EC group to advise on accounting standards

News Article - 23 May 2012
Category:

The European Commission (EC) has established a new expert group that will aim to give a balanced and objective view of the advice given to European firms by the European Financial Reporting Advisory Group (Efrag).

Its new Standards Advice Review Group will be composed of independent experts and high-level representatives, who will be chosen for their widely recognised experience and competence in accounting.

"The Standards Advice Review Group will be an important element of the EU's accounting standards architecture," said internal market and services commissioner Charlie McCreevy.

"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."

The group will deliver its advice as soon as possible after Efrag as expressed its opinions on an accounting matter.

It is hoped that this should normally not be longer than three weeks from the date of receiving Efrag's findings.

Article keywords:

---

More industry news

• Think tank warns UK may have already slipped back into recession
• Growing demand for HR staff in technology and international sectors
• Boosting business growth a ‘priority’ to avoid Eurozone slowdown
• HMRC launches alternative disputes pilot scheme this week
• December employment statistics disregard gloomy recruitment predictions
• Eurozone manufacturing PMI shows modest improvement
• UK scores highly for economic governance by ratings agency
• Government launches two-year project focusing on manufacturing sector
• Burden of regulation on UK businesses ‘too high’

Back to news home page »