公允價值的確定—估值的本質(zhì)是的職業(yè)判斷的評價，而不僅僅是一套規(guī)則【外文翻譯】_第1頁
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1、本科畢業(yè)論文（設(shè)計）外文翻譯外文出處STRATEGICFINANCE外文作者AlfredM.KingCMACFM原文：DeterminingFairValue——Theveryessenceofvaluationistheprofessionaljudgmentoftheappraisenotjustasetofrules.Fairvaluefinancialreptingisbeingblamedfthesubprimemeltdow

2、nbankfailuresthecreditcrunchthecurrentrecession.Globalwarmingisabouttheonlythingnotbeingblamedonfairvalue(FV)marktomarket(MTM)accounting.BefewerethroughhoweverMTMwillprobablybeblamedfglobalwarmingobesitythecollapseofDetr

3、oitsBig3domesticautomakers.RarelyhavetechnicalaccountingvaluationfinancialreptingissuereceivedsomuchattentionfrompoliticiansthinktankspecialistscolumnistsevenTVjournalists.Combinedthesevoiceshaveraisedthetemperatureofthe

4、discussionwhilesheddingverylittlelightontheissues.Itshouldbenosurprisethatthepublicunhappywithmarketturmoilbailoutstightmoneyaplungingstockmarketisreadytopointthefingeratanyallparticipantswithinthebusinesssect.Sinceitsea

5、sytoblameMTMifyoudontreallyunderstitcrisefamaty“change“inaccountingrulesarereceivingasurprisingamountoftraction.apictureofthe“real”economicsofthebusiness.Furtherbyshowingiginalcostonthebalancesheetcurrentmarketvaluesinth

6、efootnotesinparenthesesthecompanyavoidedreptinggainslossesfromchangesinthemarketpriceofsecuritiesunlessuntiltheywereactuallysold.Companieswerehappywiththisapproachtherewerefewcomplaintsfromfinancialanalystsbecauseitwasea

7、sytoadjustthebalancesheetfthosewhowantedtomakethatefft.Butafewjournalistsacademicsanalystscomplainedthatthisapproachpermittedcompaniesto“cherrypick”gainslosses.Bysellingstockwithabuiltinprofitthecompanywouldreptanincreas

8、einincomeearningspershare(EPS).Iftherehadbeensomewindfallthecompanywantedtooffsetthegaintheycouldalwayssellsecuritiesthattradedbelowtheactualcost.Thiscombinationofchoosingwhentorecognizegainslosseswasreferredtoas“earning

9、smanagement”wascriticizedseverely.AtthesametimethisdebatewasgoingonthepolicymakersattheFASBweremakingarevolutionarychangeinfinancialrepting.ManymembersoftheInstituteofManagementAccountants(IMA)willrememberthattheiginalma

10、ntraofaccountingwasto“match”revenuesexpenses.Thiswasthegoldstardfthosewhostudiedaccountingasanundergraduatemethan1015yearsago.Thebalancesheetwasofsecondaryimptanceinthatenvironment.Inmanyrespectsthebalancesheetwasaresidu

11、alfcarryingexpendituresasassetspritotheirbeingmatchedupwiththeappropriaterevenues.Theultimatemanifestationofthematchingconceptwasdeferredtaxesthebalanceofwhichwasverydifficulttounderstexplain.SotheFASBinitsConceptualFram

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