公允价值仍留在此处外文翻译中英文(可编辑).doc

英文原文: Fair Value is here to stay The fair value guidance in SFAS 157 Fair Value Measurements, does not represent, as many perceive, a radical departure from previous accounting rules. SFAS 157 is the result of a natural evolution that has been taking place for more than 30 years. SFAS 157 is the result of a natural evolution that has been taking place for more than 30 years. Many who oppose SFAS 157 do so because of the current economic environment. This current economy, during which many hedge funds and other institutional investors face significant other-than-temporary write-downs on illiquid assets, is, however, an anomaly. Any valuation method that does not require significant write-downs in the current environment would fail to provide a reasonable representation of fair value for those illiquid assets. When it was introduced in 2007, SFAS 157 amended, deleted, or otherwise affected more than 40 areas of accounting guidance, including SFAS 13, Accounting for Leases. SFAS 13, issued in 1976, introduced the fair value concept when it described an asset being sold in an arms length transaction between unrelated parties. Since then, the accounting framework has continued to move away from a historical cost model and toward a fair value model. Throughout this transition, accounting standards were issued that discussed fair value in different contexts. SFAS 157 was designed primarily to provide a uniform definition of fair value and a universal measurement framework. Contrary to popular perception, SFAS 157 does not require any new items to be measured at fair value; it specifies the framework to be used wherever other standards require that items be measured at fair value. Along the Way Many accountants were educated during an era when colleges taught the tenets of historical cost as part of the fundamental framework of accounting. To those watching the fair value model slowly supplant the cost model during the past 30 year