EFRAG Publishes Review of work on Financial Reporting
EFRAG has finally published its yearly review which covers its work with regards to improving and promoting European views relating to financial reporting. The review also highlights the impact of its final endorsement advice in relation to IFRS 16 Leases.
EFRAG is a member of the European delegation to the IASB Accounting Standards Advisory Forum (ASAF), a member of the International Forum of Accounting Standard Setters (IFASS) and has bilateral relationships with regional or national groups interested and involved in IFRS development. EFRAG also participates in the World Standard Setters meeting. EFRAG is also a member of the IFRS Advisory Council.
The review also features commentary on EFRAG’s preparatory work in relation to endorsement advice on IFRS 17 Insurance Contracts, its research work with regards to safeguarding long-term investment in Europe, and EFRAG's views and influence in relation to principles of disclosure project of the IASB.
EFRAG has also stated that the impact of developments in the technological world on the dissemination and consumption of financial statements. The topic requires specific consideration in the disclosure debate.
The advisory group has said that it is moving rapidly towards an approach which ensures that its recommendations are based on research and evidence, in collaboration with the academic community. In the year 2017, EFRAG set up its academic panel and employed the first academic associate to the team.
In 2018, EFRAG is looking forward towards launching a public consultation to help inform the decisions of the EFRAG board relating to topics that requires resolution.