The European Union’s Role in International Standards Setting
Will Bumps in the Road to Convergence Affect the SEC’s Plans?

By Kennard S. Brackney and Philip R. Witmer

NOVEMBER 2005 - The move toward accounting harmonization centers around the standards being developed by the International Accounting Standards Board (IASB). Presently, 65 countries require their listed companies to use the IASB’s International Financial Reporting Standards (IFRS). That total approaches 100 when including countries that allow their companies to use IFRSs and countries that require only certain companies to use them. The harmonization movement received a significant boost in 2002 when the European Union (EU) adopted a regulation requiring public companies to convert to IFRSs beginning in 2005. The EU now accounts for more than a third of the countries that prescribe application of IASB standards.

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Innovations in Auditing

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‘The Future of the Accounting Profession’ Reportn

Founded in 1950 by Dwight Eisenhower as an affiliate of Columbia University, the American Assembly(www.americanassembly.
org
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