 Financial accounting developments in the European Union: past events and future prospectsAxel Haller European Accounting Review, 2002, vol. 11, issue 1, 153-190 Abstract: The decision of the Commission of the European Union (EU) to oblige listed European companies, from 2005 onwards, to establish their consolidated financial statements according to IFRS (IAS) represents a preliminary peak in the internationalization process of financial accounting in Europe. The purpose of this paper is to highlight the landmarks of accounting developments in the EU since the Fourth and Seventh Directives and to reveal the obvious internationalization process of financial accounting in the EU, which has accelerated considerably during the last ten years. Owing to the considerable pressures exerted by market forces, a clear convergence of accounting practice as well as of the regulatory frameworks of the EU and its Member States with IFRS (IAS) is recognizable. The harmonization effects of the market forces on national regulators and companies appear to be much larger than those of the Fourth and Seventh Directives. In addition to the explanation and reasoning behind past developments, this paper also discusses some future prospects of financial reporting within the EU and identifies some of its major challenges. Date: 2002 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:taf:euract:v:11:y:2002:i:1:p:153-190 Ordering information: This journal article can be ordered from DOI: 10.1080/09638180220124770 Access Statistics for this article European Accounting Review is currently edited by Laurence van Lent More articles in European Accounting Review from Taylor & Francis Journals |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.