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Litigation-Disclosure Modifications in the 10-K: Large-Sample Evidence
Journal of Accounting, Auditing & Finance Pub Date : 2021-05-30 , DOI: 10.1177/0148558x211017838
Heather Li 1
Affiliation  

This study is the first to examine the litigation-disclosure modifications of legal proceedings (i.e., Item 103) and contingency-note disclosures (i.e., Accounting Standards Codification [ASC] 450) in the 10-K. Litigation-disclosure modifications are defined as the amount of litigation content disclosed in year t but not in year t– 1. I first confirm the Securities and Exchange Commission’s (SEC) and the Financial Accounting Standards Board’s (FASB) concern that firms are providing less litigation-disclosure modifications. I then find firms with higher proprietary cost, higher litigation risk, and non-Big 4 auditors to be associated with more litigation-disclosure modifications. I also find that although firms are providing less litigation-disclosure modifications in the two litigation sections, such disclosures do predict future occurrence of litigation cases and are complementary in providing litigation information to investors. Results indirectly support the FASB’s 2012 decision to not precede with disclosure policy changes in contingency-note disclosures.



中文翻译:

10-K 中的诉讼披露修改:大样本证据

本研究首次审查了 10-K 中法律程序的诉讼披露修改(即第 103 项)和应急票据披露(即会计准则编纂 [ASC] 450)。诉讼披露的修改被定义为在一年中所公开的的内容诉讼量在一年,但不– 1. 我首先确认证券交易委员会 (SEC) 和财务会计准则委员会 (FASB) 的担忧,即公司提供较少的诉讼披露修改。然后我发现拥有更高专有成本、更高诉讼风险和非四大审计师的公司与更多的诉讼披露修改相关联。我还发现,虽然公司在两个诉讼部分提供较少的诉讼披露修改,但此类披露确实可以预测未来诉讼案件的发生,并且在向投资者提供诉讼信息方面是互补的。结果间接支持了 FASB 2012 年的决定,即不在应急票据披露中更改披露政策。

更新日期:2021-05-31
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