Accounting and auditing
The EBA has a strong interest in promoting sound and high quality accounting and disclosure standards for the banking and financial industry, as well as transparent and comparable financial statements that strengthen market discipline. The EBA also advocates for sound audit practices that contribute to high quality corporate reporting and to useful and understandable auditor reporting. The developments in the area of international accounting and auditing standard setting are, therefore, closely monitored. When the international standard setters for accounting and auditing deal with an issue that is of relevance for financial institutions or banking supervisors, the EBA contributes to the process by submitting its views, mostly in the form of comment letters, on publicly consulted draft standards or by engaging in direct exchanges. The EBA's comment letters are published on our website to ensure adequate transparency of the process. While the EBA does not have responsibility for developing, interpreting or enforcing accounting or auditing standards, it can develop supervisory guidance to achieve greater consistency and convergence of practices.