28/02/2017 (Agence Europe) – On Tuesday 28 February, the Maltese Presidency of the Council of the EU and the European Parliament reached an inter-institutional political agreement setting at €14 million over the period 2017-2020 the financial operating subsidy to be allocated to the European Financial Reporting Advisory Group (EFRAG). This “adequate” funding will allow EFRAG to carry out its mission of advising the European Commission on financial reporting, said the Maltese Minister for the economy, Christian Cardona, in a Council press release. The sum allocated will cover 60% of the group's budget. EFRAG, which was set up in 2001, is a private association bringing together interested parties and national organisations. It is striving to become the 'European voice' on financial reporting within the International Accounting Standards Board (IASB), the organisation responsible for deciding on accounting standards at international level. (MB)