From Accounting Directives to International Accounting Standards

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Abstract
An insider perspective is presented on the historical development of EU (European Union) accounting regulation. The author explains why the EU moved away from the idea of European harmonization through the EU Accounting Directives to the adoption of International Accounting Standards (IAS) for all listed EU companies, and provides important insights into the dynamics of EU standard-setting processes. The chapter clearly demonstrates that the regulation of financial reporting is a complex issue and that there is no easy way to bring about accounting harmonization. The nine sections are: Introduction; The Accounting Directives; First attempts toward further harmonization; Development of a new accounting strategy; Proposed new accounting strategy; The proposed new accounting strategy in action; Toward a mandatory application of IAS; Regulation of the European Parliament and of the Council on the application of IAS; and Concluding observations.

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