EUROPE - The European Federation for Retirement Provision has sought membership of the European Financial Reporting Advisory Group’s advisory forum.
EFRAG is a private sector initiative looking at financial reporting in Europe and was set up by users, preparers and accountants. It aims to give contribute to the International Accounting Standards Board and it also advises on the technical assessment of the IASB standards and interpretations for application in Europe.
The EFRP said that EFRAG has decided to set up an advisory forum of high-level representatives of key stakeholders, such as preparers, users, regulators and auditors.
The EFRP said its members “bring together those who prepare company accounts as employers and use those accounts as investors”.
It added: “At its board meeting in Berlin on 24 April 2004, the EFRP confirmed its support for a set of European-wide accounting standards that give investors the clarity that they need while avoiding a complex bureaucratic super structure for employers.”
EFRP chairman Alan Pickering said: "When it comes to accounting conventions, we all have rights and responsibilities. The EFRP is keen to shoulder its responsibility in making Europe a safe place to work and a secure place to invest."
Last week the International Accounting Standards Board released a consultation on the IAS19 accounting standard for retirement benefits.