14/11/2024 - EFRAG calls for new members of its EFRAG Rate-regulated Activities Working Group

Objective of the EFRAG RRAWG

EFRAG has benefited from its Rate-regulated Activities Working Group (EFRAG RRAWG) for over ten years. The EFRAG RRAWG supports EFRAG FR TEG in providing technical advice to the EFRAG FRB on the financial reporting issues arising from rate-regulated activities. The EFRAG RRAWG contributes specialist accounting expertise along with knowledge of the sectors subject to rate-regulation, with an emphasis on the specific European context.

Membership Renewal

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 renewing the membership of the EFRAG RRAWG and is particularly seeking more preparers and users to join the working 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.

Member Requirements

Members of the EFRAG RRAWG should have good knowledge of the rate-regulated environment, specific technical expertise and practical experience of rate-regulated activities and the related financial reporting issues, along with a sound understanding of the issues arising from the practical application of general IFRS Accounting Standards requirements. The selection of members will aim to ensure a good mix of different professional backgrounds, e.g. preparers, auditors, users, academics and standard-setters. A geographical balance will also be respected. Members are appointed in a personal capacity and no substitute attendance is allowed.

Membership and Application Details

Current members are eligible for reappointment, taking into account a balanced overall composition of the EFRAG RRAWG.

The size of the group is limited to around 20 members.

Applications, in the form of a CV and a cover letter, should be sent to EFRAG at nominations@efrag.org no later than 15 December 2024.

Further Information

The Terms of Reference can be downloaded here.