We comment on EFRAG enhancement proposals
29 Sep 2008
On 22 July 2008, the Supervisory Board of the European Financial Reporting Advisory Group (EFRAG) invited public comment on Proposals for Enhancing EFRAG as a way to strengthen the European contribution to the work of IASB.
The proposals envision a new structure, a budget of €3 million in 2009 doubling to €6 million in 2010, and an EFRAG technical staff of 20. Deloitte has submitted a Letter of Comment on the Proposals (PDF 18k). While we support EFRAG's proposals to improve its ability to be a strong and coordinated European voice for high quality accounting standards for users in Europe, we caution that EFRAG's constitution should be clear that EFRAG is neither a standard-setter nor a replacement for the existing EU national standard-setters.