外文翻译金融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
Accountingstandardssettersinmanyjurisdictionsaroundtheworld,includingtheUnitedStates,theUnitedKingdom,Australia,andtheEuropeanUnion,haveissuedstandardsrequiringrecognitionofbalancesheetamountsatfairvalue,andchangesintheirfairvaluesinincome.Forexample,intheUnitedStates,theFinancialAccountingStandardsBoardrequiresrecognitionofsomeinvestmentsecuritiesandderivativesatfairvalue.Inaddition,astheiraccountingruleshaveevolved,manyotherbalancesheetamountshavebeenmadesubjecttopartialapplicationoffairvaluerulesthatdependonvariousadhoccircumstances,includingimpairment(e.g.,goodwillandloans)andwhetheraderivativeisusedtohedgechangesinfairvalue(e.g.,inventories,loans,andfixedleasepayments).TheFinancialAccountingStandardsBoardandtheInternationalAccountingStandardsBoard(hereafterFASBandIASB)arejointlyworkingonprojectsexaminingthefeasibilityofmandatingrecognitionofessentiallyallfinancialassetsandliabilitiesatfairvalueinthefinancialstatements.
IntheUS,fairvaluerecognitionoffinancialassetsandliabilitiesappearstoenjoythesupporttheSecuritiesandExchangeCommission(hereafterSEC).InarecentreportpreparedforaCongressionalcommittee(SEC,2005),theOfficeoftheChiefAccountantoftheSECstatestwoprimarybenefitsofrequiringfairvalueaccountingforfinancialinstruments.First,itwouldmitigatetheuseofaccounting-motivatedtransactionstructuresdesignedtoexploitopportunitiesforearningsmanagementcreatedbythecurrent“mixed-attribute”—parthistoricalcost,partfairvalues—accountingmodel.Forexample,itwouldeliminatetheincentivetouseassetsecuritizationasameanstorecognizegainsonsaleofreceivablesorloans.Second,fairvalueaccountingforallfinancialinstrumentswouldreducethecomplexityoffinancialreportingarisingfromthemixedattributedmodel.Forexample,withallfinancialinstrumentsmeasuredatfairvalue,thehedgeaccountingmodelemployedbytheFASB’sderivativesstandardwouldallbutbeeliminated,makingitunnecessaryforinvestorstostudythechoicesmadebymanagementtodeterminewhatbasisofaccountingisusedforparticularinstruments,aswellastheneedformanagementtokeepextensiverecordsofhedgingrelationships.
But,asnotedintheSECreport,therearecostsaswellassociatedwiththeapplicationoffairvalueaccounting.Onekeyissueiswhetherfairvaluesoffinancialstatementitemscanbemeasuredreliably,especiallyforthosefinancialinstrumentsforwhichactivemarketsdonotreadilyexist(e.g.,specializedreceivablesorprivatelyplacedloans).BoththeFASBandIASBstateintheirConceptsstatementsthattheyconsiderthecost/benefittradeoffbetweenrelevanceandreliabilitywhenassessinghowbesttomeasurespecificaccountingamounts,andwhethermeasurementissufficientlyreliableforfinancialstatementrecognition.Acosttoinvestorsoffairvaluemeasurementisthatsomeorevenmanyrecognizedfinancialinstrumentsmightnotbemeasuredwithsufficientprecisiontohelpthemassessadequatelythefirm’sfinancialpositionandearningspotential.Thisreliabilitycostiscompoundedbytheproblemthatintheabsenceofactivemarketsforaparticularfinancialinstrument,managementmustestimateitsfairvalue,whichcanbesubjecttodiscretionormanipulation.
Assessingthecostsandbenefitsoffairvalueaccountingforfinancialreportingtoinvestorsandotherfinancialstatementusersinparticularreportingregimesisdifficult.Assessingthecostsandbenefitsofbankregulatorsmandatingfairvalueaccountingforfinancialinstitutionsforthepurposeofassessingabank’sregulatorycapitalisperhapsevenmorechallenging.Thepurposeofthispaperistoprovidesomepreliminaryviewsontheissuesbankregulatorsfacewhenassessingthecostsandbenefitsofusingfairvaluefordeterminingregulatorycapitalandmakingotherregulatorydecisions.Tothisend,Ibeginbyreviewingextantcapitalmarketstudiesthatexaminetheusefulnessoffairvalueaccountingtoinvestors.Ithendiscussimplementationissuesofdeterminingfinancialinstruments’fairvalues.Indoingso,Iagainlooktoevidencefromtheacademicliterature.Finally,Idiscussmarking-to-marketimplementationissuesthatareofparticularrelevancetobankregulatorsastheyconsidertheeffectsoffairvaluemeasurementonbankearningsandcapital,andtheattendanteffectsonrealmanagerialdecisions.
BackgroundofFairValueAccountinginStandardSetting
DefinitionofFairValue
TheFASBdefines“fairvalue”as“thepriceatwhichanassetorliabilitycouldbeexchangedinacurrenttransactionbetweenknowledgeable,unrelatedwillingparties”(FASB,2004a).AstheFASBnotes,“theobjectiveofafairvaluemeasurementistoestimateanexchangepricefortheassetorliabilitybeingmeasuredintheabsenceofanactualtransactionforthatassetorliability.”Implicitinthisobjectiveisthenotionthatfairvalueiswelldefinedsothatanassetorliability’sexchangepricefullycapturesitsvalue.Thatis,thepriceatwhichanassetcanbeexchangedbetweentwoentitiesdoesnotdependontheentitiesengagedintheexchangeandthispricealsoequalsthevalue-in-usetoanyentity.Forexample,thevalueofaswapderivativetoabankequalsthepriceatwhichitcanpurchaseorsellthatderivative,andtheswap'svaluedoesnotdependontheexistingassetsandliabilitiesonthebank’sbalancesheet.Forsuchabank,BarthandLandsman(1995)notesthatthisisastrongassumptiontomakeparticularlyifmanyofitsassetsandliabilitiescannotreadilybetraded.Iwillreturntotheimplicationsofthisproblemwhendiscussingimplementationofmarking-to-marketissuesbelow.
Applicationstostandardsetting
IntheUS,theFASBhasissuedseveralstandardsthatmandatedisclosureorrecognitionofaccountingamountsusingfairvalues.Amongthemostsignificantintermsofrelevancetofinancialinstitutionsarethosestandardsthatexplicitlyrelatetofinancialinstruments.TwoimportantdisclosurestandardsareStatementofFinancialAccountingStandards(SFAS)No.107,Disclosuresaboutfairvalueoffinancialinstruments(FASB,1991)andSFASNo.119,Disclosureaboutderivativefinancialinstrumentsandfairvalueoffinancialinstruments(FASB,1994).SFASNo.107requiresdisclosureoffairestimatesofallrecognizedassetsandliabilities,andassuch,wasthefirststandardthatprovidedinvestorswithestimatesoftheprimarybalancesheetaccountsofbanks,includingsecurities,loans,deposits,andlong-termdebt.Inaddition,itwasthefirststandardtoprovideadefinitionoffairvaluereflectingtheFASB’sobjectiveofobtainingquotedmarketpriceswhereverpossible.SFASNo.119requiresdisclosureoffairvalueestimatesofderivativefinancialinstruments,includingfutures,forward,swap,andoptioncontracts.Italsorequiresdisclosureofestimatesofholdinggainsandlossesforinstrumentsthatareheldfortradingpurposes.
AmongthemostsignificantfairvaluerecognitionstandardstheFASBhasissuedareSFASNo.115,Accountingforcertaininvestmentsindebtandequitysecurities(FASB,1993),SFASNo.123(Revised),Share-basedpayments(FASB,2004),andSFASNo.133,Accountingforderivativeinstrumentsandhedgingactivities(FASB,1998).SFASNo.115requiresrecognitionatfairvalueinvestmentsinequityanddebtsecuritiesclassifiedasheldfortradingoravailable-for-sale.Fairvaluechangesfortheformerappearinincome,andfairvaluechangesforthelatterareincludedasacomponentofaccumulatedothercomprehensiveincome,i.e.,areexcludedfromincome.Thosedebtsecuritiesclassifiedasheldtomaturitycontinuetoberecognizedatamortizedcost.SFASNo.123(Revised)requiresthecostofemployeestockoptionsgrantsberecognizedinincomeusinggrantdatefairvaluebyamortizingthecostduringtheemployeevestingorserviceperiod.Thisrequirementremovedelectionoffairvalueorintrinsicvaluecostmeasurementpermittedundertheoriginalrecognitionstandard,SFASNo.123,AccountingforStock-basedCompensation(FASB,1995).Untilrecently,mostfirmselectedtomeasurethecostofemployeestockoptionsusingintrinsicvalue.However,forsuchfirms,SFASNo.123requirestheydiscloseaproformaincomenumbercomputedusingafairvaluecostforemployeestockoptiongrants,aswellaskeymodelinputstheyusetoestimatefairvalues.
SFASNo.133requiresallfreestandingderivativesberecognizedatfairvalue.However,SFASNo.133retainselementsoftheexistinghedgeaccountingmodel.Inparticular,fairvaluechangesinthosederivativesemployedforpurposesofhedgingfairvaluerisks(e.g.,interestrateriskandcommoditypricerisk)areshownasacomponentofincome,asarethechangesinfairvalueofthehedgedbalancesheetitem(e.g.,fixedrateloansandinventories)orfirm-commitments(i.e.,forwardcontracts).Iftheso-calledfairvaluehedgeisperfect,theeffectonincomeofthehedgingrelationshipiszero.Incontrast,fairvaluechangesinthosederivativesemployedforpurposesofhedgingcashflowrisks(e.g.,cashflowsvolatilityresultingfrominterestrateriskandcommoditypricerisk)areshownasacomponentofaccumulatedothercomprehensiveincomebecausethereisnorecognizedoff-settingch
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- 外文 翻译 金融工具 公允 价值 会计 银行 监管 意义