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. EFFAS is represented on the EFRAG General Assembly and Administrative Board, and also on the EFRAG Sustainability Board and the EFRAG User Panel. EFFAS is as an official “Friend of EFRAG”.
EFRAG’s mission is to serve the European public interest by developing and promoting European views in the field of financial reporting and ensuring these views are properly considered in the IASB standard-setting process and in related international debates. EFRAG ultimately provides advice to the European Commission on whether newly issued or revised IFRS meet the criteria in the IAS Regulation for endorsement for use in the EU, including whether endorsement would be conducive to the European public good.
EFRAG’s funding originates from both the public sector (the European Union) and the private sector (EFRAG’s Member Organisations). Funding by the European Commission is granted through yearly grant agreements. Funding by the Member Organisations includes both contributions in cash (provided to EFRAG in accordance with EFRAG’s bylaws) and in kind (membership of various groups – EFRAG Board, EFRAG TEG and their working groups and advisory panels – free of charge).
EFFAS CFR is organizing together with EFRAG outreach events for users in various member countries throughout the year.