Historically, financial reports prepared by firms in Germany

Name: Historically, financial reports prepared by firms in Germany
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In Germany and Switzerland, the banks emerged as the main providers of capital to enterprises. Bank officers often sat on the boards of these companies and were privy to detailed information about their operations and financial position. As a consequence, there were fewer demands for detailed accounting disclosures, and public accounts tended to reveal less information.

Historically, Financial Reports Prepared by Firms in Germany