【正文】 e argument. The other is that historical cost, while objectively reliable at the moment a transaction takes place, can bee outdated fairly quickly. That is particularly so for assets 2 that are traded in active markets – such as financial instruments. What is the logic, the fair value adherents assert, of keeping a share of stock on the books at its purchase price when the price has increased or decreased in market trading thereafter? More broadly, insistence upon cost as the ultimate measure of asset value can lead to reported results that make no sense. A FASB member made the point at one meeting through the example of an office building. Under GAAP, the building would be recorded at cost and then, over the succeeding quarters and years, depreciated. The result would be that, for financial reporting purposes, its reported value would go down. At the same time, the economic reality may be that its value was actually increasing. Hence, the ―cost‖ approach would have two results. The first is that the information would be objectively reliable. The second is that it would be pletely wrong. The present d233。 幕后： FAS 157 對于那些傾向于責(zé)怪會計 來說 ，真正 致使次優(yōu)混亂的罪魁禍?zhǔn)资且粋€公允的新標(biāo)準(zhǔn)，也就是在 2020年 9 月發(fā)布的美國財務(wù)會計準(zhǔn)則第 157 條又稱 FAS 157 以及預(yù)定在今年十一月生效、針對某類資產(chǎn)估值的 GAS 157， 即資產(chǎn)應(yīng)當(dāng)按公允價值記錄 。為了 使估值更加可靠，這種具體的證據(jù)可以由外部 的審計員對 財務(wù)報表 獨(dú)立審查 。 對于財務(wù)報告的目的 而言， 結(jié)果將是其報告價值將大大下降。 這是一個幾乎無法克服的挑戰(zhàn) ，以一 般邏輯去考慮，每次查看價格，財務(wù)報表都要被更新。 根據(jù)第 3 級 ，要輸入的是“在這樣的情況下基于最有效的信息”。我們都太熟悉了發(fā)生了什么。在很大程度上忽視幕后的事實是：隨著活躍市場的消失 ,許多 CDOs 的估值在 FAS 157 的規(guī)則下用“一級”方法不再合格。對他們而言，他們希望能得到關(guān)于他們次級工具在價值方面的最新信息以應(yīng)對金融市場的迅速走勢。對有些人來說 ,特別是對那些從來都不喜歡公允價值會計的人而言 ,現(xiàn)在所有的證據(jù)表明公允價值會計是一個愚蠢的東西。 但是何謂訴訟？ 不管人們關(guān)于公允價值的想法如何，次級余波后的特征之一就是 有 變得 完全適得其反 的潛在可能。因此，次貸危機(jī)也是為我們呈現(xiàn)一個面對更大問題的機(jī)會。 Accounting Horizons Vol. 20, No. 3 September 2020 pp. 271–285 Including Estimates of the Future in Today’s Financial Statements Mary E. Barth SYNOPSIS: This paper explains why the question is how, not if, today’s financial statements should include estimates of the future. Including such estimates is not new, but their use is increasing. This increase results primarily because standardsetters believe asset and liability measures that reflect current economic conditions and uptodate expectations of the future will result in more useful information for making economic decisions, which is the objective of financial reporting. This is why standardsetters seem focused on fair value accounting. How estimates of the future are incorporated in financial statements depends on the asset and liability measurement attribute, and on financial reporting definitions of assets and liabilities. The present definitions depend on identifying past transactions or events that give rise to expected inflows or outflows of economic benefits and, for inflows, control over the expected benefits. Thus, not all expected inflows or outflows of economic benefits are recognized. Disclosures in the notes can help users understand recognized estimates and can provide information about unrecognized estimates. Including more estimates of the future in today’s financial statements would result in an ine measure that differs from today’s ine, but such a measure arguably provides better information for making economic decisions. Keywords: financial statements。 在這點上，次級混亂的余波可能是將來即將發(fā)生的一個預(yù)兆?！? 沮喪是可以理解的。 該怎么辦？現(xiàn)在的情況將允許在三級的規(guī)則下提出最有可能的模式。所以財務(wù)人員和會計師很快發(fā)現(xiàn)自己有需要去應(yīng)付三級。 由于投資者試圖深入 地研究 CDO 資產(chǎn)的價值和 他們 現(xiàn)金流量 的可靠性 ， 工具的復(fù)雜性對洞察潛在的財務(wù)數(shù)據(jù)造成了重大障礙。 為了征求社會公眾的意見， FAS 157 的草案分發(fā)給了金融各界，當(dāng)時 不是每個人都熱衷于它的三個級別的做法 ，那些深思熟慮的評論家非常擔(dān)心由于使用三級輸入而假設(shè)出來的價值的可靠性。 FAS 157 承認(rèn)有這樣的例子存在：某些資產(chǎn)必須以公允價值來記錄但卻不存在一個活躍市場及一個可觀察到的市場價格。因此，“成本”法有兩個結(jié)果。 但是，這只是 爭論 的一個方面 而已 。”在會計師中，這一概念作為“出口價格”被稱為速記。 該論點是，新的會計規(guī)則要求 劃減 ， 這 實際上夸大 了 損失， 這樣 金融市場推動的水平，是人為地壓低 的。毫無疑問，由于 數(shù)十億 的 住房抵押貸款 文書的劃減以及 伴隨金融市場的波 動 ，致使 今年夏天以來一直 不景氣 。 這個問題 已經(jīng)激烈 討論 了很 多年，原因之一是每一方都進(jìn)行了很好的論據(jù)來支持其立場。 公允價值擁護(hù)者 主張的邏輯是以它的購買價格來擁有一份股票的話，之后當(dāng)價格在市場中上漲或下降時交易。 目前緩和這爭論的方法是尋求由每一方提出的好觀點并得到大家的公認(rèn)的。頂部是“一級輸入”，它被定義為“在活躍的市場中有相同的 資產(chǎn)或負(fù)債的報價 (調(diào)整 )，報告主體在測量日有權(quán)利使用。因為他們采用了該方法， 總體事情似乎 往好的地方發(fā)展著。 問題在于相關(guān)資產(chǎn)的價值無法被計算出。因為 CDOs 已經(jīng)在一級基礎(chǔ)上被確認(rèn)其價值，建立一個模型去以三級的標(biāo)準(zhǔn)來估計一個工具的價值是不適當(dāng)?shù)牧恕Ｒ环N或另一種方式， 以及含義編制找到一種方法，可以拿出 他們 的最佳估計 并 報告給投資者。 而這個消息一點也沒有使任何人感到愉快 ,公允價值會計的好處之一 —— 特別是 FAS 157 —— 它已經(jīng)給外來投資者實時洞察市場的機(jī)會 ,而在舊會計制度下 ,只有業(yè)內(nèi)人士才可以看見。 7 次級估值挑戰(zhàn)的余波在爭論中，所以，這在很大 程度 上取決于我們的訴訟 和監(jiān)管 系統(tǒng)在 沒有任何實際辦法 去做出 艱難的 判決 的情況下把法律處罰放在什么位置上。 different assets are associated with different expectations of the future. The present definitions depend critically on the identification of the past transaction or event that gives rise to the expected inflow or outflow of future economic benefits. The asset definition also requires that the entity control the resource. Thus, only estimates of future economic benefits associated with past transactions or events and, in the case of assets, under the control of the entity are to be considered under current definitions. Ine is the difference between assets recognized at the beginning of the period and assets recognized at the end of the period, other than changes arising from equity transactions. Thus, how estimates of the future are incorporated into financial statements today affects the characteristics of ine and its interpretation. For example, with more estimates of the future incorporated into today’s measures of assets and liabilities, ine will be less predictable. However, predictability of ine itself is not an objective of financial reporting. Rather, ine’s ability to predict future cash flows is important. Including more current estimates of the future likely enhances ine’s predictive ability. The next section explains why the question is how to incorporate estimates of the future in today’s financial statements, not if. The third section explains why selection of the measurement attribute for assets and liabilities affects how estimates of the future are incorporated into recognized amounts. That section also explains why the IASB is focus