About TEG

EFRAG operates through a Technical Expert Group (TEG), which makes its decisions independently of the Supervisory Board and all other interests. The 12 voting members of TEG are selected from throughout Europe and come from a variety of backgrounds. The chairpersons of the French, German and UK Standard Setters are non-voting members of TEG, and representatives of the European Commission, CESR and the IASB attend TEG meetings as observers.

The Chair of TEG – Françoise Flores – is a full-time member and the other voting members devote 30 to 50% of their time to EFRAG. All the members of TEG and the working groups provide their time without charge to EFRAG.

The members of TEG are appointed by the Supervisory Board, with the assistance of a Nominating Committee, following an open call for candidates. The Supervisory Board looks primarily to the qualifications of the TEG candidates in terms of knowledge and experience and endeavours to ensure a broad geographical balance, together with experience from preparers, the accounting profession, users and academics.

Due process and transparency are important features of EFRAG’s work. For example, the monthly meetings of TEG are open to the public. In addition, when preparing comment letters on exposure drafts, discussion papers and other consultative documents and when preparing endorsement advice to the European Commission, EFRAG seeks - via its website - input from organisations, companies and the public on TEG's draft views.

Its role is both proactive and reactive. In particular it:

• provides advice to the European Commission on the endorsement of new or amended IFRSs and IFRIC interpretations;

• comments on proposed IFRSs and IFRIC interpretations, IASB discussion papers and other consultative documents;

• is represented on various IASB Working Group meetings as observer;

• maintains regular contacts with IASB through meetings with its chairman. The IASB Board members and senior staff participate in each TEG meeting;

• works closely with European National Standard Setters on various activities designed to encourage the debate in Europe on accounting matters, to develop European views on issues of importance and to enhance generally the quality of Europe's input to the IASB;

• meets quarterly with the European National Standard Setters to exchange views;

• is represented in the World Standard Setters' meetings (organised by the IASB);

• participates in the meetings of the former IASB liaison standard setters where technical issues of a proactive nature are discussed.