Report from the Commission to the European Parliament and the Council on the activities of the IFRS Foundation, EFRAG and PIOB in 2014

Regulation No 258/2014 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. The general objective of the 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.

The Regulation stipulates the beneficiaries of the programme. In the field of financial reporting these are the European Financial Reporting Advisory Group (EFRAG) and the International Financial Reporting Standards (IFRS) Foundation. In the field of auditing, the beneficiary is the Public Interest Oversight Board (PIOB).

According to Article 9(3) of the Regulation, from 2015, the Commission shall prepare an annual report on the activity of the IFRS Foundation as regards the development of IFRS, of PIOB and of EFRAG. This report covers the activities of the IFRS Foundation, EFRAG and PIOB in 2014. However, certain events that took place in 2015 were also mentioned where it was deemed useful for the purpose of this report.