“International Accounting Harmonisation: The Resistible Rise of the IASC/IASB”

On 16th July 2003, the European Accounting Regulation Committee (ARC) voted unanimously in favour of the Commission’s Draft Regulation adopting all the standards of the International Accounting Standard Board (IASB2) with the exception of standards 32 and 39 on fi nancial instruments.3 Moreover, ARC decided that in future, standards should be discussed and validated one by one and not “en bloc”.