Why Did the European Commission Stop Issuing Directives Related to Accounting

question 14

Multiple Choice

Why did the European Commission stop issuing directives related to accounting in 1990?

• 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.

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Definitions:

World War II

A global conflict that lasted from 1939 to 1945, involving most of the world's nations and marked by significant events like the Holocaust and the use of nuclear weapons.

Loosened Border Controls

Policies or actions that make regulations and checks at country borders less strict, facilitating easier movement of people and goods between nations.

Displaced Persons Act

A law enacted by the U.S. Congress in 1948 to allow entry for a specific number of World War II refugees and displaced persons.

European Jews

A diverse ethnic and religious group originating from Europe, with a rich cultural history and traditions, many of whom have faced persecution throughout centuries.