Question

帮忙人工翻译这篇会计专业英文文章，高分悬赏

FAIR VALUES
Extending the framework to deal with fair values is delicate. Namely, which fair values, if any, are facts? A fair value based on management's subjective view of the economy, the company's strategic plan, and past data seems inherently to be a forecast. A market price based on actual trades on an active exchange seems inherently factual in nature. However, revaluations based on market prices represent forecasts of would-be (hypothetical) transactions, and in the language of our sorting rules, uncertainty exists about the amount of the would-be exchange. Continuing with this line of thought, one can argue that all fair value revaluations are forecasts of would-be transactions, since the reporting entity has not itself engaged in an exchange. From this perspective, our sorting rules would classify all revaluations as forecasts as they contain amount uncertainty. Putting fair values in the forecast column has potential broad appeal. Users of financial statements who do not find fair values useful can easily exclude them from their analysis if they are clearly isolated from other measurements in the financial statements. For those who use and want more fair value measurements, their needs could be addressed by expanding GAAP to include more fair values without removing the historical cost information desired by others. Consider, for example, the revaluation of a loan receivable to its fair value. Suppose a loan for $1 (today's exchange price) is originated now and is due in two years. Ex ante (at the time of loan origination), the probability of default is 0.2 and of payment is 0.8. We assume the risk-free rate is 0, so the interest reflects only default risk and is set at 11.8 percent compounded annually (25 percent over the two years). We assume the loan calls for a single payment of $1.25 at the end of two years. Suppose, at the end of the first year, the creditor observes information that allows her to update her beliefs. At the end of the first year, she observes the probability of default either declines to 0.1 or rises to 0.3.

Suppose the probability of default declines to 0.1. Historical cost accounting values the loan at $1.118 at the end of the first year, which reflects the original but not the updated default risk. If instead the firm marks the asset to its fair value of $1.125, then investors have the information necessary to revise their expectations about the value of the asset. Suppose the final outcome is that the debtor defaults. If fair value is included but is not labeled as a forecast, then investors may feel misled because the price had been adjusted in the "wrong" direction.
还有一半文章，网址在这http://zhidao.baidu.com/question/70937347.html
也是悬赏50分，请能翻译的强人朋友帮忙一起翻译一下，非常感谢

Answer 1

公允价值
扩展框架，以处理公允价值是微妙的。也就是说，其中公允价值，如果有的话，是事实吗？一个公平的价值管理基础上的主观看法的经济，该公司的战略计划，和以往的数据似乎天生是一个预测。市场价格根据实际交易的积极交流的事实似乎天生的性质。然而，重估的基础上的市场价格预测的代表将要（假设）的交易，并在我们的语言的排序规则，存在着不确定性的金额将成为交流。继续这一思路，人们可以争辩说，所有的公允价值重估的预期将成为交易的，因为报告实体本身没有进行了交流。从这个角度看，我们的排序规则将所有重估分类作为预测它们含有大量的不确定性。把公允价值的预测栏具有潜在广泛的吸引力。用户的财务报表谁没有找到有用的公允价值可以很容易地排除他们从分析如果他们显然是孤立于其他测量在财务报表中。对于那些谁使用，并希望更多的公允价值计量，其需求可以解决按照美国通用会计准则，扩大到包括更多的公允价值没有消除历史成本所期望的信息等等。例如，考虑重估的贷款应收款其公允价值。假设贷款为1美元（今天的交易价格）是源于现在是因为两年。事前（当时的贷款起源）中，违约概率是0.2和0.8付款。我们承担的无风险利率为0 ，这样的兴趣只反映违约风险，并定为11.8每年百分之复杂（ 25比两年） 。我们承担的贷款要求一个单一的支付1.25美元年底的两年。假设，在第一年年底，债权人观察资料，让她来更新自己的信仰。在第一年年底，她发现的概率默认或者下降为0.1或上升到0.3 。

假设默认的概率下降到0.1 。历史成本会计的价值观贷款1.118美元在第一年年底，这反映了原始而不是更新的违约风险。如果不是标志着该公司的资产的公允价值一点一二五美元，然后投资者拥有必要的信息以修改其预期价值的资产。假设最后的结果是，债务人违约。如果公允价值包括但不标示为预测，那么投资者可能会误导，因为觉得价格进行了调整中的“错误”的方向发展。