未来公允价值的变化【外文翻译】.docx

未来公允价值的变化【外文翻译】 外文文献翻译 原文， Fair Va1ue Changes Ahead The use of fair value in financial reporting is not new; i t is requi red or permitted under many standards, some of which have been in place for decades ? Yet, given i ts role in the asset wri te-downs and market volatility precipitated by the financial crisis, there has been considerable discussion and debate about the use of fair value in financial reporting - As the financial crisis has broadened, the debate has evolved into a global one involving not only FASB and i ts international counterpart, the International Accounting Standards Board (IASB), but also securities participants in the global capital markets ? Responses to the financial crisis have focused on fair value accounting and have led to changes in the standards that wi11 affect financial reporting going forward - The Fair Value Debate At the center of the fair value debate i s SFAS 157, Fai r Value Measurements, which went into effect for financial assets and 1iabi1i ties in 2008 - SFAS 157 clarifies that when fair value is used in financial reporting, the measurement should represent a current market price - SFAS 157 establishes a framework for determining fair value, but i t does not specify when to use fair value ? SFAS 157 and its current market price objective only apply when other standards require or permit the use of fair value , The reporting model in the United States (and abroad) is a mixed- attribute model that uses a combination of measurements, including historical cost, fair value, and other bases, such as 1ower of cost or fai r value ? The use of fai r value has expanded in recent years ? For example, more fai r values are now requi red when accounting for a business combinat ion under SFAS 141 (R), Business Combinations ? In addition, companies have the opt ion to voluntarily use fai r value for certain financial items for which fai r value is not otherwise requi red in specified circumstances under SFAS 159, The Fair Va1ue Option f