外文翻译--公允价值的确定估值的本质是的职业判断的评价，而不仅仅是一套规则.docVIP

本科毕业论文（设计） 外 文 翻 译 外文出处 STRATEGIC FINANCE 外文作者 Alfred M. King, CMA, CFM 原文： Determining Fair Value——The very essence of valuation is the professional judgment of the appraise, not just a set of rules. Fair value financial reporting is being blamed for the sub prime meltdown, bank failures, the credit crunch, and the current recession. Global warming is about the only thing not being blamed on fair value(FV)and mark-to-market(MTM)accounting. Before were through, however, MTM will probably be blamed for global warming, obesity, and the collapse of Detroits Big 3 domestic automakers. Rarely have technical accounting, valuation, and financial reporting issue received so much attention from politicians, think tank specialists, columnists, and even TV journalists. Combined, these voices have raised the temperature of the discussion while shedding very little light on the issues. It should be no surprise that the public--unhappy with market turmoil, bailouts, tight money, and a plunging stock market--is ready to point the finger at any and all participants within the business sector. Since its easy to blame MTM if you dont really understand it, crise for a mandatory change in accounting rules are receiving a surprising amount of traction. The following quote from a November 13,2008, letter written by the American Bankers Association (ABA) to the Financial Accounting Standards Board (FASB) puts the basic issue into perspective: Recording OTTI [other than temporary impairment] that is based on credit impairment is non-controversial in the banking industry--financial institutions fully understand and support the need to record such impairment. However, there has been and continues to be much controversy over recording losses that are based on the markets perception of value (fair value),which often results in recognizing losses that exceed credit losses or recording losses for instruments that have experience w