banking services chronicle official website

  banking services chronicle official website

 banking services chronicle official website published this article Again any delay or abstention in the dissemination of information as well as its distortion disinformation and misinformation will result in economic outcomes worse that could have been achieved by a free prompt precise and equitable =equally available dissemination of said information. This is true even where commercial secrets are involved It has been proven time and again that when commercial information is kept secret – the firm or Government that keeps it hidden is HARMED. The most famous examples are Apple which kept its operating system a wellguarded secret and IBM which did not Microsoft which kept its operating system open to developers of software and other software companies which did not. Recently Netscape has decided to provide its source code the most important commercial secret of any software company free of charge to application developers. Synergy based on openness seemed to have won over old habits. A free unhampered unbiased flow of information is a major point of attraction to foreign investors and a brawny point with the likes of the IMF and the World Bank. The former for instance lends money more easily to countries which maintain a reasonably reliable outflow of national statistics. From Firms to the World – The virtues of corporate transparency and of the application of the properly revealing International Accounting Standards IAS GAAP or others need no evidencing. Today it is virtually impossible to raise money to export to import to form joint ventures to obtain credits or to otherwise collaborate internationally without the existence of full unmitigated disclosure. The modern firm if it wishes to interact globally must open itself up completely and provide timely full and accurate information to all. This is a legal must for public and listed firms the world over though standards vary. Transparent accounting practices clear ownership structure available track record and historical performance records – are sine qua non in todays financing world. From Firms to Firms – This is really a subset of the previous axis of dissemination. Its distinction is that while the former is concerned with multilateral international interactions – this axis is more inwardly oriented and deals with the goingson between firms in the same territory. banking services chronicle official website