... major weakness within the directive. The 1980's saw the maturity of the seventh directive, this directive followed on from where the fourth directive stopped. It was aimed at consolidated accounts and prevented a variety of options which the fourth directive had allowed. This was because consolidation wasn't as developed which meant there was less focus on local interests and practices. During the 1990's the directives approach was seen too be far to slow in adapting to changes in respect to them not being implemented until they were legislated. It was too restrictive and prevented the main aim of harmonisation n the EU. Another major issue with the directives approach is that they are far too complicated to modify, preventing useful changes. The above problems lied within the fourth Directive. A motive for the abandonment of the directives was the focus on global harmonisation. The directives didn't have the adaptability to suit ...

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