Forecast financial information disclosed in International Comparison英.docx

1、Forecast financial information disclosed in International Comparison英 Forecast financial information disclosed in International ComparisonForecast financial information of listed companies is based on its production plans and the business environment, open to the public disclosure of a reflection of

2、 the companys future financial position, operating results and other forward-looking financial information, is a listed company an important part of financial reporting. Predictive public disclosure of financial information will enable investors and creditors to understand the future production of l

3、isted companies operating conditions and to provide reasonable and effective investment decisions in order to prevent and resolve investment risks. From the 20th century, 40 years, the U.S. securities industry and the accounting profession on the predictability of financial information on the disclo

4、sure of the issue of a special study of the development of over half a century, during which experienced by prohibiting the publication to encourage but not mandatory disclosure of policy evolution has been to form a relatively complete system of information disclosure. Up to now, all the major coun

5、tries of Western companies to provide investors with the predictability of financial information is very common phenomenon, Chinas listed companies to disclose more widely forecast financial information will also become an inevitable trend. This paper forecasts of U.S. listed companies to disclose f

6、inancial information to inspect the process of institutional change, and the status quo of Chinas current financial projections for comparative study drawn from Chinas listed companies improve the predictability of financial information disclosure system of the Enlightenment. U.S. listed companies,

7、the predictability of financial information disclosure system changes Financial projections for the information provided is clearly different from the historical financial statements, because the investment decision-making was mainly attributable to a listed companys future financial condition and o

8、perating results related to the financial projections is precisely to provide such information; as long as the quality of financial forecasts and reliable information will be than the information provided in the financial statements is more practical, this is the predictability of financial informat

9、ion raison detre. Level of development of U.S. capital markets in the world, second to none, its listed companies to publicly disclose financial information system is also very sound and predictable financial information for the disclosure of specific legal norms are (Registration under theSecuritie

10、s Act of 1933), but the industry forecast financial information disclosed in the theoretical understanding and concrete practice, but has experienced a long and difficult process. From the 20th century, 40 years, the U.S. securities industry and the accounting profession began to predictability of l

11、isted companies to disclose financial information issues thematic studies, but predicted the future development of the information listed companies with large uncertainties, the U.S. Securities and Exchange Commission (SEC) has prohibited public disclosure of listed companies, a series of forecasts

12、of financial information. Its root, is in fact the result of a variety of factors: First of all, from an investors point of view, because early investors in the securities market to determine lack of capacity, self-protection is weak, issuers of the issuance process in the early investors often use

13、the weakness of the development prospects of listed companies to make exaggerated statements, and some even deliberate fraud, in order to defraud investors in the funds, resulting in a sharp stock market turbulence caused by the securities regulatory authorities on the financial projections behavior

14、 extreme views. Second, the predictability of a time when many scholars question the reliability of financial affairs, they believe that the purpose of investment for investors is to obtain the benefits before making investment decisions often need to look at the economic situation of the proposed i

15、nvestment company, so those who reflect the companys existing information on assets and profits in the investment decision-making occupy a decisive position, and these information is mainly manifested in the companys financial statements, so the current financial statements of listed companies shoul

16、d be the core content of information disclosure. Others, such as the predictability of future earnings projections, the information is not considered, because none of the companys managers prepared to lose money, if you really want to lose money, they will soon be replaced, it can be introduced acco

17、rdingly, the company managers projections made in any case will not be true speculation is nothing more than their future holds a desire Bale. Third, the forecast financial information has long been prohibited due mainly lies in the attitude of SEC regulation. From the United States Historically, th

18、e early high-risk, immature capital markets can not provide a good environment to predict based on, so, SEC from birth until the early 70s, are unconditionally prohibited materials in public listed companies the disclosure of financial projections content. Its regulatory philosophy is that the forec

19、ast financial information of the essence is not credible, immature investors in making investment decisions, for such information would give undue reliance. However, in 1969-1979 years, according to stock market changes and the development of practical needs, SEC used a large number of human and mat

20、erial resources, including the relevant professional has set up two committees, adopted a series of acts, including the publication of a number of motions, extensive The participants in the market to seek suggestions and comments, to conduct a comprehensive and detailed investigation and verificatio

21、n, etc., inviting a large number of experts and scholars and practitioners, held several hearings on the financial projections from evident SEC Code of Conduct attached great importance, but also instructions on whether to lift the ban, the U.S. securities industry there is fierce conflict of intere

22、st. In 1973, SEC clear policy direction to change the regulation to allow the voluntary disclosure of listed companies, the predictability of the financial statements, but did not make a mandatory requirement, but developed a safe harbor rule (Safeharbor rule) to encourage their voluntary disclosure

23、 of financial forecasts. The so-called safe harbor rule is that as long as the forecast financial information is based on the principle of good faith to prepare, and when used in the preparation of the basic assumptions are reasonable, then even if its not achieve this goal, do not have to bear lega

24、l responsibility. However, after enactment of the Act, due to the policy to encourage listed companies to disclose more of their optimistic financial projections, immediately sparked a number of collective cases against listed companies. This is mainly because the listed company after the public dis

25、closure of financial forecasts, the report content is securities dealers, investment advisers and other securities used by analysts as an important basis for investment decisions in the event of investment losses, financial projections will be questioned according to a reasonable hypothesis and the

26、principle of good faith by the establishment, and therefore a collective litigation against public companies have hidden important facts of the fraud cases have started to occur. To this end, the Federal Court subsequently proposed faithful expression of the principle of warning text, that is, when

27、the predictability of the financial statements made or opinions, if one comes with a corresponding warning statement, then the predictive statements would not constitute a securities fraud, this principle has been widely used in U.S. District Court. From 1975 to 1985 for 10 years, the United States

28、Association of Certified Public Accountants (AICPA) has issued a financial projections for the preparation of the systems Guide, financial projections reveal and description - Position Statement 75-4, financial projections for inspection guide, financial forecasting feasibility report and other four

29、 copies of the guidance documents. With the projections of financial information in the securities market of the widely used, in order to further standardize the predictability of public disclosure of financial information in 1978, SEC specially formulated and promulgated a forecast operating result

30、s reveal the guidelines and protection of the safe harbor rules predict and other relevant provisions of the predictability of their generation and disclosure of financial information has important normative and guiding role of the AICPA has promulgated since the financial projections Accounting Sta

31、ndards (October 1985) and its corresponding Forecast Financial Statements Guide . It can be said that, as time goes by, the U.S. listed companys financial projections of management procedures and audit system matures, the predictability of financial information is also better reflect the companys ob

32、jective of being able to promote a more informed investment advisory services, business development, prompting the market price more accurately and reliably reflect its intrinsic value. As a result, the ban on financial forecasts from the 30 years since the United States to develop the federal secur

33、ities laws, after almost half a century later, and finally in 1979, accompanied by acts of financial projections for the development of safe harbor rules were lifted, making special provisions for compliance with the law of the predictability of Disclosure of financial information is protected. After repeated changes, the rule is 1995 of the Private Sec