by Federica Tedeschi
The European Financial Reporting Advisory Group (EFRAG) and the Organismo Italiano di Contabilita` (OIC) organised a stakeholders conference in Rome on impact analysis and better communication in financial reporting.
EFRAG president Jean-Paul Gauzès told the audience that since the Maystadt reform, the legitimacy and role of EFRAG have been strengthened and the group itself had demonstrated its capability to involve all stakeholders through the whole financial cycle. He consequently highlighted the need to continue investing in and consolidating the group’s role.
Gauzès stressed that EFRAG’s mission is to serve the European public interest by developing and promoting European views in the field of financial reporting and ensure they are embedded in the IASB standard-setting process and in related international debates.
Highlights from the conference include a key note speech from International Accounting Standards Board (IASB) member Françoise Flores on IASB preparing to implement IFRS17 with a range of initiatives.
Followed a roundtable facilitated by OIC chairman Angelo Casò, on best ways for impact analysis to be integrated throughout the standard-setting process.
The second roundtable discussion on better communication, focused on both integrated reporting and the effects of technology on the future of financial reporting and was facilitated by EFRAG vice-president Andreas Barckow.