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1、外文翻译原文FairValueAccountingMaterialSource:financialservicesoutlookAuthor:PeterJ.WallisonFairvalueaccounting,introducedformallyin1993bytheFinancialAccountingStandardsBoard(FASB),wasintendedtomakefinancialstatementseasiertocompareandbalancesheetsmorereflectiveofrealvalues.Instead,asappliedbyaccountan
2、tsinthecurrentcreditcrunch,ithasbeentheprincipalcauseofanunprecedenteddeclineinassetvaluesandanunprecedentedriseininstabilityamongfinancialinstitutions.Thesystemhastoberethought,notonlybecauseofitscontributiontofinancialinstabilitybutalsobecauseitsprocyclicalitytendstocreateassetbubblesandexacerb
3、atetheeffectsoftheircollapse.Thisisanessayaboutaccounting,butthatisnotagoodreasontostopreading.Ithasbeenmorethanayearsincethecreditcrisisbegan,anditisnowbecomingclearthataccounting—specifically,whatiscalledfairvalueaccounting—isatthecoreofit.Ifyouthinkaccountingissimplyawayofrecordingnumbers,thin
4、kagain.Accountingisahighlyconceptualartinwhichmanyobjectivescompeteforpriority.Andasinpolitics,appearanceisoftenthesamethingasreality.Thefinancialconditionofacompanymayappearstrongorweakdependingontheaccountingtheorythatisusedtovalueitsassets.Trillionsofdollarsinworldwideinvestorlosses—andtheimme
5、nselossesperhapsstilltocome—testifytothepowerofaccountingconceptstoshapereality.Awiderangeofculpritshasbeenimplicatedintheconventionalanalysisoftoday’screditcrisis.Subprimemortgagebrokersunconcernedaboutthequalityoftheirloans,subprimeborrowerstakingloanstheyknewtheycouldnotrepay,sloppyunderwritin
6、gbylenders,condo-flippershopingtoselltheirpropertiesbeforethemortgagereset,impenetrablycomplexsecuritizedinstrumentscreatedbyfinancialwhizkids,poorratingagencymodels,shoddyriskmanagementatbanks,lazinessorinattentionbyinvestors,irresponsiblesalespracticesbysecuritiesfirms,andineffectivesupervision
7、byregulatorsareallelementsthatareproperlycitedascontributingcauses.Butfor$500billioninbadsubprimedebttocauseayear-longcrisisinafinancialmarketwithglobalassetsof$140trillion,somethingelsehadtobeatwork.Thatsomethingelsei
