外文资料翻译--公允价值的定义及优越性.doc

毕 业 设 计(论 文)外 文 参 考 资 料 及 译 文 译文题目: 公允价值的定义及优越性 学生姓名: 刘卓言 学 号: 0722110714 专 业: 会计 所在学院: 商学院 指导教师: 王思武 职 称:讲师 2011年 3 月 8 日Explanation and Benefits of Fair Value AccountingAbstract:With the knowledge economy and the rapid development of information society, as reflected at historical cost accounting book value of individual economic resources has seriously deviated from the market value of the correct economic decision makers. Especially in market innovation, financial innovation after another environment, in particular the emergence of derivative financial instruments, so that the fair value of derivative financial instruments has become the only relevant measurement attribute. Fully reflects the fair value of the market value of assets and liabilities, with full advantage.Keywords:definition of Fair value benefits Ensuring Accuracy Definition Fair value accounting also called Market Value Accounting or Market to Market accounting, it is the value of an asset or liability in an arms length transaction between unrelated willing and knowledgeable parties. The concept of fair value is used in many accounting standards including the?IFRS covering acquisition, and the valuation of securities, but is not limited to these.Fair value is an estimate of the price an entity would realize if it were to sell an asset, or the price it would pay to relieve a liabilityMany financial instruments ? such as shares traded on an exchange, debt securities U.S. Treasury bonds, and derivatives ? are measured and reported at fair valueKey Points ?Many financial instruments are measured and reported at “fair value.”?Financial firms use some form of modeling in estimating fair value for many instruments?Most firms have a robust internal control process for ensuring that the models used in these valuations are reasonable and reflect underlying market conditions?Information about how firms calculate fair value is fully disclosed in financial reports Use of Fair Value Fair value is a required measure for many financial instrumentsDetermining whether a financial instrument should be recorded at fair value in a companys financial statements depends in part on what type of institution owns the instrument and the intended use of that instrumentFor example, in the case of a broker-dealer, a high percentage of its assets typically are traded and must therefore be accounted for at fair valueOther institutions record financial instruments at fair value depending on what their intent is for holding the instrument or the nature of the business activityIf an institution decided to hold a U.S. Treasury bond to maturity, for example, the bond can be shown at its original costIf the institution purchases another identical Treasury bond that it intends to sell in the near future, that bond would be accounted for at fair value In addition to using fair value measures to comply with public reporting requirements, companies measure their financial instruments at fair value for a number of internal processes, including: making investing and trading decisions, managing and measuring risks, determining how much capital to devote to various lines of business, and calculating compensationThe use of fair value measurements i s deemed to be relevant in these areasSome methods of determining fair value are preferred to others as they are more accurate when they can be used. The methods used are, in IFRS order of preference:If there are identical transactions in the market, assets and liabilities should be valued with reference to such transactions ? i.e.?marked to market.If identical transactions do not exist, but similar transactions exist, fair value should be estimated making the necessary adjustments and using market based assumptionsIf either of the above methods cannot be used, other valuation methods may be used ? this is what allows?marking to model.Fair value often has a subjective element as so many valuations are likely to use the latter two methods.Determining Fair ValueThe process of valuing an instrument to its fair value depends on how easy it is to determine a price for that instrumentSince fair value is the price at which a willing buyer and seller agree to trade, finding the right price is the key to valuationIn the simplest case, a firm can find the price or value of an instrument in a newspaper or other quotation systemThese prices typically reflect the last price reported to the secondary marketThis usually works very well because listed prices are generally available for such securitiesListed, published prices are not available, however, for all financial instrumentsIn those cases, some estimation is often required to determine fair valueFirms use valuation models that take into account a variety of relevant data, such as current economic forecasts, general market conditions, the price of similar financial instruments, etc. to measure fair valueFor example, corporate bonds typically trade in a well-defined range over Treasury securities of a similar maturityContemporaneous transaction prices in such instruments will generally be very helpful in estimating the fair value of similar securitiesIn most cases, some verifiable market data exists to bolster the objective determination of fair value through modelingFirms rely primarily on judgment only for the very complex instruments where market parameters and prices do not existFair value of intangible assetsThe value of?intangible assets, especially?goodwill?has a significant effect on reported profits and balance sheets. The common exclusion of goodwill for valuation purposes makes this less important for investors. After the initial recognition of goodwill, it should be tested for?impairment?annually.The methods used for valuing intangible assets are categorized by an IFRS into market methods the first two above and the income method the third of the above.Fair value of securitiesIFRS require use of the following methods, in order of preference:Quoted market prices should be used if available.The price should be estimated using market data and with reference to the current market value of a similar instrument.Where the above methods cannot be used, a company should use cost less impairment.Ensuring Accuracy Although judgment is involved in the fair valuation process, most firms have a robust internal control process for ensuring valuations are reasonable and consistentManagement review and oversight are key to ensuring accuracyValuation models are subject to independent review as part of the internal control process to ensure that they reflect underlying market conditions; moreover, they cannot be changed without approvalsIn addition, estimates generated by the models are compared to actual trades to determine the reasonableness of the estimatesFirms also employ other means of independent verification, such as comparing estimates to the value of the instrument at termination Benefits Fair value provides important information about financial assets and liabilities as compared to values based only on their historical cost original price paid or receivedSince fair value reflects current market conditions, it provides comparability of the value of financial instruments bought at different times. In addition, financial disclosures that use fair value provide investors with insight into prevailing market values, further helping to ensure the usefulness of financial reportsReduced Net IncomeUsing fair value accounting, when values of assets decrease, the companys calculated net income decreases. When the companys value of liabilities increase, the companys calculated net income also decreases. Net income is the bottom line of a companys Income Statement. This amount reflects the amount the company pays taxes on. This is an advantage to companies because a lower net income results in lower taxes. These affects to assets and liabilities also cause a decrease in the equity of the company. A lower equity results in less money a company must decide what to do with. This usually results in less employee bonuses, which means more money in the companys pocket.Realistic Financial StatementsCompanies reporting under this method have financial statements that are more accurate than those not using this method. When assets and liabilities are reported for their actual value, it results in more realistic financial statements. When using this method, companies are required to disclose information regarding changes made on their financial statements. These disclosures are done in the form of footnotes. Companies have an opportunity for examining their financial statements with actual fair values, allowing them to make wise choices regarding future business operations.Investors BenefitFair value accounting offers benefits for investors as well. Because fair value accounting lists assets and liabilities for their actual value, financial statements reflect a clearer picture of the companys heath. This allows investors to make wiser decisions regarding their investment options with the company. The required footnote disclosures allow investors a way of examining the effects of the changes in statements due to fair values of the assets and liabilities.With the knowledge economy and the rapid development of information society, as reflected at historical cost accounting book value of individual economic resources has seriously deviated from the market value of the correct economic decision makers. Especially in market innovation, financial innovation after another environment, in particular the emergence of derivative financial instruments, so that the fair value of derivative financial instruments has become the only relevant measurement attribute. In todays accelerated process of internationalization, international accounting standards and gradually, the introduction of new accounting standards in 2006, the biggest highlight is the re-use of fair value, with economic globalization and the development of international coordination of accounting, fair value in China The extensive use will not be avoided.公允价值的定义和优越性摘要:随着知识经济和信息化社会的迅速发展,按历史成本反映的会计个体经济资源账面价值已经严重偏离市场价值,影响了经济决策者的正确决策。特别在市场创新、金融创新层出不穷的环境下,尤其是衍生金融工具的出现,使公允价值成了衍生金融工具唯一相关的计量属性。公允价值充分体现了资产和负债的市场价值,具有充分的优越性。关键词:公允价值的定义 优越性 公允价值的确定 定义 公允价值(Fair Value) 亦称公允市价、公允价格,熟悉市场情况的买卖双方在公平交易的条件下和自愿的情况下所确定的价格,或无关联的双方在公平交易的条件下一项资产可以被买卖或者一项负债可以被清偿的成交价格,以减轻负债。?很多金融工具-如买卖一股票交换,债务证券(美国国债)和金融工具衍生物,公平价值的观念用在很多会计标准,包括国际财务报告准则?,包括收购?,以及证券估价,但并不限于这些。 要点 许多金融工具计量和报告的“公平价值”。 金融公司利用价值多一些文书形式估计公平的建模研究。 大多数企业都有内部控制程序,以确保一个强大的,在这些使用的模型估值是合理的,反映了潜在的市场条件。 价值的信息有关企业如何计算中充分披露公允的财务报告。 公允价值的使用 公平价值是很多金融工具衡量的要求。?确定是否金融工具应以公允价值记录在公司的财务报表部分程度上取决于拥有什么样的机构类型的金融工具和该用途文书。?例如,在典型的案件经济交易商,其高比例的资产进行交易,因此必须按公允价值入账。?记录的其他金融机构工具按公平价值取决于他们的意图是什么,是为举行的文书或商业性质的活动。?如果一个机构决定向美国国债持有至到期日,例如,债券可显示在其原始成本。?如果该机构购买另一相同的国债,它打算在不久的将来出售,这将是按公允价值计价的债券。 除了使用公允价值的措施,以符合公众报告要求,使用公允价值也是公司内部流程衡量他们的数字金融工具的要求,其中包括:投资和交易决策,风险管理和测量,确定多少资金投入到各种业务范围和计算赔偿。?公允价值计量被认为是在这些有关的领域使用。 一些测定的方法优先考虑公允价值而与他人更准确当他们都可以使用。采用的方法是,在国际财务报告准则的优先顺序: 如果有相同的市场交易,资产和负债应当重视与参考该等交易-即按市值?。 如果相同的交易不存在,但类似的交易存在,应该估计公平值作出必要的调整和以市场为基础的假设 如果上述方法之一不能使用,其他评估方法可用于-这是允许标记,以模型?。 公允价值主观因素常常出现这么多估值可能会使用后两种方法。 确定公允价值 估价价值的过程及其公平的工具取决于如何能够非常容易地确定价格。?由于公允价值的价格在于某个自愿买方和卖方同意贸易,寻找合适的价格是估价的关键。?在简单的情况下,企业可以找到价格或价值的系统工具在报纸上或他报价。这些价格通常报告反映了去年的价格向二级市场。这通常是因为工作得很好列出的价格一般都可用这种证券。 上市时发行价格不到位,然而对所有金融工具,在这种情况下,一些估计,往往需要由公允价值确定。?公司采用的估值模型,采取考虑到各种相关数据,如当前的经济预测,一般市场条件下,类似金融工具的价格等,以计量公允价值。?例如,公司债券的一般贸易超过国库券的类似一个明确的成熟范围。?在这些文书同期交易价格一般会对估计类似证券的公允价值非常有帮助。?在大多数情况下,一些市场数据核查存在是为了加强决心通过建模对公允价值的目