EVOLUTION OF ACCOUNTING AND FINANCIAL SECTOR REGULATION WITHIN THE EUROPEAN UNION POLICY
Supp/2008 , p297..309
Author(s):
Maria-Cristina UNGUREANU
Voicu-Dan DRAGOMIR
Keywords:
Accounting history, financial sector regulation, FSAP, EU directives
Abstract:
The aim of the European Union's policy in the financial services sector is to create an integrated Europe-wide single market through a framework of legislation, co-operation and practice. Efforts to promote the integration of financial services in the EU began in 1973 on a piecemeal basis, but the impetus for an overall framework came at the 1998 European Council. The Commission prepared the Financial Services Action Plan (FSAP) to tackle inflexible market structures, legal and supervisory barriers and administrative difficulties. Our paper presents the evolution of accounting and financial sector legislation pertaining to disclosure provisions marked by two legislative cornerstones: the FSAP and the International Accounting Standards initiatives. We attach indices A1 and B1 to accounting legislation and financial-banking legislation respectively, introduced prior to the FSAP and the IAS; A2 and B2 indices are allocated to accounting and financial-banking legislation following the proposal of these two initiatives. Although some legislation is still pending, the emphasis of the EU 2005-2010 policy is on implementation and consolidation of the FSAP measures, a ‘regulatory pause’, rather than a raft of new rules.
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