Since having the same tax rules in each state but without consolidation would provide companies with fewer benefits (issues such as transfer pricing would remain), development of a common tax base should therefore be followed by development of an accounting consolidation method, as the ones provided for in the International Accounting Standards (IAS) are agreed not to be suitable for tax purposes (many of consolidated accounts include the results of non-EU subsidiaries, financial accounting is never going to fully meet the requirements of the tax base, despite recent standardisation of national accounting standards) although compulsory use of International Financial Reporting Standards (IFRS) for consolidated accounts from 2005 onwards (former IAS
Since having the same tax rules in each state but without consolidation would provide companies with fewer benefits (issues such as transfer pricing would remain), development of a common tax base should therefore be followed by development of an accounting consolidation method, as the ones provided for in the International Accounting Standards (IAS) are agreed not to be suitable for tax purposes (many of consolidated accounts include the results of non-EU subsidiaries, financial accounting is never going to fully meet the requirements of the tax base, despite recent standardisation of national accounting standards) although compulsory use of International Financial Reporting Standards (IFRS) for consolidated accounts from 2005 onwards (former IAS