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“管理层讨论与分析”(Management’s Discussion and Analysis,以下简称MD&A)最早由美国证券交易委员会(SEC)引入,至今已有近40年的发展历史,它着重披露管理层对公司财务状况及其变化、经营成果、流动性、资本来源,以及公司未来风险和发展机遇等的看法与分析,以帮助市场参与者尤其是投资者对公司的财务状况和经营成果,特别是公司的未来前景作出评价,曾被SEC誉为财务报告的“心脏和灵魂”。美国不仅在信息披露方面引领着MD&A的发展方向,在鉴证服务方面也是独树一帜。管理层讨论与分析鉴证制度主要是由美国注册会计师协会(AICPA)建立发展起来的,根据不同时期的特征可以将其划分为三个阶段.以下对此作一简要介绍。
“Management’s Discussion and Analysis” was first introduced by the U.S. Securities and Exchange Commission (SEC) and has a history of nearly 40 years. It focuses on the management’s exposure to the Company’s financial condition and Its changes, results of operations, liquidity, sources of capital, and future risks and opportunities for the development of the company to help market participants, especially investors, make informed decisions about the company’s financial position and results of operations, in particular, its future prospects Evaluation, has been hailed as the SEC financial reporting “heart and soul ”. Not only does the United States lead the MD & A development in information disclosure, but it is also unique in forensic services. Management Discussion and Analysis The accreditation system is mainly developed by the American Institute of Certified Public Accountants (AICPA), which can be divided into three stages according to the characteristics of different periods. The following is a brief introduction.