Editing Chart of accounts (section)

== International aspects and accounting information interchange – Charts of accounts and tax harmonisation issues ==
While some countries define standard national charts of accounts (for example France and Germany) others such as the United States and United Kingdom do not. In the European Union, most countries codify a national GAAP (consistent with the [[List of European Union directives#Company law and finance|EU accounting directives]]) and also require IFRS (as outlined by the IAS regulation) for public companies. The former often define a chart of accounts while the latter does not. The [[European Commission]] has spent a great deal of effort on administrative tax harmonisation, and this harmonization is the main focus of the latest version of the [[EU VAT]] directive, which aims to achieve better harmonization and support electronic trade documents, such as electronic invoices used in cross border trade, especially within the [[European Union Value Added Tax Area]]. However, since national GAAPs often serve as the basis for determining income tax, and since income tax law is reserved for the member states, no single uniform EU chart of accounts exists.