Report from the Commission to the European Parliament and the Council on the activities of the IFRS Foundation, EFRAG and PIOB in 2015

Regulation No 258/2014 of the European Parliament and of the Council, which extended a Union programme to support specific activities in the field of financial reporting and auditing for the period from 1 January 2014 to 31 December 2020, came into force on 9 April 2014.

According to Article 9 (3) of the Regulation, from 2015, the Commission shall prepare an annual report on the activity of the beneficiaries of the programme, namely the the International Financial Reporting Standards (IFRS) Foundation, the European Financial Reporting Advisory Group (EFRAG) and the Public Interest Oversight Board (PIOB). The scope of the report is further defined in Article 9 (4, 5 and 6) of the Regulation.

This report covers the activities of the IFRS Foundation, EFRAG and PIOB in 2015. However, certain events that took place in 2016 were also mentioned where it was deemed useful for the purpose of this report.