外文文献及翻译网络财务报告的经济后果.docx
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外文文献及翻译网络财务报告的经济后果.docx
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外文文献及翻译网络财务报告的经济后果
中文3700字,1986单词,11300英文字符
出处:
AlfredWagenhofer,2003“EconomicConsequencesofInternetFinancialReporting”.SchmalenbachBusinessReview,vol.55,no.4,October.pp262-279.
本科毕业外文文献翻译及原文
文献题目:
Economicconsequencesofinternetfinancialreporting
文献作者:
AlfredWagenhofer
文献翻译:
第1页至第4页外文文献:
第5页至第10页
学生姓名:
学号:
院(部):
管理学院
专业:
会计学班级:
指导教师:
周江生
2014年6月8日
外文文献
Economicconsequencesofinternetfinancialreporting
AlfredWagenhofer
ThelastfifteenyearsorsohaveseenenormousdevelopmentoftheInternetandanincreasingacceptancebyitsusers.MajorcharacteristicsoftheInternetarethatinformationcanbeaccessed(almost)anytimeandeverywhere,andgenerallyatalowcost,theinformationisup-to-date;therearefewlimitsondataavailability;informationcanincludedynamicpresentationsandmultimedia;andthereisthepossibilityofinteractiveinformationdemandandsupply.Thesedevelopmentshaveapossibilityofinteractiveinformationdemandandsupply.Thesedevelopmentshaveasignificanteffectonthedisseminationofinformationandonthetradingofgoods,includingshares,andthusontheorganizationalstructuresofhowtheseactivitiesareperformed.Theyalsoopenupnewandastoundingopportunitiesforfinancialdisclosurethataffectallinterestedparties,notablycorporations,investors,auditors,andinformationintermediaries.
Variousstudiesshowthatmostlistedcorporationsnowdisclosefinancialinformationontheirwebsites,andthatthelevelofdisclosurehasincreasedoverthelastyears.TheInternethasprobablybecometheprimarysourceforuserssearchingforcorporatefinancialreports.Companiesinvestsubstantialresourcesinthedevelopmentoftheirwebsites,andcomeupwithinnovativewaystopresentfinancialinformation.WhiletheacceptanceofInternetdisclosurehasincreased,mostoftheinformationprovidedisstillsubstantiallythesamethatisavailablefromothersources,too.Therearemanyopportunitiesforthispracticetochange.Empiricalstudiessuggestadeclineinthevalueoftraditionalfinancialreports.(Lev,Zarowin1999)ReducingboundariesforgeneratinganddisseminatinginformationbyInternettechnologiesmayprovidetheopportunitytochangethetraditionalfinancialreportingmodel.Forinstance,Elliottconcludesthat“Informationtechnology(IT)ischangingeverything,”(e.g.Elliot1999)andTritesseesashiftfromthePacioliparadigmtotheGoogleparadigm(Trites2004).WiththeadventofExtensibleBusinessReportingLanguage(XBRL)asastandardizeddatadescriptionformatforfinancialreporting,therearemanystudiesthatdescribethistechnologyandpromotethebenefitstoallpreparersandusersoffinancialreports.
Theeffectsofnewinformationtechnologiesonfinancialdisclosurehavebeenanissueforstandardsettersandaccountants.(FASB2000;Lymeretal.1999;Trites1999;ICAEW1998)Thesestudiesexplorepotentialfuturedevelopmentsnotonlyfordisclosure,butalsoforradicalchangesofthecurrentfinancialreportingmodel.Forexample,theyincludeforecastslikethis:
”Theannualreportofthe21stcenturywillnotbeannualanditwillnotbeareport:
itwillbeanuptodate,informative,permanentdialogue.”However,theballyhooedfuturedirectionsremainvague.Althoughvisionarythoughtsonnewopportunitiesnoonehasdreamedofbeforeprovideanimportantimpetusforfinancialreportingdevelopments,itisalsoclearthattechnologyalonedoesnotdrivethedemandandsupplyoffinancialinformation.Itisthepreparersanduserswhosesupplyanduseoftheinformationdefinesthetypeandamountoffinancialinformationthatisbeingproducedanddigested.Standardsettersandregulatorsfollowuptoseeifthereisademandforstandardizationbasedonchangingdemandandsupply.TheInternetisindependentofhardwarebut,nevertheless,requiresacommonformatofthetypeofdatatheyprocess.StandardizedinformationisneededtofullyexploittheopportunitiesoftheInternet.
Theeasyavailabilityofinformationmayinduceuserstorequestmoreandmoreinformation,includingassumptions,effectsofalternativeaccountingmethods,multidimensionalpropertiesofinformationandallsortsofnon-financialinformation.Informationaboutintangiblesandvaluedriversarenaturalcandidates.Thisincreasedappetiteforinformationraisesthequestionofhowmuchadditionalinformationfirmsarepreparedtodisclose.Besidesthedirectcostsofauditingorreviewingsuchinformation,firmsmaybeharmedbyadverseactionsofcompetitorsandotherpartiesthatusethisinformation.Moreover,additionaldisclosureraiseslegalconcerns.Inalitigiousenvironmentthelegalcostscanbesubstantial.Iffirmsaretobemotivatedtoexperimentwithnewtechnologiesandinnovativedisclosurepractices,onewaywouldbetoextendsafe-harborrulesforcontentstoInternetdisclosures.Thereluctanceofmanyfirmstodisclosetoomuchisbasedonthesenegativeeffects.
Byplacingfinancialinformationonthefirm’swebsite,userscansearch,filter,retrieve,download,andevenreconfiguresuchinformationatlowcostinatimelyfashion.ButInternetfinancialreportingisnotrestrictedtostatictextsandgraphs.Itallowsforhyperlinks,searchengines,multimedia,andinteractivity.Forexample,usersmaybeallowedtocustomizethecontentsoffinancialreportstomatchtheirdemandsortodefineuser-specifictriggereventsforreports.Evenmoreuseofinteractivitywouldbeadialoguereportingbywhichuserscouldspecifyinformationdemandsbasedoninformationtheyreceivedpreviously.Usersmightbeabletodotheirownsensitivityanalysesandinserttheirownassumptionstomeasureassetsandliabilities.Firmscanlearnfromtrackingusers’informationrequestsorspecificuserdemands,whichuserscanposeeitheranonymouslyorbyfillinginsomekindofaccessidentification.Accessstatisticsaremarket-drivendirectmeasuresoftheimportanceofinformation,andifinterpretedcarefully,canguidefirmsandalsostandard-setterstoreacttothedemandrevealedbytheusers’behavior.SoftwareapplicationsofferedbyapreparerontheInternetcouldallowfirmstolearnassumptionsinvestorsuseinanalyzingfinancialdata.TheInternetmayalsoimprovetheavailabilityoffinancialinformationwithinfirmsthemselves.TheInternetisaperquisiteforhigh-frequencyreporting,astheinformationshouldbeprovidedimmediatelyaftertheannouncementreleaseandwilllosevaluefastifdeliveredtouserstoolaterelativetothelengthoftheperioditcovers.Aconsequenceofmorefrequentreportingcouldbethattheusers’focusonquarterlyearningsmayvanish,andwithittheincentivesoffirmstomanagethem.However,itwouldrequireamajorchangeinmostaccountingsystemsbecauseevents,suchasupdatesofmarketprices,estimates,andjudgments,wouldneedtobeenteredonarealtimebasisaswell.
TheInternetofferseasyaccesstofirms’financialinformation.Firmscanusethistechnologytoreachmorepotentialusersthantheycanbyothercommunicationmeans.PlacingfinancialdisclosuresontheInternetoffersequalaccesstoallusersandreducestheinformationasymmetrybetweensomeinstitutionalinvestorsandothersThisshouldalsodecreasethefirms’costofcapital.SpeedofdisclosureisenhancedbyInternetdisclosure.Disclosureandfilingdeadlinescanbecometighter.Informationcanbepublishedatatimethatisunderfullcontrolbythefirm.ToalertusersthatnewinformationhasbeenputontheInternet,thereareseveralpushtechniques,suchasanemailnoticedistributedtoidentifiedusers.Speedisparticularlyimportantforcontinuousreportingrequirementsofstockprice-relevantinformationduringthefinancialyear.Thestewardshipfunctionoffinancialstatementsislessspeed-sensitive,becausefinancialstatementsareusuallyledbyotherdisclosures,suchasearningsforecasts.
Althoughmanypeoplethinkthatincreasedcomputerizationoffersmoreflexibilityinvariousprocesses,generallytheoppositeapparentlyhappens.Softwareisdesignedtocapturestandardprocessesthatareanticipatedbythesoftwaredeveloper.Usually,adeparturefromsuchprocessesisdifficult,ifnotimpossble.Computerizationofinformationprocessesalsorequiresmachine-readabledataformats.Theseformatsmakeitdifficulttoinsertnewitemsorleaveopenitemsthatdevelopersassumearerequiredinformation.Forusewithinfirms,datawarehousesystemshavebeenintroducedtocombinedifferentdatabaseswithdifferingformats,whichenablesthefirmtousethedatabasesjointly.Itismoredifficulttocreatesomekindofcommonunderstandingofprocesses,andparticularlydataacrossfirms.Sincefinancialdisclosuresareusedbymanydifferentusers,standardizationoffinancialinformationmayhavehighexternalbenefits.
Infact,beginningin1999,astandardizationoffinancialreportingbeganonaworldwidescale.ExtensibleBusinessReportingLanguage(XBRL)isbasedonextensiblemarkuplanguage(XML),anInternetdocumentdescriptionlanguageofwhichHTMLisanothersubset.XBRLisamarket-drivenapproachundertakenbytheprivateeffortsofaccountingorganizations,individualfirms,andotherinterestedparties(Debreceny,Gray2001).ThequalityoffinancialdisclosuresontheInternetisanimportantissue.UnreliablefinancialinformationontheInternetislessrelevantorirrelevantforrationalusers,andcanhaveadetrimentalimpactonotherusers.Financialinformationgenerallyhasahigherdegreeoftrustworthinessthanotherinformationbecauseitisembeddedincorporategovernancemechanisms,anditissubjecttoauditingandenforcement.AmajoradvantageoftheInt
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