The regulatory framework of accounting and accounting standard-setting bodies in the European Union member states

Mamić-Sačer, Ivana

doi:10.3326/fintp.39.4.3.

The regulatory framework of accounting and accounting standard-setting bodies in the European Union member states

Ivana Mamić-Sačer, University of Zagreb, Faculty of Economics and Business, Zagreb, Croatia

Abstract
One of the principal features of accounting in the 21st century is harmonisation and stanardisation. Regulation of the European Parliament and European Council No. 1606/2002 harmonizes financial reporting for certain companies in the EU. However, national accounting principles are of great importance for financial reporting. The main purpose of this research was to investigate the application of generally accepted accounting principles, the regulatory accounting framework and the standard-setting bodies of EU member states. The analysis of these accounting issues was conducted with respect to all 28 EU member states. The results indicate that EU member states regulate their principal accounting issues through separate accounting acts or implement those issues in companies acts. Some EU member states do not have national accounting standards, the national accounting principles being incorporated in companies acts and accounting acts. Nevertheless, national accounting standard-setting bodies are governmental organisations in almost half the member states.

Keywords: accounting regulatory framework; accounting standard-setting bodies; the EU member states

Year: 2015 | Volume: 39 | Issue: 4 | Pages: 393 - 410