As more and more jurisdictions, some of which are able to mobilise significant resources and financial reporting technical expertise, are moving towards IFRS, it is necessary for Europe to provide its input and advice to the IASB, in particular through stronger upstream input to the IASB's agenda-setting process. This porcess should be based on balanced participation by all relevant stakeholders, greater involvement of National Standard Setters (NSS), and public accountability to EU institutions. It will require the mobilisation of additional human and financial resources.
Discussions aimed at enhancing the contribution of Europe to the development of IFRS have been ongoing since late 2007. They have taken the current EFRAG structure as the starting point given the short time-frame within which the enhancement needs to occur. The proposals set out attached are evolutionary in nature and reflect a practical way forward that has the support of all stakeholders.
Proposals for Public Consultation
EFRAG publishes for public consultation its proposals for an enhanced governance and operational structure with increased resources. More particularly, EFRAG seeks input on:
- enhancing the EU's pro-active input to the IASB by building on EFRAG's structures and experience;
- further involvement of National Standard Setters and coordination of European resources and the creation of a Planning and Resource Committee
- enhanced governance, transparency of EFRAG and accountability to European organisations and institutions;
- balanced involvement of European stakeholders in EFRAG;
- a significant increase in EFRAG's human and financial resources.
Respondents are asked to submit their observations in writing by 22 September 2008 to Göran Tidström, Chairman of the EFRAG Supervisory Board at the email address (firstname.lastname@example.org). Responses will be posted to EFRAG’s website unless the respondent requests confidentiality.