EFRAG
Budget
€12,462,000
EP Access
0
accredited persons
Staff
3
0.75 FTE
EU Grants
€7,509,000
Mission & 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 as stipulated in the CSRD.
EU Legislative Interests
EFRAG provides European input into the development of IFRS Accounting 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. EFRAG has consulted on draft due process procedures formalising the due process in place for financial reporting. EFRAG is in process of finalising these due process procedures, 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. These due process procedures are regularly reviewed. EFRAG operates an EFRAG Administrative Board Due Process Committee (DPC). The DPC reports annual on its activities to the EFRAG General Assembly and the report is available on the EFRAG website. A summary of the main activities can be found in our annual review and in the individual project pages on our website.
Interests Represented
Does not represent commercial interests
Member Of
not applicable
Organisation Members
https://www.efrag.org/en/about-us/governance
Additional Information
EFRAG is financed by two action grants in 2024 by two months of the action grants FR and SR for 2023 and by the 2024 action grants SR and FR covering 10 months.: FR 60% of the eligible expenses and SR 90% of the eligible expenses. In addition receives a pilot project grant allocated by the EP covering end of November 2024 till end of November 2025 with a contribution percentage of 95% of the eligible costs.
Commissioner Meetings
No recorded meetings with EU commissioners.