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EFRAG General Assembly and EFRAG Member Organisations

With the reform which came into force on 31 October 2014, the EFRAG General Assembly was enhanced, admitting new Members.

The Members of EFRAG are:

European Stakeholder organisations

 FEE  Federation of European Accountants
 BUSINESSEUROPE  European Business Federations
 INSURANCE EUROPE  European (re)insurance Federation
 EBF  European Banking Federation
 ESBG  European Savings and Retail Banking Group
 EACB  European Association of Co-operative Banks
 EFAA  European Federation of Accountants and Auditors for SMEs
 EFFAS  European Federation of Financial Analysts Societies

 National organisations

Denmark grouping of six Danish organisations
Autorité des Normes comptables (ANC - France) French funding mechanism
Accounting Standards Committee of Germany DRSC/ASCG - Germany
Organismo Italiano di Contabilità OIC - Italy
Commission des Normes comptables CNC - Luxembourg
Dutch Accounting Standards Board DASB - Netherlands
The Association for Generally Accepted Principles in the Securities Market Sweden
Financial Reporting Council FRC AC – United Kingdom

Alongside fulfilling the legal requirements under the Belgian law for international associations and deciding over the statutes, internal rules and membership of EFRAG, the EFRAG General Assembly is in charge of:

  • Approving the financial statements and the budget of next year
  • Appointing the President, Vice-President and members of the Board. The President of the Board is nominated by the European Commission after having heard the Council of the European Union and the European Parliament;
  • Exercising general oversight over the Board, whilst respecting the Board’s responsibility for the professional positions taken.
  • Acting as a sounding board for the European Commission in relation to its participation in the IFRS Foundation Monitoring Board when the European Commission calls upon the Association to do so.

Please refer to the legal section for the comprehensive texts of the EFRAG Statutes and Internal Rules.

 

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