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QUARTERLY REPORTING REJECTED BY MEPS
Wednesday 18th February 2004
Proposals to impose quarterly reporting requirements on companies were rejected today by MEPs in the European Parliament Economic and Monetary Affairs Committee.
Timothy Kirkhope, Conservative MEP for Yorkshire and the Humber, said:
"This is a significant victory in the battle against unnecessary EU red tape. Quarterly reporting would have cost business billions without providing any benefits to investors. The Enron scandal revealed that the quarterly reporting system is flawed and MEPs are right to reject it.
I am delighted that the amendment on accounting systems was also adopted. This amendment sets out a clear position on the status of bonds from issuers who draw up their accounts according to US GAAP. This amendment is vital to tackle uncertainty which is already damaging the bond markets in the UK and the rest of Europe."
