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Official recognition, funding for EFRAG?

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

13 Jun 2005

In the annual report of the European Financial Reporting Advisory Group for 2004, the chairman of EFRAG's supervisory board suggests that EFRAG may seek political recognition by the European Union and, possibly, funding as well: .

In the annual report of the European Financial Reporting Advisory Group for 2004, the chairman of EFRAG's supervisory board suggests that EFRAG may seek political recognition by the European Union and, possibly, funding as well:

Given the increasing political interest in accounting in Europe it may be necessary for EFRAG to be further enhanced. The objective would be to ensure an appropriate political interface by having EFRAG formally recognised by the EU system and also by ensuring there is public oversight and fully satisfactory accountability and transparency in our work.

As a consequence, the funding of EFRAG is also to be considered. It is clear to us that Europe will have to increase its funding of accounting activities compared to before the IASB era, especially if we want to influence the future direction of accounting standards. If we do not upgrade the funding of EFRAG from both the private and especially the public sector, there is a real fear that the future direction of the IASB's work will be heavily influenced by the US, where funding comes via a levy on the listed companies.

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