Economics - Theses
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ItemThe relevance of company financial reports for institutional long-term investors( [1969])The title of this thesis refers to 'company financial reports' and to 'institutional long-term investors'. Since these terms are rather broad in meaning it is necessary to give them precise definition. Throughout the thesis, unless otherwise specified, 'company financial reports' refer to the annual reports published by companies as required by S.162 and the Ninth Schedule to the Companies Act 1961. Under the statute, these reports must contain a balance sheet, a profit and loss account (both showing comparative figures for the previous accounting period), an audit report, a directors' report, a certificate relating to any change in the value of certain assets signed by two directors and a certificate, relating to the accuracy of the accounts, signed by the company secretary. In addition, the report should disclose particulars of share options held and/or exercised. If the company is a holding company the annual report must also contain consolidated statements of assets and liabilities and of profit and loss and a list of the names of subsidiary companies or audited annual reports for each of the subsidiary companies. The Companies Act 1961 does not require public circulation of these documents; it merely requires that they be laid 'before the company in general meeting'. However, the combined influence of the Official List Requirements of the Australian Associated Stock Exchanges and the public relations potential of well-prepared and widely-circulated reports has resulted in the reports of listed companies being available to any interested person. (From Introduction)