The present research places emphasis on the implementation of the international accounting standards within the context of the European Union. In this respect, the accounting harmonization process pursued herein, through the adoption of International Financial Reporting Systems (IFRS), actually has created a paradoxical situation of national differential regulations that did not exist previously. The globalization of multinational companies and the international capital flows show the increasing importance and need, of a unified accounting language in the EU, which could decrease several types of irregularities within the European context. This harmonization could ensure a few benefits for both the governments and companies. Though, the implementation process of these standards can cause different effects in each country. This paper utilizes a number of elements to describe the differences in the accounting systems among some European countries and tries to discuss the process of the EU harmonization and standards making. As a result of our research, we show that the current emergence of the implementation of unifying accounting systems could be ambiguous in results, depending on the country and the size of the business undertaken. Rather, inquiries should focus on weaknesses in National Generally Accepted Accounting Principles GAAP.
Keywords: International Accounting, Harmonization, IASB, IFRS, Accounting, EU