01/03/2017 - European Council and European Parliament express confidence in EFRAG governance
EFRAG welcomes the provisional agreement reached between the Maltese Presidency and the European Parliament representatives on EFRAG’s funding.
On 27 February 2017, the Maltese Presidency and European Parliament representatives reached a provisional agreement to extend EFRAG's funding for the period 2017-2020.
Jean-Paul Gauzes, President of the EFRAG Board, commented:
"I and everyone at EFRAG greatly appreciate the confidence shown by the Council and European Parliament in EFRAG's activities and governance in deciding to extend our funding under the EU programme. This decision reflects our successful implementation of the Maystadt reforms and our commitment to delivering against our expanded European public good mandate.
We are looking forward to the confirmation of the provisional agreement by the Council and the European Parliament in the coming weeks."
EFRAG's initial funding under the EU's 2014-2020 programme period ran from 2014-2016. A condition for any extension of this funding was successful implementation of the recommendations of Philippe Maystadt, special adviser to the European Commission, in relation to EFRAG's governance and mandate.
Following the Philippe Maystadt recommendations, from October 2014:
EFRAG's membership was enlarged and a decision-making Board was put in place. This ensured a fuller representation of stakeholders with an interest in financial reporting.
In providing endorsement advice to the European Commission, EFRAG became responsible for assessing whether new IFRS standards, amendments and interpretations are conducive to the European public good. This advice supplements EFRAG's assessment against the technical endorsement criteria in the IAS Regulation and may include the undertaking of comprehensive impact assessments.