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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

  • Results of a limited survey on simplifications of the IASB proposals on leases

  • Apr 15, 2014

  • The European Financial Reporting Advisory Group (EFRAG) and the national standard-setters of France (ANC), Germany (ASCG), Italy (OIC) and the United Kingdom (FRC) have conducted a limited survey on the proposed simplifications to the accounting for lessees under IASB’s Exposure Draft ED/2013/6 'Leases'.

  • Latest edition of EFRAG Insider

  • Apr 15, 2014

  • The European Financial Reporting Advisory Group (EFRAG) has published a new edition of the publicly available newsletter 'EFRAG Insider'.

  • EFRAG Update detailing March and April developments

  • Apr 09, 2014

  • The European Financial Reporting Advisory Group (EFRAG) has released a new issue of its EFRAG Update newsletter, summarising the discussions held on the EFRAG TEG conference calls of 11 and 21 March 2014 and at the EFRAG TEG meeting of 2-3 April 2014.

  • European Commission package of measures on long-term financing

  • Mar 28, 2014

  • The European Commission has adopted a package of measures to stimulate new and different ways of unlocking long-term financing and support Europe's return to sustainable economic growth. The measures build on the responses to the Commission's Green Paper consultation on the long-term financing of the European economy of March 2013. They include measures in connection with accounting standards.

  • EFRAG fears breach of IAS 1 principle

  • Mar 28, 2014

  • The European Financial Reporting Advisory Group (EFRAG) has written to the IASB to express serious concerns about the forthcoming amendments to IAS 28 'Investments in Associates and Joint Ventures' in relation to other net asset changes when applying the equity method of accounting.

  • New Technical Director for EFRAG

  • Mar 18, 2014

  • The European Financial Reporting Advisory Group (EFRAG) has announced that Patricia McBride will follow Pieter Dekker as Technical Director, effective end of April 2014.

  • EFRAG issues final endorsement advice on amendments to IFRSs

  • Mar 12, 2014

  • The European Financial Reporting Advisory Group (EFRAG) has completed its due process for the IASB’s Annual Improvements to IFRSs (2010-2012 cycle) and (2011-2013 cycle). In both cases, the EFRAG has expressed their support of the amendments and has recommended their adoption to the European Commission.

  • EFRAG Update detailing its February developments

  • Mar 10, 2014

  • The European Financial Reporting Advisory Group (EFRAG) has released a new issue of its EFRAG Update newsletter, summarising the discussions held on the EFRAG TEG conference calls of 7 and 18 February 2014, the EFRAG CFSS meeting on 26–27 February 2014, and at the EFRAG TEG meeting of 26–28 February 2014.

  • EFRAG, EFFAS/ABAF, and IASB announce macro hedging outreach event

  • Mar 04, 2014

  • The European Financial Reporting Advisory Group (EFRAG), the European Federation of Financial Analysts Societies (EFFAS) and the Association Belge des Analystes Financiers (ABAF), and the International Accounting Standards Board (IASB) have announced the second in their series of joint outreach events will be held on 7 July 2014 to discuss how macro hedging can improve analysis of banks and insurers.

  • Update to the EFRAG TEG composition

  • Feb 24, 2014

  • The European Financial Reporting Advisory Group (EFRAG) has announced the composition of the EFRAG Technical Expert Group (TEG) to take effect as of 1 April 2014.

  • Joint outreach series started by the EFRAG, EFFAS/ABAF, and IASB

  • Feb 17, 2014

  • The European Financial Reporting Advisory Group (EFRAG), the European Federation of Financial Analysts Societies (EFFAS) and the Association Belge des Analystes Financiers (ABAF), and the International Accounting Standards Board (IASB) are initiating a series of joint outreach events to discuss relevant financial reporting matters with the user community.

  • New Conceptual Framework bulletin on complexity

  • Feb 10, 2014

  • The European Financial Reporting Advisory Group (EFRAG) and the National Standard Setters of France, Germany, Italy and the United Kingdom have published the latest issue of their joint publication series on the IASB's Conceptual Framework project. This bulletin explores the complexity found in financial statements and what can be done to the conceptual framework to reduce some of these complexities.

  • Maystadt continues as special adviser on the EFRAG reform

  • Feb 04, 2014

  • EU Commissioner Michel Barnier has agreed with Philippe Maystadt that his mission as special adviser should be continued in order to supervise the implementation of reforms of the European Financial Reporting Advisory Group (EFRAG).

  • EFRAG Update detailing its January developments

  • Feb 04, 2014

  • The European Financial Reporting Advisory Group (EFRAG) has released a new issue of its EFRAG Update newsletter, summarising the discussions held on the EFRAG TEG conference call of 7 January 2014 and at the EFRAG TEG meeting of 27–29 January 2014.

  • EFRAG updates endorsement status report

  • Jan 31, 2014

  • EFRAG has updated its Endorsement Status Report to reflect the fact that final endorsement advice has been published on 'Defined Benefit Plans: Employee Contributions' (Amendments to IAS 19 'Employee Benefits') and that the IASB has issued IFRS 14 'Regulatory Deferral Accounts'.

  • Latest edition of EFRAG Insider

  • Jan 30, 2014

  • The European Financial Reporting Advisory Group (EFRAG) has published a new edition of the publicly available newsletter 'EFRAG Insider'.

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