EFRAG Consultative Forum of Standard Setters (EFRAG CFSS)
EFRAG meets quarterly with National Standard Setters (NSS) of Europe in the Consultative Forum of Standard Setters (EFRAG CFSS). During these meetings, EFRAG TEG discusses current European financial reporting issues, major proposed changes to IFRS and EFRAG's proactive work in the presence of IASB members. These discussions allow EFRAG TEG to have a better understanding of the impact of the proposed amendments on national business practice and national accounting standards.
EFRAG CFSS meetings bring to EFRAG the appropriate input from Europe to exercise its representative role as a member of the IASB Accounting Standard Advisory Forum.
Furthermore, the meetings facilitate the exchange of up-to-date information and knowledge between the various organisations. Finally, specific EFRAG CFSS meetings can be organised if and when the EFRAG Board would want to hear directly from National Standard Setters in Europe on strategic and governance issues.
The overall purpose of the meetings is to ensure that EFRAG properly represents the European view and that the views expressed in Europe are heard and understood by the IASB and IFRS Interpretations Committee and influence the development of their pronouncements.
All National Standard Setters of countries in the EEA (European Economic Area) are members of the EFRAG CFSS. Other National Standard Setters may be invited as observers.