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首页> 外文期刊>European Business Organization Law Review >The EU Issuers' Accounting Disclosure Regime and Investors' Information Needs: The Essential Role of Narrative Reporting
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The EU Issuers' Accounting Disclosure Regime and Investors' Information Needs: The Essential Role of Narrative Reporting

机译：欧盟发行人的会计信息披露制度和投资者的信息需求：叙事报告的基本作用

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摘要

Within the EU investor protection framework, issuers are required to provide different investor groups with relevant information. The introduction of the prospectus summary (which has recently undergone substantial changes) clearly shows that EU legislator include unsophisticated investors among the users of financial information. Nevertheless, the issuers' accounting regime seems to be inconsistent with this regulatory approach. Due to their ever increasing complexity, IAS/IFRS are not suitable to meet unsophisticated investors' needs and can lead to information overload. Given that a simplification of IAS/IFRS does not appear to be possible, and would be inefficient, the article looks at the UK Strategic Report model and argues that the narrative component of financial reports can play a key role in rendering EU issuers' financial reports more informative and more suited to meeting information needs of different groups of users by diversifying information directed at unsophisticated and sophisticated investors. Although Directive 2013/34/EU regulates the contents of management reports, a harmonised practice of narrative reporting at EU level is lacking, due to the high degree of flexibility provided by the Directive 2013/34/EU. The article outlines the framework of a possible EU (more) harmonised approach in the area of narrative reporting, arguing that the ESMA may foster harmonisation by promoting the adoption at the national level of proactive enforcement activities aimed at developing guidance and recommendations on the contents and format of narrative reporting, and possibly providing issuers and national enforcers (on which first rests the responsibility to enforce accounting rules) with guidelines on narrative reporting.
机译：在欧盟投资者保护框架内，发行人必须向不同的投资者群体提供相关信息。招股说明书摘要的介绍（最近发生了重大变化）清楚地表明，欧盟立法者在金融信息用户中包括了不老练的投资者。然而，发行人的会计制度似乎与这种监管方法不一致。由于日益复杂，IAS / IFRS不适合满足过硬的投资者需求，并可能导致信息过载。鉴于简化IAS / IFRS似乎是不可能的，并且效率很低，因此本文着眼于UK Strategic Report模型，并认为财务报告的叙述部分可以在提供欧盟发行人的财务报告中发挥关键作用通过使针对老练和老练的投资者的信息多样化，使信息更丰富，更适合满足不同用户群的信息需求。尽管第2013/34 / EU号指令规范了管理报告的内容，但由于第2013/34 / EU号指令提供了高度的灵活性，因此在欧盟一级尚缺乏统一的叙事报告惯例。本文概述了叙事报告领域可能采用的欧盟（更多）统一方法的框架，认为ESMA可以通过促进在国家一级采用积极的执法活动来促进协调，以针对内容和内容制定指导和建议。叙事报告的格式，并可能为发行人和国家执法人员（首先承担执行会计规则的责任）提供叙事报告指南。

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