Compulsory Disclosure to Employees - The Vredeling Directive
The Vredeling Directive, a European Economic Community (EEC) directive, designed to improve disclosure of relevant information to employees is applicable to companies in the EEC with more than 1000 workers. The purpose is to inform employees about activities of the company and to encourage employee participation in decusuib and to encourage employee participation in decision-making for the company. Information is to be provided on an annual basis covering five topics ranging from the economic and financial position to the employment situation, and is to include explanations in addition to bald figures. Safeguards are employed to protect information that should be kept secret. Management must allow employee input on major undertakings that affect their interests. Expectations of the impact of the Directive are conservative. Weaknesses of the Directive include the thirty-day period for employee feedback and the burden on subsidiary companies. The main impact will be that the EEC places itself in favor of disclosure and consultation which will possibly have some effect with voluntary compliance.
Publication Name: The Accountant's Magazine
Prepare for the Seventh Directive
The Seventh Directive seeks to impose an obligation upon member states to prepare consolidated accounts. In addition, it will be necessary for the annual report to provide a fair review of the development of the business including likely future developments. Information should be specifically disclosed on post-balance sheet events and on research and development. With reference to formats of accounts and appropriate valuation methods to be used, the Seventh Directive states that those laid down in the Fourth Directive are appropriate.
Publication Name: The Accountant
Competitive costs of disclosure by biotech initial public offerings (IPOs)
Studies are carried out for examining the effect of various competitive cost proxies on the extent of product-related information disclosed by biotech initial public offerings (IPOs). This test establishes three disclosure determinants, namely, the stage of product development, availability of patent protection, and venture capital support.
Publication Name: Journal of Accounting Research
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