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January 08, 2021 03:34 PM

Response to the Consultation Paper on the ad personam mandate on potential need for changes to the governance and funding of EFRAG

Posted by Begoña Giner on behalf of the EAA Stakeholder Reporting Committee

As a response to the Consultation Paper on the ad personam mandate on potential need for changes to the governance and funding of EFRAG issued on November 30, 2020, the Stakeholder Reporting Committee of the European Accounting Association (“the SRC”) submitted a letter on January 4, 2020 outlining our position in relation to the issues raised therein (the full letter is attached).

Our response does not aim to respond each of the numerous and detailed questions that are included in the Consultation Document, but to highlight some aspects that caught our attention. They are specifically referred to the new Non-Financial Reporting body, and focus on two main aspects, confirming who is the responsible body for the development of the standards, and questioning about the independence of that Board. It is our idea that the Non-financial Reporting Board should be the only body responsible for the development of the standards, and that such body should be independent, as we already indicated in our letter dated October 29, 2020 on the Consultation on ad personam mandate on NFR standard setting.

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