EU passes extended disclosure rules
BRUSSELS – In mid-December, the European Commission (EC) announced that new rules extending the amount of information companies must disclose in their annual accounts had been approved by the European Parliament.
The new directive was proposed by the European Commission in October 2004 following the financial scandals surrounding the 'creative accounting' of companies such as Enron and Parmalat which prompted calls for companies to reveal more information about their accounts and their internal oversight procedures. The directive will amend the EU's accounting directives which are part of the EC's company
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