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European Financial Reporting Advisory Group (EFRAG)

Background

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:

 

EFRAG structure

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.

EFRAG contact details

European Financial Reporting Advisory Group
35 Square de Meeûs
1000 Brussels (fifth floor), Belgium
Telephone: +32 (0) 2 210 44 00
Fax: +32 (0) 2 210 44 01
Email: info@efrag.org
Website: www.efrag.org

Related news

  • EFRAG does not support interim standard on rate regulation

  • May 25, 2013

  • The European Financial Reporting Advisory Group Technical Expert Group (EFRAG TEG) has published a draft comment letter on the IASB's exposure draft ED/2013/5 'Regulatory Deferral Accounts'. In the proposed comment letter the EFRAG makes clear that it does not agree with the pursuance of this interim project.

  • EFRAG Rate Regulated Activities Working Group composition announced

  • May 24, 2013

  • The European Financial Reporting Advisory Group Technical Expert Group (EFRAG TEG) in its May meeting has approved the composition and chairman for the EFRAG Rate Regulated Activities Working Group. The working group was created to advise and provide input on rate-regulated activities and its application within Europe to the EFRAG TEG and the EFRAG Consultative Forum of Standard Setters.

  • European field-test of the proposed accounting guidance for leases

  • May 22, 2013

  • The European Financial Reporting Advisory Group (EFRAG) and the national standard-setters of France (ANC), Germany (ASCG), Italy (OIC) and the United Kingdom (FRC) are performing a field-test in order to evaluate how the proposals contained in the IASB Exposure Draft ED/2013/6 'Leases' would affect European companies applying IFRS.

  • Updated EFRAG endorsement status report

  • May 21, 2013

  • The European Financial Reporting Advisory Group (EFRAG) has updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments. The latest report reflects the publication of IFRIC 21 'Levies' by the IASB.

  • EFRAG Update detailing April and May EFRAG developments

  • May 15, 2013

  • The European Financial Reporting Advisory Group (EFRAG) has released the May 2013 issue of its EFRAG Update newsletter summarising the discussions held at the EFRAG TEG meeting on 6-8 May 2013 and EFRAG TEG conference calls held on 11, 18 and 29 April 2013.

  • EFRAG consultation on a "long-term investment" business model

  • May 08, 2013

  • Connecting a European green paper on possible ways for supporting long-term investment and the IASB's suggested new separate business model of "held to collect and sell", the European Financial Reporting Advisory Group (EFRAG) has launched a public consultation on long-term investing activities business models.

  • Decisions on hedge accounting

  • Apr 25, 2013

  • Deloitte observers at the IASB meeting currently held in London report that the IASB has just voted on the way forward in the hedge accounting project.

  • Comments summarised on disclosure framework discussion paper

  • Apr 24, 2013

  • The European Financial Reporting Advisory Group (EFRAG), the French Autorité des Normes Comptables (ANC), and the UK Financial Reporting Council (FRC) have published a summary of comments received on their discussion paper (DP) 'Towards a Disclosure Framework for the Notes'.

  • New issue of the European Conceptual Framework newsletter

  • Apr 23, 2013

  • The European Financial Reporting Advisory Group (EFRAG), the French Autorité des Normes Comptables (ANC), the Accounting Standards Committee of Germany (ASCG), the Organismo Italiano di Contabilità (OIC) and the UK Financial Reporting Council (FRC) have published the third issue of their new newsletter ‘Keep up with getting a better framework’ informing European constituents on the latest developments regarding the progress of the Conceptual Framework project with the IASB and other stakeholders.

  • EFRAG Update detailing March and April EFRAG developments

  • Apr 17, 2013

  • The European Financial Reporting Advisory Group (EFRAG) has released a new issue of its EFRAG Update newsletter summarising the discussions held at the EFRAG TEG meeting of 3 to 5 April 2013 and EFRAG TEG conference calls held on 8, 12 and 21 March 2013.

  • European field-test on the IASB's expected credit losses model for financial instruments

  • Apr 12, 2013

  • On 7 March 2013, the International Accounting Standards Board (IASB) published its long-awaited proposal for a new accounting model for impairments of financial assets. Today, EFRAG and the National Standard Setters of France, Germany, Italy and the United Kingdom have launched a field-test designed to show whether the proposed new model addresses the weaknesses of the old model, whether the new model is operational and what costs and impacts will come with the new model.

  • New publication series on the IASB's Conceptual Framework project

  • Apr 11, 2013

  • EFRAG and the National Standard Setters of France, Germany, Italy and the United Kingdom have published the first three issues of a joint publication series on the IASB's Conceptual Framework project. They are dedicated to the concepts of prudence, the reliability of financial information, and uncertainty.

  • EFRAG calls for information on rate-regulated regimes currently in force in Europe

  • Apr 11, 2013

  • On 28 March 2013, the IASB issued a Request for Information (RFI) seeking comments from stakeholders to identify high-level overviews of rate-regulatory schemes that should be included as part of the scope in the development of a Discussion Paper. The European Financial Reporting Advisory Group (EFRAG) complemented this by issuing its own RFI regarding rate-regulated regimes currently in force in Europe.

  • Updated EFRAG endorsement status report

  • Apr 05, 2013

  • The European Financial Reporting Advisory Group (EFRAG) has updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments. The latest report reflects the endorsement by the European Commission of the amended IFRS 10 transition guidance.

  • EFRAG endorsement status report

  • Mar 28, 2013

  • The European Financial Reporting Advisory Group (EFRAG) has updated its report showing the status of endorsement, under the EU Accounting Regulation, of each IFRS, including standards, interpretations, and amendments. The latest report reflects the endorsement of the 'Annual Improvement to IFRSs, 2009-2011 Cycle' by the European Commission.

  • EFRAG suggests macro hedging option

  • Mar 23, 2013

  • The European Financial Reporting Advisory Group (EFRAG) has submitted to the IASB a letter outlining the results of its analysis of the impact on macro hedge relationships of the consequential amendments proposed by the Review Draft (RD) 'IFRS 9 General hedge accounting' on existing macro hedge relationships under IAS 39, which was published by the IASB in September 2012. EFRAG suggests an option of either following IAS 39 or IFRS 9.

  • FEE calls for further deferral of IFRS 9, more work on equity accounting

  • Mar 22, 2013

  • The Federation of European Accountants (FEE) has publicly released two comment letters discussing two recent IASB proposals. In responding to the draft comment letter on the proposed limited classification and measurement amendments to IFRS 9 from the European Financial Reporting Advisory Group (EFRAG), FEE calls for the IASB to "confirm a change in the application date of IFRS 9 as soon as possible" to allow entities to prepare.

  • EFRAG Rate-Regulated Activities Working Group calls for members

  • Mar 19, 2013

  • EFRAG has put out a call for applicants for its Rate-Regulated Activities Working Group. The Working Group's role is to advise and provide input on rate-regulated activities and its application within Europe to EFRAG TEG and EFRAG Consultative Forum of Standard Setters.

  • ASAF membership announced

  • Mar 19, 2013

  • The IFRS Foundation has announced the membership of the newly founded Accounting Standards Advisory Forum (ASAF) that is designed to formalise and streamline the relationships between the IFRS Foundation and IASB with the global standard-setting community, in order to bring important regional perspectives to the IASB’s technical work and to offer feedback on the most important issues of the day.

  • EFRAG makes its 'Insider' publication publicly available

  • Mar 15, 2013

  • Since 2010 the European Financial Reporting Advisory Group (EFRAG) has been sending out its 'EFRAG Insider' to a restricted list of recipients informing them about current developments in all EFRAG activities. EFRAG has now decided to make this newsletter publicly available going forward.

  • Second issue of the European Conceptual Framework newsletter

  • Mar 12, 2013

  • The European Financial Reporting Advisory Group (EFRAG), the French Autorité des Normes Comptables (ANC), the Accounting Standards Committee of Germany (ASCG), the Organismo Italiano di Contabilità (OIC) and the UK Financial Reporting Council (FRC) have published the second issue of their new newsletter ‘Keep up with getting a better framework’ informing European constituents on the latest developments regarding the progress of the Conceptual Framework project with the IASB and other stakeholders.

  • EFRAG draft comment letter on amendments to hedge accounting

  • Mar 11, 2013

  • The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB's Exposure Draft ED/2013/2 'Novation of Derivatives and Continuation of Hedge Accounting (Proposed amendments to IAS 39 and IFRS 9)' which was published on 28 February 2013.

  • EFRAG Update - February 2013 issue

  • Mar 06, 2013

  • The European Financial Reporting Advisory Group (EFRAG) has released the February 2013 issue of its EFRAG Update newsletter summarising the discussions held at the EFRAG TEG meeting of 28 February to 1 March 2013 and EFRAG TEG conference calls held on 29 January and 12 February 2013.

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