EC group to advise on accounting standards

News Article - Tuesday, July 18, 2006

filed under: Regulatory

Further information

The European Commission (EC) has established a new expert group that will aim to give a balanced and objective view of the advice given to European firms by the European Financial Reporting Advisory Group (Efrag).

Its new Standards Advice Review Group will be composed of independent experts and high-level representatives, who will be chosen for their widely recognised experience and competence in accounting.

"The Standards Advice Review Group will be an important element of the EU's accounting standards architecture," said internal market and services commissioner Charlie McCreevy.

"By delivering independent advice on Efrag's recommendations it will give extra assurance that the accounting standards adopted in the EU are of the highest quality."

The group will deliver its advice as soon as possible after Efrag as expressed its opinions on an accounting matter.

It is hoped that this should normally not be longer than three weeks from the date of receiving Efrag's findings.

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