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The European Union and Global Financial Regulation$
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Lucia Quaglia

Print publication date: 2014

Print ISBN-13: 9780199688241

Published to Oxford Scholarship Online: August 2014

DOI: 10.1093/acprof:oso/9780199688241.001.0001

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The EU and International Accounting and Auditing Standards

The EU and International Accounting and Auditing Standards

Chapter:
(p.129) 6 The EU and International Accounting and Auditing Standards
Source:
The European Union and Global Financial Regulation
Author(s):

Lucia Quaglia

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199688241.003.0006

The regulatory capacity of the EU in accounting was very limited until 2002, when the EU decided to download international accounting standards through an endorsement process. By contrast, the US had a strong regulatory capacity in accounting. Hence, the governance structure of the International Accounting Standards Board (IASB) and most of its accounting standards were uploaded by the US. The regulatory capacity of the EU in auditing was very limited until the late 2000s. In the US, the Sarbanes-Oxley Act (2002) strengthened US regulatory capacity. Certain provisions of the Act also had extraterritorial effects. As a response, the EU beefed up its regulatory capacity. After the crisis, the Commission proposed new legislation, whereby member states are required to use international auditing standards. In light of the EU’s decision to adopt international auditing standards, the governance structure of the International Auditing and Assurance Standards Board (IAASB) was reformed and its standards were revised to make them better suitable for adoption in the EU as well as worldwide.

Keywords:   accounting standards, auditing standards, International Accounting Standards Board, IASB, International Auditing and Assurance Standards Board, IAASB

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