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LIMITATIONS OF FINANCIAL DISCLOSURE: CASE OF BANK SNORAS BANKRUPTCY

Economics and Management

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Title LIMITATIONS OF FINANCIAL DISCLOSURE: CASE OF BANK SNORAS BANKRUPTCY
 
Creator Jankauskienė, Vilija; Vytautas Magnus University
Kaupelytė, Dalia; Vytautas Magnus University
Legenzova, Renata; Vytautas Magnus University
 
Subject financial information; information disclosure; disclosure limitations; banking industry; bank Snoras bankruptcy
 
Description The objective of this paper is to assess if publicly financial disclosed information was relevant and reliable to predict bankruptcy of the bank Snoras. To assess financial information about the bank Snoras, an analysis of public disclosure by various sources: the entity itself, auditors, regulating bodies, and mass-media prior to the bank Snoras bankruptcy announcement has been conducted.The results of the research reveal that the bank Snoras financial difficulties and nationalisation emerged unexpectedly neither to general public nor to professionals. In the case of the bankruptcy of the bank Snoras we conclude that financial disclosures by various sources were neither sufficient nor timely. Reliable information sources have not disclosed any warnings or possible financial difficulties. Publicly disclosed information was not relevant to predict forthcoming bank Snoras bankruptcy. Therefore it raises questions if accounting harmonisation as well as banking sector regulation and supervision efforts are sufficient under rapidly changing economic conditions.DOI: http://dx.doi.org/10.5755/j01.em.17.3.2090
 
Publisher Kaunas University of Technology
 
Contributor —
 
Date 2012-08-08
 
Type —
—
 
Format application/pdf
 
Identifier http://www.eejournal.ktu.lt/index.php/Ekv/article/view/2090
10.5755/j01.em.17.3.2090
 
Source ECONOMICS AND MANAGEMENT; Vol 17, No 3 (2012); 829-835
EKONOMIKA IR VADYBA; Vol 17, No 3 (2012); 829-835
 
Language en
 
Rights Autorių teisės yra apibrėžtos Lietuvos Respublikos autorių teisių ir gretutinių teisių įstatymo 4-37 straipsniuose.
Copyright terms are indicated in the Republic of Lithuania Law on Copyright and Related Rights, Articles 4-37.