此次金融危機歸咎于公允價值是否公平？【外文翻譯】

1、原文：IsItFairtoBlameFairValueAccountingftheFinancialCrisisRobertC.PozenWhatwastheprimarycauseofthecurrentfinancialcrisisSubprimemtgagescreditdefaultswapsexcessivedebtNoneofthosesaysSteveFbeschairmanofFbesMediasometimepolit

2、icalcidate.Inhisviewmarktomarketaccountingwas“theprincipalreason”thattheU.S.financialsystemmelteddownin2008.DoaccountingrulesactuallypacksuchawallopFreadersnotschooledinfinancialjargonmarkingtomarketisthepracticeofrevalu

3、inganassetquarterlyaccdingtothepriceitwouldfetchifsoldontheopenmarketregardlessofwhatwasactuallypaidfit.Becausethepracticeallowsfnooutdatedwishfulthinkingvaluationsitisakeycomponentofwhatisknownasfairvalueaccounting.itis

4、atthecenterofthehottestaccountingdebateindecades.Manybankerspilliedfairvalueaccountingwhenthesuddenseizeupofcreditmarketsinthefallof2008drovetheclearingpricesfkeyassetsheldbytheirinstitutionstounprecedentedlows.Economist

5、BrianWesburyrepresentedtheviewsofthatgroupwhenhedeclared“Marktomarketaccountingruleshaveturnedalargeproblemintoahumongousone.Avastmajityofmtgagescpatebondsstructureddebtsarestillperfming.Butbecausethemarketisfrozenthepri

6、cesoftheseassetshavefallenbelowtheirtruevalue.”WesburyFbesarguethatmarkingtomarketpushedmanybankstowardinsolvencyfcedthemtounloadassetsatfiresalepriceswhichthencausedvaluestofallevenfurther.Persuadedbysuchargumentssomepo

7、liticiansintheUnitedStatesEuropehavecalledfthesuspensionoffairvalueaccountinginfavofhisticalcostaccountinginwhichassetsaregenerallyvaluedatiginalcostpurchaseprice.Yetmarktomarketaccountingcontinuestohaveitsproponentswhoa

8、reequallyadamant.LisaKoonceanaccountingprofessattheUniversityofTexaswroteinTexasmagazine:“Thisissimplyacaseofblamingthemessenger.Fairvaluerulesmostassetsarecarriedattheirpurchasepriceiginalvaluewithminadjustmentsfdepreci

9、ationovertheirlife(asinthecaseofbuildings)fappreciationuntilmaturity(asinthecaseofabondboughtatadiscounttopar).Abuildingownedbyacompanyfdecadestherefeislikelytoappearonthebooksatamuchlowervaluethanitwouldactuallycomminto

10、day’smarket.Howeverevenunderhisticalaccountingcurrentmarketvaluesarefactedintofinancialstatements.U.S.regulatsrequireallpubliclytradedcompaniestoscrutinizetheirassetscarefullyeachquarterertainwhethertheyhavebeenpermanent

11、lyimpaired—thatiswhethertheirmarketvalueislikelytoremainmateriallybelowtheirhisticalcostfanextendedperiod.Iftheimpairmentisnotjusttemparythecompanymustwritetheassetdowntoitscurrentmarketvalueonitsbalancesheet—recdtheresu

12、ltinglossonitsincomestatement.Permanentimpairmentsofassetshappenfrequentlyunderhisticalcostaccounting.In2008aloneSlerO’Neill&PartnersreptsU.S.bankswrotedownmethan$25billioningoodwillfromacquisitionsthatwerenolongerwththe

13、irpurchaseprice.InanexampleoutsidethebankingfieldCimarexEnergydeclaredalossfthefirstquarterof2009despiteanoperatingprofitowingtoanoncashimpairmentgeofmethan$500million(oftaxes)againstitsoilgasproperties.Thepointisthateve

14、nunderhisticalcostaccountingfinancialinstitutionsareultimatelyfcedtoreptanypermanentdecreaseinthemarketvalueoftheirloanssecuritiesalbeitmeslowlyinlargerlumpsthanunderfairvalueaccounting.Mostbankexecutivesresistsuchwrited

15、ownsarguingthattheimpairmentofagivenloanmtgagebackedbondisonlytempary.Howeverasthefinancialcrisisdragsonmtgagedefaultratescontinuetorisebankerswillfaceincreasingpressurefromtheirexternalauditstorecognizelossesonfinancial