帮忙翻译这些英文

Management BiasThe fact that management uses significant judgmentin the valuation process, particularly for level-3estimates, adds to our concerns about reliability.Management bias, whether intentional or unintentional,may result in inappropriate fair value measurementsand misstatements of earnings and equity capital.This was the case in the overvaluation of certainresidual tranches in securitizations in recent years,when there was no active market for these assets.Significant write-downs of overstated asset valuationshave resulted in the failure of a number offinance companies and depository institutions. Similarproblems have occurred due to overvaluations innonbank trading portfolios that resulted in overstatementsof income and equity.The possibility for management bias exists today.We continue to see news stories about charges ofearnings manipulation, even under the historical costaccounting framework. We believe that, without reliablefair value estimates, the potential for misstatementsin financial statements prepared using fairvalue measurements will be even greater.VerificationAs the variety and complexity of financial instrumentsincreases, so does the need for independentverification of fair value estimates. However, verificationof valuations that are not based on observablemarket prices is very challenging. Many of the valueswill be based on inputs and methods selected bymanagement. Estimates based on these judgmentswill likely be difficult to verify. Both auditors andusers of financial statements, including credit portfoliomanagers, will need to place greater emphasison understanding how assets and liabilities are measuredand how reliable these valuations are whenmaking decisions based on them.Compound Values and Revenue RecognitionThe value of a financial instrument may, in somecases, be coupled with an intangible value. For example,a servicing asset can be considered to reflect twovalues: a financial instrument that is similar to aninterest-only strip and an intangible value reflectingthe contractual right to perform services over timein exchange for a fee. The current accounting frameworkoften requires different accounting and disclosuretreatments for financial and nonfinancial components.However, the accounting literature offers littleguidance on when these assets should be separatedand how to determine the separate valuations. Thislack of guidance may in some cases result in questionableor inappropriate practices, such as includingprojected income from cross-marketing activitiesin the valuation of financial instruments. Additionalguidance to address these issues is warranted.Also, consideration must be given to revenuerecognitionissues in a fair value regime. We mustensure that unearned revenue is not recognized upfront, as it inappropriately was by certain high-techcompanies not so long ago.