Founded in 2001 and based in the City of Brussels, the European Financial Reporting Advisory Group (EFRAG) operates within the financial services sector. EFRAG provides technical expertise and advice to the European Commission on International Financial Reporting Standards (IFRS), ensuring that European perspectives are integrated into the global standard-setting process. The organization’s activities include participating in the IASB’s consultation process, offering proactive work to shape financial reporting, and assessing the implications of IFRS for the European public good.