Activities of Pervenche BERÈS related to 2016/2006(INI)
Shadow reports (1)
REPORT on International Accounting Standards (IAS) evaluation and the activities of the International Financial Reporting Standards (IFRS) Foundation, the European Financial Reporting Advisory Group (EFRAG) and the Public Interest Oversight Board (PIOB) PDF (341 KB) DOC (145 KB)
Amendments (19)
Amendment 6 #
Motion for a resolution
Citation 12
Citation 12
- having regard to the commentsletter of 14 January 2014 made by the Committee on Economic and Monetary Affairssent on behalf of the ECON Coordinators commenting on the IASB discussion paper entitled ‘'A Review of the Conceptual Framework for Financial Reporting’',
Amendment 14 #
Motion for a resolution
Recital B
Recital B
B. whereas the IFRSpurpose of the IFRS is to strengthen accountability by reducing the information gap between investors and companies, to protecting investment and bring, to bring transparency through enhancing the international comparability and quality of financial information and to enablinge investors and other market participants to make informed economic decisions, and therefore influence the behaviour of actors in financial markets and impact the stability of these markets;
Amendment 20 #
Motion for a resolution
Recital D
Recital D
D. whereas the free global movement of capital requires a global system of accounting standards; whereas the IFRS are applied in 116 jurisdictions under different modalities (full adoption, partial, option or convergence), but not in the US for domestic issuers;
Amendment 29 #
Motion for a resolution
Recital I
Recital I
I. whereas the IASB delivered the IFRS 9 financial instruments as a key response to the crisissome aspects of the crisis and its impact on the banking sector; whereas EFRAG’'s advice on IFRS 9 was positive;
Amendment 30 #
Motion for a resolution
Recital I
Recital I
I. whereas the IASB delivered the IFRS 9 financial instruments as a key response to the crisis; whereas EFRAG’s advice on IFRS 9 was positive with a number of observations (concerning the use of 'fair value' in case of market difficulties, the lack of conceptual basis regarding the 12- month loss provisioning approach, the unsatisfying provisions pertaining to long term investment) and a reserve made on the applicability of the norm to the insurance sector, which is acknowledged by the IASB itself;
Amendment 34 #
Motion for a resolution
Recital K
Recital K
K. whereas the governance structure of the IFRS Foundation is under review, in accordance with its constitution; whereas this is therefore the right time to review the organisational set-up and the changes required for the governing and monitoring bodies of the IFRS Foundation and the IASB, with a view to integrate them into public international institutions;
Amendment 37 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. WelcomesTakes note of the Commission’'s IAS evaluation report on the application of the IFRS in the EU and its assessment that the objectives of the IAS Regulation have been met; calls on the standard setter to ensure that the IFRS are coherent within the existing body of accounting standards and promote convergence at the international level; calls for a more coordinated approach in developing new standards, including coordinated timelines for application;
Amendment 40 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Calls on the Commission to put forward proposals on howcomply urgently to the Maystadt recommendation regarding expanding the ‘'public good’' criterion – i.e. that accounting standards should neither jeopardise financial stability in the EU nor hinder the EU’'s economic development – will be taken into accountand to ensure that this criterion will be fully respected during the endorsement process; urges the Commission, together with EFRAG, to issue clear guidelines on the meaning of the ‘'public good’' and the ‘'true and fair view’' in order to arrive at a common understanding of these endorsement criteria;
Amendment 55 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that the effects of an accounting standard must be fully understood; insists that it should be a priority for the IASB and EFRAG to strengthen their impact analyses and to assess the specific needs of, notably in the field of macroeconomics and to assess the different needs of the wide variety of stakeholders, including long term investors and companies; calls on the Commission to evaluate the situation and provide the resources needed in order to strengthen the capacity of EFRAG to conduct proper impact assessments;
Amendment 56 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Calls on the Commission to make sure that IFRS 9 serves EU long-term investment strategy aimed at enhancing digital and ecological transition, especially by restricting provisions which could introduce excessive short term volatility in financial statements;
Amendment 57 #
Motion for a resolution
Paragraph 4 b (new)
Paragraph 4 b (new)
4b. Considers that the ECB and ESAs, as observers of the EFRAG Board following the reformed governance arrangements, would contribute positively to better take into account effects on financial stability;
Amendment 66 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Believes that a healthyrobust dialogue should continue between the IASB and the US accounting standards setter, despite the slowwhile the convergence progrcess of the convergence processhas de facto been interrupted by the US;
Amendment 68 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. WelcomNotes the intention of the Commission to explore with the IASB the possibility of developing common high quality and simplified accounting standards for SMEs which could be used at EU level by SMEs listed on Multilateral Trading Facilities (MTFs), and more specifically SME growth markets; requests that such an evolution should be carefully followed and the European Parliament fully informed, taking into account the 'better regulation' process;
Amendment 77 #
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Calls on EFRAG and the Commission to examine as soon as possible whether accounting standards allow tax fraud and tax avoidance and to make all necessary changes to correct and prevent potential abuse;
Amendment 78 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. SupportsNotes that the Commission recommendations that the Monitoring Board of the IFRS Foundation should shift the focus of its attention from the issue of internal organisation to discussing matters of public interest that could be referred to the IFRS Foundation; believes, however, that further progress should be achieved as regards the governance of the IFRS foundation and of the IASB, notably in terms of transparency, of prevention of conflicts of interests and of diversity of hired experts; believes, furthermore, that standard setters should be integrated into public international institutions;
Amendment 91 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Emphasises that the EFRAG reform willneeds to improve the European contribution to the development of the new IFRS and could participate in the reform of governance of the IFRS Foundation;
Amendment 93 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Is concernedDeplores that EFRAG has been operating for some time without a President given the key role he/she plays in reaching consensus and in expressing a clear, strong European voice on accounting matters at the international level; urges therefore the Commission to speed up the recruitment process, fully taking into account the role of the European Parliament and of its Committee on Economic and Monetary Affairs;
Amendment 96 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Welcomes the EFRAG reform which took effect on 31 October 2014; calls on the Commission to propose the extension of the Union Programme for EFRAG for the period 2017-2020 and acknowledges that significant effort has been made in this regard; calls on the Commission to ensure proper financing for EFRAG for the period 2017-2020 based on an annual comprehensive assessment of its agreed reform;
Amendment 100 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Welcomes the fact that in 2014 the PIOB diversified its funding andbut regrets that the IFAC funding contribution was less thanstill reaches around two- thirds of the total annual PIOB funding; notes that there was therefore no need for the Commission to limit its annual contribution, as stipulated in Article 9.5 of Regulation (EU) No 258/2014 of the European Parliament and of the Council;