强制性会计信息披露外文翻译.docVIP

外文翻译 Mandatory Accounting Disclosure Material Source: Mandatory Accounting Disclosure by Small Private Companies Author: Benito Arrunada There are substantial differences in the regulation in different countries on financial disclosure by private companies and, in particular, on publication of their accounts.In the USA, Japan and some other countries, most private companies, whatever their size, are not obliged to disclose financial information.In contrast, in the European Union all companies are required to file their accounts with a public register. Most other countries also require many of their private companies to publicly file their accounts. Discussions of these disclosure and publication requirements have led to disparate recommendations to slightly expand publication requirements, maintain them and reduce them, Singapore. More recently, as part of its initiative to simplify the business environment and lessen administrative burdens, the European Commission(2007)has also proposed to exempt small companies so that they would not necessarily be required by national law to publish their accounts. The Commission grounds its proposal on the argument that for such companies publishing the accounts causes considerable cost with no significant benefit. On the one hand, according to the Commission, the requirement constitutes a major administrative burden. On the other, it is inconsequential if—when given freedom to disclose or not—small firms choose not to disclose because their accounts are only“used by a limited number of stakeholders,such as credit institutions and suppliers that have the possibility to require financial information directly from the company”. Mandatory publication of accounts by private companies relates to several strands of the economic, accounting and financial literatures:deregulation of business formalities, mandatory financial disclosure, and investors protection and credit information. Findings in all these