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... Community accounting legislation is based mainly on two Company Law Directives:
the Fourth Directive (78/660/EEC), which requires all limited liability companies to prepare annual accounts. ... However, large European companies wishing to raise capital on international markets are obliged to prepare a second set of accounts, which is a lengthy and costly procedure and may give rise to confusion. ... The approach proposed by the Commission consists in encouraging the Union to become involved in the process of developing a set of international accounting standards launched by the International Accounting Standards Committee (IASC) and the International Organisation of Securities Commissions (IOSCO). The aim is to produce a core set of accounting standards which would be accepted by international capital markets.
Approximate Word count = 518
Approximate Pages = 2.1
(250 words per page double spaced)
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