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1、0外文文獻翻譯外文文獻翻譯原文:RecentDevelopmentsinFairValueAccountingSFAS157FairValueMeasurementswhichbecameeffectiveinJanuary2008definesfairvalueprovidescomprehensiveimplementationguidancefapplyingittoassetsliabilitiesfmeasurementund
2、erGAAP.Sincethenthemeltdownoffinancialmarketsadeepeningrecessionhaveledtoareappraisaloffairvalueaccounting.Criticsarguethatthefairvalueaccountingcommonlycalledmarktomarketaccountinghasexacerbatedthecrisisbyrequiringsigni
3、ficantwritedownofassetsresultinginsharpdecreasesinregulatycapitalofbanksotherfinancialinstitutions(seeWilliamIsaac“HowtoSavetheFinancialSystem”WallStreetJournalSeptember192008JohnBerlau“MaybetheBanksAreJustCountingWrong”
4、WallStreetJournalSeptember202008GaryGton“ThePanicof2007”YaleICFWkingPaperNo.0824abstract=1255362).ThecrisisledtoswiftunprecedentedactionsfromtheTreasuryDepartmenttheFederalReserveCongressincludingthe$700billionTroubledAs
5、setsReliefProgram(TARP)tohelpfinancialinstitutions.InOctober2008CongresspassedtheEmergencyEconomicStabilizationActauthizingtheSECtosuspendSFAS157fsomeissuerscertaintransactionsindertoprotectinveststhepublicinterest.Theac
6、talsodirectedtheSECtostudythestard’simpactonfinancialinstitutions’balancesheetsonbankfailuresaswellastosuggestalternativeaccountingstards.FASBsoonissuedthreeStaffPositions(FSP)—FSPFAS1574“DeterminingFairValueWhentheVolum
7、eLevelofActivityftheAssetLiabilityHaveSignificantlyDecreasedIdentifyingTransactionsThatAreNotderly”FSPFAS1071APB281“InterimDisclosuresAboutFairValueofFinancialInstruments”FSPFAS11521242“RecognitionPresentationofOtherThan
8、TemparyImpairments”—aspartofitsresponsetotheconcernsrelatedtomeasurementrecognitionoffairvalueininactive2significantdeclinesinanasset’svolumeleveloftradingactivityoccuravailablepricesvarysignificantlyovertimeamongmarketp
9、articipantsifobservablepricesarenotcurrentthemarketsmaybedeemedinactive.ThefairvaluemeasurementobjectivesofSFAS157shouldapplyequallytoinactiveactivemarkets.NeverthelessFSPFAS1573doesnotdefine“inactive”whileitmentionsseve
10、ralfactssuchasquotedpricesanalystreptsinterestratesbrokerquotestobeconsideredindeterminingfairvalueitprovidesnoguidanceastotheirrelativeimptancehowtoaggregatethem.Companiesthemselvesshoulddeterminewhetherthemarketfaparti
11、cularassetisinactiveonthemeasurementdateifsodecideonthenecessaryadjustmentsfobservableinputs.FSPFAS1573alsorequirestheconsiderationofnonperfmanceliquidityrisksinvaluation.Nonperfmanceriskreferstoobligationsthattheliabili
12、tywillnotbefulfilledliquidityriskreferstothebuyerfindingdifficultysellingtheassetundercurrentmarketconditions.Addingliquiditypremiumswhichcanbesubstantialininactivemarketsputsthefairvaluebacktowhatthemarketparticipantswi
13、llpayatthemeasurementdateessentiallyreflectinginactivedisderlymarkets.TheseshtcomingsledFASBtorescindFSPFAS1573inApril2009makingiteffectiveonlyfromthelastquarterof2008tothefirstquarterof2009.TheSEC’sDecember2008marktomar
14、ketaccountingstudyhadrecommendedthatFASBprovideadditionalguidancetoidentifyfceddistressedtransactionsinactivemarketsdeterminefairvalueundersuchconditions.InMarch2009theHouseFinancialServicesCommitteeheldahearingonmarktom
15、arketaccountingwhereiturgedFASBtoactquicklyfacelegislativeintervention.TomeettheSECmatetoaddresstheconcernsexpressedatthehearinginApril2009FASBissuedFSPFAS1574.SupersedingFSPFAS1573FSPFAS1574becameeffectivefreptingperiod
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