EU watchdog to oversee EFRAG advice on IFRS

A Brussels watchdog is to oversee the European accounting industry body
considering whether International Financial Reporting Standards (IFRS) comply
with European Union (EU) regulations.

A Standards Advice Review Group of national accounting standards experts has
been created by the European Commission to assess whether advice from the
European Financial Reporting Advisory Group (EFRAG) ‘is well-balanced and
objective’. EFRAG represents EU accountants, auditors and their clients.

‘As EFRAG is a private body, it is important for the high quality,
transparency and credibility of the endorsement process to establish appropriate
institutional infrastructure,’ said an EU spokesperson.

The new panel will issue opinions on any EFRAG advice within three weeks.

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