Wolf Klinz, Chairman of the European Financial Reporting Advisory Group (EFRAG), emphasised the influence of his organisation in the global accounting sector at his hearing before the European Parliament’s Committee on Economic and Monetary Affairs (ECON) on Monday 14 July. In fact, he was being heard for the renewal of his mandate, proposed by the European Commission.
“We are seen and recognised as a highly professional organisation throughout the world”, he assured MEPs. Despite the more complicated relationship with the United States, he certified that the EU, through EFRAG, maintains very close relations with a number of third countries that are members of the International Accounting Standards Board (IASB), based in London. He mentioned Australia, New Zealand, Canada, South Korea and Japan in particular. “They enrich our internal discussions”, he stressed.
“The IASB very often takes our input as the feedback that we can deliver. And is grateful for the input and feels that due to that input, they can improve the work that they are doing”, he confided.
With regard to the risks of overloading companies with red tape, he said he was “quite optimistic” about financial reporting despite the competitive situation. However, with regard to sustainability reporting, he acknowledged that EFRAG had not had “a strong enough dialogue with stakeholders to see where their red line was” (see EUROPE 13679/19).
The ECON Committee will vote on the renewal of its three-year mandate on Tuesday 15 July. (Original version in French by Anne Damiani)