公允价值会计和当前的金融危机外文翻译.docVIP

外文文献翻译 原文： Fair Value Accounting and the Current Financial Crisis The accounting for financial assets and liabilities is a complex issue that has been evolving toward the use of fair value. Both the FASB and IASB provide the option of using fair value accounting in reporting financial assets and liabilities and certain other items. This move is not without controversy. Many have opined that the use of fair value accounting, as opposed to historical cost accounting, has helped cause the turmoil in the financial markets. Research indicates that the exclusive use of one accounting method may not be efficient for financial institutions. The authors believe that the FASB should consider an alternative accounting approach that would incorporate both systems and mitigate the inefficiencies of using just one accounting method. Blaming Fair Value In seeking to explain the current financial crisis, the spotlight has turned to fair value accounting and financial institutions. FASB issued SFAS 157, Fair Value Measurements, in September 2006, Shortly thereafter, the problems related to the subprime mortgage market began to surface. Many began to question whether or not the current distress in financial institutions is related to the new accounting standard. Did the new standard exacerbate the problems or merely illuminate them? In October 2008, then-President George W. Bush signed into law the Emergency Economic Stabilization Act of 2008 (EESA), the so-called bailout bill. Under section 132 of the EESA, Congress gave the authority to suspend the use of fair value accounting under SFAS 157.Section 133 requires the SEC to conduct a study of fair value accounting as stipulated in SFAS 157. Note that in Section 133, Congress even calls on the SEC to “review the process used by the Financial Accounting Standards Board in developing accounting standards.” This is a much broader mandate than just studying a single accounting standard. The use of fair value accounting has bee