外文翻译金融的工具公允价值会计银行监管的意义.docx
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外文翻译金融的工具公允价值会计银行监管的意义.docx
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外文翻译金融的工具公允价值会计银行监管的意义
外文翻译--金融工具公允价值会计银行监管的意义
本科毕业论文(设计)
外
文
翻
译
外文题目Fairvalueaccountingforfinancialinstrument:
someimplicationsforbankregulation
外文出处Workingpaper,UniversityofNorthCarolina.
外文作者WayneR.Landsman
原文:
FairValueAccountingforFinancialInstruments:
SomeImplicationsforBankRegulation
Introduction
Accountingstandardssettersinmanyjurisdictionsaroundthe
world,includingtheUnitedStates,theUnitedKingdom,Australia,
andtheEuropeanUnion,haveissuedstandardsrequiringrecognition
ofbalancesheetamountsatfairvalue,andchangesintheirfair
valuesinincome.Forexample,intheUnitedStates,theFinancial
AccountingStandardsBoardrequiresrecognitionofsomeinvestment
securitiesandderivativesatfairvalue.Inaddition,astheir
accountingruleshaveevolved,manyotherbalancesheetamountshave
beenmadesubjecttopartialapplicationoffairvaluerulesthat
dependonvariousadhoccircumstances,includingimpairmente.g.,
goodwillandloansandwhetheraderivativeisusedtohedgechanges
infairvaluee.g.,inventories,loans,andfixedleasepayments.
TheFinancialAccountingStandardsBoardandtheInternational
AccountingStandardsBoardhereafterFASBandIASBarejointly
workingonprojectsexaminingthefeasibilityofmandating
recognitionofessentiallyallfinancialassetsandliabilitiesatfairvalueinthefinancialstatements.
IntheUS,fairvaluerecognitionoffinancialassetsand
liabilitiesappearstoenjoythesupporttheSecuritiesandExchange
CommissionhereafterSEC.Inarecentreportpreparedfora
CongressionalcommitteeSEC,2005,theOfficeoftheChief
AccountantoftheSECstatestwoprimarybenefitsofrequiringfair
valueaccountingforfinancialinstruments.First,itwouldmitigate
theuseofaccounting-motivatedtransactionstructuresdesignedto
exploitopportunitiesforearningsmanagementcreatedbythecurrent
“mixed-attribute”―parthistoricalcost,partfair
values―accountingmodel.Forexample,itwouldeliminatethe
incentivetouseassetsecuritizationasameanstorecognizegains
onsaleofreceivablesorloans.Second,fairvalueaccountingfor
allfinancialinstrumentswouldreducethecomplexityoffinancial
reportingarisingfromthemixedattributedmodel.Forexample,with
allfinancialinstrumentsmeasuredatfairvalue,thehedge
accountingmodelemployedbytheFASB’sderivativesstandardwould
allbutbeeliminated,makingitunnecessaryforinvestorstostudy
thechoicesmadebymanagementtodeterminewhatbasisofaccounting
isusedforparticularinstruments,aswellastheneedformanagementtokeepextensiverecordsofhedgingrelationships.
But,asnotedintheSECreport,therearecostsaswell
associatedwiththeapplicationoffairvalueaccounting.Onekey
issueiswhetherfairvaluesoffinancialstatementitemscanbe
measuredreliably,especiallyforthosefinancialinstrumentsfor
whichactivemarketsdonotreadilyexiste.g.,specialized
receivablesorprivatelyplacedloans.BoththeFASBandIASBstate
intheirConceptsstatementsthattheyconsiderthecost/benefit
tradeoffbetweenrelevanceandreliabilitywhenassessinghowbest
tomeasurespecificaccountingamounts,andwhethermeasurementis
sufficientlyreliableforfinancialstatementrecognition.Acostto
investorsoffairvaluemeasurementisthatsomeorevenmany
rrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr
ssssssssssssssssssssssssssssssssssssssssssssssssssss’s
financialpositionandearningspotential.Thisreliabilitycostis
compoundedbytheproblemthatintheabsenceofactivemarketsfora
particularfinancialinstrument,managementmustestimateitsfairvalue,whichcanbesubjecttodiscretionormanipulation.
Assessingthecostsandbenefitsoffairvalueaccountingfor
financialreportingtoinvestorsandotherfinancialstatementusers
inparticularreportingregimesisdifficult.Assessingthecostsand
benefitsofbankregulatorsmandatingfairvalueaccountingfor
financialinstitutionsforthepurposeofassessingabank’s
regulatorycapitalisperhapsevenmorechallenging.Thepurposeof
thispaperistoprovidesomepreliminaryviewsontheissuesbank
regulatorsfacewhenassessingthecostsandbenefitsofusingfair
valuefordeterminingregulatorycapitalandmakingotherregulatory
decisions.Tothisend,Ibeginbyreviewingextantcapitalmarket
studiesthatexaminetheusefulnessoffairvalueaccountingto
investors.Ithendiscussimplementationissuesofdetermining
financialinstruments’fairvalues.Indoingso,Iagainlookto
evidencefromtheacademicliterature.Finally,Idiscussmarking-to-
marketimplementationissuesthatareofparticularrelevancetobank
regulatorsastheyconsidertheeffectsoffairvaluemeasurementon
bankearningsandcapital,andtheattendanteffectsonrealmanagerialdecisions.
BackgroundofFairValueAccountinginStandardSettingDefinitionofFairValue
TheFASBdefines“fairvalue”as“thepriceatwhichanasset
orliabilitycouldbeexchangedinacurrenttransactionbetween
knowledgeable,unrelatedwillingparties”FASB,2004a.AstheFASB
notes,“theobjectiveofafairvaluemeasurementistoestimatean
exchangepricefortheassetorliabilitybeingmeasuredinthe
absenceofanactualtransactionforthatassetorliability.”
Implicitinthisobjectiveisthenotionthatfairvalueiswell
definedsothatanassetorliability’sexchangepricefully
capturesitsvalue.Thatis,thepriceatwhichanassetcanbe
exchangedbetweentwoentitiesdoesnotdependontheentities
engagedintheexchangeandthispricealsoequalsthevalue-in-use
toanyentity.Forexample,thevalueofaswapderivativetoabank
equalsthepriceatwhichitcanpurchaseorsellthatderivative,
andtheswap'svaluedoesnotdependontheexistingassetsand
liabilitiesonthebank’sbalancesheet.Forsuchabank,Barthand
Landsman1995notesthatthisisastrongassumptiontomake
particularlyifmanyofitsassetsandliabilitiescannotreadilybe
traded.Iwillreturntotheimplicationsofthisproblemwhen
discussingimplementationofmarking-to-marketissuesbelow.Applicationstostandardsetting
IntheUS,theFASBhasissuedseveralstandardsthatmandate
disclosureorrecognitionofaccountingamountsusingfairvalues.
Amongthemostsignificantintermsofrelevancetofinancial
institutionsarethosestandardsthatexplicitlyrelatetofinancial
instruments.TwoimportantdisclosurestandardsareStatementof
FinancialAccountingStandardsSFASNo.107,Disclosuresaboutfair
valueoffinancialinstrumentsFASB,1991andSFASNo.119,
Disclosureaboutderivativefinancialinstrumentsandfairvalueof
financialinstrumentsFASB,1994.SFASNo.107requiresdisclosure
offairestimatesofallrecognizedassetsandliabilities,andas
such,wasthefirststandardthatprovidedinvestorswithestimates
oftheprimarybalancesheetaccountsofbanks,includingsecurities,
loans,deposits,andlong-termdebt.Inaddition,itwasthefirst
standardtoprovideadefinitionoffairvaluereflectingtheFASB’s
objectiveofobtainingquotedmarketpriceswhereverpossible.SFAS
No.119requiresdisclosureoffairvalueestimatesofderivative
financialinstruments,includingfutures,forward,swap,andoption
contracts.Italsorequiresdisclosureofestimatesofholdinggainsandlossesforinstrumentsthatareheldfortradingpurposes.
Amongthemostsignificantfairvaluerecognitionstandardsthe
FASBhasissuedareSFASNo.115,Accountingforcertaininvestments
indebtandequitysecuritiesFASB,1993,SFASNo.123Revised,
Share-basedpaymentsFASB,2004,andSFASNo.133,Accountingfor
derivativeinstrumentsandhedgingactivitiesFASB,1998.SFASNo.
115requiresrecognitionatfairvalueinvestmentsinequityanddebt
securitiesclassifiedasheldfortradingoravailable-for-sale.Fair
valuechangesfortheformerappearinincome,andfairvaluechanges
forthelatterareincludedasacomponentofaccumulatedother
comprehensiveincome,i.e.,areexcludedfromincome.Thosedebt
securitiesclassifiedasheldtomaturitycontinuetoberecognized
atamortizedcost.SFASNo.123Revisedrequiresthecostof
employeestockoptionsgrantsberecognizedinincomeusinggrant
datefairvaluebyamortizingthecostduringtheemployeevestingor
serviceperiod.Thisrequirementremovedelectionoffairvalueor
intrinsicvaluecostmeasurementpermittedundertheoriginal
recognitionstandard,SFASNo.123,AccountingforStock-based
CompensationFASB,1995.Untilrecently,mostfirmselectedto
measurethecostofemployeestockoptionsusingintrinsicvalue.
However,forsuchfirms,SFASNo.123requirestheydiscloseapro
formaincomenumbercomputedusingafairvaluecostforemployee
stockoptiongrants,aswellaskeymodelinputstheyusetoestimatefairvalues.
SFASNo.133requiresallfreestandingderivativesberecognized
atfairvalue.However,SFASNo.133retainselementsoftheexisting
hedgeaccountingmodel.Inparticular,fairvaluechangesinthose
derivativesemployedforpurposesofhedgingfairvalueriskse.g.,
interestrateriskandcommoditypriceriskareshownasacomponent
ofincome,asarethechangesinfairvalueofthehedgedbalance
sheetiteme.g.,fixedrateloansandinventoriesorfirm-
commitmentsi.e.,forwardcontracts.Iftheso-calledfairvalue
hedgeisperfect,theeffectonincomeofthehedgingrelationshipis
zero.Incontrast,fairvaluechangesinthosederivativesemployed
forpurposesofhedgingcashflowriskse.g.,cashflowsvolatility
resultingfrominterestrateriskandcommoditypriceriskareshown
asac
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- 外文 翻译 金融 工具 公允 价值 会计 银行 监管 意义