Report on the activities of the IFRS Foundation, EFRAG and PIOB in 2018 and the achievements of the Union programme

Summary:

Report presented on 29 October 2019 by the European Commission on the activities of the International Financial Reporting Standards Foundation (IFRSF), the European Financial Reporting Advisory Group (EFRAG) and the Public Interest Oversight Board (PIOB).

Further information:

Regulation No 258/2014 establishes a Union programme to support specific activities in the field of financial reporting and auditing. The objective of the programme is to improve the conditions for the efficient functioning of the internal market by supporting the transparent and independent development of international high-quality financial reporting and auditing standards.

This report covers the activities in 2018 of the International Financial Reporting Standards Foundation (IFRSF), the European Financial Reporting Advisory Group (EFRAG) and the Public Interest Oversight Board (PIOB). It also provides an assessment of the governance of these three bodies, in particular in terms of the prevention of conflict of interest, transparency, diversity of experts, diversity of funding, public accountability and public access to documents.

In addition, an assessment of the achievements of the funding programme covering the period 2014-2019 is set out in the annex.