European Financial Reporting Advisory Group (EFRAG)
The European Financial Reporting Advisory Group (EFRAG) was established in June 2001 by a broad group of organisations representing the European accounting profession, preparers, users, and national standard-setters with the following goals:
- to provide technical expertise to the European Commission concerning the use of IAS within Europe
- to participate in IASB's standard setting process
- to coordinate within the EU the development of views concerning international accounting standards.
Formation of EFRAG
EFRAG became operational in September 2001:
- June 2001 EFRAG News Release (PDF 434k).
- June 2001 European Commission Announcement Re EFRAG (PDF 12k).
- March 2001 EFRAG Proposal (PDF 73k).
- October 2001 EFRAG Press Release naming Paul Rutteman as the first EFRAG secretary general (PDF 73k)
As a result of structural changes adopted in December 2008, EFRAG's structure is as follows:
EFRAG working agreement with the EC
On 23 March 2006, the European Commission and the European Financial Reporting Advisory Group entered into a formal Working Arrangement on issues relating to the application of International Financial Reporting Standards (IFRSs) in Europe. EFRAG will continue to act as an advisor by providing endorsement advice to the EC and technical input to the standard setters, IASB, and IFRIC. Under the Working Arrangement EFRAG will participate pro-actively in the IASB's due process. EFRAG will, in close consultation with the Commission, participate in the early phases of debate on all issues related to the standard setting process and will, when requested by the Commission, attend working groups of IASB, liaise with European national standard setters, and hold advisory fora.