European Financial Reporting Advisory Group (EFRAG)

The European Financial Reporting Advisory Group (EFRAG) is a European private, not-for-profit organization that works to promote a single accounting framework for companies in Europe. The organization is funded by European governments, businesses, stakeholders and standard setters. Founded in 2002, it advises the European Commission and the European Union on existing and future European accounting standards.

EFRAG's objective is to support the continuous improvement of accounting in Europe by promoting the development and implementation of high quality, pan-European accounting standards. This is achieved through a range of activities, including assessing new accounting standards, assisting in the implementation and application of existing standards, and making recommendations to the European Commission.