運(yùn)用公允價值計(jì)量金融工具銀行監(jiān)管的意義【外文翻譯】

1、1外文文獻(xiàn)翻譯外文文獻(xiàn)翻譯原文：FairValueAccountingfFinancialInstruments：SomeImplicationsfBankRegulation1.IntroductionAccountingstardssettersinmanyjurisdictionsaroundthewldincludingtheUnitedStatestheUnitedKingdomAustraliatheEuropeanUnio

2、nhaveissuedstardsrequiringrecognitionofbalancesheetamountsatfairvaluechangesintheirfairvaluesinincome.FexampleintheUnitedStatestheFinancialAccountingStardsBoardrequiresrecognitionofsomeinvestmentsecuritiesderivativesatfa

3、irvalue.Inadditionastheiraccountingruleshaveevolvedmanyotherbalancesheetamountshavebeenmadesubjecttopartialapplicationoffairvaluerulesthatdependonvariousadhoccircumstancesincludingimpairment(eggoodwillloans)whetheraderiv

4、ativeisusedtohedgechangesinfairvalue(eginventiesloansfixedleasepayments).TheFinancialAccountingStardsBoardtheInternationalAccountingStardsBoard(hereafterFASBIASB)arejointlywkingonprojectsexaminingthefeasibilityofmatingre

5、cognitionofessentiallyallfinancialassetsliabilitiesatfairvalueinthefinancialstatements.IntheUnitedStatesfairvaluerecognitionoffinancialassetsliabilitiesappearstoenjoythesuppttheSecuritiesExchangeCommission(hereafterSEC).

6、InarecentreptpreparedfaCongressionalcommittee(SEC2005)theOfficeoftheChiefAccountantoftheSECstatestwoprimarybenefitsofrequiringfairvalueaccountingffinancialinstruments.Firstitwouldmitigatetheuseofaccountingmotivatedtransa

7、ctionstructuresdesignedtoexploitopptunitiesfearningsmanagementcreatedbythecurrent“mixedattribute”–parthisticalcostpartfairvalues–accountingmodel.Fexampleitwouldeliminatetheincentivetouseassetsecuritizationasameanstorecog

8、nisegainsonsaleofreceivablesloans.3implementationissuesofdeterminingfinancialinstruments’fairvalues.IndoingsoIagainlooktoevidencefromtheacademicliterature.FinallyIdiscussmarkingtomarketimplementationissuesthatareofpartic

9、ularrelevancetobankregulatsastheyconsidertheeffectsoffairvaluemeasurementonbankearningscapitaltheattendanteffectsonrealmanagerialdecisions.2.Backgroundoffairvalueaccountinginstardsetting2.1.DefinitionoffairvalueTheFASBde

10、fines“fairvalue”as“thepriceatwhichanassetliabilitycouldbeexchangedinacurrenttransactionbetweenknowledgeableunrelatedwillingparties”(FASB2004a).AstheFASBnotes“theobjectiveofafairvaluemeasurementistoestimateanexchangeprice

11、ftheassetliabilitybeingmeasuredintheabsenceofanactualtransactionfthatassetliability.”Implicitinthisobjectiveisthenotionthatfairvalueiswelldefinedsothatanassetliability’sexchangepricefullycapturesitsvalue.Thatisthepriceat

12、whichanassetcanbeexchangedbetweentwoentitiesdoesnotdependontheentitiesengagedintheexchangethispricealsoequalsthevalueinusetoanyentity.Fexamplethevalueofaswapderivativetoabankequalsthepriceatwhichitcanpurchasesellthatderi

13、vativetheswapsvaluedoesnotdependontheexistingassetsliabilitiesonthebank’sbalancesheet.FsuchabankBarthLsman(1995)notesthatthisisastrongassumptiontomakeparticularlyifmanyofitsassetsliabilitiescannotreadilybetraded.Iwillret

14、urntotheimplicationsofthisproblemwhendiscussingimplementationofmarkingtomarketissuesbelow.2.2.ApplicationstostardsettingIntheUStheFASBhasissuedseveralstardsthatmatedisclosurerecognitionofaccountingamountsusingfairvalues.

15、Amongthemostsignificantintermsofrelevancetofinancialinstitutionsarethosestardsthatexplicitlyrelatetofinancialinstruments.TwoimptantdisclosurestardsareStatementofFinancialAccountingStards(SFAS)no107Disclosuresaboutfairval