公允价值计量面临全球金融风暴的考验

Fair Value Measurement Facing the Challenge of Global Financial Storm

本文讨论公允价值计量面临非常严重的金融危机。本文认为,公允价值计量在财务会计中带来新意。假定所有资产和负债都按公允价值计量(即应用所谓"调到市价会计"),财务报告有可能使一个企业的财务信息建立在价值而不是历史成本基础上。联系到金融工具,公允价值是最相关甚至唯一相关的计量属性。公允价值建立在三个基础上:础上:a.它的初始确认不是实际的,而是假想的交易;b.作为计量属性,它仅仅是估计价格;c.它的计量是以市场为基础,而不是两个主体间的交换。很明显,假定上述基础丧失了(例如,在金融危机的情况下),则用公允价值来计量的财务信息的可靠性必定产生疑问。本文的结论是公允价值仍是财务会计的一个有用的计量属性,但是现在需要反思并按《美国2008年紧急经济稳定法案》第132和133节进行修正。本文还断定,财务会计与财务报表用于记录并报告历史的交易和事项及它们的影响是基本的和本质的特征与功能。历史成本是主要的计量属性,而包括公允价值在内的其他计量属性仅仅是补充。会计决不能变成估计。

This paper discusses fair value measurement that has being faced with a very serious financial crisis. The paper recognizes that fair value measurement brings new ideas in financial accounting. If all assets and liabilities are measured at fair value （That is to apply market-to-market accounting）, financial reporting may bring the financial information of business enterprises at market value but not at historical cost. With respect to financial instruments, fair value is the most, even only relevant measurement attribute. Fair value measurement relies on the following three basis： a. It＇s initial recognition is not the actual but hypothetical transactions; b. As a measurement attribute it is only estimative price; c. It＇s measurement is based on market but not on exchange between two entities. It is obvious that the reliability of financial information measured at fair value must be raised a query if above basis are unvailable （e. g. In case of financial crisis）. The paper concludes that fair value is still a useful measurement attribute of financial accounting, but now must be reviewed and modified according to sections 132 and 133 of U. S. Emergency Economic Stabilization Act of 2008. The paper also concludes that financial accounting, financial statements recording and reporting historical transactions by using historical cost is the fundamental measurement attribute and other attributes including fair value are only supplement. Accounting will never change into estimating.