EU Accounting and financial reporting systems: A member states comparison

Level: Undergraduate | Grade: First | Approx. Word Count: 1,950

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Overview

The current study seeks to examine the impact national interpretational of international standards has had on the comparability of accounting and reporting systems of EU member states. From a comparative aspect, the accounting framework as it exists in the UK, Germany, France and Poland have been chosen.

A major challenge to the international harmonisation of accounting practices is the impact different national legislation and interpretation of standards has on current standars (Nobes and Parker 2012). The objective of accounting and reporting harmonisation is reliant on the adoption and implementation of internationally agreed standards set by the IFRS, whose “primary mission is to develop a single set of high quality, understandable, enforceable and globally accepted International Financial Reporting Standards (IFRS)[http://www.ifrs.org/About-us/Pages/What-are-IFRS.aspx] based upon clearly articulated principles” (IFRS 2012, n.p). Yet it appears that national regulations may serve to obstruct this objective.