Financial 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.
EFRAG reaching out to users
Importance of users' input
Investors and other capital providers have an important role to play in improving the quality of financial statements and ensuring that IFRS Accounting Standards provide users of financial statements with the information needed to support investment decisions and build trust in the capital markets.
Respond to our public consultations
Investors' involvement is vital for EFRAG’s consultation process to ensure that any changes to IFRS Accounting Standards will provide users with the information necessary for investment analysis and decisions.
Click here to see EFRAG’s Open Consultations.
Some testimonies of current members:
“User engagement is critical to get financial reporting which delivers information we all need to refine our models thereby enabling us to allocate capital. A wide range of user views is important to get the necessary insights to identify issues and guide standard setting. EFRAG FR TEG considers the advice from the User Panel for every process and personally I consider it to be the most important input we receive”. Jed Wrigley, former FR TEG member, Eight Roads Senior Investment Officer
"Being part of the EFRAG User Panel, gives you a great opportunity to discuss the practical uses of current IAS/IFRS and new IFRS. The issues discussed are always relevant, and the participants, including representatives from the EFRAG Secretariat and observers from the IASB, contribute with highly valued input, useful in your daily understanding of how the accounting environment develops." Thomas Justinussen, Chief Analyst Danskebank
"Users, investors and lenders need to understand the fundamental principles that underlie financial reporting. The EFRAG User Panel is an excellent forum that allows users to discuss financial reporting. It allows them also to keep in touch with the fast-developing world of IFRS." Serge Pattyn, Financial Analyst, FRB Member ABAF/BVFA
Join EFRAG’s Outreach events
EFRAG gathers stakeholders’ (including users’) perspectives through its outreach activities, and this helps to ensure that EFRAG effectively contributes to the development of high-quality financial reporting information. In this regard, EFRAG, in partnership with the IASB and other interested parties, organises events that are either investor-focused or involve investors that seek views related to ongoing IASB workplan and EFRAG proactive research agenda projects. Examples of such outreach have been on both IASB projects (e.g., Primary Financial Statements, Business Combinations- Disclosures, Goodwill, and Impairment; Financial Instruments with Characteristics of Equity and the post-implement reviews on IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts with Customers, and IFRS 16 Leases) and EFRAG proactive research projects (e.g., Better Information on Intangibles, and Accounting for Variable Consideration).
Join the EFRAG User Panel
The purpose of the EFRAG User Panel is to foster greater participation and get the input of users of financial statements on pressing matters and projects that EFRAG is considering. Please reach out to us if you would like to have a say in the way financial information is reported in the future. This is an opportunity to become involved in a panel of investors and analysts with an interest in topical financial reporting matters and to benefit from the debate with others.
The EFRAG User Panel provides a user perspective on important financial reporting issues being addressed in the IASB and EFRAG proactive research work plans. The EFRAG User Panel holds both in-person and virtual meetings. To see current members of the EFRAG User Panel, click here.
Become Friend of EFRAG - Financial reporting
Individual entities can become Friends of EFRAG - Financial reporting by giving their individual support to EFRAG’s mission ensuring that the European views are properly considered in the IASB’s standard-setting process and in related international debates, and contributing to the progress in corporate reporting.
Download the brochure Friends of EFRAG - Financial Reporting & access the online application form
