外文翻译
外文题目FASB Statement No. 157: Fair Value
Measurements
外文出处FASB Statement No.157:Fair Value
Measurements [J].CCH，2006: 1-8.
外文作者财务会计准则委员会
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原文:
FASB Statement No. 157: Fair Value Measurements Summary& Highlights
Financial Accounting Standards Board (FASB) Statement No. 157，Fair Value Measurements (FAS-157)，defines fair value，establishes a framework for measuring fair value in generally accepted accounting principles(GAAP)，and expands disclosures about fair value measurements. The standard applies in situations where other accounting pronouncements either permit or require fair value measurements. FAS-157 does not require any new fair value measurements.8点20分发
噪杂
星期三的英文Changes in practice that will result from applying FAS-157 relate to the definition of fair value，the methods ud to measure fair value，and the expanded disclosure about fair value measurements that will be required.
The FASB believes that the changes in practice from applying FAS-157 will improve financial reporting by increasing both consistency and comparability in fair value measurements. The expanded disclosures required about the u of fair value to measure asts and liabilities should provide financial statement urs with better information about the extent to which fair value is ud to measure recognized asts and liabilities，the inputs ud to develop the measurements of fair value，and the effects of certain of the measurements on earnings (or changes in net asts) for the period.
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FAS-157 is effective for financial statements issued for fiscal
years beginning after November 15，2007，and for interim periods within tho fiscal years. Earlier application is encouraged，provided that the reporting entity has not already issued financial statements for that fiscal year，including interim periods within that fiscal year. Generally，the provisions of FAS-157 are to be applied prospectively as of the beginning of the fiscal year in which t
he statement is initially applied with exceptions for certain financial instruments in which cas retrospective application is required.
Analysis and Implementation
Scope
FAS-157 applies in situations where other accounting pronouncements require or permit fair value measurements with the following exceptions:
FAS-157 does not apply under accounting pronouncements that address share-bad payment transactions (i.e.，FASB Statement No. 123 (revid 2004)，ShareBad Paymentmalicious
(FAS-123R)，and its related interpretative pronouncements).
FAS-157 does not eliminate the practicability exceptions to fair value measurements that are included in accounting pronouncements within the scope of FAS-157.
Also，FAS-157 does not apply under accounting pronouncements that require or permit measurements that are similar to fair value but that are not intended to measure fair value. Example
s are accounting pronouncements that permit measurements that are bad on vendor-specific objective evidence of fair value (e.g. AICPA Statement of Position 97-2，Software Revenue Recognition，and Accounting Rearch Bulletin No. 43，Chapter 4，Inventory Pricing).
Measurement
Fair value is the price that would be received to ll an ast or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
A fair value measurement is for a particular ast or liability and，therefore，thetrick是什么意思
measurement should consider attributes specific to the ast or liability. For example，the condition and/or location of the ast or liability and any restrictions on the sale or u of the ast at the measurement date affect the ast or liability's fair value. The ast or liability may be a standalone ast or liability or a group of asts or liabilities. Whether the ast or liability is a standalone ast or liability or a group of asts and/or liabilities depends on its unit of account. The unit of account determines what is being measured by reference to the level at which the ast or liability is aggregated for purpos of applying other accounting pronouncements.
Fair value measurement assumes that the ast or liability is exchanged in an orderly transaction between market participants to ll the ast or transfer the liability at the measurement date. The term“orderly transaction”refers to a transaction that assumes exposure to the market for a period prior to the measurement date to allow for market activities that are usual and customary for transactions involving such asts or liabilities. It is not a forced transaction. The objective of a fair value measurement is to determine the price that would be received to ll the ast or paid to transfer the liability at the measurement date (referred to as the“exit price”).
Principal or Most Advantageous Market
A fair value measurement assumes that the transaction to ll the ast or transfer the liability occurs in the principal market for the ast or liability or，in the abnce of a principal market，the most advantageous market for the ast or liability. The principal market is the market in which the reporting entity would ll the ast or transfer the liability with the greatest volume and level of activity for the ast or liability. The most advantageous market is the market in which the reporting entity would ll the ast or transfer the liability at a price that maximizes the amount that would be received for the ast or minimizes the amount that would be paid to transfer the liability.
The price in the principal or most advantageous market ud to measure the fair value of the ast or liability should not be adjusted for transaction costs. Transactions costs reprent the incremental direct costs to ll the ast or transfer the liability in the principle or most advantageous market for the ast or liability. The costs are not
an attribute of the ast or liability. Transaction costs do not include the costs that would be incurred to transport the ast or liability to its principal or most advantageous market. The price in the principal or most advantageous market ud to measure the fair vale of the ast or liability shall be adjusted for the costs that would be incurred to transport the ast or liability to its principal or most advantageous market.
Market Participants
美国的历史Market participants are buyers and llers in the principal or most advantageous market for the ast or liability that meet the following criteria:
They are independent of the reporting entity.
They are knowledgeable，having a reasonable understanding about the ast or liability and the transaction bad on all available information.
They are able to transact for the ast or liability.
They are willing to transact for the ast or liability (i.e.，willing，but not forced or otherwi compelled to do so).
The fair value of the ast or liability is determined bad on the assumptions that market participants would u in pricing the ast or liability. In developing the assumptions，the reporting entity is not required to identify specific market participants. Rather，it should identify characteristics that distinguish market participants generally，considering factors specific to the ast or liability，the principal or most advantageous market for the ast or liability，and market participants with whom the reporting entity would transact in that market.
Application to Asts
A fair value measurement assumes the highest and best u of the ast by market participants，considering the u of the ast that is physically possible，legally permissible，and financially feasible at the measurement date. The highest and best u of the ast determines the valuation premi that is ud to measure the fair value of the ast.
lifeway
In-u. The highest and best u of the ast is in-u if the ast would provide maximum value to market participants principally through its u in combination with
other asts as a group. In this instance，the fair value of the ast is determined bad on the price that would be received in a current transaction to ll the ast assuming that the ast would be ud with other asts as a group and that the asts would be available to market participants.
In-exchange. The highest and best u of an ast is in-exchange if the ast would provide maximum value to market participants principally on a standalone basis. In this instance，the fair value of the ast is measured using an in-exchange valuation premi. The fair value is determined bad on the price that would be received in a current transaction to ll the ast standalone.
Application to Liabilities
Fair value measurement assumes that the liability is transferred to a market participant at the measurement date and that the nonperformance risk related to the liability is the same before and after its transfer. Nonperformance risk refers to the risk that the obligation will not be fulflled and affects the value at which the liability is transferred. The fair value of the liability shall refect the nonperformance risk relating to that liability. The credit risk of the reporting entity is one factor in dete
rmining the nonperformance risk.
criminal什么意思Fair Value at Initial Recognition
When an ast is acquired or a liability assumed in an exchange，the transaction price reprents the price paid to acquire the ast or received to assume the liability. In contrast，the fair value of the ast or liability reprents the price that would be received to ll the ast or paid to transfer the liability (i.e.，an exit price).
In many cas，the transaction price equals the exit price and，therefore，reprents the fair vale of the ast or liability at initial recognition. In determining whether a transaction price reprents the fair value of the ast or liability at initial recognition，the reporting entity must consider factors specific to the transaction and to the specific ast or liability. Examples of situations in which the transaction price might not reprent the fair value of an ast or liability at initial recognition are:
The transaction is between related parties.
The transaction occurs under duress or the ller is forced to accept the price in
