SME accounting evolution in Europe: the role of EFRAG

In this paper, it was considered appropriate to use the occasion of the current phase of great changes in SME accounting in Europe to analyse the EFRAG's main contributions to the evolution in progress. Following a mainly chronological order, the second section provides a brief summary of the key phases of the IASB 's drafting, implementation and review processes for IFRS for SMEs, highlighting EFRAG's dual role of proactive contributor to the IASB and of technical adviser to the European Commission. The third section focuses on analysis of the role played by EFRAG during the EU accounting directives' review process. The final section offers some concluding remarks on the role of EFRAG and on the possible evolution of EU governance in the field of accounting and financial reporting.