The European Financial Reporting Advisory Group, which consults to the International Accounting Standards Board in London on standard-setting, and is perceived as the European counterpart to the Financial Accounting Standards Board (although without the U.S. organization's standard-setting authority), said that it plans to triple its annual operating budget by 2010, to $9 million.A European Commission official told Accounting Today that the increase would elevate EFRAG to approximately the same level that FASB devotes to similar consulting activity on standards.

Contingent on an agreement from EFRAG's funding institutions and the commission, the upgraded budget would allow an increase in staff from its present count of eight to 25, including, for the first time, a communications manager.

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