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November 10, 2016updated 15 Jan 2021 11:50am

ECON supports proposal to extend EFRAG’s financing

By Heather Jimaa

The European Parliament’s Committee on Economic and Monetary Affairs (ECON) has voted on a report supporting a proposal by the European Commission (EC) to extend the financing of the European Financial Reporting Advisory Group (EFRAG) beyond 2016.

 The EU Regulation of the European Parliament and of the Council of 3 April 2014 established a programme of EU co-financing of the EFRAG, the International Financial Reporting Standards (IFRS) Foundation, and the Public Interest Oversight Board (PIOB).

 It also gave the legal means for the continuation of financing the IFRS Foundation and PIOB for 2014-2020 and of EFRAG for 2014-2016.

The agreement limited the financing of EFRAG to three years due to possible reforms that may arise from the Maystadt Report.

 In April 2016, the EC concluded that the governance reform of EFRAG was successfully implemented on 31 October 2014. As a result, the EC proposed the extension of the European Union co-financing of EFRAG further for 2017 – 2020 under the programme established by the regulation.

 Acting on behalf of the EP, ECON has voted in favour of several more amendments to the EC proposal.

 The report also suggests that at some future point it might be appropriate that the commission submits a legislative proposal to transform EFRAG into a public agency in the long term.

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