengthensourcapitalmarkets.Infact,inarecentonlinesurveyofover2,000investorsconductedbyCFAInstitute,anoverwhelmingmajorityofrespondents(79percent)
6、saidthatforfinancialinstitutions,fairvalueaccountingimprovestransparencyandcontributestoinvestorunderstandingaboutrisk."InDecember2008,theSECcompletedaCongressionallymandatedstudyonthemeritsoffairvalueaccounting.Despitetheconcernsofsomebankersandprivate
7、equityfirmswhoblamefairvalueforexacerbatingthefinancialcrisis,theSECadvisedthat"thesuspensionoffairvalueaccountingtoreturntohistoricalcost-basedmeasureswouldlikelyincreaseinvestoruncertainty."The211-pagereportsuggestedthat,withthegrimeconomicoutlookahea
8、dofus,anymajorchangecouldhaveanegativeeffect.TheSECalsorebuttedtheclaimthatfairvalueaccountinghelpedacceleratethefinancialcrisisbyforcingfinancialinstitutionstovalueassetsatunreasonablylowprices.TheSECacknowledgedthatcalculatingf
