EFRAG Technical Expert Group (EFRAG TEG)
Areas of interest in this section:
Role of the EFRAG Technical Expert Group (EFRAG TEG)
EFRAG TEG is responsible for providing the EFRAG Board with expert advice in financial reporting matters. EFRAG TEG advice takes the form of recommended positions, either in draft form to support public consultation or in final form after having duly considered all input received through EFRAG's due process.
back to topComposition of EFRAG TEG
EFRAG TEG is composed of up to sixteen members, four of which being nominated by the National Standard Setters of France, Germany, Italy and the UK to act as a strong liaison between EFRAG TEG and their national constituencies , twelve others being selected on the basis of professional expertise and competence only. The EFRAG TEG members devote 30 to 50% of their time - free of charge - to EFRAG, except for its Chairman who is employed by, and the CEO of, EFRAG. The European Supervisory Authorities, the European Central Bank (ECB), the European Commission and the IASB attend EFRAG TEG meetings as observers.
back to topAppointments to EFRAG TEG
The EFRAG TEG members (other than the liaison members) are appointed through a formal process after an open call for candidates is launched every year to support rotation among the 12 members selected solely on the basis of their professional expertise and competence. Yearly rotations are meant, not only to bring the relevant level of knowledge and experience, but also to establish a broad balance in geographical and professional backgrounds. As a result, the EFRAG Technical Expert Group is composed of a mix of preparers, auditors, users of financial reporting and academics, so as to ensure its deliberations and conclusions are independent and not unduly influenced by any interest group of constituency. Members of the EFRAG Technical Expert Group commit to act independently in the European public interest and not to consider themselves as representing sectorial or national interests. This also applies to EFRAG TEG members nominated as liaison with National Standard Setters.
back to topHow EFRAG TEG operates
EFRAG TEG benefits from expert advice in specialist areas provided by working groups it establishes as see fit for its purposes under the oversight of the EFRAG Board. Currently EFRAG TEG benefits from the expert advice of the EFRAG Financial Instruments Working Group, the EFRAG Insurance Accounting Working Group and of the EFRAG Rate-Regulated Activities Working Group. Essential to the work of EFRAG TEG is the input received from the EFRAG User Panel and more generally of EFRAG's outreach efforts to users. EFRAG TEG also works closely with all National Standard Setters in Europe, meeting with them every three months in the EFRAG Consultative Forum of Standard Setters (EFRAG CFSS), and by working with them and the IASB to organise and conduct public hearings and field tests in accordance with EFRAG's field work policy.
The EFRAG TEG has the following official observers: European Commission; ECB (European Central Bank) - Jürgen Kirchhof; EBA (European Banking Authority) - Angel Monzon; EIOPA (European Insurance and Occupational Pensions Authority) - Sandra Hack; and ESMA (European Securities and Markets Authority) - Alessandro d'Eri.
back to topMembership in EFRAG TEG
The current Members of the EFRAG TEG are (please click on Members' names to view their profiles):
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|Andrew Watchman||EFRAG TEG Chairman|
|Nicklas Grip||EFRAG TEG Vice Chairman|
|Ambrogio Virgilio||EFRAG TEG Member; EFRAG Insurance Accounting Working Group Chairman|
|Andrew Spooner||EFRAG TEG Member; EFRAG Financial Instruments Working Group Chairman|
|Anthony Appleton||EFRAG TEG Member - Country liaison United Kingdom, FRC AC|
|Phil Aspin||EFRAG TEG Member|
|Christian Chiarasini||EFRAG TEG Member|
|Geert Ewalts||EFRAG TEG Member|
|Tommaso Fabi||EFRAG TEG Member - Country liaison Italy, OIC|
|Günther Gebhardt||EFRAG TEG Member|
|Heinz Hense||EFRAG TEG Member|
|Sven Morich||EFRAG TEG Member - Country liaison Germany, ASCG|
|Søren Kok Olsen||EFRAG TEG Member|
|Nicolas de Paillerets||EFRAG TEG Member|
|Serge Pattyn||EFRAG TEG Member|
|Cedric Tonnerre||EFRAG TEG Member - Country liaison France, ANC|