Clarification or Confusion: A Textual Analysis of ASC 842 Lease Transition Disclosures
研究了企业10-K文件中关于ASC 842租赁准则过渡披露的可读性和相似性，发现披露越临近采用越难读，且主要利好信息处理能力强的投资者，与SEC提高透明度的目标相悖。
We study the transition disclosures in firms’ 10-K filings preceding the mandatory adoption of Accounting Standards Codification 842 on leases. We find that ASC 842 transition disclosures become more unreadable and dissimilar the closer to adoption, potentially because the SEC guidance on transition disclosures emphasizes detail on the specifics of the standard and whether it has material effects on future financial statements. As a result, firms’ ASC 842 transition disclosures reflect an increasing amount of technical and complex language over the transition period. Firms’ increasing use of technical and complex language may not benefit all investors and the market as a whole. Based on tests of the change in analysts’ earnings forecast delay and market uncertainty in stock returns, we find that ASC 842 transition disclosures mostly favor investors with superior information processing skills. This is contrary to the statutory goal of the SEC to increase transparency for all investors who may prefer firms’ use of clear and straightforward language to describe the effects of future accounting changes.