The Supervisory Board of the European Financial Reporting Advisory Group (EFRAG) has invited public comment on a proposal to enhance EFRAG's role in response to calls for strengthening the European contribution to the work of IASB.

According to Deloitte’s IAS Plus, EFRAG seeks input on enhancing the EU's pro-active input to the IASB by building on EFRAG's structures and experience and further involve national standard setters and co-ordinate European resources and the create a planning and resource committee.

It proposes enhanced governance, transparency of EFRAG and accountability to European organisations and institutions.

EFRAG also seeks balanced involvement of European stakeholders in EFRAG and a significant increase in EFRAG's human and financial resources.

Further reading:

Less is more on IFRS

Accountants and the crisis: standard setters - troubled waters