Recent public policy initiatives seek greater transparency in financial reporting through an honest, balanced and thorough management discussion of company performance in the annual report. Management's discussion invariably includes key performance indicators, such as financial ratios, relevant to external stakeholders. We model the impact of accounting estimates, assumptions, choices and errors on the risk of misleading financial ratios. This framework is illustrated through good and bad examples of financial reporting practices and by simulation of financial data of public companies. We provide a structured approach to inform policymakers, auditors and other stakeholders of the incremental financial reporting risk that accompanies current regulatory efforts.

中文翻译：

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管理年度报告中误导财务指标的风险：为管理层讨论提供保证的第一步

最近的公共政策举措通过在年度报告中对公司业绩进行诚实，平衡和透彻的管理讨论，寻求财务报告中更高的透明度。管理层的讨论总是包含与外部利益相关者相关的关键绩效指标，例如财务比率。我们对会计估计，假设，选择和错误对误导性财务比率风险的影响进行建模。通过财务报告实践的好坏示例以及对上市公司财务数据的模拟来说明此框架。我们提供一种结构化的方法，以告知政策制定者，审计师和其他利益相关者当前监管工作所伴随的财务报告风险的增加。