Member States endorse agreement reached by the Lithuanian Presidency on renewal of Union programme for financial reporting and auditing for 2014-2020

12 December 2013, Last updated at, 10:56 EET
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The Permanent Representatives Committee (COREPER I) on December 11 in Brussels confirmed the compromise text regarding the Proposal for a Regulation of the European Parliament and of the Council on establishing a Union programme to support specific activities in the field of financial reporting and auditing for the period of 2014-2020. This allows reaching a first reading agreement with the European Parliament on the Regulation, after the formal voting in the European Parliament and later formal adoption in the Council.
 

“I believe that this Regulation will help to improve the conditions for the efficient functioning of the internal market by supporting transparent and independent development of international financial reporting and auditing standards, and enabling direct contributions to the funding of the European Financial Reporting Advisory Group (EFRAG), the International Financial Reporting Standards Foundation (IFRS Foundation) and the Public Interest Oversight Board (PIOB) from the Union budget,” said the Chair of the Permanent Representatives Committee, Deputy Permanent Representative of Lithuania to the EU ambassador Arūnas Vinčiūnas.

The agreed compromise text envisages a shorter period of 3 years to support EFRAG, taking into account the developments following the recommendations of the Special Advisor Philippe Maystadt to the Commission for Internal Market and Services of October 2013. This Regulation foresees that by the end of 2014, the Commission will submit a report to the European Parliament and the Council on the findings of evaluation of the Regulation (EC) No 1606/2002 on the application of international accounting standards and where appropriate submit a proposal to amend it. As of 2015, the Commission will prepare an annual report on the activities of all three beneficiaries.

Decision No 716/2009/EC that provides the financing of the beneficiaries of the Programme will end in 2013 and this Regulation will ensure retroactive funding to the beneficiaries as of 1 January, 2014.
 

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