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As a global body representing accountants and finance professionals, ACCA (the Association of Chartered Certified Accountants) has naturally been following developments in the credit crunch closely, and has hosted several events to debate the issues and contributed to consultations from regulators and standard setters. Below, we summarise our views on the immediate causes of the problem, and then briefly examine some of the issues involved in the credit crunch covering five key areas of ACCA's expertise:

• Corporate governance;
• Remuneration and incentives;
• Risk identification and management;
• Accounting and financial reporting;
• Regulation.

We are very grateful to the experts from the banking, investment and academic communities who have helped us in forming these views. We believe Ukrainian business, analysts and policy makers will make use of this policy paper.

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