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European Commission conference on Financial Reporting and Auditing – A time for change?

On 9 and 10 February 2011, the European Commission held a high-level conference on accounting and auditing issues.

The first day focued on accounting. The speakers addressed questions related to governance of the standard setting process in an international context and held a debate on the objectives of financial reporting. Issues linked to the use of IFRS as the world-wide accounting standards such as convergence and the practical challenges of consistent application globally have also been discussed.

The second day was dedicated to the European audit market. Discussions with a wide range of stakeholders considered the need to further improve the European audit market and explore the best possible ways forward. The conference will offer a first glimpse of the results of the Green paper adopted on 13 October 2010. Further views will be exchanged on key questions such as the role of the statutory audit, the system and environment within which audits are conducted, and the accumulation of systemic risk in the audit market and any related “too-big-to-fail” phenomena.

High-level speakers and panels stimulated informative debates. We encouraged participation from a broad spectrum of industry, investors, lenders, regulators, accountants and auditors, policy makers and SMEs.

The event, which could also be followed online via live-streaming, took place in the Charlemagne building in Brussels, 170 Rue de la Loi (Alcide de Gasperi Auditorium), on 9 and 10 February 2011, 9:30 – 17:00.