29-5-2009 | EFRAG Plus

EFRAG issued its report “Strengthening the European Contribution to the International Standard-Setting process”.
	In December 2008 EFRAG issued its report “Strengthening the European Contribution to the International Standard-Setting process”. The enhanced structure of EFRAG  described in the report is designed to represent effectively all European stakeholders in IFRS. Key features of the enhanced structure include a substantial increase in the resources of the EFRAG secretariat,  closer working with the European NSS that are committed to contribute significant resources and expertise to proactive projects, and increased funding contributions from National Funding Mechanisms, with public funding matching the funding provided by the Founding Fathers and the National Funding Mechanisms. The Supervisory Board (SB) will comprise 17 members with an appropriate balance of professional backgrounds, including users, preparers and accountants. Four members of the SB will have a background with experience of public policy, either at national or European level. The SB will no longer comprise representatives of the founding fathers.  The European Commission and CESR will be observers. SB members will be required to commit themselves formally to acting in the European public interest, independent of their professional or sector affiliation. SB meetings will be open to the public. The SB will appoint a Planning and Resource Committee (PRC). Its role will be –amongst others - to set the agenda for the proactive work that results in the issuance of discussion papers and other outputs. The PRC will provide guidance on the allocation of resources from EFRAG and the NSS to proactive projects and will monitor the progress of the work concerned. The PRC will include the chair of EFRAG TEG and four senior representatives (normally the chairmen) of those NSS that have committed to provide resources to the proactive work. Two members of the PRC will be drawn from the SB and there will be two further members who have other professional backgrounds or alternatively could be members of the SB. The work of the PRC will be supported by an informal Coordination Group that will act as a sounding board advising on potential proactive projects. The members will consist of NSS that are prepared to provide resources to and other input to the proactive work of EFRAG. A high level Consultative Group will be established to provide strategic input into to the work of EFRAG.
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