Blümel: Austria's membership of EFRAG strengthens our interests at international level
Austria has joined the European Financial Reporting Advisory Group (EFRAG) as the organization's newest member. EFRAG plays an important role in setting international rules for financial reporting by businesses in the European Union. In EFRAG, Austria will be represented by the Ministry of Finance, the Ministry of Justice and the Austrian Financial Reporting and Auditing Committee.
According to Finance Minister Gernot Blümel, "By joining EFRAG, Austria is strengthening its national interests at an international level. Membership will enable us to play a greater active role in the process of setting European and international standards in terms of financial reporting. At the same time, we will add weight to the voice of the Austrian financial market on another key European committee."
EFRAG develops European positions on accounting issues and ensures that reasonable account is taken of these positions in the standard-setting processes of the International Accounting Standards Board (IASB). When adopting newly-published or revised standards, EFRAG advises the European Commission on whether such standards fulfil the necessary criteria for adoption in European law. Within the framework of a newly-created 'European lab', in addition, innovations in the area of financial and non-financial corporate reporting will be identified and promoted. Membership enables involvement at an early stage in the standard-setting process for financial and non-financial reporting. Austria was accepted as a member on 25 March 2021 at EFRAG's General Assembly, and at the same time, Austria's nominated representative, Mag. Gerhard Prachner, was appointed as a member of the EFRAG Board.