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We support strengthening of EFRAG

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

16 Jan 2004

In our (PDF 83k) on the Proposals for the Enhancement of the Role and Working Process of EFRAG, we strongly supported strengthening the role of EFRAG as compared to that which it has had in the recent years.

We wrote:

In order to strengthen EFRAG, and achieve further recognition of EFRAG by all relevant constituencies, EFRAG should become the European experts group which:

  • participates actively and effectively in the selection of an appropriate agenda for the IASB and IFRIC, working in partnership with those bodies;
  • works closely in partnership with CESR and European enforcement agencies (e.g. review panels), for European expertise and experience relating to the accounting standards.
  • In addition, the Supervisory Board should consider how to address the extensive need for implementation guidance arising as a result of more than 7,000 European companies moving to IAS in 2005. The harmonisation of accounting in Europe will not be achieved if various local standard-setters and regulators were to start issuing their own guidance and interpretations of IAS.
EFRAG (The European Financial Reporting Advisory Group) was formed in 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 the Europe, — to participate in IASB's standard setting process, and — to coordinate within the EU the development of views concerning international accounting standards.

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