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1、外文文献翻译原文：Fair Value Changes AheadThe use of fair value in financial reporting is not new; it is required or permitted under many standards, some of which have been in place for decades. Yet, given its role in the asset write-downs and market volatility precipitated by the financial crisis， there has
2、 been considerable discussion and debate about the use of fair value in financial reporting. As the financial crisis has broadened, the debate has evolved into a global one involving not only FASB and its international counterpart, the International Accounting Standards Board (IASB), but also securi
3、ties participants in the global capital markets. Responses to the financial crisis have focused on fair value accounting and have led to changes in the standards that will affect financial reporting going forward.The Fair Value DebateAt the center of the fair value debate is SFAS 157, Fair Value Mea
4、surements, which went into effect for financial assets and liabilities in 2008. SFAS 157 clarifies that when fair value is used in financial reporting, the measurement should represent a current market price. SFAS 157 establishes a framework for determining fair value, but it does not specify when t
5、o use fair value. SFAS 157 and its current market price objective only apply when other standards require or permit the use of fair value.The reporting model in the United States (and abroad) is a mixed-attribute model that uses a combination of measurements, including historical cost, fair value, a
6、nd other bases, such as lower of cost or fair value. The use of fair value has expanded in recent years. For example, more fair values are now required when accounting for a business combination under SFAS 141 (R), Business Combinations. In addition， companies have the option to voluntarily use fair
7、 value for certain financial items for which fair value is not otherwise required in specified circumstances under SFAS 159， The Fair Value Option for Financial Assets and Financial Liabilities. Nevertheless, fair value is still used most frequently for financial assets. But fair value is not always
8、used on an ongoing basis (mark-to-market); it often is used only when a financial asset is impaired. In todays distressed markets, many of the financial assets that trade in those markets (e.g., mortgage-related securities) are impaired.The requirement to record impairment losses based on fair value
9、s that represent current market prices has raised concerns about when to use fair value in financial reporting. The concerns tocus mainly on long-standing issues of relevance and reliability，as well as the volatility caused by reporting changes in fair value in net income, especially in the absence
10、of observable market data to support the fair values.Some, including banking institutions subject to regulatory capital requirements, claim that fair value accounting has led to pro-cyclical behavior by forcing impairment write-downs to amounts that do not reflect the true economic values of ihe ass
11、ets. They say that the write-downs have caused a downward spiral that has exacerbated the financial crisis and that fair value accounting should be suspended or modified. For example, in a public SEC roundtable on mark-to-market accounting on October 29，2008, William M. Isaac, chairman of the Secura
12、 Group of LECG and former FDIC chairman, stated: When there are temporary impairments of asset values due to economic and marketplace turmoil, regulators must give institutions an opportunity to survive the temporary impairment. Permanent impairment should be recognized, but assets should not be mar
13、ked to unrealistic fire-sale prices. Regulators must evaluate the assets on the basis of their true economic value over a reasonable time horizonIt is the use of MTM accounting, when markets are not functioning properly, that has produced terribly misleading accounting and disclosures that value ass
14、ets well below their true economic value.I believe it is extremely important that bank regulation be counter-cyclical, not pro-cyclical.It is not sound public policy to cause banks to hesitate in the creation of reserves during good times when they can best afford the hit to earnings.Others, however
15、, including many investors, say that the information conveyed through fair value accounting is useful for decision making and enhances thetransparency of financial information, which is critical in times of stress. They say that fair value accounting has exposed the deteriorating financial condition
16、 of many financial institutions and that suspending fair value accounting would weaken investor confidence and add to instability in the capital markets. For example, in a joint statement opposing the suspension of mark-to-market accounting issued on October 1, 2008, the Center for Audit Quality, the Council of Institutional Investors, and the CFA Institute stated: Suspending fair value accounting during these challenging economic times would deprive investors of cr
