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Accountancy Europe paper on 'Standard setting in the 21st century'

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12 Jun 2017

Accountancy Europe (formerly FEE) has published a paper that takes a look at how standard-setting for financial reporting and auditing is organised now, and what could be improved to keep this process relevant for the needs of the 21st century.

The paper argues that technology and globalisation of business and the accountancy profession have changed what stakeholders expect of standard-setting, especially around the complexity and the speed of standard-setting as well as its legitimacy questions have been raised. Accountancy Europe therefore argues that "there is a need to re-open the debate as to what the standard setting model for the 21st century could look like". According to the paper, the following key principles should be considered in any debate about future standard-setting:

  • legitimacy
  • independence
  • transparency
  • public accountability
  • due process
  • balanced membership

Please click to download the paper (52 pages) from the Accountancy Europe website.

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