Fight against accounting oaths fades
The lobby by non-US companies to be exempted from new US corporate governance, legislation forcing them to swear to the accuracy of their accounts, appears to be losing momentum.
FTSE 100 companies BP and WPP have said they will certify their accounts, and according to the FT, the mood amongst lobbyists for non-US companies is now one of resignation.
In Germany just, less than half the companies affected by the new requirement signed a letter of exemption sent by the industry federation to the US Securities & Exchange Commission.
Major companies like Deutsche Bank and Fresenius have said they will certify their accounts.
America?s 700 largest companies had to certify their accounts last week, while the remaining 14,000 other US public companies have until the 29 August to do the same.