Emerging Economies Group (EEG)
On 26 July 2011, the Emerging Economies Group (EEG) of the International Accounting Standards Board (IASB) was established in Beijing, China. EEG founding members are all emerging economies from the G20 and Malaysia.
The establishment of the EEG by the IFRS Foundation is intended to further enhance the influence of emerging economies in the development process of IFRSs, and is a response of the IASB to the G20 recommendation to introduce more involvement from emerging economies into its standard setting. The EEG's activities mainly focus on pointing out specific issues from emerging economies to the IASB via a regular communication mechanism.
The IASB believes this will strengthen the global acceptance of IFRSs and ultimately facilitate the IASB's mission to set up a single set of high quality global accounting standards.
Operation of the EEG
- EEG members — All emerging economies from the G20 (Argentina, Brazil, China, Indonesia, Republic of Korea, Russia, Saudi Arabia, South Africa and Turkey) and Malaysia (other economies can also be considered). One permanent member from the national standard setter of each country, plus temporary members included for specific issues
- Meetings — Two plenary meetings held annually
- Office — China