Журнали

Практика МСФЗ 25 січня, 2021
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«The purpose of EFRAG’s research work is to influence the IASB workplan…»

The Group of European Advisers (EFRAG) is an influential organization and the main coordinator of IFRS Standards in the EU. This Group actually regulates the relationship of the European accounting community with the IASB. It is authorized to advise on the endorsement of the application of international standards by European companies.
Some features of the Group's work are described for our readers by President of EFRAG Board Jean-Paul Gauzès.

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Jean-Paul Gauzès, EFRAG Board President

 

Now the members of the EFRAG are national organizations of Denmark, France, Germany, Italy, Luxembourg, the Netherlands, Spain, Sweden and the UK. How do other countries of the European Union participate in the work of the EFRAG?

J-P G: Other stakeholders and standard setters participate in EFRAG’s work through outreach events, surveys, consultations and by providing comment letters during the consultation period of our public draft positions. EFRAG operates a Consultative Forum of Standard Setters (EFRAG CFSS) in which standard setters from all over Europe are represented.  EFRAG TEG takes all input into account in developing its technical advice to the EFRAG Board including summaries of all input received. EFRAG publishes feedback statements on the comments received and summary reports on its outreach events. EFRAG gives updates in all Accounting Regulatory (ARC) meetings which allows representatives of Member States to give input.

In many researches, the EFRAG is well ahead of the IASB. For example, in accounting for crypto-assets. Does the IASB effectively use the results of the EFRAG's work?

J-P G: EFRAG’s research project are selected by the EFRAG Board based on the results of a public consultation to ensure that the research work which EFRAG is undertaking is most relevant for European stakeholders. The purpose of EFRAG’s research work is to influence the IASB workplan: either by undertaking project highly relevant for Europe that are not yet on the IASB’s workplan or by contributing to topics that are already in the IASB workplan aiming to contributing to these projects from a European perspective. Our current work on  Better information on IntangiblesCrypto Assets (Liabilities) and Variable and Contingent Consideration  are all three project the IASB will be considering in its forthcoming agenda consultation at the end of the first quarter of 2021.

European Commission mandated EFRAG to undertake a preparatory work for the elaboration of possible EU non-financial reporting standards. At the same time, the IFRS Foundation creates the Sustainability Standards Board. Does the EFRAG plan to collaborate with the IFRS Foundation in this area? 

J-P G: The Project Task Force a preparatory work for the elaboration of possible EU non-financial reporting standards has a work stream on the contribution with existing initiatives. A progress report has been submitted to the European Commission on 6 November and was published on 13 November 2020. The  Project Task Force is in contact with many of the global initiatives including the IASB and the IFRS Foundation.

№ 1, 2021  (с. 15)
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