强制性会计信息披露[外文翻译]

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1、外文翻译MandatoryAccountingDisclosureMaterialSource:MandatoryAccountingDisclosurebySmallPrivateCompaniesAuthor:BenitoArrunadaTherearesubstantialdifferencesintheregulationindifferentcountriesonfinancialdisclosurebyprivatecompaniesand,inparticular,onpublicat

2、ionoftheiraccounts.IntheUSA,Japanandsomeothercountries,mostprivatecompanies,whatevertheirsize,arenotobligedtodisclosefinancialinformation.Incontrast,intheEuropeanUnionallcompaniesarerequiredtofiletheiraccountswithapublicregister.Mostothercountriesalsor

3、equiremanyoftheirprivatecompaniestopubliclyfiletheiraccounts.Discussionsofthesedisclosureandpublicationrequirementshaveledtodisparaterecommendationstoslightlyexpandpublicationrequirements,maintainthemandreducethem,Singapore.Morerecently,aspartofitsinit

4、iativetosimplifythebusinessenvironmentandlessenadministrativeburdens,theEuropeanCommission(2007)hasalsoproposedtoexemptsmallcompaniessothattheywouldnotnecessarilyberequiredbynationallawtopublishtheiraccounts.TheCommissiongroundsitsproposalontheargument

5、thatforsuchcompaniespublishingtheaccountscausesconsiderablecostwithnosignificantbenefit.Ontheonehand,accordingtotheCommission,therequirementconstitutesamajoradministrativeburden.Ontheother,itisinconsequentialif—whengivenfreedomtodiscloseornot—smallfirm

6、schoosenottodisclosebecausetheiraccountsareonly“usedbyalimitednumberofstakeholders,suchascreditinstitutionsandsuppliersthathavethepossibilitytorequirefinancialinformationdirectlyfromthecompany”.Mandatorypublicationofaccountsbyprivatecompaniesrelatestos

7、everalstrandsoftheeconomic,accountingandfinancialliteratures:deregulationofbusinessformalities,mandatoryfinancialdisclosure,andinvestorsprotectionandcreditinformation.Findingsinalltheseareasthusprovidecomplementaryinsightsontheissueunderdiscussion.Sinc

8、ethe1960s,therehasbeensubstantialcontroversyonthebalanceofcostsandbenefitsandtheoptimalcontentofmandatoryfinancialdisclosure.InthecurrentregulatoryframeworkoftheUSA,however,mostofthesediscussionshavefocusedonmandatorydisclosurebypublicc