????二級原始數據是除報價以外可以直接或間接得到的信息。網秦列出了一些大額存單。它們都是二級原始數據。看來2012年這家公司正確地披露了這些信息，2011年卻錯誤地將其列為一級原始數據。舉例來說，網秦在中國工商銀行北京分行（the Industrial Bank Co. Ltd Beijing Branch）有一筆1年期定期存款，面額1億元人民幣，到期日為2014年9月14日。它將這筆存款列為二級原始數據，這是對的。在2013年12月31日，沒有人會對一張8個月零14天后到期的存單報價，因此財報所需的報價并不存在。但可以按其他有報價的存單對這張存單進行估值。

????用三級原始數據為資產估值的難度最大，它們包括非流通證券的利息、金融衍生產品或私募基金。我認為中國的理財產品和委托貸款都屬于這一類。

????一小部分赴美上市的中國公司發現，在披露現金和短期投資的原始數據方面存在矛盾。在我看來，這些資產都應該用二級原始數據估值，就跟網秦的做法一樣。這家公司對2012年年報的調整可能是在糾正2011年報表中的一個錯誤（另：實際上，我了解到的情況是，這些新規則的生效時間是2011年以后，也就是說2012年是適用這些新規則的第一年，只是此前存在一些類似規則）。澄清這個問題當然對網秦有好處，但公司和會計師一向都極其不愿意承認自己所犯的錯誤。（財富中文網）

????譯者：Charlie?

????Level 2 inputs are other than quoted prices that are directly or indirectly observable. NQ Mobile has released a list of major certificates of deposit. These are all classified as Level 2 inputs. It appears that they have done this correctly in 2012 and were wrong when they classified them as Level 1 inputs in 2011. For example, NQ Mobile has a one-year term deposit with a face value of 100 million Yuan maturing 9/14/2014 with the Industrial Bank Co. Ltd Beijing Branch. This is correctly classified as a level 2 input. At December 31, 2013 there will be no quoted price for CDs with a maturity of eight months and 14 days, so the necessary quoted prices will not exist. But the CD can be valued by reference to other CDs that do have quoted prices.

????Level 3 inputs are for the most difficult to value assets, such as interests in untraded securities, derivatives, or private equity funds. I think Chinese wealth management products and entrust loans belong in this category.

????A small sample of U.S. listed Chinese companies finds no consistency in how inputs for cash and short-term investments are reported. It is my view that they should all priced using level 2 inputs, as NQ Mobile has done. The change from 2011 to 2012 was probably the correction of an error. (added: Actually, I have learned that the new rules were first effective for years after 2011, so 2012 was the first year these new rules would have applied, but there were similar rules before). It sure would have helped if they had explained that, but companies and accountants hate to admit errors.