An alternate approach in implementing the 4th Directive – a territorial claim to financial reporting and auditing in Sweden

Abstract

Swedish legislators and financial reporting regulators have experienced the vagaries of legislating EC Directives into their statutes. By changing their mind about including “true and fair” in the auditor’s report regulators have drawn attention to the need for an override provision if financial reality is to be presented in the annual accounts. It appears that global companies with headquarters in Sweden will continue to reconcile their Swedish accounts to US or International GAAP in order to present their companies in a comparable manner even though these could contravene the mutual recognition of accounts mandate issued by the EC.

Citation

Burrowes, A. and Nordström, J. (1999), "An alternate approach in implementing the 4th Directive – a territorial claim to financial reporting and auditing in Sweden", Managerial Auditing Journal, Vol. 14 No. 6, pp. 302-307. https://doi.org/10.1108/02686909910280253