Press Release: Accounting standards: Commission and European Financial Reporting Advisory Group (EFRAG) agree future working relationship

The European Commission and the European Financial Reporting Advisory Group (EFRAG), on 23 March 2006 agreed their future working relationship. In particular, EFRAG was to continue to provide the European Commission with advice on the endorsement and interpretation of International Financial Reporting Standards (IFRS). It was also to provide opinions on the development and improvement of the standards and on how to implement them effectively. In addition, EFRAG was expected to participate in the early phases of debates on new and upcoming issues in the area of accounting standards.

European Financial Reporting Advisory Group (EFRAG) http://www.efrag.org

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