Almost a year after the accounting problems at Parmalat came to light, the EU is ready to publish its reaction in the form of a draft Directive.
In November last year the European Commission had already begun to look at accounting rules when the Parmalat scandal broke, driven by Enron and WorldCom in the US. But it has spent the intervening year drawing up a new law that will control the way companies employ their auditors and disclose their off-balance sheet activities.
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