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European groups organise to provide input to IASB and "endorsement mechanism"

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21 Mar 2001

A broad group of organisations representing the European accounting profession, preparers, users, and national standard-setters has proposed to organise a private-sector structure that would (a) provide input to the IASB and (b) assess IAS and SIC Interpretations.

The Proposal [Press Release, PDF 73k] describes the latter process as "endorsement". The structure would be known as EFRAG: the European Financial Reporting Advisory Group. The proposal envisages a two-tier structure:

  1. An accounting technical committee of "highly-qualified technical experts" drawn from national standard setters, the accountancy profession, preparers and users, limited in size, and
  2. A Supervisory Board of European Organisations "to guarantee representation of the full European interest and to enhance the legitimacy and credibility of EFRAG".

"The accounting technical committee would provide technical expertise concerning the use of IAS within the European legal environment. It would participate actively in the international accounting standard setting process and organise the coordination within the EU of views concerning international accounting standards. This committee should be in place in the course of the second quarter of 2001, i.e. soon after the new IASC Board becomes operative (from 1 April 2001 onwards). The Commission would be represented in this committee in an observer capacity."

Organisations sponsoring the proposal include: Preparers:
  • UNICE - Union des Confederations de l'Industrie et des Employeurs d'Europe
  • GEBC - European Association of Cooperative Banks
  • ESBG - European Savings Banks Group
  • EBF - European Banking Federation
  • CEA - Comite Europeen des Assurances
Organisations of SMEs:
  • UEAPME - European Association of Craft, Small and Medium-sized Enterprises
  • EFAA - European Federation of Accountants and Auditors for SMEs
Users:
  • EFFAS - European Federation of Financial Analysts Societies
  • FESE - Federation of European Securities Exchanges
Accountancy profession:
  • FEE - Federation des Experts Comptables Europeens

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