公允价值会计和当前的金融危机【外文翻译】

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1、外文文献翻译原文：FairValueAccountingandtheCurrentFinancialCrisisTheaccountingforfinancialassetsandliabilitiesisacomplexissuethathasbeenevolvingtowardtheuseoffairvalue.BoththeFASBandIASBprovidetheoptionofusingfairvalueaccountinginreportingfinancialassetsandliabilitiesandcertainotherite

2、ms.Thismoveisnotwithoutcontroversy.Manyhaveopinedthattheuseoffairvalueaccounting,asopposedtohistoricalcostaccounting,hashelpedcausetheturmoilinthefinancialmarkets.Researchindicatesthattheexclusiveuseofoneaccountingmethodmaynotbeefficientforfinancialinstitutions.Theauthorsbelie

3、vethattheFASBshouldconsideranalternativeaccountingapproachthatwouldincorporatebothsystemsandmitigatetheinefficienciesofusingjustoneaccountingmethod.BlamingFairValueInseekingtoexplainthecurrentfinancialcrisis,thespotlighthasturnedtofairvalueaccountingandfinancialinstitutions.FA

4、SBissuedSFAS157,FairValueMeasurements,inSeptember2006,Shortlythereafter,theproblemsrelatedtothesubprimemortgagemarketbegantosurface.Manybegantoquestionwhetherornotthecurrentdistressinfinancialinstitutionsisrelatedtothenewaccountingstandard.Didthenewstandardexacerbatetheproblem

5、sormerelyilluminatethem?InOctober2008,then-PresidentGeorgeW.BushsignedintolawtheEmergencyEconomicStabilizationActof2008(EESA),theso-calledbailoutbill.Undersection132oftheEESA,CongressgavetheauthoritytosuspendtheuseoffairvalueaccountingunderSFAS157.Section133requirestheSECtocon

6、ductastudyoffairvalueaccountingasstipulatedinSFAS157.NotethatinSection133,CongressevencallsontheSECto“reviewtheprocessusedbytheFinancialAccountingStandardsBoardindevelopingaccountingstandards.”Thisisamuchbroadermandatethanjuststudyingasingleaccountingstandard.Theuseoffairvalue

7、accountinghasbeenexpandinginreportingstandardsundergenerallyacceptedaccountingprinciples(GAAP)inrecentyears.SFAS157definesfairvalueandprovidesmethodsofderivingfairvaluesfordifferenttypesoffinancialassetsandliabilities.Fairvalueaccountingstandsincontrasttohistoricalcostaccounti

8、ng,whichreportsassetsattheoriginalpricepaidand(insomecases)wi