公允價值會計【外文翻譯】

1、公允價值會計【外文翻譯】本科畢業(yè)設(shè)計(論文)外文翻譯外文題目 Fair Value Accounting夕卜文出處 Fair Value Accounting J. Federal ReserveBulletin, 2005. 91(1) :2629.外文作者蘇珊.施密特原文：Fair Value AccountingAdapted from remarks by Susan Schmidt Bies, Member, Board of Governors ofthe Federal Reserve System, to the International Association of Cre

2、dit Portfolio Managers General Meeting, November 18, 2004.Good morning. I appreciate the opportunity to participate in yourFall General Meeting. As my colleagues at the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) will agree, fair valueaccountin

3、g poses many challenges and has sparked significant industry debate.The subject of fair value accounting has been discussed in theUnited States for well over a decade. Advocates of fair value accounting believe that fair value is the most relevant measure for financial reporting. Others believe that

4、 historical cost provides a more useful measure because it more clearly represents the economics of business performance and because fair value estimates not be reliable or verifiable.So, which is more appropriate-fair value or historical cost? Let me share withyou the Federal Reserve1 s long-standi

5、ng position on this issue. As a supervisor of the U. S. banking system, we want to ensure that financial institutions follow sound accounting policies and practices. We continue to support improved transparency and enhanced financial disclosures, which promote market discipline and provideuseful inf

6、ormation to decision makers. We also support fair value accounting for assets and liabilities used in the business of short-term trading for profit, such asthe trading account for banks. We support enhanced disclosures of fair-value-based information as part of broader descriptions of risk exposures

7、 and risk management, we believe that the accounting industry should be very careful before moving toward a more comprehensive fair value approach, where all financial assetsand liabilities are recorded on the balance sheet at fair value and changes in fair value are recorded in earnings, whether re

8、alized or not.The FASB recendy issued a proposed standard on fair value measurements that provides a general framework for valuing assets and liabilities that are currendy measured or disclosed at fair value.， At this time, it does not expand the use offair values in the primary financial statements

9、. I would like to summarize and share with you the Federal Reserve's views on the proposed standard, which wereprovided to FASB in a comment letter as part of the exposure process.We see the proposal as a good first step toward enhancing measurement guidance in this area. However, as I will disc

10、uss in a moment, a number of important issues warrantfurther consideration, especially before dramatic moves are madeToward increased fair value accounting.But before discussing these specific issues, allow me to emphasize one importantpoint. As a bank supervisor, the Federal Reserve believes that i

11、nnovations inrisk management are very important to the continued improvement of our financial system. New methods and financial instruments allow banking organizations to improve their risk management practices by selecting target levels of risk exposures and shedding or limiting unwanted positions.

12、 Accounting frameworks should improve transparency around business decisions and outcomes without providing a disincentive to better management of risk.Fair value measurement issues that warrant further consideration Reliability and MeasurementIf markets were liquid and transparent for all assets an

13、d liabilities, fair valueaccounting clearly would be reliable information useful in the decision making process. However, because many assets and liabilities do not have an active market, the inputs and methods for estimating their fair value are more subjective and, therefore, the valuations less r

14、eliable.Research by Federal Reserve staff shows that fair value estimates for bank loans can greatly depending on the valuation inputs and methodology used. For example, observed market rates for corporate bonds and syndicated loans within lower rated categories have varied by as much as 200 to 500

15、basis points. Such wide ranges occur even in the case of senior bonds and loans when obligors are matched .The FASB statement on the proposed fair value standard suggests that reliability can be significandy enhanced if market inputs are used in valuation. However，because management uses significant

16、 judgment in selecting market inputs when market prices are not available, reliability will continue to be an issue.The proposal identifies three levels of estimates, with the lowest priority given tolevel-3 estimates. These estimates are not based on quoted prices in active markets for either ident

17、ical or similar assets or liabilities, but rather on mark-to-mode1 estimates.The proposal suggests that the use of multiple approaches, such as the market, income, and replacement-cost methods, will improve reliability of these estimates.However, the number of approaches adds little to reliability i

18、f all the methods are based on the same underlying information, as would often be the case for financialinstruments.In our role as a bank supervisor, we have observed that minor changes in anumber of assumptions in a pricing model can have a substantial effect. Generally,we are comfortable with the

19、fair value measurement process for liquid trading instruments that financial institutions have had significant experience in valuing. However, we believe for less-liquid assets and liabilities, reliability is asignificant Concern.Martagement BiasThe fact that management uses significant judgment in

20、the valuation process, particularly for level-3 estimates, adds to our concerns about reliability. Managementbias, whether intentional or unintentional, may result invalue measurements and misstatements of earnings and equity capital. This was thecase in the overvaluation of certain residual tranche

21、s in securitizations in recent years, when there was no active market for these assets. Significant write-downs of overstated asset valuations have resulted in the failure of a number of finance companies and depository institutions. Similar problems have occurred due to overvaluations in nonbank tr

22、ading portfolios that resulted in overstatements of income and equity.The possibility for management bias exists today. We continue to see news stories about charges of earnings manipulation, even under the historical costaccounting framework. We believe that, without reliable fair value estimates,

23、thepotential for misstatements in financial statements prepared using fair value measurements will be even greater.VerificationAs the variety and complexity of financial instruments increases, so does theneed for independent verification of fair value estimates. However, verification ofvaluations th

24、at are not based on observable market prices is very challenging. Many of the values will be based on inputs and verify. Bothauditors and users of financial statements, including credit portfolio managers, will need to placegreater emphasis on understanding how assets and liabilities are measured an

25、d how reliable these valuations are when making decisions based on them.Compound Values and Revenue RecognitionThe value of a financial instrument may, in some cases, be coupled with anintangible value. For example, a servicing asset can be considered to reflect twovalues: a financial instrument tha

26、t is similar to an interest-only strip and an intangible value reflecting the contractual right to perform services over time in exchange for a fee. The current accounting framework often requires different accounting and disclosure treatments for financial and nonfinancial components. However, the

27、accounting literature offers litde guidance on when these assets should be separated and how to determine the separate valuations. This lack of guidance may in some cases result in questionable or inappropriate practices, such asincluding projected income from cross-marketing activities in the valua

28、tion offinancial instruments. Additional guidance to address these issues is warranted.Also, consideration must be given to revenue recognition issues in a fair value regime. We must ensure that unearned revenue is not recognized upfront, as it inappropriately was by certain high tech companies not

29、so long ago.DisclosuresFair values reflect point estimates and by themselves do not result in transparent financial statements. Additional disclosures are necessary to bring meaning to these fair value estimates. FASB's proposal takes a first step toward enhancing fair value disclosures related

30、to the reliability of fair value estimates. I believe that additional types of disclosures should be considered to give users of financial statements a better understanding of the relative reliability of fair value estimates. These disclosures might include key drivers affecting valuations, fair-val

31、ue-range estimates, and1 confidence levels.Another important disclosure consideration relates to changes in fair value amounts. For example, changes in fair values of securities portfolios can arise from movements in interest rates, foreign currency rates, and credit quality, as well aspurchases and

32、 sales from the portfolio. For users to understand fair value estimates, Ibelieve that they must be given adequate disclosures about what factors caused the changes in fair value.Considerations for credit portfo1io/managementFair value estimates affect the information you use as credit portfolio man

33、agers. Today's financial statements are based on a mixed- attribute accounting model. This means that an entity's balance sheet may include certain values reported at historical cost and certain values reported at fair value.Fair values may be used as an analytic tool in the lending process

34、and are compared with historical cost values. This historical cost information, along withassociated disclosures, contains reliable information that provides insights into a firm's expected cash fiows. As the industry moves toward expanded use of fair value,I believe disclosure of certain histor

35、ical cost information will remain essential.As indicated above, the reliability of the valuations and the transparency of the methods and inputs used to calculate the values are critically important. Clearly, fairvaluations will have an impact on leverage ratios, capital ratios, and other ratiosused

36、 in the lending an credit management process. Credit portfolio managers will need to identify and understand the impact of changes in fair value estimates that result from changes in specific factors, economic conditions， managementjudgment, modeling techniques, and so forth and distinguish these ma

37、rk to model factors from realized gains or losses.Accounting treatment for credit derivativesUnder U. S. generally accepted accounting principles, credit derivatives aregenerally required to be recognized as an asset or liability and measured at fair value,and the gain or loss resulting from the cha

38、nge in fair value must be recorded in earnings. Most credit derivatives do not qualify for hedge accounting treatment,which would permit the gain or loss on the credit derivative to be reported in the same period as the gain or loss on the position being hedged, assuming the hedge iseffective. There

39、fore, the use of credit derivatives can result in earnings volatility.Consider a credit derivative that hedges credit risk of a loan, for example. Asthe loan" s credit quality deteriorates, the value of the credit derivative improves.Since the loan is recorded at historical cost, and the credit

40、 derivative is marked toif the loan's credit qualityfair value, a gain from the change in value of the derivative is recognized in earnings. Conversely, improves, the value of the creditderivative declines, resulting in a reported loss. These gains and losses may be offset by the level of provis

41、ions that are established for estimated credit losses on the loan,but this would likely result in only a partial offset.As management attempts to reduce this earnings volatility, we may see changesin risk-management practices. Unfortunately, some managers might use fewer creditderivatives to reduce

42、credit risk due to this potential earnings volatility. Accordingly,setters of accounting standards need to consider improvements to the accounting treatment that do not result in a disincentive to those who prudently use credit derivatives for risk-management purposes.Is fair value accounting the an

43、swer to this volatility issue? If the hedged asset were measured at fair value, the changes in values of the hedged item and the credit derivative may offset each other, reducing the volatility that arises when only thederivative is marked to market and not the hedged item. Of course, the degree of

44、theearnings volatility under a full fair value accounting approach would depend on the effectiveness of the hedge.The IASB developed the new fair value option' under International Accounting Standard (IAS) 39. Using this option, companies that use international accountingstandards will be permit

45、ted to apply fair value accounting to certain financial instruments that hey designate at the time of purchase or origination. Accordingly,firms using the fair value option could mark to market both the credit derivative and the hedged position and report changes in their fair values in current earn

46、ings.While at first glance the fair value option might be viewed as the solution to addressing the problems of the mixed-attribute model, it also raises a number ofconcerns. Many of these concerns, as well as recommendations to address them.were included in a comment letter to the IASB from the Base

47、l Committee on Banking Supervision (Basel Committee) issued on July 30. 3Many of the Basel Committee's concerns are similar to those I described above and can be summarized as follows. Addressing reliability and verifiability issues, thecommittee suggested that, without observable market prices

48、and sound valuationapproaches, fair value measurements are difficult to determine, verify, and audit. Italso suggested that reporting will become more complex and less comparable.The Basel Committee comment letter also discussed the own credit risk issue. If an entity's creditworthiness deterior

49、ates, financial liabilities would be marked downto fair value and a gain would be recorded in the entity, s profit and loss statement. In the most dramatic case, an insolvent entity might appear solvent as a result of marking to market its own deteriorated credit risk.To address these concerns, the

50、Basel Committee recommended certain restrictions on the fair value option, such as disallowing the marking to market ofcredit risk of the institution, s own outstanding debt and prohibiting the fair valueoption for illiquid financial instruments. It also suggested that the fair value option be limit

51、ed to transactions that seek to economically hedge risk exposures and to situations in which accounting volatility associated with the mixed attribute model can be reduced. Lastly, it recommended enhanced disclosures related to the fair value option.Representatives of the Basel Committee continue to

52、 work constructively with the IASB on these issues, and I believe this dialogue can lead to a more balanced approach to the fair value option that supports transparent accounting and sound risk management policies in a manner consistent with safe and sound banking practices.conclusionFASB's fair

53、 value measurement standard is a good first step toward developing enhanced guidance for the estimation of fair values.However, much more workneeds to be done before fair value estimates are reliable, verifiable, and auditable.Credit portfolio managers will need to be aware of these movements to fai

54、r value accounting and how they will affect your understanding of companies you evaluate.Credit derivatives can be a useful tool in managing credit risk.However, theyraise thorny accounting issues. While IASB, s fair value option is one possible approach to addressing these problems, further develop

55、ment of this alternativeaccounting method should move forward in a balanced fashion to ensure that it results in an actual improvement in accounting practices.Source: Susan Schmidt Biers. Fair Value AccountingJL. FederalReserve Bulletin, 2005.91 (1):2629.譯文：公允價值會計改編自2004年11月18日，管理理事會的聯(lián)邦儲備銀行系統(tǒng)、國際協(xié)會信用

56、 證券投資經(jīng)理大會成員蘇珊施密特的言論。早上好。我很希望有機(jī)會參與你們的大會。我在財務(wù)會計準(zhǔn)則委員會(FASB)以 及與國際會計準(zhǔn)則委員會QASB)的同事也將會同意：公允價值會計提出許多挑戰(zhàn)并 且已經(jīng)引發(fā)了卓越的行業(yè)辯論。公允價值會計的主題在美國討論超過十年了。公允價值會計的支持者相信對金 融中心報告來說公平價值是最恰當(dāng)?shù)拇胧?。然而，另一些人卻認(rèn)為歷史成本提供了 一個更為有用的措施，因為它清楚地代表了商業(yè)經(jīng)濟(jì)學(xué)和經(jīng)營業(yè)績，并且公允價值 估計可能不會可靠或者是可以被證實的。所以，公允價值和歷史成本哪個更適當(dāng)呢?讓我和你一起分享這個聯(lián)邦儲備的 長期的立場問題。作為一名美國銀行系統(tǒng)的管理者，我們想要

57、的是確保金融機(jī)構(gòu)遵 循會計政策和實踐。我們繼續(xù)支持提高和增強(qiáng)市場運(yùn)作透明度的財務(wù)披露，促進(jìn)市 場規(guī)律并提供有用的信息和決策。我們也支持對資產(chǎn)的公允價值計量以及負(fù)債用于 短期的交易。對利潤的追逐，如銀行賬戶。我們支持提高以公允價值為基礎(chǔ)，披露更廣泛的 描述信息作為風(fēng)險暴露和風(fēng)險管理的手段。然而，我們相信會計行業(yè)中應(yīng)非常仔細(xì) 地向更加全面公平價值投資法轉(zhuǎn)變，所有金融資產(chǎn)和負(fù)債都要按公平價值和公允價 值變動，被記錄在資產(chǎn)負(fù)債表內(nèi)，記錄盈利是否實現(xiàn)。美國財務(wù)會計標(biāo)準(zhǔn)委員會最近提請標(biāo)準(zhǔn)公允價值計量，提供一個一般框架來評 估資產(chǎn)和負(fù)債，在這個時間內(nèi)測量公允價值或披露，不推廣公允價值基本財務(wù)報 告。我想和大

58、家分享一下美國聯(lián)邦儲備委員會的觀點(diǎn)。綜合性理論是財務(wù)會計標(biāo)準(zhǔn) 委員會在這一問題基礎(chǔ)上提出的評論信的一部分。我們看到第一步是在這個地區(qū)提 高測量的指導(dǎo)。但是，正如我討論時，對一個數(shù)字重要的問題進(jìn)行深入思考，特別 是在戲劇性的舉動是對公允價值會計增加。但是在討論這些具體問題時，允許我強(qiáng)調(diào)一個重要的觀點(diǎn)。作為一名銀行主 管，美聯(lián)儲認(rèn)為創(chuàng)新對其在風(fēng)險管理是非常重要的，有利于持續(xù)改善我們的金融體 系。新方法和金融工具允許銀行業(yè)組織通過選擇目標(biāo)水平的暴露和風(fēng)險的目標(biāo)流或限制不必要的位置來改善他們的風(fēng)險管理習(xí)慣。會計框架應(yīng)提高透明度左 右商業(yè)決策和成果而不是提供機(jī)會遏制了更好的管理風(fēng)險。保證進(jìn)一步考慮公允價

59、值計量問題可靠性和測量如果市場是所有的透明資產(chǎn)債務(wù)，公允價值會計的清楚可靠的信息有助于決策 過程。然而，由于許多的資產(chǎn)和債務(wù)沒有活躍市場、投入和方法，他們的公允價值 估算更主觀。因此，估值更可靠。美聯(lián)儲的研究人員表明，根據(jù)不同的評估輸入和方法使用，公平價格對銀行貸 款價格估計會有很大的影響。例如，觀察市場價格購買公司債券范疇內(nèi)的各不相 同，高達(dá)200人500個基點(diǎn)。這樣，即使在發(fā)生大范圍申請高級債券和貸款債務(wù)人 時也是匹配的。美國財務(wù)會計標(biāo)準(zhǔn)委員會提出公允值可靠性標(biāo)準(zhǔn)表明，市場投入用于報價。然 而，由于當(dāng)市場價格是無效時，管理運(yùn)用重大判斷市場投入選擇，可靠性將繼續(xù)成 為問題。這個建議標(biāo)識出三個層次的估計，最低優(yōu)先level-3估計。無論是相同或相似 的資產(chǎn)、負(fù)