Ask FERF about ... international standard-setting organizations.

• Author: Orenstein, Edith
• Position: Resources - Directory

With acronyms of international accounting and auditing standard-setting organizations bubbling up alongside U.S. organizations in an increasingly dense "alphabet soup," much confusion can arise. As convergence becomes more of a reality, it's a good time to get familiar with these organizations. FERF has prepared the following list of significant global organizations as a guide:

CAG [Consultative Advisory Group of IAASB] Provides technical input and advice to the IAASB. Members include regulators, preparers, users of financial statements and others.

CESR [Committee of European Securities Regulators] Formed by the European Commission (EC) to improve coordination among securities regulators, act as an advisory group to the EU and ensure consistent implementation among members.

EC [European Commission] Issues directives in matters relating to accounting, auditing and corporate governance. EC's Internal Markets Committee and Committee on Auditing are involved in policy issues relating to the quality and transparency of reported financial information; also takes part in EC efforts to coordinate with international standard-setters such as the IASB, IFAC and World Bank.

EU [European Union] EU's Accounting Regulatory Committee (ARC) considers issues regarding endorsement of IAS/IFRS for use within the EU. The EU's Contact Committee is an advisory body that advises the EC on its accounting directives.

EFRAG [European Financial Reporting Advisory Group] A private-sector, privately funded group formed to proactively contribute to the work of the IASB and to advise the EU's ARC and CESR on endorsement of international accounting standards. EFRAG has a Technical Expert Group (TEG) and a Supervisory Board of European Organizations. The EC, IASB and CESR are observers of EFRAG.

IAASB [International Accounting and Auditing Standards Board] Part of IFAC, issues International Standards on Auditing (ISAs), International Standards on Quality Control (ISQCs) and other standards relating to ethics, education, assurance and other services. See also CAG.

IASB [International Accounting Standards Board] An independent, privately funded accounting standard-setter. Its board comes from nine countries. IASB is committed to developing a single set of high-quality, understandable and enforceable global accounting standards. In addition, it cooperates with national accounting standard-setters, including the U.S. Financial Accounting Standards Board (FASB), to achieve...