Is the Harmonization of the Accounting Law in the EU Feasable?

15 Pages Posted: 27 Dec 2016

See all articles by Giovanni Strampelli

Giovanni Strampelli

Bocconi University - Department of Law

Maria Lucia Passador

Bocconi University - Department of Law; Harvard University - Harvard Law School; Universite du Luxembourg - Faculty of Law, Economics and Finance

Date Written: March 21, 2016

Abstract

European Directives, from the Fourth Directive to Directive 2013/34/EU, tried to tear the Accounting’s Tower of Babel down more than once. The present essay, after considering the gradual evolution of EU regulation towards harmonization in the field, will explain: (i) the significant effects of fair value and valuation methods which are alternative to the historical cost one, and (ii) the problems arising from the interaction between fair value accounting and creditors’ protection. Then, it will address the options available in order to concretely abolish accounting borders, as reducing the variations amongst companies located in different Member States and amongst companies preparing financial statements in accordance with the IAS/IFRS principles or national rules.

Keywords: IAS/IFRS, EU Accounting Directive, CCTB, Harmonization

JEL Classification: K22, M41

Suggested Citation

Strampelli, Giovanni and Passador, Maria Lucia, Is the Harmonization of the Accounting Law in the EU Feasable? (March 21, 2016). Bocconi Legal Studies Research Paper No. 2718440, Available at SSRN: https://ssrn.com/abstract=2718440 or http://dx.doi.org/10.2139/ssrn.2718440

Giovanni Strampelli (Contact Author)

Bocconi University - Department of Law ( email )

Via Roentgen, 1
Milan, Milan 20136
Italy

Maria Lucia Passador

Bocconi University - Department of Law ( email )

Via Roentgen, 1
Milan, Milan 20136
Italy

Harvard University - Harvard Law School ( email )

1563 Massachusetts Avenue
Cambridge, MA 02138
United States

Universite du Luxembourg - Faculty of Law, Economics and Finance ( email )

162a, avenue de la Faïencerie
Luxembourg-Limpertsberg, L-1511
Luxembourg

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