Abstract In his October 2013 report, Mr Maystadt discussed the possibility of clarifying and expanding the ‘public good’ criterion in EU Accounting Framework, namely that: Any accounting standards adopted should not jeopardise financial stability, and they must not hinder the EU’s economic...

The paper examines the behaviour of 100 firms interviewed regularly between 1993-4. It reaches the following conclusions:1) Following the inter-enterprise debt (IED) crisis of 1992, most firms have switched to a `pay-in-advance' system, which pushed firms towards a `hard budget constraint'...