Which of the following is the best description of convergence of accounting in Europe?

(a) From 2005, all accounting standards in the European Union are prepared by the European Commission.

(b) From 2005, all listed companies in the European Union use IASB Standards in preparing their financial statements.

(c) From 2005, all accountancy training and university courses in member states are regulated by the European Union.

(d) From 2005, all company accounts use a standard form of chairman’s report to explain the key features of the annual report.