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Harmonisation is the key aim for both the FASB and the IFRS. Since the start of these plans the boards have staggered across many difficulties that have held up the process. This essay focuses on the key elements that will make up financial reports, it establishes the problems that they are having and the decisions that have been made. The EU previously used Directives which are: "Binding agreements by all the member states of the EU that will introduce national legislation" (Alexander et al 2007: 46). Directives were the main system that allowed changes in accounting standards across the EU. These directives meant that all member states were bound by agreement on the fact which new legislation would be introduced. The primary Directive was the Fourth company law directive of 25th July 1978. Its primary focus was the annual accounts of Limited companies. The key context in this directive was the...

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