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1、外文翻译原文：RecentDevelopmentsinFairValueAccountingSFAS157,FairValueMeasurements,whichbecameeffectiveinJanuary2008,definesfairvalueandprovidescomprehensiveimplementationguidanceforapplyingittoassetsandliabilitiesformeasurementunderGAAP.Sincethen,themeltdownoffinancialmarketsandadeepen
2、ingrecessionhaveledtoareappraisaloffairvalueaccounting.Criticsarguethatthefairvalueaccounting,commonlycalledmark-to-marketaccounting,hasexacerbatedthecrisisbyrequiringsignificantwrite-downofassets,resultinginsharpdecreasesinregulatorycapitalofbanksandotherfinancialinstitutions(se
3、eWilliamIsaac,“HowtoSavetheFinancialSystem,”WallStreetJournal,September19,2008;JohnBerlau,“MaybetheBanksAreJustCountingWrong,”WallStreetJournal,September20,2008;GaryGorton,“ThePanicof2007,”YaleICFWorkingPaperNo.08-24).ThecrisisledtoswiftandunprecedentedactionsfromtheTreasuryDepar
4、tment,theFederalReserve,andCongress,includingthe$700billionTroubledAssetsReliefProgram(TARP)tohelpfinancialinstitutions.InOctober2008,CongresspassedtheEmergencyEconomicStabilizationAct,authorizingtheSECtosuspendSFAS157forsomeissuersorcertaintransactionsinordertoprotectinvestorsan
5、dthepublicinterest.TheactalsodirectedtheSECtostudythestandard’simpactonfinancialinstitutions’balancesheetsandonbankfailures,aswellastosuggestalternativeaccountingstandards.FASBsoonissuedthreeStaffPositions(FSP)—FSPFAS157-4,“DeterminingFairValueWhentheVolumeandLevelofActivityforth
6、eAssetorLiabilityHaveSignificantlyDecreasedandIdentifyingTransactionsThatAreNotOrderly”;FSPFAS107-1andAPB28-1,“InterimDisclosuresAboutFairValueofFinancialInstruments”;andFSPFAS115-2and124-2,“RecognitionandPresentationofOther-Than-TemporaryImpairments”—aspartofitsresponsetotheconc
7、ernsrelatedtomeasurementandrecognitionoffairvalueininactivemarkets.TheauthorsdiscusshowtoimplementtheseFSPs,provideexamplesanddecisionflowchartstoaidtheprocess,anddiscusstheirimplications.ForbackgroundinformationonFSPFAS157-4,itslinkagewithSFAS157,andthemarketandpreparers’reactio
8、nstoit,see“FairValue’s‘How’Meets‘When’:T
