As I submit my final report as CEO, I reflect on the remarkable transformations our profession has undergone over the past 18 years. Many of these changes have been shaped by our economy and our legislative landscape, while others stem from our proactive commitment to adapt and evolve. More importantly, what changed most, and very rapidly and radically, is our climate, biodiversity and society, let alone our geopolitical context. I believe our willingness to embrace change will remain crucial in navigating a continuously shifting world, all while prioritising our duty to serve the public interest and contribute positively to society. 

2024 was marked by the implementation of the EU Corporate Sustainability Reporting Directive. We are at the outset of a journey, and it will be essential for the accountancy profession to help improve its operation and contribute to enhancing credibility and trust by providing assurance. More importantly, we have the opportunity to engage directly with regulators and shareholders, sharing our insights and best practices. 

In the previous EU mandate, sustainability has been a pivotal driver of the EU agenda. No surprise: it is a vital imperative. I firmly believe it should remain intertwined with the EU’s competitiveness going forward. 

Throughout the year, Accountancy Europe has continued to provide leadership in areas such as tax, anti-money laundering, technology and corporate governance, fully supporting the profession’s role in the public interest. I encourage you to explore this year’s annual report and connect with our team for further discussions. 

Thank you for your support and collaboration over the years. 

Olivier Boutellis-Taft, CEO 

2024 marks the conclusion of my term as President of Accountancy Europe. I am particularly proud to leave the organisation in a strong position with a new CEO and fully equipped to tackle new challenges. 

Over the past two years, I have had the privilege to contribute to several initiatives of critical importance, both for our profession and for society. Key among these is the sustainability agenda, alongside efforts to improve corporate reporting, support SMEs and enhance corporate governance. 

Enhancing transparency with reporting remains at the heart of our strategy. With climate change intensifying, this responsibility becomes even more important. With the CSRD and ESRS, the profession will continue to provide reliable information, help businesses move to more sustainable models and contribute to a more competitive Europe. It is vital for our profession to ensure that our work is effective and, where possible, interoperable with international standards in other jurisdictions. 

I would also like to emphasise the attractiveness of the profession, which was a key priority during my presidency. Ensuring the attractiveness of our profession is crucial to securing its future. A dynamic and appealing profession attracts talent, drives innovation, digital transformation and sustainability expertise. By continuing to address this challenge, we can equip accountants to navigate evolving business challenges and maintain their vital role in our society to serve the public interest. 

Finally, I would like to extend my heartfelt thanks to Olivier, who is stepping down after 18 years of dedicated leadership. It has been a genuine pleasure to work alongside him and the team. 

Mark Vaessen, President 

Sustainability

Sustainability shaped the European Commission’s (EC) last mandate and Accountancy Europe has actively positioned the profession as a trusted partner in that area. With the Corporate Sustainability Reporting Directive (CSRD) now in force, we have closely followed its transposition across Europe. We also focused on European Sustainability Reporting Standards (ESRS) implementation and enforcement and contributed to the CSRD readiness for limited assurance requirement. 

The CSRD aims to strengthen reporting and assurance requirements while providing Member States (MS) with some flexibility in transposition. Over the past year, we monitored developments across the European Economic Area (EEA) countries, organised a well-attended public webinar to take stock of the CSRD transposition which sparked strong stakeholder engagement and launched our online CSRD transposition tracker to provide insights into national transposition.  

In 2024, we also launched our CSRD Practice Forum with the European Contact Group (ECG) and organised two roundtables to contribute to the CSRD implementation. The Forum fosters debate on readiness for preparers, assurance providers, and regulators/enforcers for sustainability reporting and assurance obligations. Both editions have been attended by key players including the EC, ESMA, CEAOB, EFRAG, and IAASB. Our focus is to enhance cooperation between EU stakeholders on challenges and ways forward to advance the CSRD application.

Reporting

On sustainability reporting, Accountancy Europe focused on the ESRS implementation. We were among the few contributors to EFRAG’s Implementation Guidance documents on materiality assessment and value chain. EFRAG’s final guidance document included most of our comments to the consultations. 

We developed online educational materials to facilitate and support ESRS learning. The materials contain 6 hours of educational videos that explain the standards and their requirements, slides and workbooks, ensuring key concepts are retained via questions, tips and hints. We received excellent feedback from these materials: 20% of our membership as well as top 10 accountancy firms’ partners and staff took them up.

In 2024, Accountancy Europe continued to be represented at the EFRAG Sustainability Reporting Board, a committee responsible for developing the ESRS and delivering them to the EC. We also engaged in sustainability reporting enforcement as we contributed to ESMA’s consultation on the Draft Guidelines on Enforcement of Sustainability Information. 

Finally, we shared summaries of positions built on years of work responding to numerous consultations and papers via our ESRS perspectives series on materiality assessment, value chain, process & development, and interoperability to strengthen our views. 

Assurance

In 2024, Accountancy Europe focused its efforts on the CSRD readiness for the limited assurance requirement. We issued a series of papers to share key aspects: Assurance practitioner’s approach to double materiality assessment, value chain information and transition plans to contribute to the CSRD implementation and readiness debate. 

We also published answers to frequently asked questions on sustainability reporting assurance to inform stakeholders of key concepts and provide context on the EU regulatory framework. 

In collaboration with the International Federation of Accountants (IFAC), we held a webinar featuring insights from the International Auditing and Assurance Standards Board (IAASB) on their newly endorsed International Standard on Sustainability Assurance (ISSA) 5000 and the CEAOB non-binding guidelines on limited assurance on sustainability reporting. The online event aimed to equip auditors with the knowledge to navigate professional standards in sustainability assurance and was attended by over 700 people. We also provided the accountancy profession’s views in response to the CEAOB’s guidelines to support the debate on European assurance standards. 

Corporate governance

As part of our commitment to advancing the ESG governance agenda, Accountancy Europe released the publication Six ways for boards to lead the sustainability transition. The paper offers practical guidance and real-world examples to support effective ESG governance. We issued it in collaboration with Chapter Zero Brussels, the European Confederation of Institutes of Internal Auditing (ECIIA), and the European Confederation of Directors’ Associations (ecoDa). Building on this initiative, our webinar How can company boards lead the sustainability transition?, co-hosted with the project’s partners was attended by 1,800 participants. 

In 2024, we partnered with EY for the 2024 European Corporate Governance Conference – Good Governance and Sustainability: An Aligned Path. This reputable event is organised every semester under the auspices of the Council’s rotating Presidency. Our CEO, Olivier Boutellis-Taft, moderated a panel on sustainable reporting, assurance and audit committees’ role, featuring high-profile speakers and thought leaders. 

Finally, the accountancy profession will play a vital role in helping companies implement the new Corporate Sustainability Due Diligence Directive (CSDDD). To support this effort, our factsheet Corporate Sustainability Due Diligence Directive – what the accountancy profession should know  provides a comprehensive overview of the Directive’s key provisions and essential insights to support companies with effective compliance. 

Audit

The audit profession is evolving rapidly in response to regulatory changes and technological advancements. In 2024, Accountancy Europe played a pivotal role in shaping discussions around technology’s impact and digitalisation of audit. We gathered expert opinions on Demystifying technology: impact on the audit profession and published a paper titled 5 ways professional accountancy organisations support the technological transformation of auditing.  

We also shared comments on the US CAQ’s publication: Auditing in the age of generative AI. In our letter, we highlighted genAI’s transformative potential across audit processes, talent and quality management, while addressing new risks such as AI-driven biases and data integrity concerns. 

In addition, we published European Single Access Point (ESAP) – What do auditors need to know? to help auditors assess their role in this further step towards digitalised and universally accessible corporate reporting.  

On international standards, we engaged with the IAASB and responded to the proposals on Narrow scope amendments to ISQMS, ISAs and the international standard on review engagements 2400 and international standards on auditing 240. 

Finally, we contributed to discussions on audit quality and transparency by publishing comments on the PCAOB’s proposed firm and engagement metrics.

SMES

Building on our work from previous years, SME sustainability has been a major focus this year. To highlight the issues SMEs faces due to value chain requests, we organised the event Supporting SMEs with sustainability information at the EP, co-hosted with MEP Sirpa Pietikainen (EPP). On SME reporting, we submitted responses to the EFRAG public consultations on the Voluntary and Listed SME sustainability standards. In terms of outreach, we spoke at several high-profile events on the topic and strengthened relationships with policy makers including from the EP, DG FISMA, DG GROW. 

Beyond sustainability, our SME-related work focused on support for SMEs and their accountants. Among those initiatives, we produced video interviews with Early Warning Europe highlighting the value of mentoring to reduce SME failures and with the EU’s Intellectual Property Office (EUIPO) showcasing the advantages of IP protection for SMEs, building on our ongoing cooperation with the two organisations. We also co-hosted a webinar on the IAASB’s ISA for Less Complex Entities and the prospects for its adoption in Europe. Finally, we issued a factsheet to support SME accountants with the EU’s proposed Late Payment Regulation – an important piece of legislation aimed at ensuring small businesses are being paid promptly. 

Financial reporting

Accountancy Europe continues to contribute to important financial reporting consultations from EFRAG and the IASB. In 2024, we voiced the profession’s views in consultations on Financial Instruments with Characteristics of Equity, Business Combinations and Goodwill, Climate-related and Other Uncertainties in the Financial Statements, and Contracts for Renewable Electricity. Our constructive suggestions and alternatives were well received and several, such as our remarks to the IASB’s Climate project, have been promptly implemented. 

We pursued our strong involvement to support EFRAG’s financial reporting activities. Throughout the year we played an active role within the EFRAG Financial Reporting Board through our representative. This committee is responsible for advising the EC on the endorsement of IFRS accounting standards. As part of this involvement, we also responded to the EFRAG consultation on Financial Reporting Due Process Procedures. 

Attractiveness

In 2024, Accountancy Europe continued to focus on the profession’s attractiveness through targeted discussions, data collection, and outreach. 

To engage our members, we organised an exclusive webinar examining the root causes of the attractiveness challenge. Participants explored the critical role of retaining talent and discussed global talent shortages in accounting and finance. Key concerns included declining enrolment in university accounting programmes and the urgent need for strategies to bridge workforce gaps in the profession. 

We also gathered data from our Members to understand how the profession is evolving across Europe. Our survey aimed to shed light on key trends in talent attraction and retention, examining whether the number of accountancy professionals has grown or declined. It also explored how well the profession is attracting new talent and whether current trends indicate a sufficient pipeline of professionals to replace those retiring. 

Additionally, we ran a successful online campaign, sharing weekly reflections from leaders on key topics such as talent attraction, retention, aging workforce, and work-life balance. This helped keep these issues at the forefront of discussions. Building on our work, we organised a fireside chat between our CEO, Olivier Boutellis-Taft, and Androulla Soteri, Chief People Officer at Dains Accountants, discussing how leadership can shape recruitment and the profession’s reputation.  

To promote the profession to younger generations, we also organised the event Bridging the generational gap: is today’s job market still attractive? in partnership with AEGEE Europe to facilitate dialogue on the generational gap and job market expectations. The event provided a platform for young professionals, both within and outside the profession, to voice their perspectives and discuss how decision-makers can enhance working environments, ensuring the profession remains attractive for future talent.

Other areas of work

Anti-money laundering (AML)

Accountants, auditors, and tax advisors play a key role in protecting European citizens from money laundering and terrorist financing. As part of its effort to fight AML, the EU is enforcing new AML rules that will significantly impact the profession’s responsibilities and compliance obligations. 

Accountancy Europe has launched several initiatives to help accountants navigate these developments, such as exclusive webinars for Members and factsheets. Our latest webinar in collaboration with CFE Tax Advisers Europe – The new EU AML rules – what changes for practitioners? provided essential insights into how the new requirements will impact accountants’ daily work, why early preparation is critical, and practical steps to get started. Our factsheet Navigating the EU Anti-Money Laundering Regulation – highlights key issues for the accountancy profession 

Accountancy Europe also issued a statement welcoming the appointment of Bruna Szego as the Chair of the EU Anti-Money Laundering Authority (AMLA) and highlighting key considerations for the accountancy profession. In developing standards and guidelines, we encouraged AMLA to take into account the key differences between non-financial and financial sector entities to ensure effectiveness. 

Public sector

In 2024, we focused on work with the International Public Sector Accounting Standards Board (IPSASB). We responded to their consultation on the 2024-2028 workplan and strategy – strongly supporting two key elements. These included setting up maintenance projects for their financial reporting standards, and a new focus area on public sector sustainability reporting, which Accountancy Europe has long advocated for.  

Following up on this, we co-hosted the event Enhancing public sector action through climate reporting with IPSASB, the EC and IFAC at our premises. The event discussed the upcoming draft standard on public sector reporting for change, released for public comment shortly after the event. 

Our relationship with the IPSASB continues to be strong as we were appointed for a second 3-year term to their Consultative Advisory Group. 

Professional practice & ethics

Ethical behaviour forms the accountancy profession’s foundation, ensuring integrity and transparency. This year, we responded to International Ethics Standards Board for Accountants’ (IESBA)’s exposure drafts on International Ethics Standards for Sustainability Assurance and ethics standards for sustainability reporting and Using the Work of an External Expert 

We actively contribute to shaping ethical standards by engaging with policymakers, regulators, and stakeholders to ensure high-quality and practical guidance for the profession. Through leadership, technical analysis, and advocacy, we support the development of ethical frameworks that enhance trust in financial and sustainability reporting. 

Tax 

Accountancy Europe actively contributed to key EC’s priorities in taxation. We provided expert input to public consultations to better harmonise the rules on transfer pricing . We also shared our views on the current cross-border dispute resolution mechanisms covering direct tax in the EU, as well as on the Directive for Administrative Cooperation in the Field of Direct Tax. In particular, we highlighted inefficiencies and complexity issues with DAC 6 for tax advisory services. 

We also produced factsheets dealing with major tax developments to help accountants navigate legislative changes. We dealt with the Carbon Border Adjustment Mechanism – a complex and important legislative instrument to reduce carbon emissions and protect European businesses – and the FASTER Directive which aims to streamline and speed up withholding tax refunds. We have engaged on this topic since 2019 to ensure the profession remains well-informed and prepared for the upcoming changes.  

Financial services

In 2024, Accountancy Europe’s Banks Working Party actively engaged in key discussions on audit, compliance, AML, and financial reporting. We facilitated expert meetings to address pressing issues and organised exchanges with European bodies on supervisory and enforcement matters, fostering collaboration and knowledge-sharing.

Our EU elections campaign and manifesto

Ahead of the 2024 European elections, we issued our manifesto, calling on EU policymakers to drive a competitive and green Europe. We highlighted how sustainability and economic growth must go hand in hand to secure long-term value creation, resource efficiency, and innovation. 

As part of this initiative, we also partnered with the European Parliament’s together.eu campaign to encourage voter participation. Our “Make your vote count” social media campaign featured Accountancy Europe’s board, team and Members who underscored the importance of shaping the EU’s future and reinforcing democracy. 

To further amplify these discussions, we hosted the event “Democracy in action: discussing inflation and the sustainability agenda” at the European Parliament, bringing together key stakeholders from the EP and EC, business and NGO representatives to debate inflation, sustainability, and competitiveness.  

About us

We unite 49 members from 35 countries.

Our Member Bodies send experts from across Europe to Expert Groups that contribute to our projects. Together, our Members also form our highest governance body: the Members’ Assembly. The Members’ Assembly provides high level guidance to our Board on strategy; it also appoints and supervises the Board.

Composed of practitioners who have area-specific knowledge and skills, Expert Groups are at the heart of Accountancy Europe’s daily work. They act as a sounding board and source of expertise. Expert groups are led by Chairs or report to other policy groups. Some groups also have Vice-Chairs, who lead work on specific topics aligned with the current strategy and short-term objectives. 

Based on our strategy, the Board supervises and guides our work. The Board acts in the collective interest of Accountancy Europe and of the whole European profession, independently from any national or sectoral interest. The Board has 12 members, including two executive members, from 10 countries and is chaired by the President. The President represents Accountancy Europe for a two-year term. 

Our Team executes the strategy set by the Board. It manages projects and steers the work of the Expert Groups in cooperation with their Chairs and Vice-Chairs.  

Consisting of people with diverse nationalities and professional backgrounds based in Brussels, the Team is led by the Chief Executive who manages and represents Accountancy Europe. 

Accountancy Europe’s annual statutory accounts are audited and prepared in accordance with the requirements of Belgian legislation.  

You may consult the annual accounts of Accountancy Europe on the National Bank of Belgium’s website: https://cri.nbb.be/bc9/. 

Members’ contributions account for 93% and ACE events revenue for 7% of Accountancy Europe’s income.

*Note: These figures are estimates at the date of printing; our financial statements are approved in June.