6 Amendments of Pervenche BERÈS related to 2012/0364(COD)
Amendment 19 #
Proposal for a regulation
Recital 3
Recital 3
(3) In a global economy, there is a nea global accounting language is a legitimate aim. The G20 has repeatedly called for a global accounting languagstandards and convergence. International Financial Reporting Standards (IFRS) developed by the International Accounting Standards Board (IASB) are adopted and used in manya number of jurisdictions around the world. S, often with qualifications or limitations, but are not used by the United States or Japan. In any event, such international accounting standards need to be developed under a transparent and democratically accountable process. To ensure that the interests of the Union are respected and that global standards are of high quality and compatible with Union law, it is essential that the interests of the Union are adequately taken into account in that international standard-setting process.
Amendment 35 #
Proposal for a regulation
Recital 12
Recital 12
(12) In addition to changing their funding patterns, the IFRS Foundation and EFRAG have undergone governance reforms to ensure that through their structure and processes they accomplish their public interest mission in an independent, efficient, transparent and democratically accountable manner. In relation to the IFRS Foundation, the Monitoring Board was created in 2009 to ensure public accountability and oversight, the effectiveness of the Standards Advisory Council has been enhanced, transparency has been improved and the role of impact assessments has been formalised as part of the due process of the IASBEfforts to improve the way in which these bodies are governed will continue on the basis of the conclusions of the special adviser to the Internal Market Commissioner. Experience shows that it is as vital as ever to bring about a change in these bodies’ governance arrangements. Their funding, and the annual renewal thereof, should therefore be conditional on them meeting a number of criteria relating to the principles which govern the substance of the standards, and to the governance of these bodies.
Amendment 41 #
Proposal for a regulation
Recital 15
Recital 15
(15) The co-financing programme to be established by this Regulation is expected to contribute to the objectives of ensuring comparability and transparency of company accounts throughout the EU, to making the needs of Europe heard in the global harmonization of financial reporting standards by. Speaking with one European voice would help promotinge the international acceptance of IFRS and to promoting convergence and high quality international standards for auditing in all Member States. This programme also contributes to the Europe 2020 strategy by reinforcing the single market of financial services and capital, and contributes to the strategy's external dimension as well.
Amendment 48 #
Draft legislative resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Points out that the financial envelope specified in the legislative proposal constitutes only an indication to the legislative authority and cannot be fixed until agreement is reached on the proposal for a regulation laying down the multiannual financial framework for the years 2014-2020; stresses the need, therefore, to create close linkage between the financing programme and the objectives of the reform of the recipient bodies, in the interests of the Union;
Amendment 67 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
Financing under the Programme shall be provided in the form of operating grants. Financing shall be awarded on an annual basis, and its renewal shall be conditional on compliance with criteria relating to the objectives and content of the standards, and with criteria concerning developments in European governance and the IFRS Foundation. The criteria relating to the objectives and content of the standards shall be based on the following principles: - the requirement that IFRS standards must take account of European needs; - the requirement to comply with the European interest and true and fair view criteria referred to in Regulation (EC) No 1606/2002, and not only to scrutinise the quality of the standards on the basis of the IASB’s own criteria; - the requirement that IFRS standards must take account of their impact on the economy and financial stability, on the basis of an impact assessment; - the requirement that IFRS standards should call into question all bias towards the short term, whether it arises from (a) the emphasis placed on ‘fair value’, i.e. the market value and its relevance from the viewpoint of an investor; or (b) more generally, the ‘balance sheet approach’, which gives more weight to accounting for assets and liabilities on the basis of sui generis concepts, which users have identified as sources of complexity; - the requirement to reincorporate, without limitations, into the conceptual framework now being amended, the principles of prudence and reliability, combined with changes to the standards to reflect the revisions to the conceptual framework. The criteria relating to developments in European governance shall be based on the following principles: - the requirement to take account, on duly substantiated grounds, of the European interest, on the basis of European needs; - the requirement to base new European governance on the expertise and resources of national standard-setting bodies in the accounting sphere; - the requirement to take account of the diversity of views in Europe, which reflects the diversity of European accounting traditions. The criteria relating to the IFRS Foundation shall be based on the following principles: - while exchanges with countries which do not apply the IFRS are clearly useful, their role in the non-advisory bodies of the IASB must be reviewed in the light of the fact that they do not use the standards; - the granting of funding cannot be enough to compensate for not applying the standards nationally whilst persons from the country in question occupy key positions in the organisation; - the co-financing programme must highlight spending aimed at encouraging the adoption of and promoting IFRS standards in third countries.
Amendment 75 #
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. In order to implement the programme, the Commission shall adopt annual work programmes, to be approved by the European Parliament. They shall set out the objectives pursued, the expected results, the method of implementation and their total amount. They shall also contain a description of the actions to be financed, an indication of the amount allocated to each action and an indicative implementation timetable. They shall include for grants the priorities, the essential evaluation criteria and the maximum rate of co-financing.