Time to act: companies are realizing that there are a number of issues relating to the euro that they urgently need to sort out
Article Abstract:
The introduction of the euro on Jan 1, 1999 necessitates changes in accounting practices. Even in the UK, which is not included in the first group of EU members states participating in the European monetary union (Emu), a number of major companies are considering accounting in the new single currency upon its introduction. If they do so, smaller suppliers and customers will be compelled to follow suit. British firms with subsidiary operations in Emu member states and those that trade with these states will also have to consider accounting and invoicing in the euros. With regard to the filing of financial statements, UK-based companies will have two options starting Jan 1, 1999. They can either file in the new currency or continue to file in sterling. Companies in the euro zone can also choose to file in the euro or their national currencies between Jan 1, 1999 and Dec 31, 2001. After that, they will all have to prepare their accounts in the euro.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1998
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Survival in Europe means intelligent anticipation
Article Abstract:
The Financial Executives' Group (FEG) of the Board for Chartered Accountants in Business under the Institute of Chartered Accountants in England and Wales calls on UK firms to plan intelligently for the single European market. The FEG foresees that the re-regulation of businesses under the European Community (EC) market will occur as a result of the need for greater control of the various European market entities. The standardization of auditing practices between EC states serves as a vital aspect of re-regulation. The FEG expects re-regulation to follow the impending deregulation of European businesses. In this process of deregulation, British firms will need to weigh decisions involving the location of their corporate headquarters, the rearrangement of financing formats, and the applicability of multiple market listings. The selection of the most suitable approach to corporate governance is also important.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1992
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A look back with a view to the future
Article Abstract:
The imminent single European market will create a new market for accounting services. The harmonization required for the implementation of the single European market has left gaps in the area of accounting practice that will need to be filled by self-regulation, and the accounting profession in the imminent single European market likely will require some form of pan-European self-regulation. The Federation des Experts Comptables Europeens (FEE) is an organization representing European accountants from 34 institutes from 22 countries with 300,000 members that monitors, lobbies, and responds to changes in the accounting regimes of Europe. FEE would provide a good basis for a self-regulatory body for the pan-European accounting profession.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1991
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