The Trustees of the IFRS Foundation, responsible for the governance and oversight of the International Accounting Standards Board (IASB), today welcomed the decision last week by the European Parliament to extend European financial support of the IFRS Foundation, the European Financial Reporting Advisory Group (EFRAG) and the Public Interest Oversight Board (PIOB) for a further period from 2014 until 2020. On 13 March 2014, the European Parliament voted to approve the funding package by 474 votes in favour vs. 28 against.
Commenting on the vote, Michel Prada, Chairman of the Trustees said:
On behalf of the Trustees, I would like to thank the European institutions for renewing their financial contribution to Europe’s share of the global funding of the IFRS Foundation, and in turn continuing with their financial support for our work to implement the G20 requirements of a single set of global accounting standards.
We will continue to work in close cooperation with the European Commission, to fully support its evaluation of Europe’s experience of IFRS and give consideration to any recommendations related to enhancements of the governance arrangements of the Foundation as part of our public consultation on the structure and effectiveness of the IFRS Foundation, due to begin in 2015.