The new interview on the interaction between European views on IASB standard-setting and the valuation professions is now available from IVSC. The panelists, from the European Financial Reporting Advisory Group (EFRAG), include CEO Saskia Slomp; chair of the EFRAG Technical Expert Group Chiara Del Prete; and Senior Technical Manager Rasmus Sommer.
EFRAG is a not-for-profit association established in 2001, with the backing of the European Commission.
Both EFRAG and IVSC provide input to various regulatory organisations, and they share some board members. IVSC Europe Board member Jesús F. Valero is a member of the EFRAG Advisory Panel on Intangibles, and IVSC SRB member Colin Martin is a member of the EFRAG Financial Instruments Working Group.
The interview offers particular insight into EFRAG’s role ‘in a world where investment in intangible assets is becoming more mainstream.’ The new EFRAG Advisory Panel on Intangibles (API) was established three months ago to:
[P]rovide suggestions on how an entity’s reporting on the ways it creates, maintains and enhances value can be improved. The API is thus looking at how entities provide such information, what information is useful for users of financial statements and suggested alternatives to enhance and provide additional useful information in a cost-benefit and effective manner. The API is discussing real-life examples based on information reported in the financial statements as well as tailored examples developed for the purpose of the discussions.
The API will initially focus on the following sectors:
- Biotech, pharmaceuticals, and healthcare equipment and supplies;
- Interactive media and software; and
- Household products, personal products, textiles and apparel, and luxury goods.