The Financial Accounting Commission provides analysts’ views on the definition of International Financial Reporting Standards (IFRS) to international accounting standards setters. Its members work closely with the International Accounting Standard Board (IASB) through the Global Analysts’ group and the European Financial Reporting Advisory Group (EFRAG) through the Users’ Panel. EFRAG provides advice to the European Commission on issues related to the implantation in Europe of IFRS.
The Commission work focuses on providing analysts’ opinion on consultation papers prepared by the IASB and participating in the harmonization process with international accounting standard setters.
During 2016, EFFAS FAC worked on issues related to International Financial Reporting Standards (IFRS). Disclosures Initiatives, IFRS-16 on Leases, Insurance and IFRS-9/IFRS-4 are the main issues that have been reviewed. Members have also participated in several financial reporting–related events with EFRAG and the IASB.
In July a join event between EFFAS-ABAF-BVFA (Belgium) & EFRAG & the IASB was held in Brussels to discuss, Could profit or loss (P&L) become more useful?, and in November a similar event addressing issues related to IFRS-9/IFR-4 and IFRS-16 Leases was organized by EFFAS-EFRAG and AIAF in Milan. IASB, Italian regulators and more than 60 members from the Italian financial community participated in the event. In both event members of the commission participated as speakers.
Javier de Frutos (IEAF-Spain)
Jacques de Greling (SFAF, France)
Rolf Rundfelt (SFF, Sweden)
Henning Strom (NFF, Norway)
Friedrich Spandl (ÖVFA, Austria)
Serge Pattyn (BVFA/ABAF, Belgium)
Luca D’ Onofrio (AIAF, Italy)
Jerome Vial (SFAA, Switzerland)
- EFFAS FAC letter to EFRAG on IFRS-9 and IFRS-4 (January 2016)
- EFFAS FAC letter to EFRAG_IFRS 16 Leases (December 2016)
- EFFAS Answer to EU Commission questionnaire on IAS Regulation
- Exposure Draft: Disclosure Initiative - Proposed amendments to IAS 7 - FAC Commission
- Exposure Draft: Post-implementation Review: IFRS-3 Business Combinations
- IASB®Investor Update (September 2014)
- IASB® Investor Update (June 2014)