Accounting in Europe: From National Accounting Charts to Globally Converging Standards

An ever growing body of literature has discussed various aspects of the entry of ten new Member States into the European Union (EU) as of May 1, 2004. Eight out often new members are situated in continental Eastern Europe, which is where we find two more candidates for EU membership willing to enter as of January 1, 2007. Both Romania and Bulgaria are trying to meet the various requirements of EU membership with great efforts. Scholars in the fields of economics and business administration have begun to analyse the emerging markets in Eastern Europe very early on. Their focus lies on broader macroeconomic analyses and on strategic management issues. With few exceptions, the dynamic legal framework of business activity in Eastern Europe in general and that of financial accounting in particular have been neglected in the literary discussion so far.