Sovereign is Sovereign

Great Britain will be having a referendum on continuing its membership in the European Union. The Prime Minister has said that he has obtained sufficient “compromise” from other European Union members, in relation to issues affecting Great Britain’s sovereignty, that he strongly favours continuing membership. Others suggest that if Great Britain leaves, others will follow. If you ask Ireland about how Ireland’s European Union membership constrained its ability to address pressing economic issues

The European Union has also expressed strong reservations in relation to the International Accounting Standards Board, which sets accounting standards ostensibly on behalf of European Union members, and other countries throughout the world, including Canada.

The issue appears to be more related to sovereignty, and the ability of a nation to act in what it believes to be in the best interest of its people, when faced with unpredictable future events. With respect to accounting standards or legislative actions in relation to more general matters, sovereign initiatives remain crucial. Any “one size fits all” or “let’s get common, across the group”, across countries, is both an impossibility and, in terms of intra-nation welfare, arguably unwise.

About brucelarochelle
This entry was posted in Accounting Issues, England, European Union, Ireland. Bookmark the permalink.

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