1. A brief history of the two organisations, and their objectives, in as far as they
relate to accounting practices regionally and/or internationally, as necessary.
1.1 European Union (EU)
1958 - EU was formed following by the Treaty of Rome
Global trading has impacted the treaty to develop standards that support
unrestricted market activities internationally. Uniformed accounting standards
are required regionally to encourage the capital flow, enhance stakeholders’
protection, and increase the