The central concern of this paper is the international harmonization of financial accounting standards, and, in particular, the respective roles in this process of the EU, the IASC and national standard setters. The institutional framework, historical background and current achievements of accounting regulation by both the EU and the IASC are surveyed and compared. Current and prospective developments are identified, and it is suggested that a critical phase has now been reached in the relationship between the two bodies. The role of national standard-setting bodies is also considered, and the two authors offer their individual views on the problems of international accounting harmonization from the perspectives of their own countries, Sweden and the UK respectively. The paper concludes with a discussion of policies which may enable the national and international standard setters to work in a mutually supportive rather than a competitive manner.
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