22/01/2025 - New deadline: Join the EFRAG Rate-regulated Activities Working Group by 28 February 2025
Apply now and be part of the process to support the endorsement of a new IFRS Accounting Standard on regulatory assets and liabilities!
EFRAG is renewing its Rate-regulated Activities Working Group (EFRAG RRAWG or the group) to support the endorsement process for a new IFRS Accounting Standard on regulatory assets and regulatory liabilities, expected in late 2025. The group seeks additional members, particularly preparers and users, with expertise in rate-regulated environments and financial reporting. The size of the group is limited to around 20. The application deadline has been extended from 20 January 2025 to 28 February 2025.
Role and expectations of the group
General role: EFRAG has benefited from its Rate-regulated Activities Working Group (EFRAG RRAWG) for over ten years. The group supports the EFRAG FR TEG in providing technical advice to the EFRAG FRB on the financial reporting issues arising from rate-regulated activities. The group contributes specialist accounting expertise along with knowledge of the sectors subject to rate-regulation, with an emphasis on the specific European context.
Contribution to the monitoring and endorsement-related activities: In July 2024, following the completion of the redeliberations of the proposals made in the 2021 IASB Exposure Draft Accounting for Regulatory Assets and Regulatory Liabilities, the IASB agreed to begin the process for balloting a new IFRS Accounting Standard that is expected to be published in H2 2025. To facilitate the endorsement of the new Standard thereafter, EFRAG is undertaking preliminary work on the endorsement process of the new Standard. As a result, EFRAG is extending the membership of the EFRAG RRAWG and is particularly seeking more preparers and users to join the working group.
Group meeting structure
The EFRAG RRAWG is expected to meet physically in Brussels or virtually via webcast approximately four times annually (this may vary depending on issues to be addressed). The duration of the meetings ranges from a half to full day and physical meetings are organised to enable most members to travel to and from Brussels on the same day.
Group membership requirements
Members of the EFRAG RRAWG should have:
- A strong knowledge of the rate-regulated environment
- Specific technical accounting expertise
- Practical experience in rate-regulated activities and related financial reporting issues
- A sound understanding of the challenges arising from the practical application of general IFRS Accounting Standards requirements
The selection of members will ensure a balanced mix of professional backgrounds, such as:
- Preparers
- Auditors
- Users
- Academics
- Standard-setters
A geographical balance will also be considered.
Members are appointed in a personal capacity, and no substitute attendance is allowed.
Application details
Applications, in the form of a CV and a cover letter, should be sent to EFRAG at nominations@efrag.org no later than 28 February 2025.
Further information
The Terms of Reference.
