Report from the Commission to the European Parliament and the Council on the progress achieved in the implementation of the reform of EFRAG following the recommendation provided in the Maystadt report

The Regulation of the European Parliament and of the Council, which extends 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 following its publication in the Official Journal.

The general objective of the Union programme is to improve the conditions for the effective functioning of the internal market by supporting the transparent and independent development of international financial reporting and auditing standards.

Article 3 of the Regulation stipulates that the beneficiaries of the programme in the field of financial reporting are:
- the European Financial Reporting Advisory Group (EFRAG),
- the International Accounting Standards Committee Foundation (IASCF) legally succeeded by the IFRS Foundation.

In the field of auditing, the beneficiary is:
- the Public Interest Oversight Board (PIOB).

According to Article 9 (1) of the Regulation, by 31 March 2014, the Commission shall submit the first report to the European Parliament and to the Council on necessary governance reforms in the area of accounting and financial information in respect of EFRAG, taking into account, inter alia, the developments following the recommendations set out in the special advisor's report and on the steps that EFRAG has already taken to implement those reforms.

The scope of this report only covers the implementation of the reform of EFRAG following Philippe Maystadt’s report, which set out recommendations for such reform and was discussed by the ECOFIN Council on 15 November 2013.

• Primary Source

EUR-Lex: COM(2014)396: Follow the progress of this report through the decision-making procedure http://eur-lex.europa.eu/legal-content/EN/HIS/?uri=COM:2014:396:FIN

ESO: Background information: Commissioner Barnier prolongs Philippe Maystadt’s mission with a view to ensuring adequate and timely follow-up of EFRAG reform http://www.europeansources.info/record/press-release-commissioner-barnier-prolongs-philippe-maystadts-mission-with-a-view-to-ensuring-adequate-and-timely-follow-up-of-efrag-reform/

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