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The harmonization of accounting within the EU

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  • Per Thorell
  • Geoffrey Whittington

Abstract

The central concern of this paper is the international harmonization of financial accounting standards, and, in particular, the respective roles in this process of the EU, the IASC and national standard setters. The institutional framework, historical background and current achievements of accounting regulation by both the EU and the IASC are surveyed and compared. Current and prospective developments are identified, and it is suggested that a critical phase has now been reached in the relationship between the two bodies. The role of national standard-setting bodies is also considered, and the two authors offer their individual views on the problems of international accounting harmonization from the perspectives of their own countries, Sweden and the UK respectively. The paper concludes with a discussion of policies which may enable the national and international standard setters to work in a mutually supportive rather than a competitive manner.

Suggested Citation

  • Per Thorell & Geoffrey Whittington, 1994. "The harmonization of accounting within the EU," European Accounting Review, Taylor & Francis Journals, vol. 3(2), pages 215-240.
    • Handle: RePEc:taf:euract:v:3:y:1994:i:2:p:215-240
    DOI: 10.1080/09638189400000019
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    Cited by:

    1. Leandro Canibano & Araceli Mora, 2000. "Evaluating the statistical significance of de facto accounting harmonization: a study of European global players," European Accounting Review, Taylor & Francis Journals, vol. 9(3), pages 349-369.
    2. Crawford, L. & Ferguson, J. & Helliar, C.V. & Power, D.M., 2014. "Control over accounting standards within the European Union: The political controversy surrounding the adoption of IFRS 8," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 25(4), pages 304-318.
    3. Botzem, Sebastian & Hofmann, Jeanette, 2008. "Transnational institution building as public-private interaction: the case of standard setting on the Internet and in corporate financial reporting," LSE Research Online Documents on Economics 36535, London School of Economics and Political Science, LSE Library.
    4. Henselmann, Klaus, 2021. "The Fourth Accounting Directive and Member State Options for Single Accounts," EconStor Preprints 248387, ZBW - Leibniz Information Centre for Economics.
    5. Oehr, Tim-Frederik & Zimmermann, Jochen, 2012. "Accounting and the welfare state: The missing link," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 23(2), pages 134-152.
    6. Saudagaran, Shahrokh M. & Diga, Joselito G., 2000. "The Institutional Environment of Financial Reporting Regulation in ASEAN," The International Journal of Accounting, Elsevier, vol. 35(1), pages 1-26, March.
    7. Anguiano-Santos, Carlos & Salazar-Ordóñez, Melania & Tornel-Vázquez, Rossana & Rodríguez-Entrena, Macario, 2024. "Sustainability reporting harmonisation? A utopian endeavour for European agri-food companies," Journal of Policy Modeling, Elsevier, vol. 46(2), pages 354-368.
    8. Palea Vera, 2013. "The Effect of the European Regulation 1606/2002 on Market Efficiency: Early Empirical Evidence and Some Suggestions for Future Research and Policy-Making Discussion," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201310, University of Turin.
    9. Dana Kubickova & Irena Jindrichovska, 2016. "Comparability and Reliability of Financial Information in the Sector of Czech SMES (ten years of IFRS as a part of Czech accounting context)," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 64-77.
    10. Tyrrall, David & Woodward, David & Rakhimbekova, Almagoul, 2007. "The relevance of International Financial Reporting Standards to a developing country: Evidence from Kazakhstan," The International Journal of Accounting, Elsevier, vol. 42(1), pages 82-110.
    11. Axel Haller, 2002. "Financial accounting developments in the European Union: past events and future prospects," European Accounting Review, Taylor & Francis Journals, vol. 11(1), pages 153-190.
    12. Dunk, Alan S. & Kilgore, Alan, 2000. "The Reintroduction of the True and Fair Override and Harmonization with IASC Standards in Australia: Lessons from the EU and Implications for Financial Reporting and International Trade," The International Journal of Accounting, Elsevier, vol. 35(2), pages 213-226, July.
    13. Gregory Heem, 2007. "International accounting standardization : the institutional legitimacy of a private standards setters," Post-Print halshs-00856207, HAL.
    14. MEGAN Ovidiu, 2011. "Professional Judgment And Creative Accounting Under Ifrs In Ex-Communist Countries: Case Of Romania," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(2), pages 564-570, December.
    15. Anna Pistoni & Laura Zoni, 2000. "Comparative management accounting in Europe: an undergraduate education perspective," European Accounting Review, Taylor & Francis Journals, vol. 9(2), pages 285-319.

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