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1、1本科畢業(yè)論文（設(shè)計(jì)）外文翻譯外文出處JouurnalofAccountancy外文作者PaulR.Bahnson原文：原文：RefiningFairValueMeasurementFASBStatementno.157definesfairvalueas“thepricethatwouldbereceivedtosellanassetpaidtotransferaliabilityinanderlytransactionbetween

2、marketparticipantsatthemeasurementdate.“ThestarddoesnotrequirefairvaluestobeusedinanysituationsrotalreadycoveredbyGAAPthatexistedwhenitwasissued.The“FairValueHierarchy“isthecentralcomponentofStatementno.157.Theboardident

3、ifiesanderofpreference(Level1Level2Level3inputs)thatmanagementmustapplyinestimatingthefairvaluesofassetsliabilities.Thestardestablishesdisclosurerequirementsthatrevealtofinancialstatementusershowthefairvalueestimateswere

4、producedbecausevaryingdegreesofprecisionresultfromusingdifferentkindsofinputs.Statementno.157iseffectivefannualstatementsffiscalyearsbeginningafterNov.152007finterimreptspreparedinthatinitialfiscalyear.FASB157upgradesthe

5、qualityoffinancialrepting.FASBissuedastardinfall2006withtheunderstatedtitleFairValueMeasurements.OnonehFASBStatementno.157appearstoshakethefoundationofhisticalcostmeasurement.Ontheotheritappearsinnocuousbecauseitdoesntco

6、mpelgreateruseoffairvalues.Infactthestarddoesabitofboth.EitherwayCPAsshouldquicklyacquaintthemselveswiththenewrulesinceitbecomeseffectivefannualstatementsffiscalyearsbeginningafterNov.152007finterimreptspreparedinthatini

7、tialfiscalyear.IndeedStatementno.157doesnotrequirefairvaluestobeusedinanysituations3Thestardstatesthat“fairvalueisthepricethatwouldbereceivedtosellanassetpaidtotransferaliabilityinanderlytransactionbetweenmarketparticipa

8、ntsatthemeasurementdate.“Fewmaycomprehendthatthisdefinitionistheboardsquietresolutionofthelongstingcontroversyofwhetherfairvalueshouldbebasedonwhattheownerwouldreceiveuponsellinganasset(exitvalue)whatitwouldpaytobuyanewo

9、ne(entryvalue).Theaccompanyingsidebar“EntryExitValues“describesmeaboutthisissuehowFASBwkedaroundthecontroversy.THEHIERARCHYThecentralcomponentofStatementno.157isitsdeionofthe“FairValueHierarchy“(paragraphs2231).Theboardi

10、dentifiespriitiesthatmanagementmustfollowinestimatingthefairvaluesofassetsliabilities.ThehierarchydescribesinputsId.measurementmodelswithoutactuallyspecifyingwhichmodelsshouldbeusedTherelationshipsamongthethreelevelsofin

11、putsaredescribedbytheflowtinExhibit1.Level1.Thepreferredinputstovaluationefftsare“quotedpricesinactivemarketsfidenticalassetsliabilities“withthecaveatthatthereptingentitymusthaveaccesstothatmarket(paragraph24).Infmationa

12、tthislevelisbasedondirectobservationsoftransactionsinvolvingthesameassetsliabilitiesnotassumptionsthusofferssuperireliability.Howeverrelativelyfewitemsespeciallyphysicalassetsactuallytradeinactivemarkets.Level2.FASBackno

13、wledgedthatactivemarketsfidenticalassetsliabilitiesarerelativelyuncommonevenwhentheydoexisttheymaybetoothintoprovidereliableinfmation.Todealwiththisshtageofdirectdatatheboardprovidedasecondlevelofinputsthatcanbeappliedin

14、threesituations.Thefirstinvolveslessactivemarketsfidenticalassetsliabilitiesthiscategyisrankedlowerbecausethemarketconsensusaboutvaluemaynotbestrong.Thesecondariseswhentheownedassetsowedliabilitiesaresimilartobutnotthesa

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