In 1990,the European Commission Stopped Issuing Directives Related to Accounting

question 5

Multiple Choice

In 1990,the European Commission stopped issuing directives related to accounting. Why?

• A)The EU was leaving the formulation of accounting standards up to the IASC.
• B)The European Commission had finished the task of formulating accounting standards for the European Union.
• C)Accounting harmonization had been completed.
• D)The Commission found that its directives were unenforceable.

---

Definitions:

Concentrated Industry

An industry characterized by a few firms controlling a large market share, leading to reduced competition.

Relatively Small

A comparative term indicating that something is smaller in size, amount, or degree when compared to others in a similar context.

Number of Firms

This refers to the total count of businesses operating within a specific market or industry.

U.S. Cigarette Industry

The industry comprising companies operating within the United States that manufacture, distribute, and sell cigarettes and related products.