全部公允价值会计：它的时代已经到来【外文翻译】

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1、外文翻译原文FullFairValueAccounting:ItsTimeHasComeFairvalueaccounting,onceasubjectrelegatedfordiscussionbythegreeneyeshadeandpocketprotectorcrowd,hasmovedfromaccountingcubiclestoMainStreetandthepoliticalpowercorridorsofAmerica.Muchhasrecentlybeenwrittenabout

2、it.Muchconversationhasbeenheld.Theissuehastakenonpartisantoneswithbothstaunchproponentsanddetermined,wellfundedopponentsraisinguptheirvoices.Tosortthroughthisrhetoricitistimetolookatfairvalueaccountingobjectivelybyreturningtotheconceptualrootsofourmode

3、rnaccountingframeworkanddebunkingcertainfalsedoctrinesespousedbyfairvalueaccountingcritics.Asthisanalysiswillsubstantiate,nowisthetimeforfullfairvalueaccounting.Fairvalueaccountingisnotanewconceptorrecentphenomena:·“Assetvaluations(forfinancialinstitut

4、ions)wereatfairmarketvalue.Itwasnotuntil1938thattheFederalReserveforcedtheotherregulatorstoaccedetohistoriccostaccountingforbanks’assets.The1938accountingchangewasmadetoencouragenewlendingandtoenableprivateinvestorstoacquirefailedbanks’assetsfromthefed

5、eralauthoritieswithoutimmediatewritedownsoftheirvalue.”Earnestexplorationoffairvalueaccountingbeganintheearly1980’s,longbeforeitbecameaforcerecognizedbyMainStreetandWashington.Elementsoffairvalueaccountingslowlyenteredintogenerallyacceptedaccountingpri

6、nciples(“GAAP”)aspromulgatedbytheU.S.FinancialAccountingStandardsBoard(“FASB”).Lower-of-costormarketaccountingbecameanacceptedpractice.Writedowntomarketofpermanentlyimpairedassetsemerged.Investmentaccountingbaseduponmanagement’sintentwasinstitutedwitht

7、hreeseparateportfoliosandtreatments:held-to-maturity;heldforsale;trading.StatementofFinancialAccountingStandards(“SFAS”)#159nowallowsaone-timemanagementelectionthatisirrevocablewhereinthereportingentitycanchoosetousefairvalueaccountingforselectedfinanc

8、ialassetsorliabilities.Theresultofthispiecemealapproachhasbeenapatch-workquiltoffinancialstatementuserconfusionandreportinginconsistencydepravedofconceptualintegrityandheavilydeterminedbymanagementintentorelection.Duringtheearlydaysofcl