The problem with read-only text and accessibility arises from the the way the screen readers interact with forms in Web pages.
If you use an unattached form label, or an element that is not inside a form, the browser won't see it. But when a screen reader encounters a form it switches into “forms mode.” In this mode the screen reader will only read the form input elements and any corresponding labels. If additional plain text is inserted between two form elements, the screen reader will skip over the plain text and go directly to the next form input field.
So the right way to go is to use form elements.
These might be of help: