【導(dǎo)讀】摘要：2021年9月的金融風(fēng)暴直擊美國(guó)經(jīng)濟(jì)核心，并且迅速蔓延到世界各地，引發(fā)了對(duì)使用外來(lái)衍生金融工具和公允價(jià)值會(huì)計(jì)的激烈辯論?；蚨嗷蛏偈艽舜挝?。衍生品在預(yù)防這些巨大的丑聞時(shí)的重要性，制定準(zhǔn)則。同時(shí)闡述支持或反對(duì)使用。公允價(jià)值和信用衍生產(chǎn)品的意見并提出應(yīng)對(duì)未來(lái)金融危機(jī)的解決辦法。監(jiān)管機(jī)構(gòu)在2021年初發(fā)行規(guī)則，以方便投。監(jiān)管機(jī)構(gòu)認(rèn)為，鼓勵(lì)公平價(jià)值的透明度和可比性，將有助于恢復(fù)投資者對(duì)金。融市場(chǎng)及其機(jī)構(gòu)的信任。根據(jù)這一標(biāo)準(zhǔn)，資產(chǎn)。1級(jí)，包括最流動(dòng)資產(chǎn)，其價(jià)值源于在活躍市場(chǎng)的價(jià)格;2級(jí)，包括使用可觀察市場(chǎng)的市場(chǎng)數(shù)據(jù);式和估算為基礎(chǔ)的價(jià)格。關(guān)于公允價(jià)值會(huì)計(jì)的辯論作出了頭版新聞。爭(zhēng)論第3級(jí)如此激烈的原因是，這些資產(chǎn)是資產(chǎn)負(fù)債表的重要組成。國(guó)際興趣，其后果蔓延整個(gè)亞洲和歐洲。歐洲官員決定保釋出包，需要銀行部門。許多的CDS合同買賣是利用外來(lái)金融工具和幫助防范風(fēng)險(xiǎn)的，

　　

【正文】 prehensive ine) and not in the ine statement. As the losses reported in other prehensive ine are not taken into consideration when calculating the capital rations requested by the Pillar 1 of the Basel Agreement on capital adequacy, banks can manipulate the ratios and hide some of the risky assets. Another example of hiding risks,even when applying fair value rules,consists of using the special purpose entities,the securitization and the structured investment vehicles in order to keep some significant risking liabilities off balance sheet. The standardsetters conveniently (for banks) delay the obligation of bringing these liabilities into the consolidated financial statements with important consequences on liquidity and capital adequacy. Ⅳ .Opinions for fair value accounting On the other side of the coin, the advocates of fair value ironically notice that critics were not that vocal about marktomarket accounting standards when they helped them post huge gains on derivatives during economic booms or when fair value accounting for stock options produced tax benefits. These voices discredit themselves because they bee very loud only when there is a downturn in markets. The standardsetters stand for fair value accounting claiming that it has not caused the actual financial crisis but has helped to bring the problems to a head earlier and with less damage than if marketvalue accounting had not been applied” [Johnson Carrie, 2021]. They argue that, by delivering updated market information, fair value tells investors what assets are worth and give them a headsup on managements’ stewardship of assets (or lack of stewardship)” [Ciesielski Jack, 2021]. That is why managers bee so upset with fair value when it shows their culpability. The fair value’s defenders invoke a recent study conducted by Securities Exchange Commission –SEC in order to asses the impact of fair value accounting on financial institutions (most affected by the current events) which highlights some conclusions that support the idea that accounting is not to blame for the present report analyzed a sample of 50 American financial institutions of which 27 were banks,12 insurance panies and 5 brokerdealers and concluded: less than half of the assets held by financial institutions were measured at fair value according to the relevant accounting standard and the percentage of the liabilities recorded at fair value was quite , an even smaller percentage of assets/liabilities were reported at fair value through profit and loss, the changes in the fair value being recorded into other prehensive ine rather than into the ine statement. The study also noticed that the main types of assets/liabilities measured at fair value were the trading ones (that is, the instruments held for shortterm profits) and the derivatives for which there were no regulated markets with transparent information to be used in determining their fair value. That is why we do not find anything surprising in the fact that the majority of the assets/liabilities reported at fair value do not fit on the 1st level of the fair value hierarchy (which includes the most liquid instruments whose value stems from quoted prices in active markets), but on the 2nd level, where fair value is calculated using observable market data other than quoted market prices (that is, data that require adjustments involving a certain degree of subjectivity). According to some specialists [Katz David, 2021], fair value accounting reflected financial institutions leveraged up, Borrowing many times more than typical business and running out of report published by Merrill Lynch states that the main cause of the failures and losses in the banking industry were the poorly performing loans which were not accounted for at fair value! but on an accrual basis of accounting. This means that losses were gradually recognized and added to the ine statement (and not immediately, as in fair value accounting) as they (the losses) actually incurred. And yet, the financial institutions came close to bankruptcy. This could only mean that credit loss provisions had a greater impact on banks’ financial position than the impact of marktomarket losses. Eventually, the purpose of accounting is not to enhance financial stability (that is a task for market regulators and bank supervisors) but to show an unbiased image of the business. And that is what accounting showed during the crisis:in some cases it revealed losses that timely reported and efficiently managed helped panies revert to the float line. In other cases the market made the highlyleveraged panies pay for their actions before the situation got out of control. The fair value supporters say that it is not fair to hold accounting responsible for judgments of some large financial anizations that took many risks. They also point out that a market discipline works only when there is transparency and proper disclosure and fair value accounting insures that goal. The investors tend to sanction the panies that do not offer transparent information and consider that of all existing valuation methods fair value is the best. For example, a study conducted by the FASBstaff showed that securities issued by many banks affected by the crisis were traded on the market below their book value. This situation suggests that investors do not trust the financial reports and view the banks asset as overstated (not understated as many of the fair value critics imply). They argue that fair value irrationally reduces the value of a business without taking into consideration its intrinsic seems that the investors, as the main users of the financial statements, do not agree. In response to the critics on level 3 of the fair value hierarchy,the supporters advise panies to avoid the use of so many instruments for which there