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 is represented in the EFRAG General Assembly by Mr. Hans Buysse, EFFAS Board member and EFRAG Administrative Board President (users sector), and on the EFRAG Board by Mr. Serge Pattyn, EFRAG Financial Reporting Board Vice-Chair and member of the EFFAS CFR. Jean-Philippe Desmartin, the co-chair of the EFFAS Commission on ESG, serves on the EFRAG European Lab Project Task Force on Reporting of Non-Financial Risks and Opportunities.
Dr. Carsten Zielke, a member of EFFAS’s Commission on Financial Reporting is also a member of the project task force (PTF) to operate the project on preparatory work for the elaboration of possible EU non-financial reporting standars. The project will be operated by this PTF within the European Corporate Reporting Lab@EFFRAG (European Lab).