The present study develops a taxonomy of EU and EEA countries
based on similarities in the exercise of their IFRS implementation
options.4 This research advances the studies by Sellhorn and Gornik-
Tomaszewski (2006) and Nobes (2008), which have brought to the
fore the idea that the accounting regimes of EU and EEA member states
in the IFRS era can be, and should be, grouped based on characteristics of
their IFRS implementation choices.