EFRAG (European Financial Reporting Advisory Group) is a private association established in 2001 with the encouragement of the European Commission to serve the public interest.

EFRAG's role is to ensure that International Reporting Standards are responsive to European needs and concerns. EFRAG consults publicly with all stakeholders that have an interest in financial/sustainability reporting to develop evidence-based understanding about specific European circumstances.

Goal: To provide technical expertise to the European Commission concerning the use of International Accounting Standards within Europe

EFRAG’s activities are organised in two pillars: A Financial & Sustainability Reporting Pillar

In the next video, we will explain EFRAG's view on the materiality assessment, and their idea to set up the proces.

Disclaimer: This is a suggestion by EFRAG, and should not be seen as the holy grail for materiality assessments. The materiality assessment is a process that should be adapted to the reality of your company, taking into account unique situations and activities. Currently the MAIG (Materiality Assessment Implementation Guidance) is under review and not finalised.