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1、英文原文MandatoryAccountingDisclosureMaterialSource:MandatoryAccountingDisclosurebySmallPrivateCompaniesAuthor:BenitoArrunadaTherearesubstantialdifferencesintheregulationindifferenicouniriesonfinancialdisclosurebyprivatecompaniesand,inparticular,onpublicationoftheiraccounts.IntheUSA,Japan
2、andsomeothercountries,mostprivatecompanies,whatever[heirsize,arcnotobligedtodisclosefinancialinformation.Incontrast,intheEuropeanUnionallcompaniesarcrequiredtofiletheiraccountswithapublicregister.Mostothercountriesalsorequiremanyoftheirprivatecompaniestopubliclyfiletheiraccounts.Discu
3、ssionsofthesedisclosureandpublicationrequirementshaveledtodisparaterecommendationstoslightlyexpandpublicationrequirements,maintainthemandreducethem,Singapore.Morerecently,aspariofitsinitiativetosimplifythebusinessenvironmentandlessenadministrativeburdens,theEuropeanCommission(2007)has
4、alsoproposedtoexemptsmallcompaniessothattheywouldnotnecessarilyberequiredbynationallawtopublishtheiraccounts.TheCommissiongroundsitsproposalontheargumentthatforsuchcompaniespublishingtheaccountscausesconsiderablecostwithnosignificantbenefit.Ontheonehand,accordingtotheCommission,thereq
5、uirementconstitutesamajoradminisirativeburden.Ontheother，itisinconsequentialif~whengivenfreedomtodiscloseornot一smallfirmschoosenottodisclosebecauseiheiraccountsareonly"usedbyalimitednumberofstakeholders,suchascreditinstitutionsandsuppliersthathavethepossibilitylorequirefinancialinform
6、ationdircctlyfromthecompany".Mandatorypublicationofaccountsbyprivatecompaniesrelatestoseveralstrandsoftheeconomic,accountingandfinanciallitcraturcs:dcregulationofbusinessformalities,mandatoryfinancialdisclosure,andinvestorsprotectionandcrcditinformation.Findingsinalltheseareasthusprov
7、idecomplementaryinsightson【heissueunderdiscussion.Sincethe1960s,therehasbeensubstantialcontroversyonthebalanceofcostsandbenefitsandtheoptimalconteniofmandatoryfinancialdisclosure.InthecurrentregulatoryframeworkoftheUSA,however,mastofthesediscussionshavefocusedonmandatorydisclosurebypu
8、blicc
