公允价值会计会计英文文献和翻译 第2页

Under GAAP1 the fair value of an asset is the price of which that asset could be bought or sold in a current transaction between marketplace participants in the reference market, other than in a liquidation. On the other side of the balance sheet, the fair value of a liability is the price at which that liability could be incurred or paid to transfer a liability in a current transaction between marketplace participants in the reference market, other than in liquidation.
If available, a referenced market price in an active market is the best confirmation of fair value and should be used as the basis for the measurement. Unfortunately, in many circumstances, referenced market prices are unavailable. As such, difficulties occur when making estimates of fair value. The defect is whether an estimate of fair value is or is not using the best information available in the circumstances.
The guidance of fair value measurements that currently exists has evolved piecemeal over time. The guidance is dispersed among the many pronouncements that required fair value measurements, and differences in the guidance have probably created inconsistencies and added complexity to the GAAP.

3. why continue to argue and using fair value accounting now?
We are all well aware of the many instances where derivatives trading have contributed to the severe losses incurred by large and established companies, much to the horror and surprise of investors and other users of financial statements. In 1994, example procter  & Gamble lost USD157 million resulting from their unsuccessful use of swaptions i.e. options that relate to interest rate swaps. The company recognized the losses and disclosed the facts only when the transaction was closed.
According to lynn 本文来自辣.文,论-文·网原文请找腾讯324.9114 reports every month. Numerous happenings exist that have created an urgent need for better guidance on estimating fair values and auditing those estimates, including:
• the economy has become more high-tech and service oriented and, thus, the need for reliable
fair value amounts is becoming progressively more important;
• the practitioners and certain other regulators have seen and continue to see problems that are attached to unreliable estimates of fair value;
• over the years, standard setters have required measuring assets and liabilities at fair value without providing detailed“how to" valuation and auditing guidance for estimating those fair values; and,
• various accounting projects are underway that would require more assets and liabilities to be measured at fair value.

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