In one respect, however, IFRS adoption will have reduced comparability across the EU. Martin
Hoogendoorn, ‘International accounting regulation and IFRS implementation in Europe and
beyond – experiences with first-time adoption in Europe’ (2006), writing as an auditor, states
that ‘Comparability is significantly impeded by the lack of balance sheet and income statement
formats. This is even a step backwards compared to the EU Directives.’