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公允价值会计英文文献和翻译 第4页

更新时间:2012-4-12:  来源:毕业论文
The financial crisis that hit the American economy to its heart in september 2008, rapidly spreading all around the world, has generated strong debates on the use of exotic derivatives financial instruments and of fair value accounting. These themes that made front-page news all over again raised divergent opinions among bankers, insurence executives, auditors or Political figures more or less affected by the crisis. This paper aims at reviewing the situation of financial markets, identifying the role and importance of fair value accounting and derivatives within these huge scandals, presenting both for and against fair value and credit derivatives opinions and 本文来自辣.文~论.文,网原文请找腾讯32'49114   and comparability that would help investors regain their trust in the  financial markets and institutions. Following the Enron scandal, the American standard setter - Financial Accounting Standards Board (FASB) has assumed the task of issuing a standard on fair value measurement (FAS no 157). According to this standard, the assets are labeled in one of the three categories depending on their relative liquidity:
 Level 1 includes the most liquid assets whose value stems from a quoted
price in an active market;
 Level 2 includes assets valued using observable market data other than a
quoted market price;
 Level 3 includes the hardest-to-value assets whose fair value can be determined only through unobservable inputs and prices that are based on汽车电器检测与文修实训总结
internal models and estimates. Precisely this 3rd level has raised the most critics1 related to the compulsory use of a market value for a transaction or financial asset/liability for which there is no liquid market. The debate about fair value accounting has made the front-page news again due
1 The debates on level 3 were so intense due to the fact that these assets represented a significant part of total balance-sheet assets rising to almost $550 billion combined for the first quarter of 2008 just at: Morgan-Stanley, Goldman Sachs, JPMorgan Chase, Citigroup, Lehman Brothers and Merrill Lynch.
The lack of liquidity of aforementioned markets has generated debates among bankers, auditors and politicians, all trying to find a scapegoat for the actual crisis. The blame was placed on fair value accounting once again,
 although paradoxically it was seen as a solution for the crisis not long ago.

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