EFRAG, formerly known as the European Financial Reporting Advisory Group, is the leading European force in the European financial reporting debate. It was established in 2001 by European stakeholder organisations with an interest in financial reporting, representing the business community, investors and the accountancy profession.

• EFRAG’s activities are aimed at developing and promoting European views on the development of IFRS and at ensuring that these views are properly and clearly articulated in the IASB international standard-setting process and in related international debates, so that ultimately IFRS are fit for Europe. This includes the interaction with economic concerns such as financial stability, economic growth, and the European common good. EFRAG works closely with the IASB, National Standard Setters and European stakeholder organizations, in Europe and worldwide.
• EFRAG provides advice to the European Commission on whether newly issued or revised IFRS meet the criteria in the IAS Regulation for endorsement for use in the EU, including whether endorsement would be conducive to the European public good.
• EFRAG is the standardsetter for sustainability reporting rules (the ESRS within the framework of the CSRD) and acts as advisor to the European Commission.