In 2022, the group extended its mission to providing technical advice to the European Commission in the form of fully prepared drafts of EU Sustainability Reporting Standards.

EFRAG's mission is to develop and promote European views in a thought leadership role and to ensure that they are properly taken into account in the IASB standard setting process.

EFRAG hears all views and of all specific circumstances originating in Europe and synthesises these to speak convincingly, clearly and consistently, as the European Voice in Financial Reporting, building its legitimacy on its governance, due process and public accountability.

It ultimately provides advice to the European Commission as to whether IFRS meets the IAS Regulation endorsement criteria for use in the preparation of accounts in the EU.

This assessment includes whether endorsing the newly issued or revised IFRS would be conducive to the European public good.