公允价值计量在会计核算中应用研究方案(外文翻译参考).docVIP

毕 业 设 计（论 文）外 文 参 考 资 料 及 译 文 译文题目： 公允价值会计地危机:正确理解最近地辩论 王思武 职　　称： 讲师 2013年3月10日 The Crisis of Fair Value Accounting: Making Sense of the Recent Debate* Christian Laux Goethe-University Frankfurt and Christian Leuz The University of Chicago Booth School of Business NBER April 2009 (Forthcoming in Accounting, Organizations and Society) Abstract The recent financial crisis has led to a vigorous debate about the pros and cons of fair-value accounting (FVA). This debate presents a major challenge for FVA going forward and standard setters’ push to extend FVA into other areas. In this article, we highlight four important issues as an attempt to make sense of the debate. First, much of the controversy results from confusion about what is new and different about FVA. Second, while there are legitimate concerns about marking to market (or pure FVA) in times of financial crisis, it is less clear that these problems apply to FVA as stipulated by the accounting standards, be it IFRS or U.S. GAAP. Third, historical cost accounting (HCA) is unlikely to be the remedy. There are a number of concerns about HCA as well and these problems could be larger than those with FVA. Fourth, although it is difficult to fault the FVA standards per se, implementation issues are a potential concern, especially with respect to litigation. Finally, we identify several avenues for future research. Key Words: Mark-to-market； Fair value accounting； Financial institutions；Liquidity； Financial crisis； Banks；Procyclicality 1. Introduction The recent financial crisis has turned the spotlight on fair-value accounting (FVA) and led to a major policy debate involving among others the U.S. Congress, the European Commission as well banking and accounting regulators around the world. Critics argue that FVA, often also called mark-to-market accounting (MTM),1has significantly contributed to the financial crisis and exacerbated its severity for financial