Harmonisation of financial reporting before the European Company Law Directives: the case of the Nordic Companies Act

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Abstract
De jure harmonisation of financial reporting began early in the Nordic countries with initial discussions reported as early as the 1930s. Legislation implemented in the 1970s was based on a proposal for a common Nordic Companies Act. This article follows the history of this legislation and analyses it with a view to providing insights into voluntary harmonisation across multiple countries. The main lessons appear to be that (1) Germany had a measurable influence; (2) taxes played an important role which has persisted in some countries, with others resisting change until the 1980s and 1990s; (3) the Nordic countries were among the first to introduce a legal requirement for publication of a funds flow statement; (4) meeting the needs of diverse and dynamic stakeholders was addressed differentially by the Nordic countries; and (5) regional co-operation seems to have been overtaken by events on the broader international stage and the costs of compromise.

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