Europe is undergoing a profound and unprecedented crisis involving financial markets, public finance and the economy. In particular the sovereign debt crisis dictates the financial agenda and severely impacts capital markets. As the end of the year approaches, when many entities in the private and the public sector will have to prepare financial reports, FEE believes that the European accountancy profession needs to play a key role by contributing to the transparency and reliability of financial and non-financial information. Therefore, FEE emphasises challenges facing both private and public sector management, accountants preparing financial statements, as well as auditors, in these difficult economic circumstances. More than ever in a crisis situation, management’s and governments’ decisions should be supported by information provided through high quality accounting and other information systems, including effective and efficient internal controls.
FEE believes that this Policy Statement will enable FEE Member Bodies to reach out to their members, being accountants in business, auditors or others with a helpful reminder on topical issues in their day-to-day work as well as be of interest to a broader audience including accountants in the public sector, regulators and policy makers.
Policy Statement 1112 Professional Accountants Contribution in the Current Economic Difficulties Enhancing Transparency and Confidence