The EFFAS Commission on Financial Reporting (CFR) 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.
Javier de Frutos (IEAF-Spain)
Javier de Frutos is the Chairman of the Commission on Financial Reporting of the European Federation of Financial Analysts’ Societies (EFFAS). A former member of EFRAG’s board, he is currently a member of the Users' panel. He is also a member of the IFRS Advisory Council.
Mr. de Frutos has worked for more than twenty years in investment banking for BBVA participating in private and public offerings and corporate transactions in Europe, North and Latin America. He has been responsible for the bank's international principal investments and served on the board of several funds and portfolio companies.
Javier is currently the CIO at the investment firm Sailbridge Capital in New York. He is a graduate from the University of Madrid and earned a Master’s degree in Economics from New York University. Javier is a regular lecturer on international financial reporting issues.
Jacques de Greling (SFAF, France)
Mr Jacques de Greling is a Director at Scope Ratings. He was previously in charge of European Telecom Operators at CDC Bourse, later Natixis Securities, since 2000. He has worked on various Initial Public Offerings (Deutsche Telekom, France Telecom, Orange) and has been ranked among the top analysts in this sector both at French and European levels (Extel).
He is co-Chairman of the SFAF’s Financial Accounting Commission and vice-Chairman of the European Financial Analysts Societies' (EFFAS) Commission on Financial Reporting Commission. He represented EFFAS in the Expert Group advising the European Commission on the IAS Regulation and was a founding member of the IASB Capital Market Advisory Committee where he stood until 2015. He was part of the FASB-IASB Joint International Group on Financial Statement Presentation
Mr de Greling is also a teacher of financial accounting and financial statement analysis at SFAF for the CEFA and CIIA diplomas, and has published numerous articles on IFRS in the French professional review Analyse Financière. He was appointed as a member of the Advisory Committee of the French standard-setter, the Autorité des Normes Comptables.
Mr de Greling has an MBA from the Institut Supérieur de Gestion in Paris, graduated from the Centre de Formation à l’Analyse Financière (the training centre of the Société Française des Analystes Financiers) and later passed its accounting exams (DESCF). He also studied post-graduate classes in Telecoms at Paris-Dauphine University and the Conservatoire National des Arts et Métiers (CNAM).
Henning Strom (NFF, Norway)
Friedrich Spandl (ÖVFA, Austria)
Serge Pattyn (BVFA/ABAF, Belgium)
( Source EFRAG) Serge Pattyn started his career at KBC Bank as a Credit Analyst and Corporate Finance expert. In the mid nineties, he joined KBC’s newly established Project Finance team, with exposure to international finance. In 1998 he was offered to join KBC’s equity house - KBC Securities - as a Sell-side Analyst.
Following a short mission with Delta Lloyd Securities. Serge started as an independent Financial Consultant in 2007.
Serge has always been active in the field of financial analysis, financial management and related domains (such as e.g. company valuation).
He is among others a member of the Belgian Association of Financial Analysts (ABAF/BVFA) and member of the Accounting Commission of EFFAS. He is also a much-asked speaker at conferences and seminars on financial analysis, accounting and financial management. He teaches amongst others for the ABAF/BVFA (“Accounting and Financial Statement Analysis”), Kluwer Opleidingen (“Credit Management”), KHBO (“Working Capital management”) and KMO Campus (“Professional Credit Application” and “Balance Sheet Analysis”). He also writes on bookkeeping, accounting and IFRS, for Kluwer Rechtswetenschappen and Teleseminar among others.
Luca D’ Onofrio (AIAF, Italy)
Carsten Zielke (DVFA)
- EFFAS Comments on EFRAG's Draft Letter to the EC regarding the Endorsement of the Interest Rate Benchmark Reform
- EFFAS Comments on IASB/ED/2019/4 on Amendments to IFRS-17 (september 2019)
- EFFAS comments to EFRAG Draft Letter on Amendments to IFRS 17(September 2019)
- EFFAS CFR Comment letter on the Equity Instruments Questionnaire (July 2019)
- EFFAS CFR Comment letter on Financial Instruments (June 2019)
- EFFAS Commission on Financial Reporting (CFR) comment letter on FICE (January 7 2019)
- EFFAS Commission on Financial Reporting (CFR) comment letter on IFRS 17 (December 2018)
- EFFAS Position Paper on ESEF (August 2018)
- EFFAS Comment Letter on EFRAG Document regarding the Equity Instruments – Impairments and Recycling (May 18)
- EFFAS FAC response to EFRAG on GI Comments (January 2018)
- EFFAS FAC comments to IASB on Principles of Disclosure published in March 2017 (October 2017)
- EFFAS FAC answer to IASB Principles of Disclosure (November 2017)
- EFFAS FAC answer to IASB on IFRS 8 (July 2017)
- 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)
Joint investor outreach event in Oslo on 15 June 2017 covering the IASB's Discussion Paper Disclosure Initiative - Principles of Disclosure. You can find here the Summary Report
Joint user outreach event with EFFAS, BVFA/ABAF and the IASB® held on Monday 3 July 2017 in Brussels covering the IASB's Discussion Paper DP/2017/1 Disclosure Initiative - Principles of Disclosure. You can find here the Summary Report
Joint user outreach event EFRAG, IFRS, EFFAS, AIAF, OIC held on 18 September 2017 in Milan. You can find here the Summary Report