????二级原始数据是除报价以外可以直接或间接得到的信息。网秦列出了一些大额存单。它们都是二级原始数据。看来2012年这家公司正确地披露了这些信息，2011年却错误地将其列为一级原始数据。举例来说，网秦在中国工商银行北京分行（the Industrial Bank Co. Ltd Beijing Branch）有一笔1年期定期存款，面额1亿元人民币，到期日为2014年9月14日。它将这笔存款列为二级原始数据，这是对的。在2013年12月31日，没有人会对一张8个月零14天后到期的存单报价，因此财报所需的报价并不存在。但可以按其他有报价的存单对这张存单进行估值。

????用三级原始数据为资产估值的难度最大，它们包括非流通证券的利息、金融衍生产品或私募基金。我认为中国的理财产品和委托贷款都属于这一类。

????一小部分赴美上市的中国公司发现，在披露现金和短期投资的原始数据方面存在矛盾。在我看来，这些资产都应该用二级原始数据估值，就跟网秦的做法一样。这家公司对2012年年报的调整可能是在纠正2011年报表中的一个错误（另：实际上，我了解到的情况是，这些新规则的生效时间是2011年以后，也就是说2012年是适用这些新规则的第一年，只是此前存在一些类似规则）。澄清这个问题当然对网秦有好处，但公司和会计师一向都极其不愿意承认自己所犯的错误。（财富中文网）

????译者：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.