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Critically evaluate the effectiveness of the European Union and the International Accounting Standards Board in promoting harmonisation of accounting standards in Europe. 2,280 words (excluding cover sheet, contents, quotes, references, tables and bibliography.) Table of Contents: 1. Introduction.....................................................................................Page 3 2. Reasons and importance of harmonisation of accounting standards.....................Page 3 3. Obstacles to harmonisation....................................................................Page 4 4. The effectiveness of the IASB in promoting harmonisation..............................Page 5 5. The effectiveness of the EU in promoting harmonisation..................................Page 7 6. Conclusion.......................................................................................Page 11 7. Bibliographie......................................................................................Page 12 1. Introduction: This essay highlights that the existence of major differences in the financial reporting practices of companies in different countries in Europe lead to great complications for those preparing, consolidating, auditing and interpreting financial statements. It is for that reason that the EU and the International Accounting Standards Board (IASB) are involved in attempts to harmonise accounting mainly to facilitate the comparisons of financial practices in different countries. The expression harmonisation has been used to explain efforts to move towards...

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