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European Union meddles in accounting sector

Over the last few months there have been growing hopes of an agreement between international accountancy regulators regarding a convergence of accountancy practices. However, just as this worldwide convergence appeared possible the European Union has now stepped in with one of the most blatant power grabs by Brussels of late.

Michael Barnier, the European Union's new internal market Commissioner, has suggested that funding for the International Accountancy Standards Board may be dependent upon changes proposed by the European Union. Indirectly it has been insinuated that funding may well be reduced or delayed if changes demanded by the European Commission are not considered and "brought into play".

The move by the European Union's new internal market Commissioner has stunned many in the accountancy industry as the Group of 20 leading industrialised nations recently announced plans to put together a worldwide accountancy standard system. At the very best this culmination of worldwide accountancy practices will be delayed and at the very worst the European Union may well have scuppered any chance of a successful agreement.

This is just the latest in a number of power grabbing initiatives by the European Union which is starting to upset many worldwide regulation bodies and the US authorities in particular. Rather than bringing the worldwide financial sector together it now appears that EU intervention may well push the relevant parties further and further apart.

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