“管理层评论”信息质量原则的国际比较与启示

The Qualitative Principles of Management Commentary:An International Comparison and Reference

管理层评论是非财务信息和前瞻性信息的有效披露平台,能够弥补财务报表的不足,从而缓解会计信息供需矛盾,优化投资决策,促进市场有效。但我国上市公司"管理层讨论与分析"(MD&A)信息披露质量总体偏低,未能充分发挥作用;监管部门一直未明确MD&A信息所应达到的质量要求。本文通过比较德、美、英等国家与国际会计准则理事会(IASB)关于管理层评论质量原则的成熟规定,总结和归纳其共性和差异,以期为我国上市公司MD&A信息质量规范的制定和MD&A披露实务的监管提供借鉴。

Management Commentary is an effective platform for non-financial information and forward-looking information disclosure,which can remedy the deficiency of the financial statement,thus to alleviate the imbalance between supply and demand of accounting information,then to optimize the investment decisions and make the market more effective.However,the quality of Management's Discussion and Analysis(MD&A)disclosure of Chinese Listed Companies is too poor to fully function;the supervision department has not formulated the qualitative principles of the MD&A disclosure yet.This paper comprises the Management Commentary qualitative principles of Germany,U.S.A.,U.K.and IASB,discerns and summaries the rules,expecting to provide reference for the establishment of the MD&A disclosure requirements and the related regulation of Chinese Listed Companies