The European IFRS Endorsement Process - in Search of a Single Voice

Van Mourik, Carien and Walton, Peter (2018). The European IFRS Endorsement Process - in Search of a Single Voice. Accounting in Europe, 15(1) pp. 1–32.

DOI: https://doi.org/10.1080/17449480.2018.1438635

Abstract

We analyse the creation and development of the European Financial Reporting Advisory Group (EFRAG), a key part of the EU endorsement mechanism for International Financial Reporting Standards (IFRS), which was probably the first example of a dedicated IFRS endorsement system. We discuss the historical background to the EU approach and we analyse how EFRAG evolved over its early years up to the Maystadt reform. Our analysis addresses its remit, its operational structure and financing and the key decisions made in the endorsement process over this period. We find that while national standard-setters had a limited role in the early stages, and EFRAG had limited resources, over time the pressure to find more resources and to try to achieve a unified voice in the creating of international standards have resulted in national standard-setters playing an ever-greater role. Nonetheless, a single voice for Europe is not likely to be attained.

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