As a result, thework of Sellhorn and Gornik-Tomaszewski (2006) ultimately
does not allow one to determine if two given countries, which
have exercised some, but not all, available implementation choices in a
similar fashion, should be considered similar or distinct with respect to
their implementation of IFRS. The present study attempts to fill this void
by developing such a classification. Whereas Sellhorn and Gornik-
Tomaszewski (2006) present three classifications of EU and EEA countries
based on the exercise of three implementation choices, the present
study uses eight IFRS implementation elections to develop one classification.
The question of which EU and EEA countries will group together
based on similarities and differences in their IFRS implementation
choices is exploratory in nature.