外文翻译--公允价值会计和当前金融危机.docVIP

本科毕业论文（设计） 外 文 翻 译 外文出处 CPA Journal 外文作者 Jonh M.Trussel and Laura C.Rose 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 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. 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 sub prime 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 SEC the authority to suspend the use of fair value accounting under SFAS 157. Section 133 requires the SEC to conduct a study of the fair value accounting as stipulated in SFAS 157. See Exhibit 1 for excerpts from these two sections of the EESA. Note that in Section 133, Congress even calls on the SEC to review the process used by the Financial Accounting Standard