2020

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

EFRAG TEG appointments and reappointments

07 Jan, 2020

The Board of the European Financial Reporting Advisory Group (EFRAG) has announced the appointment of four new members of — and six reappointments to — its Technical Experts Group (TEG).

The new EFRAG TEG members are Jens Berger (Leader of Deloitte Germany's IFRS Centre of Excellence), Erlend Kvaal (academic, Norway), David Procházka (at large, Czech Republic) and Christoph Schauerte (industry, Germany). The appointments of Mr Berger, Mr Kvall and Mr Schauerte are effective 1 January 2020, while Mr Procházka will begin his term on 1 April 2020.

EFRAG TEG Vice-Chair Nicklas Grip has been reappointed, along with Ana Rosa Cortez, Geert Ewalts, Emmanuelle Guyomard, Ambrogio Virgilio and Jed Wrigley. Their reappointments are effective from 1 April 2020.

For more information, see the press release on the EFRAG Web site.

 

ESMA (European Securities and Markets Authority) (dark gray) Image

ESMA issues findings on potential undue short-term pressures in securities markets

18 Dec, 2019

Following its consultation in July 2019, the European Securities and Markets Authority (ESMA) has published its findings and recommendations on potential undue short-term pressures in securities markets.

The final report makes recommendations to the European Commission (EC) for action in key areas. Decisive actions are recommended for areas such as the disclosure of Environmental, Social and Governance (ESG) factors. These include:

  • amending the Non-Financial Reporting Directive (NFRD) to establish principles for high quality non-financial information along with a limited set of specific disclosure requirements;
  • promoting a single set of international ESG disclosure standards; and
  • requiring the inclusion of non-financial statements in annual financial reports.

Other areas investigated included the use of fair value measurement in financial statements. ESMA did not identify any need for amending existing requirements in the area of fair value measurement, particularly with respect to the treatment of equity and equity-like instruments in IFRS 9 Financial Instruments, to address concerns with undue short-termism.

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EFRAG (European Financial Reporting Advisory Group) (dk green) Image

EFRAG publishes its feedback statement on proposed amendments to interest rate benchmark reform

08 Nov, 2019

The European Financial Reporting Advisory Group (EFRAG) has published its feedback statement on the International Accounting Standards Board (IASB's) exposure draft 'Interest Rate Benchmark Reform (Proposed amendments to IFRS 9 and IAS 39).'

EFRAG published its final comment letter in June 2019.

The feedback statement describes the main comments received by EFRAG in response to its draft comment letter and how these comments were considered by EFRAG in finalising its final comment letter to the IASB 

A press release and the feedback statement are available on the EFRAG website.

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