The adoption of IFRS for group accounts of capital market oriented EU companies in 2005 was a
milestone in European and international accounting harmonization. The benefits of a harmonized
EU capital market however might be jeopardized by the inconsistent application of IFRS due to
remaining national peculiarities. This study investigates IFRS measurement and disclosure
practices in the leading EU economies of France Germany and the UK. The empirical results show
that differences in IFRS application are associated with national cultural differences. The
findings of the study lead to several implications for IFRS accounting research and practice.
