【正文】 have taken so far and they also exceed the difference between the loans’ carrying values and banks’ fair value disclosures for these loans according to FAS 107 (., Citigroup, 2020。 Veron, 2020).3In 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 values without having economic effects of its own. In this article, we attempt to make sense of the current fairvalue debate and discuss whether many of the arguments in this debate hold up to further scrutiny. We e to 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 about 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 issues and tradeoffs。 NBER April 2020 (Forthing in Accounting, Organizations and Society) Abstract The recent financial crisis has led to a vigorous debate about the pros and cons of fairvalue accounting (FVA). This debate presents a major challenge for FVA going forward and standard setters’ push to extend FVA into other areas. In this article, we highlight four important issues as an attempt to make sense of the debate. First, much of the controversy results from confusion about what is new and different about FVA. Second, while there are legitimate concerns about marking to market (or pure FVA) in times of financial crisis, it is less clear that these problems apply to FVA as stipulated by the accounting standards, be it IFRS or . GAAP. Third, historical cost accounting (HCA) is unlikely to be the remedy. There are a number of concerns about HCA as well and these problems could be larger than those with FVA. Fourth, although it is difficult to fault the FVA standards per se, implementation issues are a potential concern, especially with respect to litigation. Finally, we identify several avenues for future research. Key Words: Marktomarket； Fair value accounting； Financial institutions；Liquidity； Financial crisis； Banks； Procyclicality 1. Introduction The recent financial crisis has turned the spotlight on fairvalue accounting (FVA) and led to a major policy debate involving among others the . Congress, the European Commission as well banking and accounting regulators around the world. Critics argue that FVA, often also called marktomarket accounting (MTM),1has significantly contributed to the financial crisis and exacerbated its severity for financial institutions in the . and around the the other extreme, proponents of FVA argue that it merely played the role of the proverbial messenger that is now being shot (., Turner, 2020。 Banque de France, 2020。 Shin, . (2020). Liquidity and leverage. Federal Reserve Bank of New York Staff Reports, No. 328. Allen, F., amp。 Landsman, . (2020). The relevance of the valuerelevance literature for financial accounting standard setting: another view. Journal of Accounting and Economics 31, 77104. Beatty, A., Chamberlain, S. amp。 Palepu, . (1995). Marktomarket accounting for banks and thrifts: Lessons from the Danish experience. Journal of Accounting Research 33, 132. Bigman, D., amp。 Stafford, E. (2020). The pricing of investment grade credit risk during the financial crisis. Working Paper. DeBondt, ., amp。首先 ,爭(zhēng)議主要是由關(guān)于什么是新的、不同的 FVA 的困惑 導(dǎo)致的。第四 ,盡管很難斷定 FVA的標(biāo)準(zhǔn)本身 ,但它的實(shí)用性、可執(zhí)行性仍是潛在的問(wèn)題 ,尤其是關(guān)于法律訴訟方面。另一個(gè)極端的 FVA支持者辯稱 ,它僅僅扮演了信使的角色 ,現(xiàn)在卻被大眾批評(píng) (如特納 ,2020。 在本文中 ,我們?cè)噲D剖析當(dāng)前 公允價(jià)值的辯論并討論當(dāng)中的一些爭(zhēng)議能否容納進(jìn)一步審查。除在極少數(shù)情況下 ,標(biāo)準(zhǔn)制定者總是會(huì)面對(duì)這些問(wèn)題 ,FVA 是另一個(gè)例子。這些問(wèn)題也可能 (也許更恰當(dāng) )是合同與常規(guī)之間的協(xié)調(diào)。因此 ,我們并不清楚是否標(biāo)準(zhǔn)本身才是問(wèn)題的根源。對(duì) SEC 實(shí)施的擔(dān)心可能會(huì)有類似的效果。因此 ,標(biāo)準(zhǔn)制定者和執(zhí)法機(jī)構(gòu)面臨著一個(gè)微妙的權(quán)衡 (如傳染效應(yīng)和即時(shí)損失 )。此外 , 在經(jīng)濟(jì)危機(jī)期間，缺乏透明度可能使情況更糟糕。 第一節(jié)中 ,我們提供一個(gè)對(duì) FVA 基本概述和一些贊成以及反對(duì) FVA 的關(guān)鍵理由。 一、公允價(jià)值會(huì)計(jì) :它是什么和什么是關(guān)鍵參數(shù) ? FVA 是一個(gè)衡量資產(chǎn)和負(fù)債方法 ,出現(xiàn)在一個(gè)公司的資產(chǎn)負(fù)債表。 2 級(jí)適用于個(gè)案中有可觀察到的輸入 ,包括類似資產(chǎn)的引用報(bào)價(jià)或活 躍市場(chǎng)報(bào)價(jià) ,以及非活躍市場(chǎng)中相同或相似的資產(chǎn)引用報(bào)價(jià)和其他 4 個(gè)相關(guān)的市場(chǎng)數(shù)據(jù)。為了確定公允價(jià)值 ,IFRS 在 FAS 157 輸入中給出類似的區(qū)別 :活躍市場(chǎng)的報(bào)價(jià)必須用作公允價(jià)值。法蘭西銀行行長(zhǎng) ,2020。美國(guó)公認(rèn)會(huì)計(jì)準(zhǔn)則與國(guó)際會(huì)計(jì)標(biāo)準(zhǔn)制定了新的機(jī)制 ,以 避免市場(chǎng)出現(xiàn)負(fù)面的溢出效應(yīng)和向下的螺旋 解決危機(jī)蔓延和順周期循環(huán)的方法并不是直接 (機(jī)械 )監(jiān)管或與 FVA 形成合同關(guān)系。因此 , 美國(guó)銀行業(yè)監(jiān)管機(jī)構(gòu)計(jì)算的監(jiān)管資本并不受公允價(jià)值 AFS 債務(wù)證券變化的影響 ,除非他們被出售或損害是非暫時(shí)性的。在我們看來(lái) ,這是一個(gè)有趣的問(wèn)題 ,艾倫、 Carletti(2020) and Ealt(2020)對(duì) FVA 潛在的傳染效應(yīng)討論做出了重要的貢獻(xiàn)。如上所述 ,根據(jù)美國(guó)公認(rèn)會(huì)計(jì)準(zhǔn)則或國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則 以及美國(guó)監(jiān)管資本要求， FVA 銀行機(jī)制落實(shí)到位應(yīng)該可以緩解潛在的傳染效應(yīng)。最后 ,這是一個(gè)用經(jīng)驗(yàn)判斷的問(wèn)題，它的回答超出了本文的范圍。然而 ,這種限制不應(yīng)令人驚訝。與此一致 ,當(dāng)前銀行的貸款損失遠(yuǎn)超過(guò)資產(chǎn)沖減 ,。這是本質(zhì)上的觀點(diǎn) ,在 2020 年 3 月 12 日的眾議院金融服務(wù)委員會(huì)聽證會(huì)上采用 MTM 會(huì)計(jì)規(guī)則。但卻 在這樣的可能性：銀行無(wú)法移動(dòng)足夠的資產(chǎn)到三級(jí)分類 ,以防止傳染效應(yīng)。然而 ,經(jīng)理、董事和審計(jì)師面臨嚴(yán)重的訴訟風(fēng)險(xiǎn)以及實(shí)質(zhì)性的法律處罰 ,包括監(jiān)禁 ,最近已經(jīng)增加了 2020 年的薩班斯 奧克斯利法案。因此 ,有可能 ,一旦我們認(rèn)識(shí)到訴訟方面的必要性 ,改進(jìn)實(shí)行標(biāo)準(zhǔn) (也許仍然 )更加重要。其中一個(gè)例子便是相關(guān)性和可靠性之間的權(quán)衡 ,這是討論確定公允價(jià)值時(shí)如何選擇背離市場(chǎng)價(jià)格時(shí)機(jī)的核心。第二 , 在危機(jī)時(shí)期， FVA 能增加傳染效應(yīng) ,這一點(diǎn)必須解決 —— 無(wú)論是會(huì)計(jì)系統(tǒng)或?qū)徤鞅O(jiān)管。 一個(gè)相關(guān)的議題是，經(jīng)濟(jì)危機(jī)時(shí)期投資者如何應(yīng)對(duì)其他公司的信息披露。這將使學(xué)習(xí)決定披露 (或保密 )、投資者的反應(yīng)和是否有跡象表明投資者反應(yīng)過(guò)度更加有趣。從這方面來(lái)說(shuō) ,激烈的游說(shuō)和在當(dāng)前的危機(jī)中對(duì)標(biāo)準(zhǔn)制定過(guò)程進(jìn)行政治干涉給進(jìn)一步的研究提供了肥沃的土壤。 Carletti, E. 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