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Interim Management Statements in the EU – An alternative vehicle for interim reporting?
Part 2: Reporting practice and use of Interim Management Statements
As a new vehicle for interim reporting in the EU, Interim Management Statements (IMSs) were introduced in 2004 as part of the Transparency Directive to harmonise interim reporting. Given that the Transparency Directive provides only vague content requirements, firms have significant discretion over IMSs’ form and content. This article aims to shed descriptive light on this alternative vehicle for interim reporting. After reviewing the harmonisation process in the EU and regulation of IMSs in Part 1, we analyse the form and content of IMSs in five major EU countries based on a content analysis in Part 2. Moreover, we investigate whether potential differences in reporting practices lead to differences in the relevance of IMSs for investors.
1. Introduction
In Part 1, we reviewed the harmonisation process in the EU from the pre-Transparency Directive interim reporting regime and the adoption of the Transparency Directive to the abolition of mandatory IMSs. We also compiled and compared the diversity of the current interim requirements of the largest EU markets. Based on this regulatory foundation, the objective of Part 2 is to shed more light on the actual reporting practice of IMSs as ...