EC Standards Advice Review Group established

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04 Aug 2006

The European Commission has established a Standards Advice Review Group (SARG) in the area of accounting "to ensure objectivity and proper balance of the European Financial Reporting Advisory Group's (EFRAG) opinions".

The Group will be composed of independent experts and high-level representatives from National Standard Setters whose experience and competence in accounting are widely recognised. The Group's task will be to assess whether the endorsement advice given by the EFRAG is well balanced and objective. The group will deliver its advice normally within three weeks. The final advice will be published on the Commission's website. EC Internal Market and Services Commissioner Charlie McCreevy said:

The Standards Advice Review Group will be an important element of the EU's accounting standards architecture. By delivering independent advice on EFRAG's recommendations it will give extra assurance that the accounting standards adopted in the EU are of the highest quality.

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