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1、本科毕业论文（设计）外文翻译外文出处AccoiinlingandBusinessResearch，InternationalAccountingPolicyForum外文作者MichaelPower原文：Fairvalueaccounting,financialeconomicsandthetransformationofreliabilityFairvalueandthereshapingofreliabilityTheconceptoffairvaluemeasurementemergedinfinancialaccounti
2、ngandwasacceptedintheabstractlongbeforeitwasasubjectofanalysisanddispute(Bromwich,2007).Furthermore,fairvalueisnotitselfasinglemeasurementmethodologybutencompassesavarietyofapproachesfortheestimationofanexitvalue.Soitishardlysurprisingthatmanyoftheargumentswhichhavebe
3、endevelopedforandagainsttheuseoffairvaluesinaccountingarenotwell-supportedbyevidence;disputantsoftentalkpasteachother.However,therelativeabsenceofjustificationsbystandard-settersisalsoresponsibleforthepoweroffairvalueaccountingasareferencepointindebate.Aswithoperation
4、alrisk,policyconceptscanbearticulatedintheabstractbyregulatorsandacceptedbyindustrybeforecomplexandmessyissuesofimplementationcomeintoplay(Power,2005).Definitionsoffairvaluevaryinsubtlewaysthatmayendupmatteringinlawbutfromafar,andtotheuntutoredeye,theylooksimilar.FAS1
5、57(FASB,2006)definesfairvalueas:'thepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionbetweenmarketparticipantsatthemeasurementdate'.LASB(2009)reproducesthisasacoreprinciple.Thisdefinition,whichhasexistedinvariousslightlymodifiedform
6、sformanyyears,mightappearuncontentious.Yet,itisacomplexhybridofideasand12assumptionswhichpointtotheestimatedpricesthatmightbereceivedinamarket,onewhichturnsouttohavespecificandassumedcharacteristics.Thiscausesseveralcommentatorstoremarkonthe'fictional'and'imaginary'na
7、tureoffairvalues(e.g.CassonandNapier,1997)andtobemoantheir'subjectivity'andpotentialformanipulationandbias.Indeed,Bromwich(2007)outlineshowmanyassumptionsunderlietheproductionoffairvaluesanddrawstheconclusionthattheunderstandingoffairvaluemayvaryconsiderably.Regardles
8、sofwhetherthesecriticismshavesubstance,itisalsothecasethatifenoughpeoplebelieveinfictions,thentheycanplayaroleinconstituting
