小型私营企业的强制性会计信息披露失真外文翻译可编辑.docx
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小型私营企业的强制性会计信息披露失真外文翻译可编辑.docx
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小型私营企业的强制性会计信息披露失真外文翻译可编辑
小型私营企业的强制性会计信息披露失真外文翻译
外文翻译
MandatoryAccountingDisclosurebySmallPrivateCompanies
MaterialSource:
Forthcoming,EuropeanJournalofLawandEconomics
Author:
BenitoArru?
ada
Thisarticleanalyzeshowmandatoryaccountingdisclosureisgroundedondifferentrationalesforprivateandpubliccompanies.Italsoexplorestechnologicalchanges,suchascomputeriseddatabasesandtheInternet,whichhaverecentlymadedisclosureofcompanyaccountsbysmallcompaniespotentiallylesscostlyandmorevaluable,thankstoelectronicfilinganduniversalonlineaccesstocreditinformationsystems.Theserecentdevelopmentsfavourpoliciesthatwouldexpandthescopeofmandatorypublicationforsmallcompaniesincountrieswhereitisvoluntary.Theyalsoencouragepoliciestoreducethecostsandenhancethevalueofdisclosurethroughadministrativereformsoffiling,archiveandretrievalsystems.Surveyandregistryevidenceonhowtheinformationintheaccountsisvaluedandusedbycompaniesisconsistentwiththeseclaimsabouttheevolutionofthetradeoffofcostsandbenefitsthatshouldguidepolicyinthisarea.
Mappingcosts
Publishingcompanyaccountsinvolvessubstantialprivatecosts.Theseincludethedirectadministrativecostofpreparingandfilingtheaccounts.Theremaybeotherlessdirectcosts,aspublicationmaycauseacompetitivedisadvantageforthedisclosingfirms,whichmaydamagetheirincentivestoinvest.AthirdtypeofprivatecostisthelossofpersonalprivacyAdministrativecosts
Thesecostsarenottrivial,asrevealedbythelackofcomplianceobservedwhenenforcementislenient,asinGermanyWeilbach,1991:
800orTheNetherlandsBolle,1996.IthasbeenarguedthattoavoidthecostsofmandatorypublicationsomefirmsarewillingtodosubstantialrestructuringBarry,2006,andpublicationavoidancehasplayedaroleinsomemassivechangesinorganisationalformMaijoor,1996.Furthermore,mandatorydisclosuremayalsointerfereintheoptimalchoiceofsafeguardinginstrumentsGore,SachsandTrzcinka,2004Butthesizeofthesecostsisopentoquestion,atleastformostfirms.First,thedirectcostofcomplianceissmall.Thecostofpreparingtheannualaccountsislowasthepublicaccountsarenowastandardby-productofanyaccountingsoftware,whichisinanycaseindispensableformanagerialandtaxaccounting.Accountingsoftwarepackagessimplyreorganizethedataandautomaticallypreparedifferentsetsofaccountswhichfollowthedifferentformatsrequiredformanagerialpurposes,taxcomplianceand,whensorequired,publicfiling.Amainreasonwhythisholdsevenformicrocompaniesisthatthecomplexityoftaxcomplianceleadsentrepreneurstopurchaseallthesebureaucraticservices,thereforebenefitingfromspecializationadvantagesandscaleeconomies.Furthermore,thecostoffilingtheaccountscanandshouldbeminimisedbyextendingtheuseofnewtechnologieselectronicfiling,extendingtheuseofsimplifiedaccountsandeliminatinguselessproceduressuchasnotarisingthesignatureofthecompanyrepresentative.Ingeneral,giventhatcompanyaccountsarenotsubjecttoanysubstantivereviewbytheregistry,itisrelativelyeasytoautomatetheprocess.
Publishingfinancialaccountsalsoincursadditionalcostsforadministeringandregulatingthedisclosure,aswellasforfilingandprocessingtheinformation.Totheextentthattheseservicesarefinancedbythefilingfirms,mostofthesecostsarethesameasthoseanalysedinthepreviousparagraph.However,examiningtheirstructureisworthwhilebecauseitsuggeststhatevenasubstantialdropinaccountpublicationmightreducecostslittlefortworeasons.First,investmentsbypublicregistries,tomakeaccountfilingpossibleandtomanagetheinformationflow,andbyprivatefirms,tocaptureandexploittheinformation,aremostlysunkcostsandthereforeirrelevantintheshortrun.Second,becausebothfilingandexploitingthefilesoffersubstantialeconomiesofscale.Therefore,manycostswouldbeincurredanywaytoservethenon-exemptedfirmsandthosewhichvoluntarilydecidetocontinuefilingtheiraccounts.
Lastly,partofthecostsavingsobtainedbynotfilingtheaccountswoulddisappear,asallfirmswouldberepeatedlyrequiredtoprovidemorespecificinformationtodifferentagents.Suchdemandersofinformationwouldnotonlybetheirseveralbanksandsuppliersthisdemandcouldbesatisfiedbyvoluntarilydisclosing,butalsopublicagencieswhichwouldstoprelyingonthepublicrecordofaccountsifthisbecamesubstantiallylesscompleteandwouldstartbuildingadditionaldatabasesaswellasenlargingtheircurrentdemandofinformationfromfirms.Ofcourse,nationalgovernmentscouldavoidthisnewdemandforinformationbyimplementingmandatorydisclosure.
Distortionofcompetition
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- 关 键 词:
- 小型 私营企业 强制性 会计信息 披露 失真 外文 翻译 编辑