A Business Research Paper on International Financial Reporting Standards from Three Continental European Countries
International Financial Reporting
Convergence: Evidence from Three
Continental European Countries
PASCALE DELVAILLE, GABI EBBERS AND CHIARA
SACCON†
ESCP-EAP, Paris, France, Allianz AG, Mu¨nchen, Germany and †Universita` Ca’ Foscari di
Venezia, Venezia, Italy
ABSTRACT Listed companies in the European Union are required to apply International
Financial Reporting Standards (IFRS) in their consolidated accounts as of 1 January 2005.
The purpose of this paper is to compare developments in France, Germany and Italy and the approaches to integrate the current European accounting reform processes with IFRS.
The paper evaluates the adaptation of national accounting systems with respect to institutional and regulatory changes on the one hand and financial reporting changes on the other.
1. Introduction
Accounting regulation in Europe is undergoing a period of major changes. The introduction of International Financial Reporting Standards (IFRS) for financial reporting has added further impetus to the goal of convergence of international accounting rules. Since 1 January 2005, more than 7,000 listed companies are required to prepare their consolidated accounts using IFRS. Pressures to integrate capital markets in Europe have prompted the European Commission to introduce uniform financial reporting standards for listed EU companies (van Hulle, 2003).
Recognising the advantages of international financial reporting harmonisation for
EU companies with listings outside the EU and admitting that no European
Accounting in Europe, Vol. 2, 2005
Correspondence Address: Pascale Delvaille, ESCP-EAP, 79 avenue de la Re´publique, 75543 Paris,
Cedex 11, France. E-mail: delvaille@escp-eap.net; Gabi Ebbers, Allianz AG, Ko¨niginstr. 28,
80802 Mu¨nchen, Germany. E-mail: Gabi.Ebbers@Allianz.de; Chiara Saccon, Universita` Ca’
Foscari di Venezia, Dipartimento di Economia e Direzione Aziendale, San Giobbe – 30123
Venezia, Italy. E-mail: csaccon@unive.it
0963-8180
Convergence: Evidence from Three
Continental European Countries
PASCALE DELVAILLE, GABI EBBERS AND CHIARA
SACCON†
ESCP-EAP, Paris, France, Allianz AG, Mu¨nchen, Germany and †Universita` Ca’ Foscari di
Venezia, Venezia, Italy
ABSTRACT Listed companies in the European Union are required to apply International
Financial Reporting Standards (IFRS) in their consolidated accounts as of 1 January 2005.
The purpose of this paper is to compare developments in France, Germany and Italy and the approaches to integrate the current European accounting reform processes with IFRS.
The paper evaluates the adaptation of national accounting systems with respect to institutional and regulatory changes on the one hand and financial reporting changes on the other.
1. Introduction
Accounting regulation in Europe is undergoing a period of major changes. The introduction of International Financial Reporting Standards (IFRS) for financial reporting has added further impetus to the goal of convergence of international accounting rules. Since 1 January 2005, more than 7,000 listed companies are required to prepare their consolidated accounts using IFRS. Pressures to integrate capital markets in Europe have prompted the European Commission to introduce uniform financial reporting standards for listed EU companies (van Hulle, 2003).
Recognising the advantages of international financial reporting harmonisation for
EU companies with listings outside the EU and admitting that no European
Accounting in Europe, Vol. 2, 2005
Correspondence Address: Pascale Delvaille, ESCP-EAP, 79 avenue de la Re´publique, 75543 Paris,
Cedex 11, France. E-mail: delvaille@escp-eap.net; Gabi Ebbers, Allianz AG, Ko¨niginstr. 28,
80802 Mu¨nchen, Germany. E-mail: Gabi.Ebbers@Allianz.de; Chiara Saccon, Universita` Ca’
Foscari di Venezia, Dipartimento di Economia e Direzione Aziendale, San Giobbe – 30123
Venezia, Italy. E-mail: csaccon@unive.it
0963-8180