A backlash is beginning to be felt throughout the auditing profession in Europe over proposed changes to accountancy rules covering combinations and mergers.Several non-governmental organizations, such as the European Federation of Accountants (FEE), the European Financial Advisory Group (EFRAG) - which represents a broader range of interest groups - and the Union of Industrial and Employers' Confederations of Europe (UNICE), are skeptical of what the International Accounting Standards Board has put forth in its proposal.

In June, the IASB published joint proposals to improve and align IFRS Section 3 from the new International Financial Reporting Standards. If the revisions, described by some as "radical," finally clear the hurdle of acceptance, they would become effective throughout the EU beginning Jan. 1, 2007.

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