Financial Integration in the EU: the First Phase of EU Endorsement of International Accounting Standards*

Abstract

Abstract In 2002 the EU adopted the Regulation which required European listed companies to prepare their consolidated accounts in accordance with international accounting standards from 2005 onwards. A novel set of structures for the endorsement of international accounting standards for use in the EU was put in place. This article examines the first phase of endorsement of international accounting standards in the context of the novel endorsement structures. The article concludes that problems over the endorsement of IAS 39 Financial Instruments: Recognition and Measurement reveals a number of significant policy implications for the EU including the difficulty of forming a European view, the role of private actors in EU regulation, and the issue that international standards largely reflect Anglo‐Saxon accounting practices rather than continental European practices.

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