Discuss whether you think there was a need to harmonise financial reporting within the EU and discuss whether you think the adoption of IFRS has improved the quality of financial reporting within the EU.

Discuss whether you think there was a need to harmonise financial reporting within the EU and discuss whether you think the adoption of IFRS has improved the quality of financial reporting within the EU. Your work should discuss the need for harmonisation of financial reporting within the EU and also discuss how the quality of financial reporting within the EU has been affected since the adoption of IFRS. It would be wise to make reference to the following: •The reasons / driving forces of accounting harmonisation in the EU and the early attempts to harmonise financial reporting through the 4th, 7th and 8th directives. •Discuss the reasons for the adoption of IFRS and the effects of the adoption. •How country-specific characteristics affect the quality of reporting under IFRS.