FEE and ICAS call for pan-European oversight system

Accountants need to stop 'hiding behind the rules' and get behind a pan-European oversight and regulatory system says expert panel

Accountants have called for greater use of judgment in financial reporting instead of 'hiding behind the rules' and demanded a pan-European oversight and regulatory system.

The call came from ICAS and the European Federation of Accountants (FEE) professionals attending an event hosted last night in Brussels by Scotland Europa.

An expert panel debating the issues included ICAS president Isobel Sharp; deputy president of FEE Hans van Damme; FEE's chairman of the Financial Reporting Policy Group, Stig Envoldsen who is also a member of the Technical Experts Group of the European Financial Reporting Advisory Group (EFRAG) and a partner with Deloitte in Denmark; Geoff Barnes, CEO and chairman of Baker Tilly International; and Paul Koster, chairman of CESR-fin, the Committee of European Securities Regulators financial reporting group.

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