The EFRAG Supervisory Board has appointed a new member to the EFRAG Technical Expert Group (TEG): Roberto Monachino
Roberto Monachino appointed member of the EFRAG TEG
EFRAG (European Financial Reporting Advisory Group) was established in 2001 at the initiative of the main parties involved in issues concerning financial reporting, including users, preparers and those in the accountancy profession (backed by National Standard Setters).
EFRAG focuses on two objectives:
Its first objective is to proactively contribute to the work of the IASB (International Accounting Standards Board). To this end, EFRAG
provides analyses and commentaries on the main accounting standards and proposals for new accounting standards issued by the IASB, with a view to guaranteeing that European interests and characteristics are suitably represented when discussing and setting forth accounting standards;
submits issues of particular interest to Europe to the attention of the IASB.
Its second objective is to provide the European Commission with an evaluation as to whether the application of an accounting standard issued by the IASB is of interest to Europe.
In this regard, EFRAG assesses whether the accounting standard:
complies with the principle of providing a true and fair view of accounts;
respects the requirements of comprehensibility, material relevance, reliability and comparability, thus guaranteeing that financial information may be used for decision-making and assessment purposes by management.
EFRAG is structured into two tiers:
The Technical Expert Group (TEG), comprised of highly-qualified experts, and concerned with technical activities;
The Supervisory Board of European Organization, which guarantees representation of European interests, thus enhancing the legitimacy and credibility of EFRAG itself.
The TEG is responsible for carrying out the technical work of EFRAG, which it performs on the basis of a wide consultation process and in association with all the European Standard Setters.
The main functions of the TEG are to:
Provide a proactive contribution to the work of the IASB through a commentary of the standards and interpretations issued by international standards setters and the preparation of technical and conceptual papers on new issues to be submitted to the IASB;
Initiate changes to EU accounting directives in order to steer the European Commission in its assessment of potential conflict of international accounting standards with accounting directives and recommend changes to such directives;
Technically assess IAS/IFRS and their relative interpretations through the approval or rejection of newly issued international accounting standards;
Provide guidance for the implementation of accounting standards where the indications provided by international accounting standards do not sufficiently guarantee their consistent application within the European Union.
In performing its functions the TEG is supported by a number of different working groups.
Roberto Monachino is senior manager for Planning, Control and Accounting at Unicredit Banca Mobiliare.
Along with his institutional duties, Mr Monachino was responsible for the transition of the Unicredit Group to international accounting standards as regards financial instruments.
He has also been a member of various FBE (European Banking Federation) and ABI (Italian Banking Association) working groups on international accounting standards.
Within the ABI, Mr Monachino was project manager for the ABI - Bluebook Project on the treatment of derivative instruments within the scope of international accounting standards.
Before becoming a part of the Unicredit Group, Mr Monachino was managing director and back office manager for banks and financial institutions.