公平價值 - 會計

以下這篇文章我看不太懂

有強者幫我大略描述內容嗎

還有啊

market-to-market accounting 該怎麼翻譯?

感謝

p.s 這篇文章是出於這個網址

"Fair value accounting damaged by financial crisis, survey says"這篇而已

http://www.biztimes.com/money/2009/7/14/fair-value-accounting-damaged-by-financial-crisis-survey-says



Fair value accounting damaged by financial crisis, survey says

Financial professionals believe that the tumultuous financial marketplace has
damaged the effectiveness of Fair Value Accounting (FVA), also known as
mark-to-market accounting, according to a recent survey released by Valuation
Research Corp., a global financial advisory based in Milwaukee.

"Respondents to this survey came down hard on Fair Value Accounting," said P.
J. Patel, CFA, senior vice president of Valuation Research Corp. "While in
less volatile times, Fair Value Accounting has improved transparency, in
unusual times like we've seen, FVA becomes more difficult to implement and
understand."

Mark-to-market accounting or FVA is an accounting rule requiring companies to
reflect an asset or a liability's current market value on their balance
sheets.

Market turmoil has negated FVA's validity, according to 58 percent of the
survey respondents. Of those who believed FVA was flawed and potentially not
valid during market turmoil, almost 34% suggested a temporary return to
historical cost accounting as an alternative.

Financial professionals are least confident on the status of Level 3 assets
held by banks - those assets which are not publicly traded and do not have
easily accessible values. Forty percent of those surveyed felt that banks'
Level 3 asset values could be off by as much as 30 percent, while 44 percent
felt those assets might be 10 percent or less off of valuation. Only 12
percent of those surveyed felt Level 3 values were within five percent or
less.

Level 3 assets held by hedge funds and private equity firms were viewed even
more critically by those surveyed - 36 percent believed hedge fund and
private equity values were only within an accuracy of 10 percent and 49
percent thought those values were as much as 30 percent off.

"The survey found there is some uncertainty in the ability of banks, private
equity firms and hedge funds to accurately report the value of their own
level 3 assets," Patel said.

Valuation Research Corp.'s survey was able to tap into financial
professionals in public accounting, investment banking, private equity, hedge
fund, law, real estate, consulting, valuation and fund administration firms.
While those responded were not confident in banks, hedge funds and private
equity firms' abilities to determine the value of their Level 3 assets, they
were more confident of the likelihood in accurately determining a business'
value in today's market.

Sixty-one percent thought an owner or purchaser working together with an
external valuation firm provided the best valuation. Nineteen percent of
respondents believed the owner/purchaser working on their own was best, and
another 19 percent said an external valuation firm working on their own was
best.

Valuation Research Corp. provides corporate transaction opinions, mergers and
acquisitions and corporate advisory services, tax compliance and planning
services, and related services. The Milwaukee-based firm has offices in
Boston, New York, Chicago, Princeton, Cincinnati, San Francisco and Tampa in
the United States. and additional offices in Argentina, Spain, Venezuela,
Australia, Mexico, Hong Kong, Brazil and England.



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