Brussels, 04/12/2013 (Agence Europe) - On Tuesday 3 December, the Lithuanian Presidency and representatives of the European Parliament reached agreement on a draft regulation on the EU's annual financial contribution to various entities which draw up accounting rules in force in the EU.
The Foundation for International Financial Reporting and Services (IFRS) will get €4.3 million; the European Financial Reporting Advice Group (EFRAG) will get €3.4 million; and the Council for Supervising the Public Interest (PIOB) will get €300,000.
Internal Market Commissioner Michel Barnier said: “This agreement to renew the financing programme of the IFRS Foundation, the EFRAG and the PIOB is a very important step towards ensuring that these organisations continue to play an important role in the development of accounting and auditing standards and that the EU's interests are properly taken into account in that process”.
In mid-November, the Ecofin Council endorsed the recommendations of the Maystadt Report on increasing the EU's influence on the drawing up of IFRS rules used by European companies quoted on the stock exchange for their consolidated financial accounts (see EUROPE 10965). (MB/transl.fl)