EFRAG has published its annual review covering its work to develop and promote European views in the field of financial reporting, highlighting the impact of its final endorsement advice on IFRS 16 Leases
The review also provides commentary on EFRAG’s preparatory endorsement advice work regarding the insurance standard (IFRS 17 Insurance Contracts), its research work into protecting long-term investment in Europe, and EFRAG's influence on the IASB's principles of disclosure project.
EFRAG states: ‘A clear message coming through is that technological developments are having an increasing impact on the generation, dissemination and consumption of financial statements. There is a need for a fuller consideration in the disclosure debate.’
The advisory group says it is moving towards an approach which ensures its research recommendations are evidence-based, in cooperation with the academic community. In 2017 EFRAG set up its academic panel and recruited the first academic fellow to the team.
In 2018, EFRAG says it will launch a public consultation to help inform the EFRAG board’s decisions on the topics to address. While it is now operating under a reformed governance structure, the group says it is looking to improve in terms of geographical representativeness, gender balance and in the continuity and complementarity of the work performed throughout the organisation.
EFRAG annual review 2017 is here.
Report by Pat Sweet
