Europe is the third largest continent in the world. It is one with many diverse cultures that can best be seen in each of its states. Yet despite of their cultural diversities, European states have a common similarity with regard to areas such as finance. Accountants in Europe, for instance, are based in different countries, but have the same duties and are connected through certain associations.
Whether based in Italy, Norway, Germany, or Spain, European accountants share the same general tasks and responsibilities. First, they are responsible for the timely and accurate maintenance of the general ledger accounts of a company. This includes the analysis and reconciliation of accounts, development of support schedules, and creation of journal entries. European accountants are expected to possess a high level of knowledge of accounting principles for this task. Second, they draft, maintain, and administer the entire internal accounting control procedures of a company. These include general accounting, cash management, accounts payable, accounts receivable, and payroll. Third, they are responsible for preparing the financial statement for a company. In addition, European accountants perform small scale internal audits whenever required and provide assistance in developing, monitoring, and implementing the company’'s budget.
Moving on, Europe has its own associations of accountants, one of which is the European Accounting Association or EAA. EAA serves as a way to link together the community of accounting researchers and scholars around Europe. Its aim is to build a platform for the broader distribution of accounting research in European states and to promote and improve such research. The association meets its objectives through annual congress, workshops, the European Accounting Review, membership directory, and online job markets. EAA is managed by the European Institute for Advanced Studies in Management or EIASM.
