Australia's continuous disclosure regime : business as usual or a cause for sour grapes? | Macquarie University ResearchOnline

Home

List Of Titles

Australia's continuous disclosure regime : business as usual or a cause for sour grapes?

Please use this identifier to cite or link to this item: http://hdl.handle.net/1959.14/104952

173 Visitors

209 Hits

0 Downloads

Title: Australia's continuous disclosure regime : business as usual or a cause for sour grapes?
Related: Accounting Association of Australia and New Zealand Conference (1 - 3 July 2007 : Gold Coast, Qld.)
Related: 2007 AFAANZ conference : papers, p.1-36
Related: http://www.afaanz.org/openconf/2007/afaanz/papers.php
Publisher: Gold Coast, Qld : Accounting and Finance Association of Australia and New Zealand
Date: 2007
Author/Creator: Carlin, Tyrone M
Author/Creator: Dilernia, Cary
Description: The ASX listing rules and various provisions of the Corporations Act require that listed corporations keep capital markets informed (subject to carve out exceptions) of any information that a reasonable person would expect to have a material impact on the price or value of its securities. An effective continuous disclosure regime represents a key element of a framework for facilitating informed markets. As such, evidence on the extent to which the continuous disclosure system is functioning is of significance to the regulatory and investment communities alike. This paper questions whether the Australian continuous disclosure regime is working and being enforced at an appropriate level, by forensically reviewing the affairs of listed wine producer Evans & Tate limited during that firm’s ill fated 2005 financial year. It is argued that while that firm did indeed continuously disclose financial and non financial information as required, much of the content of that disclosure was misleading. Despite this, no regulatory action has been taken against the firm or its directors. It is therefore concluded that there may be serious deficiencies in the operation of Australia’s continuous disclosure framework, particularly in relation to the nature of regulatory responses to apparent breaches of the system.
Description: 36 page(s)
Subject Keyword: corporate governance
Subject Keyword: continuous disclosure
Subject Keyword: financial statement analysis
Subject Keyword: regulation
Resource Type: conference paper
Organisation: Macquarie University. Macquarie Graduate School of Management

Identifier: http://hdl.handle.net/1959.14/104952
Identifier: mq-rm-2006012078
Language: eng
Reviewed

Macquarie University ResearchOnline

Search

Browse

Highlights

Resources