European Accounting Normalization between Directives and IFRS Standards

The contemporary evolution of accounting can be characterized by large phenomena like: normalization, harmonization and convergence. Thus, it is taking into consideration the improvement and the reducing of the disparities between national accounting practices and regulations, the development of principles and norms that lead to achieving of information and coherent picture on entities, the comparability in time and space of the information drawn from financial statements. In this article I have given a special attention for the research of initiatives and concerns of the European standardization body, retaining those measures and actions that led to the adaptation of European accounting directives to make them compatible with IFRS. However the approaching of this issue requires a short review of the normalization process and accounting harmonization in order to coordinate the principles, norms and accounting objectives at international level. This also led to discussion of options in the principles and accounting rules.