Regulatory Convergence of Accounting Profession in the European Union

Volodymyr Metelytsia ()
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Volodymyr Metelytsia: 'Institute of Agrarian Economics' National Scientific Center

Oblik i finansi, 2014, issue 2, 41-55

Abstract: In light of the elements of the profession systematization of European institutions and regulatory agencies is developed. Review of regulatory convergence in the European Union shows its comprehensive focus on all elements of the accounting profession, other than professional education and ethics. The expediency of evaluation view of European regulation of the accountancy profession in each of its elements is proved. Thus, the regulatory and legal framework for accounting and auditing at the EU is implemented through directive regulation (European Parliament, European Council, European Commission, European Securities and Markets Authority) with oversight by the professional community (Federation of European Accountants (FEA). Science of accounting and higher educational attainment are characterized by self-regulation (European universities) with state supervision (EU members). Vocational education and professional ethics of accountants are self-regulated by members of FEA without external influence. Based on a comparative analysis of European directives and national legislation on accountability and transparency the direction of European integration convergence of financial reporting, aimed at simplifying its composing by domestic agricultural enterprises, are specified.

Keywords: regulatory convergence; accounting profession; directive regulation; self-regulation; supervision; prospectus; transparency (search for similar items in EconPapers)
JEL-codes: M12 M41 (search for similar items in EconPapers)
Date: 2014
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