Pierre Bollon, director-general of the French Asset Management Association (AFG-ASSFI) and Peter Montagnon, head of investment affairs at the Association of British Insurers questioned the wisdom of implementing mandatory quarterly accounts filings, saying this had not helped prevent corporate scandals in the US.
Rather, they said it was vital that ‘price-sensitive news’ was transmitted ‘accurately and promptly to the whole market in an orderly way’.
‘Quarterly reporting is not a substitute for reliable ad hoc announcements,’ they said in a letter to the Financial Times.
The European Commission has proposed mandatory quarterly reporting as part of its transparency directive. It is a standard requirement amongst listed companies in the US.
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Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
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