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1、 外文文献：FAIR VALUE ACCOUNTING IN THE BANKING SECTORThe Financial Instruments Joint Working Group (JWG) of Standard Setters issued in December 2000 the consultative document entitled “Draft Standard and Basis for Conclusions Financial Instruments and Similar Items”. The Draft Standard reviews and asses
2、ses an extensive use of fair value accounting (FVA) as the basis for the valuation of all financial instruments in a banks balance sheet. The work of the JWG is linked to the long-term strategy of the International Accounting Standards Committee (IASC) recently replaced by the International Accounti
3、ng Standards Board (IASB) to introduce a comprehensive FVA framework for the recognition and measurement of financial instruments. The JWG invited comments on the Draft Standard from all interested parties by 30 September 2001. The IASB will evaluate the long-term prospects of FVA in the light of th
4、e comments received.This note conveys the comments of the European Central Bank (ECB) on an important dimension of the proposal put forward by the JWG, notably the application of FVA to the banking sector. After reviewing the main innovations of the Draft Standard, the note focuses on the critical a
5、spects associated with the application of a full FVA regime to the banking sector and presents a possible way forward.The main innovations of the Draft Standard for the banking sectorThe present accounting rules for banks in the European Union distinguish between financial instruments held for tradi
6、ng purposes (in the trading book) and those intended to be held to maturity (in the banking book). Instruments held in the trading book are valued at market prices. A profit and/or loss arising from the revaluation of trading book instruments is recognised in the profit and loss account. The account
7、ing rules for the trading book thereby take all market risks (i.e. price risk, interest rate risk, foreign exchange risk and liquidity risk) into account. Banking book instruments, by contrast, are carried in the balance sheet at the lower of historical cost and market value. Whereas a loss on a ban
8、king book instrument is transferred to the profit and loss account, unrealised gains are not recognised and can therefore become hidden reserves in the balance sheet. Therefore, the accounting rules for the banking book do not take market risks into account (except for the foreign exchange risk, whe
9、re the end-period value is usually applied to almost all balance sheet items).The Draft Standard proposes a uniform rule for all financial instruments. The assets and liabilities are carried in the balance sheet at market values, if they are available, or at fair values calculated as an approximatio
10、n of the market value by using a present value model for discounting the expected future cash flow. For banks, this would imply that the trading and banking books would receive equal accounting treatment, whereby all changes in value would be recognised in the balance sheet and transferred to the pr
11、ofit and loss account. The foreseen revaluation applies irrespective of whether a profit or loss has been realised or remains unrealised because all instruments are either marked to market or the fair value is estimated. The hidden reserves that may arise under the existing accounting rules thus dis
12、appear. Market risks would be taken into account when calculating the value of financial instruments in both the trading and the banking book.Critical aspectsAccording to its proponents, an FVA regime may constitute, from a conceptual point of view, an alternative approach to reporting financial per
13、formance in order to avoid some of the problems associated with the current historical cost accounting. One of its main advantages would be to enhance the degree of transparency of financial statements. However, this point of view remains theoretical due to the absence of homogeneity and therefore c
14、omparability in FVA methodologies. Furthermore, the possible concrete application of a full FVA regime (applying to all assets and liabilities) to the banking sector gives rise to some serious problems and concerns.The application of FVA may be suitable for the trading book of banks, which refers to
15、 transactions (buying and selling) of marketable securities and related instruments with the objective of making a profit from short-term price variations. The use of fair value for these transactions is consistent with the availability of market prices and the short-term horizon. However, the appli
16、cation of FVA to the banking book of banks, i.e. to non-negotiable instruments such as loans, appears to be inappropriate for at least three main reasons.First, the issue of relevance. FVA principles do not reflect properly the way in which banks manage their core business, namely the granting of loans. The essence of bank management in this area lies in taking long-term decisions about credit quality and concentration and fostering customer relationships over t
