08/02/2007 (Agence Europe) - The Commission on 8 February announced the nomination of the seven members of the Standards Advice Review Group on accounting standards (see EUROPE 9236). The members of the committee are: Josef Jílek, Elisabeth Knorr, Carlos Soria Sendra, Hervé Stolowy, Enrico Laghi, Jan Klaasen, and Geoffrey Mitchell. This committee, which was introduced by Regulation (EC) No 1606/2002 on the application of international accounting standards, is the institutional counterweight to the European Financial Reporting Advisory Group (EFRAG), a private body of professional accounting organisations set up in 2001 (see EUROPE 7902). Its primary mission is to give opinions on the compatibility of International Financial Reporting Standards (IFRS) and International Financial Reporting Committee Interpretations (IFRIC) with European legislation. They will look in particular at the provisions of Regulation (EC) No 1606/2002 on the comprehensibility, relevance, reliability and comparability of international accounting standards as well as the “true and fair principle” cited in directives 78/660/EEC and 83/349/EEC concerning annual and consolidated accounts of certain kinds of companies. (mb)