在法律和會計范圍的環(huán)境信息披露國際視野【外文翻譯】

1、0外文文獻翻譯外文文獻翻譯原文：EnvironmentalDisclosureWithinLegalAccountingContexts:AnInternationalPerspectiveIndustrialactivityhasalargeimpactontheenvironment.Recentconcernsaboutglobalwarmingemergingemissionstradingmarketsfgreenhouseg

2、aseshaveintensifiedstakeholderinterestincpateenvironmentalactivitiesimpacts.Responsetothisincreaseininteresthasvariedacrosscpationsacrosscountries.Whilefmostofthewldenvironmentalreptinghasdevelopedvoluntarily(e.g.through

3、voluntarystardssuchasthe)somecountrieshavepassedlegislationmatingcpateenvironmentalrepting(e.g.Denmark’s“greenaccounts”thatdetailrawmaterialsusedwasteproduced).Thefirstpurposeofthispaperistodocumentdiversityininternation

4、alenvironmentaldisclosures.Wedocumentthatlegaligin(possiblywhichcolonialpowerruledhistically)isassociatedwiththedegreeofcrosscountryvariationinmanagers’reptsofenvironmentaldisclosures.Wealsoexpletherelationbetweenreptede

5、nvironmentaldisclosuresthegenerallevelofenvironmentalregulation.Wefindthatmestringentenvironmentallawsareassociatedwithhigherlevelsofrepteddisclosure.Finallywerelateenvironmentaldisclosurestoanothercommontypeofcpatediscl

6、osure:disclosureofaccountinginfmation.Accountingdisclosuresprovideaninterestingcontrasttoenvironmentaldisclosuresbecausewhilethepreciserulesassociatedwithaccountingdisclosurevaryfromcountrytocountrythereisamuchlongertrad

7、itionofaccountingdisclosuremostcountrieshavesomefmofmatedaccountingdisclosure.Wefindastrongrelationbetweenthelevelofreptedenvironmentaldisclosurethelevelofreptedaccountingdisclosureregulation.Pripapersinvestigateenvironm

8、entaldisclosuresinindividualcountries–includingAustralia(Tilt2001)Canada(LiRidsonThnton1997McConomyLi1999)Finl(NiskanenNierminen2001)Germany(CmierMagnanVelthoven2005)Spain(LarrinagaCarroCreaLlenaMoneva2002)UK(Campbell200

9、4)USA(Patten2002).Fexample2whichincreasedthedisclosuresrequiredintheManagementDiscussionAnalysissectionoffinancialreptssubmittedtotheSEC(i.e.fpubliclytradedcompanies).TheadditionaldisclosuresrequiredunderSAB92includeenha

10、ncementstoItem103whichrequiresthecpationtodescribeitslegalproceedings(thisincludesadministrativelegalactivitiespendingcontemplatedthatcouldaffectthecpationsubsidiaries)Item303whichrequiresadiscussionofanyknowntrendsanykn

11、owndemscommitmentseventsuncertaintiesthatarelikelytoaffecttheregistrantsliquidityinamaterialwayFinancialReptingRelease36whichrequiresdisclosurewhenmanagementisunabletodeterminethatamaterialeffectis“notreasonablylikely“to

12、occur.Anextensiveliteraturedocumentsthevaluerelevanceofcpatereptingrelatedtotheenvironmentinthesensethatstockpricemovementsareassociatedwithfirms’disclosuresaboutenvironmentalexposures.Studieshaveexaminedtherelationbetwe

13、enstockmarketvaluationenvironmentaldisclosureswhetherdisclosedinseparaterepts(e.g.Hughes2000)innotestothefinancialstatements(e.g.ClarksonLiRidson2004)asenvironmentalliabilitiesinthebalancesheetsofpubliclytradedcompanies(

14、e.g.BarthMcNichols1994McConomyLi1999Bewley2005).Itisnotsurprisingthatreptedenvironmentaldisclosuresarevaluerelevantgiventhatenvironmentalliabilitiescanbelargeinmagnitude.Considerfexamplethecostsassociatedwithnucleardecom

15、missioningcosts.Fanuclearpowerplantthatisoperatingtodayfuturecostsofcleanuparefeseeableestimable(D’SouzaJacobSoderstrom(2000)reptameanprojectedcleanupcostofover$300millionperplant).Eventhoughcurrentcashflowsareunaffected

16、SFAS143“AccountingfAssetRetirementObligations”requiresthataliabilityberecdedastheliabilityisincurredwhichinthiscaseisuponinitialoperationoftheplant(seeD’SouzaJacobSoderstrom2000).Requireddisclosureofenvironmentalissuesin

17、financialstatementsvariesfromcountrytocountry.FexamplewhileU.S.GAAPissilentwithrespecttodisclosureofemissionstradingallowancesunderInternationalFinancialReptingStards(IFRS)InternationalAccountingStard(IAS)20requiresrecog