EFRAG Appoints New Technical Expert Group Team Members

The EFRAG has made announcements regarding the new EFRAG Technical Expert Group (TEG), which would come into effect in the month of April in 2013. Three new members have been included in the group. One of the three member is Deloitte’s Germany based IFRS Centre of Excellence leader Andreas Barckow. The European Financial Reporting Advisory Group operates via TEG. On the other hand, the Technical Expert Group takes independent decisions without seeking any suggestions from the European Financial Reporting Advisory Group’s Supervisory Board and anyone else. The selection of the twelve members has been done from among professionals from different geographies and backgrounds across Europe.

The members of the TEG are expected to keep the interest of the public in mind while taking decisions. Through TEG, the European Financial Reporting Advisory Group is looking to fulfill the following goals:

- To offer technical knowledge and skills to the EU related to the utilization of the International Accounting Standards/International Financial Reporting Standards in Europe.

- To take part in the International Accounting Standards Board standard creation/setting procedure.

- For coordinating within the Europe Union the growth and advancement of views related to IAS.

Apart from Barckow, United Kingdom’s Bill Hicks and Cyprus’s Marios Cosma have also been appointed to the group. The present members of the European Financial Reporting Advisory Group Technical Expert Group members Araceli Mora and Gabi Ebbers have also been reappointed. Besides, Françoise Flores has been reelected as the Chairman of the EFRAG.

Welcoming the decision, Hans van Damme, Acting Chair of the Nominating Committee of the EFRAG Supervisory Board stated that they are happy to announce the reelection of Françoise Flores as the chairman of the EFRAG Chairman and hoped that she would continue to hold the strategy related activities of the European Financial Reporting Advisory Group and focus towards enhancing Europe’s influence in the debate pertaining to finance related reporting.

Damme also mentioned that she expects that Flores would stimulate Europe based stakeholders to participate in the IFRS development procedure and further ensure that the changes that are incorporated in the IFRS help in improving the practice of finance based reporting.