This was demonstrated when the European Council of Ministers passed a
resolution requiring all EU companies listed on a regulated market to prepare
accounts in accordance with International Accounting Standards for accounting
periods beginning on or after 1 January 2005. Having said that however, while
the International Accounting Standards Board welcomed the resolution and was
pleased that the EU was among the first major “nation-states” to take the
initiative to embrace international accounting standards, this change on the other
hand was met with great furor in the accounting profession and in the corporate boardrooms. The EU appreciated the many benefits of requiring the
implementation of international accounting and auditing standards.