Formation of the Standards Advice Review Group
In July 2006, the European Commission established a Standards Advice Review Group (SARG) in the area of accounting "to ensure objectivity and proper balance of the European Financial Reporting Advisory Group's (EFRAG) opinions". The Group will be composed of independent experts and high-level representatives from National Standard Setters whose experience and competence in accounting are widely recognised. The Group's task will be to assess whether the endorsement advice given by the EFRAG is well balanced and objective. The group will deliver its advice normally within three weeks. The final advice will be published on the Commission's website. EC Internal Market and Services Commissioner Charlie McCreevy said:
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The Standards Advice Review Group will be an important element of the EU's accounting standards architecture. By delivering independent advice on EFRAG's recommendations it will give extra assurance that the accounting standards adopted in the EU are of the highest quality.
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July 2006: Call for applications for SARG membership
By Decision of 14 July 2006 (PDF 42k), the European Commission established the SARG. The Group is to be composed of maximum seven members appointed by the Commission from independent experts in accounting and high level representatives from European national standard setters. On 7 August 2006, the Commission announced a call for applications for membership on the SARG group experts. Apart from applications received as a result of this call, the Commission may also take into consideration applications received from other sources, from trade, business or professional
associations or EU Member States.
The Commission will take the following criteria into account when assessing applications:
- proven competence and technical experience, including at European and/or international level, in the accounting area, in particular in financial reporting;
- independence (that is, a person not directly involved with a private entity, organisation, association or other entity using, advising on, auditing IFRS financial statements or representing the interests of users and preparers);
- the need for balanced composition in terms of geographical origin, gender, the functions and size of entities concerned.
SARG members will be appointed in a personal capacity and must advise the Commission independently of any outside influence. The members may not participate in the work of EFRAG either before appointment to the SARG or during their term of office. Members will be appointed for a three-year renewable term. Applications are due by 29 September 2006. Here is the:
February 2007: Members of Standards Advice Review Group Announced
The European Commission has announced the members of its Standards Advice Review Group (SARG). Members of the SARG are:
- Josef Jilek
- Elisabeth Knorr
- Carlos Soria Sendra, Vice-Chairman of SARG
- Herve Stolowy
- Enrico Laghi
- Jan Klaasen
- Geoffrey Mitchell, Chairman of SARG
Click for EC Announcement in the 6 February 2007 Official Journal of the European Union (PDF 73k).
March 2007: SARG Meeting
Click to download Minutes of 2 March 2007 SARG Meeting (PDF 32k). Click here for Related News Story.
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