公允价值会计和当前金融危机【外文翻译】

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1、本科毕业论文（设计）外文翻译外文出处CPAJournal外文作者JonhM.TrusselandLauraC.Rose原文：FairValueAccountingandtheCurrentFinancialCrisisTheaccountingforfinancialassetsandliabilitiesisacomplexissuethathasbeenevolvingtowardtheuseoffairvalue.BoththeFASBandIASBprovidetheoptionofusingfairvalueacco

2、untinginreportingfinancialassetsandliabilitiesandcertainotheritems.Thismoveisnotwithoutcontroversy.Manyhaveopinedthattheuseoffairvalueaccounting,asopposedtohistoricalcostaccounting,hashelpedcausetheturmoilthefinancialmarkets.Researchindicatesthattheexclusiveuseofone

3、accountingmethodmaynotbeefficientforfinancialinstitutions.TheauthorsbelievethattheFASBshouldconsideranalternativeaccountingapproachthatwouldincorporatebothsystemsandmitigatetheinefficienciesofusingjustoneaccountingmethod.Inseekingtoexplainthecurrentfinancialcrisis,t

4、hespotlighthasturnedtofairvalueaccountingandfinancialinstitutions.FASBissuedSFAS157.FairValueMeasurements,inSeptember2006.Shortlythereafter,theproblemsrelatedtothesubprimemortgagemarketbegantosurface.Manybegantoquestionwhetherornotthecurrentdistressinfinancialinstit

5、utionsisrelatedtothenewaccountingstandard.Didthenewstandardexacerbatetheproblemsormerelyilluminatethem?InOctober2008.ThenPresidentGeorgeW.BushsignedintolawtheEmergencyEconomicStabilizationActof2008(EESA),theso-calledbailoutbill.Undersection132oftheEESA.Congressgavet

6、heSECtheauthoritytosuspendtheuseoffairvalueaccountingunderSFAS157.Section133requirestheSECtoconductastudyofthefairvalueaccountingasstipulatedinSFAS157.SeeExhibit1forexcerptsfromthesetwosectionsoftheEESA.NotethatinSection133,Congress7evencallsontheSECto"reviewtheproc

7、essusedbytheFinancialAccountingStandardsBoardindevelopingaccountingstandards."Thisisamuchbroadermandatethanjuststudyingasingleaccountingstandard.Theuseoffairvalueaccountinghasbeenexpandinginreportingstandardsundergenerallyacceptedaccountingprinciples(GAAP)inrecentye

8、ars.SFAS157definesfairvalueandprovidesmethodsofderivingfairvaluesfordifferenttypesoffinancialassetsandliabilities.Fairvalueaccountingstand