2023年全國碩士研究生考試考研英語一試題真題（含答案詳解+作文范文）_第1頁
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1、外文翻譯原文：FairValueAccounting:ACritiqueFairvalueaccountingintroducedfmallyin1993bytheFinancialAccountingStardsBoard(FASB)wasintendedtomakefinancialstatementseasiertocomparebalancesheetsmereflectiveofrealvalues.Insteadasappl

2、iedbyaccountantsinthecurrentcreditcrunchithasbeentheprincipalcauseofanunprecedenteddeclineinassetvaluesanunprecedentedriseininstabilityamongfinancialinstitutions.Thesystemhastoberethoughtnotonlybecauseofitscontributionto

3、financialinstabilitybutalsobecauseitsprocyclicalitytendstocreateassetbubblesexacerbatetheeffectsoftheircollapse.Thisisanessayaboutaccountingbutthatisnotagoodreasontostopreading.Ithasbeenmethanayearsincethecreditcrisisbeg

4、anitisnowbecomingclearthataccounting—specificallywhatiscalledfairvalueaccounting—isattheceofit.Ifyouthinkaccountingissimplyawayofrecdingnumbersthinkagain.Accountingisahighlyconceptualartinwhichmanyobjectivescompetefpriit

5、y.asinpoliticsappearanceisoftenthesamethingasreality.Thefinancialconditionofacompanymayappearstrongweakdependingontheaccountingtheythatisusedtovalueitsassets.Trillionsofdollarsinwldwideinvestlosses—theimmenselossesperhap

6、sstilltocome—testifytothepowerofaccountingconceptstoshapereality.Awiderangeofculpritshasbeenimplicatedintheconventionalanalysisoftoday’screditcrisis.Subprimemtgagebrokersunconcernedaboutthequalityoftheirloanssubprimebrow

7、erstakingloanstheyknewtheycouldnotrepaysloppyunderwritingbylenderscondoflippershopingtoselltheirpropertiesbefethemtgageresetimperablycomplexsecuritizedinstrumentscreatedbyfinancialwhizkidsporatingagencymodelsshoddyriskma

8、nagementatbankslazinessinattentionbyinvestsirresponsiblesalespracticesbysecuritiesfirmsineffectivesupervisionbyregulatsareallelementsthatareproperlycitedasmeasurementframewk—isthereasonffairvaluingassets.Whyfexampleismar

9、ketpriceimptantWhatdoesittellinvestscreditsifthereisnointentiontosellanassetatthatpriceItisclearthatsomenonmarketvaluationmethodmustbeusedwhentherearenoobservablemarketpricesfanassetbutwhatruleapplieswhenthereisalimitedm

10、arketfanassetwhenthemarketisnotfunctioningnmallyInthelimitedabnmalmarketcaseasdiscussedbelowastrongargumentcanbemadethatthemarketpriceismisleadingratherthaninfmative.Itistruethatvaluationsbasedontheinitialcostofanasset—a

11、lthoughsimpletoapply—canbemisleadingasconditionschangeovertimebutitappearsthatthemarktomarketapproachfavedbyfairvalueaccountingcanbeequallymisleadinginsomecircumstancesinthemarketconditionstodayaffirmativelyharmfultoaful

12、lunderstingofacompany’sfinancialcondition.1.1.TheBasicsofFairValueAccountingThefoundationalideasassociatedwithfairvalueaccountingwereadoptedbyFASBinStatementofFinancialAccountingStards(FAS)115.1Theruledividedfinancialass

13、etsintothreecategies—thoseheld“tomaturity”thoseheld“ftradingpurposes”those“availablefsale.”Eachofthesecategiesistreatedslightlydifferently.Assetsheldtomaturityarevaluedatamtizedcostassetsheldftradingaremarkedtomarketwith

14、unrealizedgainslossesincludedinearningsassetsdeemedavailablefsalearemarkedtomarketwithunrealizedgainslossesexcludedfromearningsbutincludedinshareholders’equity.Obviouslythesethreecategiesprovidemanyopptunitiesfthemanipul

15、ationofearnings.Fexampleamanagementthatwantedtoincreaseearningsduringareptingperiodcouldtransferappreciatedassetsfromtheavailablefsalecategytothetradingcategywheretheappreciationwouldaddtothebottomlineinthesamewaymovinga

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