EU directives have the power of law and so it can be assumed that the EU has a better chance of harmonizing accounting standards than the IASB.

Question

Quizplus · Accepted Answer

EU directives have to be transposed into national law by member states, making it enforceable in each country. This gives the EU greater power in harmonizing accounting standards within its member states compared to the IASB, which relies on voluntary adoption of its standards by countries worldwide.

EU Directives Have the Power of Law and So It