The Survey Study on Disclosure of Financial Data of Corporations and Economic Entities.
Quarterly Journal of Securities Exchange

Quarterly Journal of Securities Exchange

The Survey Study on Disclosure of Financial Data of Corporations and Economic Entities.

Document Type : Original Article

Authors
Laleh Shahbazi 1
Ahmad Markaz Malmiri 2
Erfan Shams 3
Abdolreza Barzegar 4
1 Ph.D. Student, Department of Public Law, Maybod Branch, Islamic Azad University, Maybod, Iran.
2 Research Assistant Professor of Majles Research Center (MRC), Tehran, Iran
3 Assistant Professor, Department of Public Law, Shahid Beheshti University, Tehran, Iran
4 Assistant Professor, Department of Public Law, Maybod Branch, Islamic Azad University, Maybod, Iran.
10.22034/jse.2020.11263.1471
Abstract
This article is written with the aim of shedding light on the ways by which clarification and disclosure of financial data of corporations and economic entities to Iran’s Securities and Exchange Organization are carried out, according to the legal obligations for Iranian corporations specified in Article 6 of the law concerning enforcement of provisions of Article 44 of the constitution of the Islamic Republic of Iran and consequent modifications as one of the criteria for rule of law.
Public institutions as well as non-governmental or quasi-governmental public entities are not exempted from this law because they are deemed as the extensions of the existing governance apparatus over the society and financial supervision over them is quite effective in taking such entities accountable for their conduct and performance.
Transparent and meticulous disclosure of financial data to the supervisory institutions can create equitable as well as sound competitive environment for doing business in the society.
Wherever data transparency is missing or public supervision is not adequate, fraud, discrimination and economic rant become more probable which eventually lead to the loss of trust in public institutions, mismanagement and spread of corruption.
In this study it has been tried to pinpoint pros and cons together with the challenges of enforcement of the afore-mentioned law through analyzing legal documents and conducting surveys. Furthermore, functionality of various laws and regulations along with their sanctions will be extensively examined. At the end of this study, practical solutions for the existing and would-be impediments and shortcomings are provided.
Keywords
Clarification and disclosure of financial data
corporations and commercial entities
Article 6 of the law concerning enforcement of provisions of Article 44 of the constitution of the Islamic Republic of Iran
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Quarterly Journal of Securities Exchange
Volume 14, Issue 56
Spring 2022
Pages 268-245