Abstract: the financial crisis originated in the subprime mortgage crisis and the subprime mortgage crisis. It is to point to an occurrence in the United States, because of the subprime mortgage lenders bankruptcy, investment funds being closed down, the stock market caused by violent shake the financial storm. The global financial market liquidity shortage mainly crisis. The United States "the subprime crisis" is from the spring 2006 start gradually appear. Start in August 2007 swept across the United States, the European Union and Japan and other major world financial market. Because of the subprime crisis caused a series of bad loans, and make the commercial Banks and investment Banks and the system of fund assets face a write-downs, stock bonds and derivatives market prices, and because the fair value accounting and influence its shareholders and investors, produce a chain reaction, a financial crisis.Key words: the financial crisis; Fair value; Historical cost