公允价值会计在安然事件中的使用及其启示英文文献和翻译
Abstract：The FASB’s 2004 Exposure Draft, Fair-Value Measurements, would have companies determine fair values by reference to market prices on the same assets (level 1), similar assets (level 2) and, where these prices are not available or appropriate, present value and other internally generated estimated values (level 3). Enron extensively used level three estimates and, in some instances, level 2 estimates, for its external and internal reporting. A description of it’s use and misuse of fair-value accounting should provide some insights into the problems that auditors and financial statement users might face when companies use level 2 and, more importantly, level 3 fair valuations. Enron first used level 3 fair-value accounting for energy contracts, then for trading activities generally and undertakings designated as ‘‘merchant’’ investments. Simultaneously, these fair values were used to学习林俊德心得体会 evaluate and compensate senior employees. Enron’s accountants (with Andersen’s approval) used accounting devices to report cash flow from operations rather than financing and to otherwise cover up fair-value overstatements and losses on projects undertaken by managers whose compensation was based on fair values. Based on a chronologically ordered analysis of its activities and investments, I believe that Enron’s use of fair-value accounting is substantially responsible for its demise.
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The US and International Financial Accounting Standards Boards (FASB and IASB) have been moving towards replacing historical-cost with fair-value accounting. In general, fair values have been limited to financial assets and liabilities, at least in the financial statements proper.1 A Proposed Statement of Financial Accounting Standards, Fair-Value Measurements (FASB, 2005, p.5), specifies a ‘‘fair-value hierarchy.’’ Level 1 bases fair values on ‘‘quoted prices for identical assets and liabilities in active reference markets whenever that information is available.’’ If such prices are not available, level 2 would prevail, for which ‘‘quoted prices on similar assets and liabilities in active markets, adjusted as appropriate for differences’’ would be used (FASB, 2005, p.6). Level 3 estimates ‘‘require judgment in the selection and application of valuation techniques and relevant inputs.’’ The exposure draft discusses measurement problems that complicate application of all three levels. For example, with respect to levels 1 and 2, how should prices that vary by quantity purchased or sold be applied and, where transactions costs are significant, should entry or exit prices be used? As difficult as are these problems, at least many independent public accountants and auditors have dealt with them extensively and are aware of measurement and verification pitfalls. However, company accountants and external auditors have had less experience with the third level (at least for external reporting), which use estimates based on discounted cash flows and other valuation techniques produced by company managers rather than by reference to market prices.2553