外文翻譯--公允價(jià)值會(huì)計(jì)的危機(jī)正確理解最近的辯論（英文）

1、Electronic copy available at: http://ssrn.com/abstract=1392645Working Paper No. 33 The Crisis of Fair Value Accounting: Making Sense of the Recent Debate Christian Laux Goethe-University Frankfurt Christian Leuz The U

2、niversity of Chicago Booth School of Business Veron, 2008).3 In our view, there are problems with both positions. FVA is neither responsible for the crisis nor is it merely a measurement system that reports asset valu

3、es without having economic effects of its own. In this article, we attempt to make sense of the current fair-value debate and discuss whether many of the arguments in this debate hold up to further scrutiny. We come to

4、 the following four conclusions. First, much of the controversy about FVA results from confusion about what is new and different about FVA as well as different views about the purpose of FVA. In our view, the debate ab

5、out FVA takes us back to several old accounting issues, like the tradeoff between relevance and reliability, which have been debated for decades. Except in rare circumstances, standard setters will always face these iss

6、ues and tradeoffs; FVA is just another example. This insight is helpful to better understand some of the arguments brought forward in the debate. 1 Strictly speaking, FVA is broader than MTM accounting, as the latter

7、is only one way of determining the fair value. We therefore use the term FVA throughout unless we specifically mean marking to a market price. 2 For example, the American Bankers Association in its letter to the SEC

8、in September 2008 states: “The problems that exist in today’s financial markets can be traced to many different factors. One factor that is recognized as having exacerbated these problems is fair value accounting.” Sim

9、ilar concerns are also shared by the US Congress, which put a strong pressure on FASB to change the accounting rules. See also, e.g., Wallison (2008a, 2008b), Whalen (2008), and Forbes (2009). 3 A related but differ