Globalisation has been recognised as an animating force in the business world for so long the term has become a cliché. It has taken international accountancy longer to discover a buzz-word of its own, but since the end of the internet bubble one has begun to concentrate minds: harmonisation.

Although it appears more prosaic than globalisation, cross-border harmonisation of the myriad regulations that affect accountants – either as regulated parties or as advisers – has the potential to reshape the profession and much more besides.