Summary
This proposal amends the existing Union programme to increase funding and strengthen oversight of organizations involved in financial reporting and auditing, such as EFRAG and the IFRS Foundation. It aims to improve transparency and democratic legitimacy in the development of international accounting standards. 10 19.05.2017
Other
finance
economy
public administration
business and competition
Key points
In force from 01/01/2017
- The total budget for the Union programme is increased to over 57 million euros.
- A specific funding amount of over 23 million euros is allocated to EFRAG.
- The IFRS Foundation must now provide more detailed reports on governance, transparency, and the prevention of conflicts of interest.
- Standard-setting organizations are required to submit annual reports on their implementation of Union policies and participate in parliamentary hearings.
Documents (PDFs)
REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 258/2014 establishing a Union Programme to support specific activities in the field of financial reporting and auditing for the period of 2014-20
Union programme to support specific activities in the field of financial reporting and auditing ***I
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