These are interesting times for accountants.

These are interesting times for accountants, as the in the greatest degree ambitious attempt ever to harmonise accounting practices in the EU and indeed the world, gathers steam.

Early attempts at harmonisation by means of the European Commission didn't finish far, because the member states weren't with truth willing to drop national practices. The compromise position between the countries was "you accept my financial statements and I'll accept yours". Meanwhile, the US Financial Accounting Standards Board was pursuing its acknowledge projects separately, although with increasing co-operation from the UK

...