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1、英文原文MandatoryAccountingDisclosureMaterialSource:MandatoryAccountingDisclosurebySmallPrivateCompaniesAuthor:BenitoArrunadaTherearesubstantialdifferencesintheregulationindifferenicouniriesonfinancialdisclosurebyprivatecompaniesand,inparticular,onpublication
2、oftheiraccounts.IntheUSA,Japanandsomeothercountries,mostprivatecompanies,whatever[heirsize,arcnotobligedtodisclosefinancialinformation.Incontrast,intheEuropeanUnionallcompaniesarcrequiredtofiletheiraccountswithapublicregister.Mostothercountriesalsorequire
3、manyoftheirprivatecompaniestopubliclyfiletheiraccounts.Discussionsofthesedisclosureandpublicationrequirementshaveledtodisparaterecommendationstoslightlyexpandpublicationrequirements,maintainthemandreducethem,Singapore.Morerecently,aspariofitsinitiativetos
4、implifythebusinessenvironmentandlessenadministrativeburdens,theEuropeanCommission(2007)hasalsoproposedtoexemptsmallcompaniessothattheywouldnotnecessarilyberequiredbynationallawtopublishtheiraccounts.TheCommissiongroundsitsproposalontheargumentthatforsuchc
5、ompaniespublishingtheaccountscausesconsiderablecostwithnosignificantbenefit.Ontheonehand,accordingtotheCommission,therequirementconstitutesamajoradminisirativeburden.Ontheother，itisinconsequentialif~whengivenfreedomtodiscloseornot一smallfirmschoosenottodis
6、closebecauseiheiraccountsareonly"usedbyalimitednumberofstakeholders,suchascreditinstitutionsandsuppliersthathavethepossibilitylorequirefinancialinformationdircctlyfromthecompany".Mandatorypublicationofaccountsbyprivatecompaniesrelatestoseveralstrandsofthe
7、economic,accountingandfinanciallitcraturcs:dcregulationofbusinessformalities,mandatoryfinancialdisclosure,andinvestorsprotectionandcrcditinformation.Findingsinalltheseareasthusprovidecomplementaryinsightson【heissueunderdiscussion.Sincethe1960s,therehasbee
8、nsubstantialcontroversyonthebalanceofcostsandbenefitsandtheoptimalconteniofmandatoryfinancialdisclosure.InthecurrentregulatoryframeworkoftheUSA,however,mastofthesediscussionshavefocusedonmandatorydisclosurebypublicc
