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EFRAG

Acronym: EFRAG

General Information

Identification Code: 411098519407-76
Website: [object Object]
Entity Form: AISBL
Registration Category: Non-governmental organisations, platforms and networks and similar
Registration Date: 11/3/2015
Last Update: 9/10/2023
EP Accredited Number: 0

Mission & Interests

Goals: EFRAG’s mission is to serve the European public interest in both financial and sustainability reporting by developing and promoting European views in the field of corporate reporting. EFRAG builds on and contributes to the progress in corporate reporting. In its financial reporting activities, EFRAG ensures that the European views are properly considered in the IASB’s standard-setting process and in related international debates. EFRAG ultimately provides advice to the European Commission on whether newly issued or amended IFRS Standards meet the criteria of the IAS Regulation for endorsement for use in the EU, including whether endorsement would be conducive to the European public good. In its sustainability reporting activities, EFRAG provides technical advice to the European Commission in the form of draft European Sustainability Reporting Standards (ESRS) elaborated under a robust due process and supports the effective implementation of ESRS.
Interests Represented: Does not represent commercial interests
Interests:
  • Banking and financial services
  • Business and industry
  • Climate action
  • Digital economy and society
  • Economy, finance and the euro
  • Environment
  • International co-operation and development
  • Single market
Levels of Interest:
  • european

Activities

Main EU Legislative Proposals: EFRAG provides European input into the development of IFRS Standards issued by the IASB and provides the European Commission with technical expertise and advice on accounting matters and corporate reporting. This advice includes the endorsement advice in conformity with the 1606-2002 “IAS Regulation”. EFRAG is active in the sustainability reporting field, notably after the two mandates of the European Commission on EU non-financial reporting standard setting on which the reports with recommendations were published early March 2021. In the CSRD EFRAG is identified as technical advisor to the European Commission providing draft European sustainability reporting Standards (ESRS). EFRAG has integrated the sustainability reporting pillar into the EFRAG structure mirroring the EFRAG financial reporting pillar. An overarching Administrative Board was established in the beginning of 2022. The governance form was completed during 2022 with the establishment of EFRAG's Sustainability Reporting Board (SRB) and EFRAG's Sustainability Reporting TEG (SR TEG) and supporting fora and panels.
Communication Activities: All EFRAG activities are described in detail on the EFRAG website, including its due process activities of providing input to IASB and IFRS Foundation and other relevant financial reporting pronouncements and proactive projects to engage European stakeholders in the analysis of and debate on emerging financial reporting issues. The EFRAG website pages on the sustainability reporting activities including the sustainability reporting standard setting work including the European sustainability reporting standards due process procedures. EFRAG is working on a new website which is expected to be fully operational in Q4 2023. A summary of the main activities can be found in our annual review and in the individual project pages on our website.
Inter-institutional or Unofficial Groupings: N/A

Head Office

Address: Square de Meeus 35
Post Code: 1000
City: Brussels
Country: BELGIUM
Phone: [object Object]

EU Office

Address: Square de Meeus 35
Post Code: 1000
City: Brussels
Country: BELGIUM
Phone: [object Object]

Financial Data

New Organisation: false
Closed Year: [object Object]
Current Year: [object Object]
Complementary Information: EFRAG is financed by an operational EC grant for 60% of its eligible expenses

Membership Information

Members10 Percent: 0
Members25 Percent: 3
Members50 Percent: 0
Members75 Percent: 0
Members: 3
Members F T E: 0.75
Info Members: The EFRAG Secretariat provides support for all activities of EFRAG as described above.

Structure

Structure Type: Structure
Is Member Of: http://www.efrag.org/About/Governance
Organisation Members: not applicable