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| Formation | 2001 |
|---|---|
| Type | Private association |
| Headquarters | Brussels, Belgium |
| Location | |
| Website | https://www.efrag.org |
The European Financial Reporting Advisory Group is a private association established in 2001 with the encouragement of the European Commission to serve the public interest. Its Member Organisations are European stakeholders and National Organisations having knowledge and interest in the development of IFRS and how they contribute to the efficiency of capital markets.
EFRAG's mission is to develop and promote European views in a thought leadership role and to ensure that they are properly taken into account in the IASB standard setting process. EFRAG hears all views and of all specific circumstances originating in Europe and synthesises these to speak convincingly, clearly and consistently, as the European Voice in Financial Reporting, building its legitimacy on its governance, due process and public accountability. EFRAG carries its assessments of IFRS throughout the standard setting process. It ultimately provides advice to the European Commission as to whether IFRS meets the IAS Regulation endorsement criteria for use in the preparation of accounts in the EU. This assessment includes whether endorsing the newly issued or revised IFRS would be conducive to the European public good.
EFRAG's mission is carried out "with the encouragement of the European Commission to serve the public interest" [1] .
Public accountability is ensured on the one hand by EFRAG's governance and on the other by EFRAG's due process. EFRAG is accountable to the public at large and the European institutions through its open and transparent due process; including public consultation on its positions; transparency of EFRAG's work; public meetings of the EFRAG Technical Expert Group and of the EFRAG Board, EFRAG Board public agenda papers and open nomination processes. EFRAG publishes every year an Annual Review discussing its activities and presenting financials of the past year. The funding by the European Commission brings enhanced scrutiny of EFRAG's activities and expenses, including the publication of audited annual accounts and detailed activity reports to the European Commission.
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). They constitute a standardised way of describing the company's financial performance and position so that company financial statements are understandable and comparable across international boundaries. They are particularly relevant for companies with shares or securities listed on a public stock exchange.
The Financial Accounting Standards Board (FASB) is a private standard-setting body whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the US. The FASB replaced the American Institute of Certified Public Accountants' (AICPA) Accounting Principles Board (APB) on July 1, 1973. The FASB is run by the nonprofit Financial Accounting Foundation.
The U.S. Government Accountability Office (GAO) is a legislative branch government agency that provides auditing, evaluation, and investigative services for the United States Congress. It is the supreme audit institution of the federal government of the United States. It identifies its core "mission values" as: accountability, integrity, and reliability. It is also known as the "congressional watchdog".
An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon.” Auditing also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Auditors consider the propositions before them, obtain evidence, and evaluate the propositions in their auditing report.
The National Audit Office (NAO) is an independent Parliamentary body in the United Kingdom which is responsible for auditing central government departments, government agencies and non-departmental public bodies. The NAO also carries out value for money (VFM) audits into the administration of public policy.
Governance is all the processes of interaction be they through the laws, norms, power or language of an organized society over a social system. It is done by the government of a state, by a market, or by a network. It is the decision-making among the actors involved in a collective problem that lead to the creation, reinforcement, or reproduction of social norms and institutions". In lay terms, it could be described as the political processes that exist in and between formal institutions.
Clinical governance is a systematic approach to maintaining and improving the quality of patient care within the National Health Service (NHS). Clinical governance became important in health care after the Bristol heart scandal in 1995, during which an anaesthetist, Dr Stephen Bolsin, exposed the high mortality rate for paediatric cardiac surgery at the Bristol Royal Infirmary. It was originally elaborated within the United Kingdom National Health Service (NHS), and its most widely cited formal definition describes it as:
A framework through which NHS organisations are accountable for continually improving the quality of their services and safeguarding high standards of care by creating an environment in which excellence in clinical care will flourish.
In general, compliance means conforming to a rule, such as a specification, policy, standard or law. Regulatory compliance describes the goal that organizations aspire to achieve in their efforts to ensure that they are aware of and take steps to comply with relevant laws, policies, and regulations. Due to the increasing number of regulations and need for operational transparency, organizations are increasingly adopting the use of consolidated and harmonized sets of compliance controls. This approach is used to ensure that all necessary governance requirements can be met without the unnecessary duplication of effort and activity from resources.
Birmingham Business School(BBS) is the business school of the University of Birmingham in England. Originally established as the School of Commerce in 1902, Birmingham Business School is the oldest business school in the United Kingdom.
Internal auditing is an independent, objective assurance and consulting activity designed to add value to and improve an organization's operations. It may help an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. Internal auditing might achieve this goal by providing insight and recommendations based on analyses and assessments of data and business processes. With commitment to integrity and accountability, internal auditing provides value to governing bodies and senior management as an objective source of independent advice. Professionals called internal auditors are employed by organizations to perform the internal auditing activity.
Materiality is a concept or convention within auditing and accounting relating to the importance/significance of an amount, transaction, or discrepancy. The objective of an audit of financial statements is to enable the auditor to express an opinion whether the financial statements are prepared, in all material respects, in conformity with an identified financial reporting framework such as Generally Accepted Accounting Principles (GAAP).
The International Accounting Standards Board (IASB) is the independent, accounting standard-setting body of the IFRS Foundation.
Internal control, as defined by accounting and auditing, is a process for assuring of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. A broad concept, internal control involves everything that controls risks to an organization.
Accounting ethics is primarily a field of applied ethics and is part of business ethics and human ethics, the study of moral values and judgments as they apply to accountancy. It is an example of professional ethics. Accounting was introduced by Luca Pacioli, and later expanded by government groups, professional organizations, and independent companies. Ethics are taught in accounting courses at higher education institutions as well as by companies training accountants and auditors.
Small Charity Governance is concerned with the control and direction of charitable organisations established for the public benefit in the United Kingdom. The majority of charities in England and Wales have an income under £10,000, and only about 22% of charities have any staff at all. Many community groups and small voluntary organisations are not registered charities, because either their turnover is below the threshold for registration or their purpose does not fall within the definition of charitable activity. Much literature about governance is written from the perspective of the minority of larger charities; this article attempts to address the topic by focusing on the experience and concerns of the majority. Governance is the process through which a group of people make decisions which direct their collective efforts. This typically features delegation to a smaller group, which is in turn accountable to the stakeholders or owners of the organisation.
The International Association of Insurance Supervisors (IAIS) is a voluntary membership organization of insurance supervisors from over 190 jurisdictions, constituting 97% of the world's insurance premiums. It is the international standards-setting body for the insurance sector. The IAIS was established in 1994 and operates as a verein, a type of non-profit organisation under Swiss Civil Law.
The International Financial Reporting Standards Foundation, or IFRS Foundation, is a nonprofit accounting organisation. Its main objectives include the development and promotion of the International Financial Reporting Standards through the International Accounting Standards Board (IASB), which it oversees.
The Accounting Standards Board (AcSB) establishes accounting standards for use by private enterprises and private sector not-for-profit organizations. The AcSB contributes to the development of International Financial Reporting Standards (IFRSs) by participating in consultations and activities of the International Accounting Standards Board (IASB) to ensure Canadian publicly accountable entities' financial reporting needs are considered. The AcSB develops and participates in the development of high-quality financial reporting standards.
Social accounting is the process of communicating the social and environmental effects of organizations' economic actions to particular interest groups within society and to society at large. Social Accounting is different from public interest accounting as well as from critical accounting.
International Financial Reporting Standard 1: First-time Adoption of International Financial Reporting Standards or IFRS 1 is an international financial reporting standard issued by the International Accounting Standards Board (IASB). It sets out requirements on the preparation and presentation of financial statements and interim financial reports by entities that are adopting the IFRS for the first time, to ensure that they contain high-quality information.
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