Accountancy Europe takes a thorough 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.

Technology and globalisation of business and the accountancy profession have changed what stakeholders expect of standard setting. Some think today’s process is too complicated, moves too slowly and they raise questions on its legitimacy.

We propose the principles and criteria that standard setters should embrace and suggestions for improvement where current standard setters do not meet these criteria. We provide ideas, but encourage feedback on this paper as only collective discussion can provide solutions for the future of standard setting.

This publication is part of Accountancy Europe’s Cogito series. We set up Cogito (i.e. I think) to provide new ideas for the European accountancy profession, enhance innovation and contribute more to business and society. Cogito publications aim to stimulate debate; the views expressed thus do not reflect the official positions of Accountancy Europe or those of any of its member bodies.