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Proposal to enhance EFRAG's role and working process

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

06 Dec 2003

The European Financial Reporting Advisory Group (EFRAG) has invited comment on proposals to enhance its role and streamline its operating processes with the goal of "strengthening European input to the IASB".

EFRAG, a private-sector body, was created in mid-2001 by a broad array of groups interested in financial reporting in Europe, including the preparers and the accountancy profession. Its principal goal is to make a pro-active contribution to the work of IASB while also advising the European Commission on the technical assessment of the IASB standards and interpretations for application in Europe. Key proposals include:

  • Increasing EFRAG's pro-active role with the IASB, to allow EFRAG to present European concerns at the earliest stage.
  • Seeking full recognition of EFRAG as a liaison standard-setter by the IASB.
  • Creating an Advisory Forum to allow a wide range of stakeholders to contribute to the European financial reporting debate.
  • Making EFRAG's working processes more efficient, including (a) closer relationships with the European national standard setters; (b) smaller and more efficient Supervisory Board; and (c) a full-time Chairman for the Technical Expert Group.
  • Increasing EFRAG's resources.
Written comments on the proposals are invited by 12 January 2004, and a public hearing will be held in Brussels on 8 January 2004. Click to download:

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