EFRAG General Assembly

Role of the EFRAG General Assembly

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 exclusive responsibility for the positions taken on all financial reporting matters.

Please refer to the legal section for the comprehensive texts of the EFRAG by-laws (Statutes and Internal Rules).

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Composition of the General Assembly

The EFRAG General Assembly is composed of all EFRAG Member Organisations. Current membership of EFRAG is detailed below:

European Stakeholder organisations

 ACE Accountancy Europe
 BUSINESSEUROPEEuropean Business Federation
 EACB European Association of Co-operative Banks
 EBFEuropean Banking Federation
 ESBG European Savings and Retail Banking Group
 EFAA European Federation of Accountants and Auditors for SMEs
 EFFAS European Federation of Financial Analysts Societies
Insurance EuropeEuropean Insurance Federation

 

National organisations

Grouping of five Danish organisationsDenmark
Autorité des Normes comptables (ANC)France
Accounting Standards Committee of Germany (ASCSG)Germany
Organismo Italiano di Contabilità (OIC)Italy
Commission des Normes comptables (CNC)Luxembourg
Dutch Accounting Standards Board (DASB)The Netherlands
The Association for Generally Accepted Principles in the Securities MarketSweden
Financial Reporting Council (FRC)United Kingdom

 

 

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