EFFAS contributes in various working groups and councils of European and global bodies. These activities are important for the national societies and its members, as well as for their relations to the domestic regulatory organisations and contributes to supporting the development of financial services regulation by incorporating the practical knowledge of the professionals in the decision making of such bodies and institutions.
The International Accounting Standards Board (IASB/IFRS)
The IFRS Foundation is a not-for-profit, public interest organisation established to develop a single set of high-quality, understandable, enforceable and globally accepted accounting standards—IFRS Standards—and to promote and facilitate adoption of the standards. IFRS Standards are set by the IFRS Foundation’s standard-setting body, the International Accounting Standards Board. Find out more about the structure of the IFRS Foundation and consultative bodies.
Our mission is to bring transparency, accountability and efficiency to financial markets around the world by developing IFRS Standards. Our work serves the public interest by fostering trust, growth and long-term financial stability in the global economy.
- IFRS Standards bring transparency by enhancing the international comparability and quality of financial information, enabling investors and other market participants to make informed economic decisions.
- IFRS Standards strengthen accountability by reducing the information gap between the providers of capital and the people to whom they have entrusted their money. Our Standards provide information needed to hold management to account. As a source of globally comparable information, IFRS Standards are also of vital importance to regulators around the world.
- IFRS Standards contribute to economic efficiency by helping investors to identify opportunities and risks across the world, thus improving capital allocation. For businesses, the use of a single, trusted accounting language lowers the cost of capital and reduces international reporting costs.
IFRS Standards are currently required in over 125 jurisdictions and permitted in many more. Find out more about the use of IFRS Standards around the world here.
EFFAS is represented in the IFRS Advisory Council by Javier de Frutos, Chairman of the EFFAS Financial Accounting Commission. Javier has an extensive experience in global financial markets. He has worked for more than twenty years in investment banking for BBVA and participated in large private initial public offerings (IPO) and corporate transactions and he is working currently as a senior investment fund manager at Sailbridge Capital
The European Financial Reporting Advisory Group (EFRAG)
EFRAG’s mission is to serve the European public interest by developing and promoting European views in the field of financial reporting and ensuring these views are properly considered in the IASB standard-setting process and in related international debates. EFRAG ultimately provides advice to the European Commission on whether newly issued or revised IFRS meet the criteria in the IAS Regulation for endorsement for use in the EU, including whether endorsement would be conducive to the European public good.
EFRAG's funding originates from both the public sector (the European Union) and the private sector (EFRAG's Member Organisations). Funding by the European Commission is granted through yearly grant agreements. Funding by the Member Organisations includes both contributions in cash (provided to EFRAG in accordance with EFRAG's bylaws) and in kind (membership of various groups – EFRAG Board, EFRAG TEG and their working groups and advisory panels – free of charge).
EFFAS is represented in the EFRAG General Assembly by Jesus López Zaballos, EFFAS Chairman, on the EFRAG Board by Mr. Hans Buysse, EFFAS Board member and in the EFRAG TEG by Mr. Serge Pattyn, an ABAF expert. Jean-Philippe Desmartin, co-chair of the EFFAS Commission on ESG, serves on the EFRAG European Lab Project Task Force on Reporting of Non-Financial Risks and Opportunities.
Dr. Carsten Zielke, a member of EFFAS's Commission on Financial Reporting is also a member of the project task force (PTF) to operate the project on preparatory work for the elaboration of possible EU non-financial reporting standars. The project will be operated by this PTF within the European Corporate Reporting Lab@EFFRAG (European Lab).
eXtensible Business Reporting Language (XBRL)
XBRL is the open international standard for digital business reporting, managed by a global not for profit consortium, XBRL International. We are committed to improving reporting in the public interest. XBRL is used around the world, in more than 50 countries. Millions of XBRL documents are created every year, replacing older, paper-based reports with more useful, more effective and more accurate digital versions.
Mr. Hans Buysse, EFFAS Board member, represents EFFAS in the XBRL International Board of Directors that serves as the primary Governing Body of the Corporation as a not-for-profit membership corporation under Delaware General Corporation Law. The Board of Directors is comprised of senior leaders and experts with broad international experience in financial, business and regulatory reporting, accounting and standard setting. The Board advises and assists in executing strategic opportunities, identifies critical regulatory and accounting convergence trends for which the XBRL standard could be used as a solution, and develops long-term growth and sustainability strategies for the XBRL consortium.
The International Integrated Reporting Council (IIRC)
The International Integrated Reporting Council (IIRC) is a global coalition of regulators, investors, companies, standard setters, the accounting profession and NGOs. The coalition is promoting communication about value creation as the next step in the evolution of corporate reporting. The IIRC’s mission is to establish integrated reporting and thinking within mainstream business practice as the norm in the public and private sectors.
The coalition comprises entities drawn from broad global communities, including business and other reporting entities; providers of financial capital; policy makers, regulators, the accounting profession, reporting framework developers and standard setters and civil society.
EFFAS is represented in the IIRC Council by Mr. Frank Klein, EFFAS Board member. The Council is the primary institutional forum for expression of the coalition’s broad market view and collective voice, as well as the medium for its interaction and provision of advice, guidance and input on issues of relevance for the organization.
The Association of Certified International Investment Analyst (ACIIA)
Established in 2000, ACIIA is the international umbrella organisation for National and regional associations of investment professionals representing over 60'000 portfolio managers, analysts, investment advisers, asset managers and fund managers etc worldwide. Its role is to provide a flexible, internationally recognised qualification - Certified International Investment Analyst CIIA - which examines candidates at a high standard and in a practical fashion in the global and local topic areas that are necessary to pursue a career in the investment profession.
EFFAS is a founding member and it is represented in the ACIIA Council by Mr. Hans Buysse, EFFAS Board member.
The Word Intellectual Capital Initiative (WICI)
The world’s business reporting network, is a private/public sector collaboration aimed at improving capital allocation through better corporate reporting information to improve capital allocation decisions both within companies and between investors and companies.To achieve this vision we have three major goals:
- to develop a voluntary global framework for measuring and reporting corporate performance to shareholders and other stakeholders. Throughout the world, different terms such as opportunities, risks, strategies, plans, intellectual assets/capital, intangibles or value drivers are often used to describe some of the concepts within corporate performance.
- to develop guidelines for measuring and reporting on industry-specific key performance indicators.
- to facilitate the development of XBRL taxonomies for this content.
EFFAS is a founding member and its represented at WICI Europe by Dr. Stefano Zambon
The European Commission Technical Working Group on Sustainable Finance
- an EU taxonomy of environmentally sustainable economic activities
- an EU Green Bond Standard
- a category of "low carbon" indices for use by asset and portfolio managers as a benchmark for a low carbon investment strategy
- metrics allowing improving disclosure on climate-related information
European Capital Markets Institute
The ECMI was established as an independent non-profit organisation in 1993, in a collaborative effort by the European Federation of Financial Analysts Societies (EFFAS), the Federation of European Securities Exchanges (FESE) and the International Capital Market Association (ICMA). Since 2005, the ECMI has been managed and staffed by the Centre for European Policy Studies (CEPS), a highly reputed, independent think tank in Brussels.
Hans Buysse a Member of the EFFAS Executive Committee is the EFFAS representative on the board of the ECMI. He helps the EMCI in its quest to conduct in-depth research aimed at informing the debate and policy-making process on a broad range of issues related to capital markets. Through its various activities, the ECMI facilitates interaction among market participants, policymakers and academics.
The Security Analysts Association of Japan
Securities Association of China
Hong Kong Securities Institute
APIMEC - Brazil
European Central Bank
Council of the European Union
Committee of European Securities Regulators
European Financial Reporting Advisory Group
Federation of European Securities Exchanges
International Accounting Standards Committee
International Organization of Securities Commissions
Institute of Chartered Financial Analysts of India