News Article - 23 May 2012
Category: Business

The European Financial Reporting Advisory Group (EFRAG), which currently offers the European Parliament advice on endorsing International Financial Reporting Standards (IFRS), is planning to implement changes so it can confer on international standards as well, Accountancy Age has reported.

The group is keen to ensure a balance in the input to the International Accounting Standards Board (IASB) between the US, Europe and the rest of the world.

EFRAG outlined their intentions after European finance ministers voiced concerns that the continent was not represented adequately at the level of the IASB.

Stig Enevoldsen, chairman of EFRAG, said: "No doubt there is concern about the close ties between the US and the IASB, but it is not only Europe that is concerned but the rest of the world as well.

He added the EFRAG wanted to ensure there was not a "monopoly" when it came to accounting issues and business processes.

EFRAG was established in 2001 to help the European Commission in the endorsement of IFRS as issued by the IASB by providing guidance on the technical quality of IFRS.

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