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About the Effects Analysis Consultative Group (EACG)

In their February 2012 report Strategy Review 2011, the Trustees of the IFRS Foundation recommended the establishment of a working group from the international community, to be chaired by the International Accounting Standards Board (Board), to develop an agreed methodology for fieldwork (including field testing and visits) and effect analyses. In that report, the Trustees noted that fieldwork and effect analyses are now considered best practice in the establishment of regulations.

These activities form a regular part of the Board's standard-setting activity. However, the Trustees believed that the Board should better define how such activities are carried out by bringing together an external group to help the board develop an agreed methodology.

A primary objective of the Effects Analysis Consultative Group was to address the following two questions:

  • Were the Board's processes for considering and communicating the likely effects of the new financial reporting requirements meeting the needs of investors, preparers, auditors and securities regulators?
  • Were the needs of those users and the needs of the broader regulatory community aligned? If they were not, what additional information did these regulators need, and what was the Board's role in helping them get that information?

The Effects Analysis Consultative Group completed its work in November 2014 by issuing a report to the Trustees on assessing and reporting the likely effects of new or amended IFRS Standards.

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