In March 2002, the International Federation of Accountants (IFAC) announced a comprehensive “project on restoring the credibility of financial statements in the global marketplace”. IFAC said: “The project will address worldwide problems, issues, and best practices in the areas of financial and business reporting, corporate governance, and auditor.
A series of measures were kicked out, which included accelerated public investment and expenditure; various subsidies; as well as liberal loans extended to small and medium-sized enterprises in order to boost internal demand and employment.