公允价值外文文献

1、外文文献FairValueAccounting:AGuidetoUnderstandingtheCurrentStandardsoverthelastseveralyears,theFinancialAccountingStandardsBoard(FASB)hasbeenconcernedwiththeuseoffairvalueasameasurementattribute.Forthemostpart,theseeffortshavefocusedonmeasuringandaccountingforfinancialassetsandliabilitiesatfairvalueinth

2、efinancialstatements.Asaresultofthesedeliberations,currentU.S.generallyacceptedaccountingprinciples(GAAP)requirecompaniestoaccountforcertainassetsandliabilitiesatfairvalue(e.g.,tradingandavailable-for-salesecurities,derivativeinstruments)andtodisclosethefairvaluesofotherfinancialinstrumentsinthefoot

3、notestofinancialstatements.Recently,suggestionshavebeenmadetohaveallfinancialassetsandliabilities(andpossiblyevennonfinancialassetsandliabilities)recognizedandmeasuredatfairvalue.Forexample,inDecember1998,theInternationalAccountingStandardsCommittee(IASC)approvedInternationalAccountingStandard(IAS)3

4、9,whichstatesthatallfinancialassetsandliabilitiesshouldberecognizedinitiallyonthebalancesheetatfairvalueandanysubsequentmeasurementshouldalsobeatfairvalue.InMarch1999,theFASBissuedanExposureDraftofaproposedstatementoffinancialaccountingconceptinwhichtheysuggestthatfairvalueshouldbethemeasurementattr

5、ibuteofbothfinancialandnonfinancialliabilities.Inlate1997andearly1998,aseriesoffocusgroupswereconductedinanefforttoassessinvestorinterestintheuseoffairvalueasameasurementattribute.Oneofthefindingsofthesefocusgroupswasthewidevariationinknowledge,particularlyintheindustrysector,offairvalueaccounting.C

6、learly,withtheincreasedinterestinfairvalueaccountingbothintheUnitedStatesandinternationally,itisimportantthatcorporateaccountantsandfinancialmanagersbeknowledgeableoftherecognition,measurement,anddisclosureissuesinvolvedwiththeuseoffairvalues.Thisarticleprovidesareviewofcurrentpronouncementssurround

7、ingfairvalueandimplicationsoftheuseoffairvaluesinthefinancialstatements.FAIRVALUEASAMEASUREMENTATTRIBUTEFairvalueistypicallydefinedastheamountthatanassetcouldbeexchangedfororbywhichaliabilitycouldbeincurredorsettledbyknowledgeable,willingpartiesinacurrentarm-lengthtransaction.TheFASB,inStatementofFi

8、nancialAccountingConcepts(SFAC)5,describesseveralmeasurementattributesusedinaccountingpractice,includinghistoricalcost,currentcost,andcurrentmarketvalue.Thesemeasurementattributesareconsistentwiththeabovedefinitionoffairvalue.Forexample,theuseofthehistoricalexchangepricetodeterminetheinitialvalueofa

9、nassetorliabilityisassumedtoapproximatefairvalue.Theunderlyingideabehindtheuseoffairvalueasameasurementattributeisthatfairvaluerepresentsamarketprice.Marketpricescapturetheconsensusviewofallmarketparticipantsaboutanassetosliabilityedosomiccharacteristics,includingassumptionsaboutcashflows,profitmarg

10、ins,andrisk.Becauseamarketpriceincorporatesallinformationavailabletomarketparticipantsinanefforttodistinguishbetweenassetsandliabilitiesthatonthesurfacewouldappearsimilar(or,alternativelyensuresthatsimilaritemsdonotappeartobedifferent),theuseoffairvalueshouldresultinabetterportrayalofeconomicreality

11、.Therefore,theinformationprovidedbyfairvalueshouldprovidefinancialstatementuserswithmorecomplete,relevant,andrepresentationallyfaithfulinformationthatshouldresultinanimprovedbasisfordecisionmaking.THEUSEOFFAIRVALVEINCURRENTACCOUNTINGPRONOUNCEMENTCurrentFASBandIASCpronouncementsanddeliberationsrelati

12、ngtofairvalueaccountinginvolvethreemainissues:disclosuresoffairvalueinformation,initialrecognitionandmeasurementofassetsandliabilitiesatfairvalue,andtheaccountingforchangesinfairvalueinsubsequentperiods.Thisreviewisnotmeanttobeacomprehensivereviewofanyonearea,butageneralreviewofareasinwhichtheFASBor

13、theIASChaveaddressedfairvaluemeasurementsandtheirconclusions.FinancialInstrumentsProjectInMay1986,theFASBaddedaprojectontheuseoffairvalueinthemeasurementanddisclosureoffinancialinstrumentstoitsagenda.Thefirstphaseofthisfinancialinstrumentsprojectfocusedonimprovingthedisclosureofinformationaboutfinan

14、cialinstruments.OfparticularrelevancewastheissuanceofStatementofFinancialAccountingStandard(SFAS)107,DisclosuresaboutFairValueofFinancialInstruments,inDecember1991.Thisstandard,whichdidnotaddressanyrecognitionormeasurementissues,requireddisclosuresoffairvaluesoffinancialinstrumentsandanyassumptionsu

15、sedtoestimatethesefairvalues.Whenitisnotpracticabletoestimatefairvalue,SFAS107requiredinformationsuchasthecarryingvalueandeffectiveinterestratethatwouldbeusefulinestimatingfairvalue,aswellasthereasonswhyitwasnotpracticabletoestimatefairvalue.ThenextproductoftheFASBsfinancialinstrumentsprojectwasSFAS

16、11AccountingforCertainInvestmentsinDebtandEquitySecurities.Thisstatementextendedtheuseoffairvalueaccountingtoinvestmentsindebtandequitysecurities.Investmentsclassifiedasavailable-for-saleortradingsecuritiesaretobereportedatfairvalueonthebalancesheet.Additionally,anysubsequentchangesinfairvaluewouldr

17、esultinunrealizedgainsorlossesthatshouldbeincludedineitherearnings(forinvestmentsclassifiedastradingsecurities)orasaseparatecomponentofshareholdersequity(forinvestmentsclassifiedasafcH-lsb也securities).Noticethatthisstandardresultsinfairvalueaccountingatinitialmeasurementaswellasforsubsequentperiods.

18、Inresponsetorequestsforimproveddisclosuresforderivativefinancialinstruments,theFASBissuedSFAS119,DisclosureaboutDerivativeFinancialInstrumentsandFairValueofFinancialInstruments.Thisstatementrequiredthatentitiesthatholdderivativefinancialinstrumentsfortradingdisclosetheaveragefairvalueofthesederivati

19、vesduringtheaccountingperiodaswellasthefairvalueofthederivativesattheendoftheperiod.Additionally,SFAS119amendsSFAS107sothatthefairvalueinformationwithregardtoderivativesispresentedseparatelyfromthefairvalueinformationofnonderivativefinancialinstruments.TheFASBalsoprovidedguidancefortransfersandservi

20、cingoffinancialassetsandextinguishmentofliabilitiesinSFAS125.Undertheprovisionsofthisstatement,fairvalueisusedtoinitiallymeasureliabilitiesorderivativesincurredinatransferoffinancialassets.Later,theFASBestablishedaccountingandreportingstandardsforderivativesinadditiontothedisclosurerequirements.InSF

21、AS133,AccountingandReportingforDerivativeFinancialInstrumentsandHedgingActivities,allderivativesarerequiredtoberecognizedaseitherassetsorliabilitiesthataremeasuredatfairvalue.Subsequentchangesinfairvaluedependupontheintendeduseofthederivative.Forderivativesthatarenotdesignatedashedginginstrumentsord

22、esignatedasfairvaluehedges,thechangeinfairvalueisreportedincurrentearnings.Forderivativesdesignatedaseithercashflowhedgesofhedgesofaforeigncurrencyexposureofaforeign-currencydenominatedforecastedtransaction,theeffectiveportionofthehedgeisreportedasacomponentofothercomprehensiveincome,whiletheineffec

23、tiveportionofthehedgeisreportedinearningsimmediately.Theeffectiveportionofthehedgeisreclassifiedintoearningsinsubsequentperiodsasthehedgedtransactionaffectsearnings.Forhedgesofaforeigncurrencyexposureofanetinvestmentinaforeignoperation,thechangeinfairvalueisreportedasacomponentofothercomprehensivein

24、come.AscanbeseenfromtheabovereviewofFASBstatements,thefinancialinstrumentsprojectundertakenbytheFASBhasasacentralthemetheuseoffairvalueaccounting.Thesestandardsencompassnotonlytheuseoffairvalueatinitialmeasurement,butalsothereportingoffairvaluechangesinsubsequentperiodsandthedisclosureoffairvalueinf

25、ormationinsituationsinwhichitisnotpracticabletoestimatefairvalue.OtherFASBPronouncementsInadditiontothefinancialinstrumentsproject,theFASBhasalsoissuedotherguidancethatincorporatestheuseoffairvalues.Forexample,inSFAS110,ReportingbyDefinedBenefitPensionPlansofInvestmentContracts,theFASBrequiresthatad

26、efinedbenefitplanreportinvestmentcontractsatfairvalue.InSFAS114,AccountingbyCreditorsforImpairmentofaLoan,impairedloansarerequiredtobemeasuredbasedoneitherthepresentvalueoftheexpectedfuturecashflows,theloanobservablemarketprice,orthefairvalueoftheloanscollateraliftheloaniscollateraldependent.Similar

27、ly,inSFAS121,AccountingfortheImpairmentofLong-LivedAssetsandforLong-LivedAssetstoBeDisposedOf,ifaloanisconsideredtobeimpaired,themeasurementoftheimpairmentlossshouldbebasedonthedifferencebetweentheasset,carryingvalueanditsfairvalue.ProposedConceptsStatementInMarch1999,theFASBissuedarevisedexposuredr

28、aft,UsingCashFlowInformationandPresentValueinAccountingMeasurements.Inthisexposuredraft,theFASBadvocatestheuseofpresentvaluetechniquesasameansofcapturingtheeconomicsubstanceofasetofcashflowsbyincorporatingtherisksanduncertaintiesofthesecashflowsinamannersimilartothatofhowthemarketbehaves.Inotherword

29、s,theuseofpresentvaluetechniquesisanattempttomeasureassetsorliabilitiesattheirfairvalue.Paragraph19oftheproposedConceptStatementsstatesthat“theBoardexpectstoadoptfairvalueasthemeasurementattributewhenapplyingpresentvaluetechniquesintheinitialandfresh-startmeasurementofassetsandliabilities.Thisstatem

30、entindicatesapossiblechangeofdirectionbytheFASB,whichpreviouslyhasshownnointerestintakingfairvaluemeasurementsbeyondfinancialinstruments.ThisproposedConceptStatementestablishesthefoundationforfairvalueestimateofanyassetorliabilityforwhichreasonablecashflowestimatescanbemade.InternationalAccountingSt

31、andardsInDecember1998,theIASCapprovedIAS39,FinancialInstruments:RecognitionandMeasurement,whichstatesthatallfinancialassetsandliabilities,includingderivatives,shouldberecognizedinitiallyonthebalancesheetatthefairvalueofwhateverwaspaidorreceivedtoacquirethefinancialassetorliability.Anysubsequentchang

32、einthefairvalueofsuchfinancialassetsorliabilities,withafewexceptions,shouldbemeasuredatfairvalue.Thecompanywillhavetheoptioneithertorecognizetheentireadjustmentinearningsofthecurrentperiodortorecognizeonlythechangesinfinancialassetsorliabilitiesheldfortradingpurposesincurrentearningswiththefairvalue

33、changesofthenontradingassetsorliabilitiesreportedinequityuntilsold.Additionally,IAS39providesforfairvalueaccountingoftransfersoffinancialassetsorliabilities.Clearly,theinternationalcommunityisproceedingalongasimilarpathasthatoftheFASBwithrespecttofairvalueaccounting.IMPLICATIONSFORFINANCIALMANAGERSA

34、scanbeseenfromtheabovediscussion,thereisacleartrendbystandardsettingbodiestowardincorporatingfairvaluesinthemeasurementsofassetsandliabilities.Themostpervasiveargumentfortheuseoffairvaluesisthattheusefulnessofaccountingdisclosureswillbeincreased.Fairvaluesareassumedtobemorehelpfultoinvestorsandcredi

35、torsinmakingdecisionsbecausefairvalues,ineffect,representamarketpriceforanassetorliability.Fairvalues,therefore,bettercapturetheeconomiccharacteristicsoftheassetorliabilitythanhistoricalcostnumbersbecausefairvaluesincorporatemarketassumptionsabouttheassetorliabilityvalueandrisk.Widedisagreementexist

36、sastowhetherfairvaluespossessthesecharacteristics,butonethingisforcertainanyattempttoincorporatefairvaluemeasurementsissuretobecontroversial.TheFASBandtheAssociationforInvestmentManagementResearch(AIMR),inconjunctionwiththeCanadianInstituteforCharteredAccountants(CICA)conductedaseriesoffocusgroupsin

37、1997and1998toassessinterestinfairvalueaccountingforfinancialinstruments.Whiletherewasawiderangeofinterestandknowledgeaboutfairvalueaccounting,themajorityofthefocusgroupparticipantsdesiredanincreaseinthequantityandqualityofinformationaboutfairvalues.However,noconclusioncouldbedrawnastowhetherthecurre

38、ntstandardswereinadequateorwhethertherewasanunfamiliarityoftheparticipantswithcurrentstandardsandrequirements.TheseresultssuggestthattheFASBoranyotherstandard-settingbodywishingtoincorporatefairvalueswillfacemuchcriticismandlobbyingintheirefforts.Inaddition,ifandwhenfairvaluemeasurementsareincorpora

39、tedintoaccountingstandards,standard-settingbodieswillbefacedwithadifficulteffortineducatingbusinessprofessionalsastotheaccountingrequirementsinplaceIffairvaluesareincorporatedintoaccountingstandards,shouldthefairvaluesberecognizedinthefinancialstatementsorwouldfootnotedisclosuresuffice?Basedonrespon

40、sesbythefocusgroups,thisissuewillnotbeeasytoresolve.Whilemanyfavoredrecognitionoffairvalues,othersexpressedtheviewthatincreaseddisclosuresaredesired.However,amajorityofrespondentssuggestedanimprovementinthemethodofpresentationofinformationinthedisclosures,notjustmoreextensivedisclosures.Assumingthat

41、fairvalueswillberecognizedinthefinancialstatements,theuseoffairvalueswillcertainlyrequireincreaseddisclosureofunderlyingassumptionsusedindeterminingfairvalue.Giventheconcernoftheinvestmentcommunity,theFASBmustconsiderthenature,extent,andpresentationofdisclosuresthatwillberequiredifamovetowardfairval

42、ueaccountingismade.Anotherissueiswhetherassetsandliabilitiesotherthanfinancialassetsandliabilitiesshouldbemeasuredatfairvalue.TheFASPsconclusionintheirfinancialinstrumentsprojectisthatanyassetorliabilitythatissocloselyrelatedtoafinancialinstrumentthatitcannotbeseparatedordistinguishedshouldbeinclude

43、dintheprojectand,byimplication,bemeasuredatfairvalue.TheFASBhasalsoindicated,intheproposedConceptsStatementdiscussedabove,aninterestinmeasuringnonfinancialaswellasfinancialassetsandliabilitiesatfairvalue.However,onlyaminorityoffocusgrouprespondentsagreedwithmeasuringnonfinancialassetsatfairvalue.Ift

44、heFASBwishestoextendtheuseoffairvaluebeyondfinancialassetsandliabilities,theywillsurelyfaceagreatdealofopposition.Oneconcernwithusingfairvaluemeasurementdealswithmeasurementreliability.Focusgrouprespondentswerenearlyunanimousintheirconcernwiththisissue,butmostfeltthatmeasurementreliabilitywassomethi

45、ngthatcouldbeeffectivelydealtwithinthestandard-settingprocess.Inarelatedconcern,theFASBmustdecideonhowtoreconciledifferentmethodsofdeterminingfairvalues.Forexample,shouldthepriceinaprimaryorsecondarymarketbeusedasameasureoffairvalue?Shouldtheuseofpresentvaluetechniques(asdescribedintheFASBsproposedC

46、onceptsStatement)thatuseinternallygeneratedcashflowestimatesbeconsideredsuperiortomarket-basedtechniques?Whichmorecloselyresemblesfairvalueentryorexitprice?TheFASBhasaddressedthesequestionsintheirdeliberationsaboutfinancialinstruments.Generally,theirconclusionssuggestthatmarket-basedinformation(e.g.

47、,quotedprices)issuperiortoothersourcesofinformation,thatfairvalueshouldbebasedonthemarketpricethatismostfinanciallyadvantageoustotheentity,andthatexitpricesprovidemorerelevantandusefulinformationtofinancialstatementusersthatentryprices.Astheuseoffairvalueaccountingexpands,manymoreimplementation-relatedquestionssuchasthese