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IFRS Foundation voice concerns over Maystadt report

The IFRS Foundation has expressed some strategic and operational concerns regarding the Maystadt.

EU commissioner for internal market and services Michel Barnier appointed Philippe Maystadt as special adviser to reinforce the European Union's contribution to international accounting standards in March.

Maystadt published his findings in a report last month and recommended a transformation of the European Financial Reporting Advisory Group (EFRAG). With the aims of reinforcing its structure and giving it a legitimate voice to represent European positions to the International Accounting Standards Board (IASB) when the IASB's standards are being developed.

In their comment to the report, The IFRS Foundation highlighted concerns that the transformation of EFRAG might result in "the further lengthening of what are already very lengthy procedures".

The IFRS Foundation also warned that by reforming EFRAG Europe could be putting in place an endorsement mechanism which would introduce changes to European accounting standards that deviate from international norms.

IFRS Foundation trustees chairman Michel Prada said: "We welcome many of the conclusions of Maystadt's report, in particular his clear commitment to global accounting standards and his desire to ensure that Europe remains a full and committed member of the IFRS family."

"At the same time, our previous feedback has noted various strategic and operational concerns that have the potential to undermine this commitment. We look forward to working in close co-operation with European institutions in the implementation of these recommendations," he added.



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