The EFFAS Commission on Financial Reporting (CFR) provides analysts’ views on the definition of International Financial Reporting Standards (IFRS) to international accounting standards setters. Its members work closely with the International Accounting Standard Board (IASB) through the Global Analysts’ group and the European Financial Reporting Advisory Group (EFRAG) through the Users’ Panel. EFRAG provides advice to the European Commission on issues related to the implantation in Europe of IFRS.

The Commission work focuses on providing analysts’ opinion on consultation papers prepared by the IASB and participating in the harmonization process with international accounting standard setters.


Javier de Frutos (IEAF-Spain)

Javier de Frutos is the Chairman of the Commission on Financial Reporting of the European Federation of Financial Analysts’ Societies (EFFAS). A former member of EFRAG’s board, he is currently a member of the Users’ panel. He is also a member of the IFRS Advisory Council.

Mr. de Frutos has worked for more than twenty years in investment banking for BBVA participating in private and public offerings and corporate transactions in Europe, North and Latin America. He has been responsible for the bank’s international principal investments and served on the board of several funds and portfolio companies.

Javier is currently the CIO at the investment firm Sailbridge Capital in New York. He is a graduate from the University of Madrid and earned a Master’s degree in Economics from New York University. Javier is a regular lecturer on international financial reporting issues.


Jacques de Greling (SFAF, France)

Mr Jacques de Greling is a Director at Scope Ratings. He was previously in charge of European Telecom Operators at CDC Bourse, later Natixis Securities, since 2000. He has worked on various Initial Public Offerings (Deutsche Telekom, France Telecom, Orange) and has been ranked among the top analysts in this sector both at French and European levels (Extel).

He is co-Chairman of the SFAF’s Financial Accounting Commission and vice-Chairman of the European Financial Analysts Societies’ (EFFAS) Commission on Financial Reporting Commission. He represented EFFAS in the Expert Group advising the European Commission on the IAS Regulation and was a founding member of the IASB Capital Market Advisory Committee where he stood until 2015. He was part of the FASB-IASB Joint International Group on Financial Statement Presentation

Mr de Greling is also a teacher of financial accounting and financial statement analysis at SFAF for the CEFA and CIIA diplomas, and has published numerous articles on IFRS in the French professional review Analyse Financière. He was appointed as a member of the Advisory Committee of the French standard-setter, the Autorité des Normes Comptables.

Mr de Greling has an MBA from the Institut Supérieur de Gestion in Paris, graduated from the Centre de Formation à l’Analyse Financière (the training centre of the Société Française des Analystes Financiers) and later passed its accounting exams (DESCF). He also studied post-graduate classes in Telecoms at Paris-Dauphine University and the Conservatoire National des Arts et Métiers (CNAM).


Luca D’ Onofrio (AIAF, Italy)

Financial Analyst (EFFAS CFR – AIAF member – 81221 founder)

Luca D’Onofrio is a Financial Analyst member of the AIAF (Italian Association of Financial Analysts). He works as a senior advisor largely in the areas like Accounting, Planning & Control, and Risk Management on topics like IFRS, Financial Planning and Controlling, Accounting and fiscal rules, Solvency II, financial Insurance evaluation models. In 2021 he founds “81221”, an advisory services firm with a focus on the Insurance KPIs and the financial analysis CFO and CRO topics.

As an AIAF Member, he explains the financial analysts’ point of view as “user” in Local and International working groups related to the development of IFRS and the financial disclosure impacts arising from the application of accounting standards: EFFAS Commission on Financial Reporting, EFRAG User Panel, EFRAG Insurance Accounting Working Group, OIC (Italian Accounting Organisation) Insurance Contracts.

Serge Pattyn (BVFA/ABAF, Belgium)

(Source EFRAG) Serge Pattyn started his career at KBC Bank as a credit analyst and corporate finance expert. Already then, as a credit analyst, he understood that a user needs to understand the language that the companies are speaking to be able to analyse the accounts. That is how his interest for GAAP and financial reporting got triggered. In the mid-nineties, he joined KBC’s newly established Project Finance team, with exposure to international finance.

In 1998 he was offered to join KBC’s equity house – KBC Securities – as a sell-side analyst.

Following a short mission with Delta Lloyd Securities, Serge started as an independent financial analyst and corporate finance advisor in 2007.

Serge has always been active in the field of financial analysis, financial management and related domains (such as e.g. company valuation).

He is among others a member of the Belgian Association of Financial Analysts (ABAF/BVFA) and a member of the Commission on Financial Reporting of EFFAS. He is also a much-asked speaker at conferences and seminars on financial analysis, accounting, financial management and valuation. He teaches amongst others for Febelfin Academy (“Accounting and Financial Statements Analysis”), EFFAS/CEFA (“Financial Accounting and Financial Statements Analysis”), Kluwer Opleidingen (“Creditmanagement”), Brugge Business School (“Working capital management”) and KMO Campus (“Financial Statements Analysis”). He also writes on bookkeeping, accounting and IFRS for amongst others Kluwer Rechtswetenschappen.

He is a former member of EFRAG TEG and a member of the EFRAG User Panel.

Andrea Schenone (SFAA, Switzerland)

Originally from the Ligurian hinterland, Andrea Schenone graduated in Economics at the University of Genoa and embarked on a management and consulting career in the financial sector, within large and prestigious international players in the insurance and banking sectors (RSA Insurance Group, Swiss Re, Allianz, Sberbank, Zurich Insurance, SCOR, UBS) , for six years in Italy (Genoa and Milan) and for over fifteen in Zurich. In 2015 he obtained a Master in Business Administration from the University of Wales. A Swiss and Italian citizen, he is currently a member of the National Association of Swiss Analysts (SFAA) and of the Scientific Committee of the Milton Friedman Institute. He represents the National Association of Swiss Analysts (SFAA) in EFFAS, the European Federation of Financial Analysts. He serves as the representative for Switzerland of the prestigious global organization Global Chamber of Business Leaders. He serves as president of the Swiss Federalism Association, that he founded in 2019, in the Swiss Confederation, whose aim is to promote federalism, direct democracy and the Swiss state model at the international level, besides supporting small and medium-sized enterprises

Friedrich Spandl (ÖVFA, Austria)

Henning Strom (NFF, Norway)

Carsten Zielke (DVFA, Germany)

Carsten Zielke (DVFA and SFAF) has a PhD in insurance economics and has been very much involved in reporting issues for the last 25 years (EFRAG/IASB/DRSC). He has run his own research company, Zielke Research Consult GmbH, in Aachen/Germany specialized in solvency and ESG research since 2013. Before he worked as an insurance analyst and advisor at WestLB, Bear Stearns and Société Générale.

Carsten holds mandates in supervisory and advisory boards at a German insurance company and a French bank.

Outreach Events

Joint investor outreach event in Oslo on 15 June 2017 covering the IASB’s Discussion Paper Disclosure Initiative – Principles of Disclosure. You can find here the Summary Report.

Joint user outreach event with EFFAS, BVFA/ABAF and the IASB® held on Monday 3 July 2017 in Brussels covering the IASB’s Discussion Paper DP/2017/1 Disclosure Initiative – Principles of Disclosure. You can find here the Summary Report.

​Joint user outreach event EFRAG, IFRS, EFFAS, AIAF, OIC held on 18 September 2017 in Milan. You can find here the Summary Report.