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1、外文文献翻译原文:FairValueChangesAheadTheuseoffairvalueinfinancialreportingisnotnew;itisrequiredorpermittedundermanystandards,someofwhichhavebeeninplacefordecades.Yet,givenitsroleintheassetwrite-downsandmarketvolatilityprecipitatedbythefinancialcrisis,therehasbeenconsiderablediscussionanddebateabo
2、uttheuseoffairvalueinfinancialreporting.Asthefinancialcrisishasbroadened,thedebatehasevolvedintoaglobaloneinvolvingnotonlyFASBanditsinternationalcounterpart,theInternationalAccountingStandardsBoard(IASB),butalsosecuritiesparticipantsintheglobalcapitalmarkets.Responsestothefinancialcrisisha
3、vefocusedonfairvalueaccountingandhaveledtochangesinthestandardsthatwillaffectfinancialreportinggoingforward.TheFairValueDebateAtthecenterofthefairvaluedebateisSFAS157,FairValueMeasurements,whichwentintoeffectforfinancialassetsandliabilitiesin2008.SFAS157clarifiesthatwhenfairvalueisusedinfi
4、nancialreporting,themeasurementshouldrepresentacurrentmarketprice.SFAS157establishesaframeworkfordeterminingfairvalue,butitdoesnotspecifywhentousefairvalue.SFAS157anditscurrentmarketpriceobjectiveonlyapplywhenotherstandardsrequireorpermittheuseoffairvalue.ThereportingmodelintheUnitedStates
5、(andabroad)isamixed-attributemodelthatusesacombinationofmeasurements,includinghistoricalcost,fairvalue,andotherbases,suchaslowerofcostorfairvalue.Theuseoffairvaluehasexpandedinrecentyears.Forexample,morefairvaluesarenowrequiredwhenaccountingforabusinesscombinationunderSFAS141(R),BusinessCo
6、mbinations.Inaddition,companieshavetheoptiontovoluntarilyusefairvalueforcertainfinancialitemsforwhichfairvalueisnototherwiserequiredinspecifiedcircumstancesunderSFAS159,TheFairValueOptionforFinancialAssetsandFinancialLiabilities.Nevertheless,fairvalueisstillusedmostfrequentlyforfinancialas
7、sets.Butfairvalueisnotalwaysusedonanongoingbasis(mark-to-market);itoftenisusedonlywhenafinancialassetisimpaired.Intoday’sdistressedmarkets,manyofthefinancialassetsthattradeinthosemarkets(e.g.,mortgage-relatedsecurities)areimpaired.Therequirementtorecordimpairm