BETA


2016/0110(COD) Union programme to support specific activities in the field of financial reporting and auditing (2014-2020): co-financing of EFRAG for the period 2017-2020

Progress: Procedure completed

RoleCommitteeRapporteurShadows
Lead ECON STOLOJAN Theodor Dumitru (icon: PPE PPE) BERÈS Pervenche (icon: S&D S&D), KAMALL Syed (icon: ECR ECR), VAN NIEUWENHUIZEN Cora (icon: ALDE ALDE), VIEGAS Miguel (icon: GUE/NGL GUE/NGL), GIEGOLD Sven (icon: Verts/ALE Verts/ALE), VON STORCH Beatrix (icon: EFDD EFDD), KAPPEL Barbara (icon: ENF ENF)
Committee Opinion BUDG
Committee Opinion CONT
Committee Opinion JURI
Lead committee dossier:
Legal Basis:
TFEU 114

Events

2017/06/07
   EC - Commission response to text adopted in plenary
Documents
2017/05/19
   Final act published in Official Journal
Details

PURPOSE: to continue the financing of the European Financial Reporting Advisory Group (EFRAG) for the period 2017-2020.

LEGISLATIVE ACT: Regulation (EU) 2017/827 of the European Parliament and of the Council amending Regulation (EU) No 258/2014 establishing a Union Programme to support specific activities in the field of financial reporting and auditing for the period of 2014-2020.

CONTENT: this Regulation seeks to amend Regulation (EU) No 258/2014 in order to increase the budget of the Union Programme to support specific activities in the field of financial reporting and auditing for the period of 2014-2020 and to support the activities of EFRAG.

EFRAG’s mission is to develop and promote European views in the field of financial reporting. It also tries to ensure that these views are duly taken into account within the International Accounting Standards Board, which is the independent body responsible for developing international financial reporting standards (IFRS).

On the basis of Regulation (EU) No 258/2014, the International Financial Reporting Standards Foundation (the ‘IFRS Foundation’), which is the legal successor to the International Accounting Standards Committee Foundation, and the Public Interest Oversight Board (PIOB) benefit from Union co-financing in the form of operating grants until 31 December 2020.

The European Financial Reporting Advisory Group (EFRAG) benefitted from Union co-financing in the form of operating grants until 31 December 2016.

Financial provisions : under the amended Regulation, the financial envelope for the implementation of the Programme for the period 2014 to 2020 shall be EUR 57 007 000 in current prices.

The total amount of the EU budget allocated to EFRAG will be EUR 23 134 000 for the same period.

Evaluation : the annual report on the IFRS Foundation's activities regarding the development of IFRS, PIOB and EFRAG shall:

assess the governance of the IFRS Foundation and the IASB , in particular in terms of transparency, the prevention of conflicts of interest and the diversity of experts, and the steps that have been taken to ensure broad representation of interests and public accountability; cover, with regard to PIOB and its successor organisation, developments in the diversification of funding and shall assess how the work of PIOB contributes to the enhancement of audit quality, including the integrity of the auditing profession; examine, as far as EFRAG is concerned : (i) the developments in the public good criterion, (ii) whether the European Parliament and the Council have been involved at an early stage when developing financial standards, (iii) whether the EFRAG financing structure is sufficiently diversified and balanced.

In addition, the report shall identify and assess the actions taken within EFRAG in order to ensure high standards of democratic accountability, transparency, and integrity.

The IFRS Foundation, PIOB and EFRAG are encouraged to participate regularly, at least annually, in hearings organised by the European Parliament in order to provide a full account of the development of international financial reporting and auditing standards.

ENTRY INTO FORCE: 19.5.2017. The Regulation shall apply from 1.1.2017.

2017/05/17
   CSL - Draft final act
Documents
2017/05/17
   CSL - Final act signed
2017/05/17
   EP - End of procedure in Parliament
2017/05/11
   EP/CSL - Act adopted by Council after Parliament's 1st reading
2017/05/11
   CSL - Council Meeting
2017/04/27
   EP - Results of vote in Parliament
2017/04/27
   EP - Decision by Parliament, 1st reading/single reading
Details

The European Parliament adopted by 543 votes to 59, with 45 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 258/2014 establishing a Union Programme to support specific activities in the field of financial reporting and auditing for the period of 2014-2020.

The European Parliament’s position, adopted at first reading following the ordinary legislative procedure, amended the Commission proposal as follows:

Evaluation of the Regulation : the amended text stated that the European Commission shall provide the European Parliament and the Council with more regular information on the joint work of the International Financial Reporting Standards Foundation (IFRS Foundation), the European Financial Reporting Advisory Group (EFRAG) and the Public Interest Oversight Board (PIOB), given that those three agencies are funded by the Union and are working for the same purpose.

Regulation (EU) No 258/2014 requires the Commission to prepare an annual report on the activity of the IFRS Foundation as regards the development of IFRS, of PIOB and of EFRAG.

With regard to the IFRS Foundation and the IASB , Parliament stipulated that the report shall also assess their governance , in particular in terms of transparency, the prevention of conflicts of interest and the diversity of experts, and the steps that have been taken to ensure broad representation of interests and public accountability.

With regard to PIOB and its successor organisation, the report shall cover developments in the diversification of funding and shall assess how the work of PIOB contributes to the enhancement of audit quality.

With regard to EFRAG , the report shall assess as of 2018:

whether the expanded public good criterion as recommended in the special advisor’s report has been respected during the endorsement process undertaken during the previous year; whether the European Parliament and the Council have been involved at an early stage when developing financial reporting standards, in general, and in the endorsement process in particular; whether the EFRAG financing structure is sufficiently diversified and balanced to enable it to accomplish its public interest mission in an independent and efficient manner; and the governance of EFRAG, in particular in terms of transparency, and the steps that have been taken to ensure broad representation of interests and public accountability.

Transparency standards : the report shall assess the actions taken within IFRS Foundation and the EFRAG in order to ensure high standards of democratic accountability, transparency, and integrity which, inter alia, concern public access to documents, open dialogue with European institutions and various stakeholders, the establishment of mandatory transparency registers.

The amended text encouraged the IFRS Foundation, PIOB and EFRAG to participate regularly, at least annually, in hearings organised by the European Parliament in order to provide a full account of the development of international financial reporting and auditing standards.

The Commission should also consider possible changes to the functioning and the private legal status of EFRAG in the long term.

Documents
2017/03/22
   EP - Approval in committee of the text agreed at 1st reading interinstitutional negotiations
Documents
2016/10/14
   EP - Committee report tabled for plenary, 1st reading/single reading
Details

The Committee on Economic and Monetary Affairs adopted the report by Theodor Dumitru STOLOJAN (EPP, RO) on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 258/2014 establishing a Union Programme to support specific activities in the field of financial reporting and auditing for the period of 2014-2020.

The committee recommended that the European Parliament’s position adopted at first reading following the ordinary legislative procedure should amend the Commission proposal as follows:

Evaluation : the European Commission should provide the European Parliament and the Council with more regular information on the joint work of the International Financial Reporting Standards Foundation (IFRS Foundation), the European Financial Reporting Advisory Group (EFRAG) and the Public Interest Oversight Board (PIOB), given that those three agencies are funded by the Union and are working for the same purpose.

Regulation (EU) No 258/2014 requires the Commission to prepare an annual report on the activity of the IFRS Foundation as regards the development of IFRS, of PIOB and of EFRAG.

With regard the IFRS Foundation : Members stated that the report shall:

assess whether further progress has been made as regards the governance of the IFRS Foundation and the IASB, in particular in terms of transparency, prevention of conflicts of interest and diversity of hired experts, and whether and what steps have been taken to ensure broad representation of interests (such as consumer representation agencies and finance ministries) and public accountability in order to guarantee high-quality accounting standards.

With regard to EFRAG , the report shall assess whether:

the 'expanded public good' criterion as defined in the special advisor’s report (i.e. that accounting standards should neither jeopardise financial stability in the Union nor hinder the economic development of the Union), has been fully respected during the endorsement process undertaken during the previous year; the European Parliament and the Council have been involved at an early stage when developing financial reporting standards in general and in the endorsement process in particular; and a more diversified and balanced financing structure.

In addition, it shall identify and assess the actions undertaken within EFRAG in order to enhance democratic legitimacy, transparency, accountability and integrity which, inter alia, concern public access to documents, open dialogue with diverse stakeholders, the establishment of mandatory transparency registers and rules on transparency of lobby meetings as well as internal rules, in particular prevention of conflict of interests.

Annual report : from 2017, the IFRS Foundation, PIOB and EFRAG shall prepare an annual report on the implementation of Union policies in the field of financial reporting and auditing and participate regularly, at least annually, in hearings organised by the European Parliament in order to give a full account of the development of international financial reporting and auditing standards.

The report also shall cover the follow-up and implementation of the recommendations and demands made in past or future resolutions of the European Parliament.

If appropriate, the Commission shall submit a legislative proposal to transform EFRAG into a public agency in the long term.

Documents
2016/10/11
   EP - Vote in committee, 1st reading/single reading
2016/10/11
   EP - Committee decision to open interinstitutional negotiations with report adopted in committee
2016/09/09
   EP - Amendments tabled in committee
Documents
2016/07/26
   IT_SENATE - Contribution
Documents
2016/07/07
   EP - Committee draft report
Documents
2016/05/25
   ESC - Economic and Social Committee: opinion, report
Documents
2016/05/12
   EP - STOLOJAN Theodor Dumitru (PPE) appointed as rapporteur in ECON
2016/04/28
   EP - Committee referral announced in Parliament, 1st reading/single reading
2016/04/13
   EC - Legislative proposal published
Details

PURPOSE: to propose the continuation of the financing of the European Financial Reporting Advisory Group (EFRAG) for the period 2017-2020.

PROPOSED ACT: Regulation of the European Parliament and of the Council.

ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.

BACKGROUND: in 2009, the European Parliament and the Council established a Community Programme to support specific activities in the field of financial services, financial reporting and auditing. This programme was extended with the Regulation (EU) No 258/2014 of the European Parliament and the Council ("Financing Regulation"). The beneficiaries of the extended programme are the International Financial Reporting Standards Foundation ( IFRS Foundation ), the European Financial Reporting Advisory Group ( EFRAG ) and the Public Interest Oversight Board ( PIOB ).

EFRAG was established in 2001 as a private organisation to provide the Commission with technical expertise in financial reporting matters.

On the basis of Regulation (EU) No 258/2014 , the IFRS Foundation and the PIOB benefit from Union co-financing in the form of operating grants until 31 December 2020 .

In view of the uncertainties related to a major governance reform the organisation was undergoing in 2014, the co-legislators decided to limit its financing period until the end of 2016 and called on the Commission to submit a legislative proposal, if appropriate, to continue financing of EFRAG after 31 December 2016.

On 12 November 2013, the Commission published the report of Philippe Maystadt , special advisor to the Commissioner responsible for internal market and services, in which he outlined potential reforms to EFRAG governance aimed at reinforcing the Union's contribution to the development of international accounting standards.

The Commission closely monitored the implementation of the reform of EFRAG governance and found that it successfully implemented the conclusions of the special advisor’s report, by implementing a new governance structure which has increased the legitimacy and representativeness of EFRAG. As a result, EFRAG is now well equipped to strengthen the legitimacy of its positions and significantly contribute to the objective of Europe speaking with one voice.

Therefore, it is appropriate to propose to continue financing of EFRAG for the period 2017-2020 in order to meet the long-term objectives of the Union programme to support specific activities in the field of financial reporting and auditing.

CONTENT: this proposal seeks to amend Regulation (EU) No 258/2014 in order to increase the budget of the Union Programme to support specific activities in the field of financial reporting and auditing for the period of 2014-2020 and to support the activities of EFRAG , which contribute to the achievement of the policy objectives of the Union in relation to financial reporting.

In line with the Financing Regulation, EFRAG was allocated an amount of EUR 9 303 000 for the period 2014-2016. The current regulation proposes to allocate to EFRAG an additional amount of EUR 13 831 000 for the period 2017-2020 .

BUDGETARY IMPLICATIONS: the proposed regulation prolongation of the financing of EFRAG for the period 2017-2020 will increase the total budget of the programme to support specific activities in the field of financial reporting and auditing from EUR 43.176 million to approximately EUR 57 million .

Documents

Votes

A8-0291/2016 - Theodor Dumitru Stolojan - Am 2

2017/04/27 Outcome: +: 543, -: 59, 0: 45
DE FR ES PL RO BE IT HU BG GB PT CZ SE NL SK FI AT LT DK LV HR SI IE MT EE CY LU EL
Total
79
58
47
45
26
21
62
19
17
55
20
19
20
23
13
12
17
9
10
8
8
8
9
6
5
6
4
20
icon: PPE PPE
196

Denmark PPE

For (1)

1

Estonia PPE

For (1)

1

Cyprus PPE

1

Luxembourg PPE

2
icon: S&D S&D
158

Netherlands S&D

3

Finland S&D

1

Lithuania S&D

1

Latvia S&D

1

Slovenia S&D

For (1)

1

Ireland S&D

For (1)

1

Malta S&D

3

Estonia S&D

For (1)

1

Cyprus S&D

2

Luxembourg S&D

For (1)

1
icon: ALDE ALDE
60

Germany ALDE

2

Romania ALDE

2

United Kingdom ALDE

1

Portugal ALDE

1

Austria ALDE

For (1)

1

Latvia ALDE

1

Croatia ALDE

2

Slovenia ALDE

For (1)

1

Ireland ALDE

For (1)

1

Estonia ALDE

2
icon: ECR ECR
58

Romania ECR

For (1)

1

Italy ECR

2

Bulgaria ECR

2

Czechia ECR

2

Netherlands ECR

For (1)

1
2

Lithuania ECR

1

Denmark ECR

1

Latvia ECR

For (1)

1

Croatia ECR

For (1)

1

Cyprus ECR

1

Greece ECR

Abstain (1)

1
icon: Verts/ALE Verts/ALE
49

Belgium Verts/ALE

2

Italy Verts/ALE

For (1)

1

Hungary Verts/ALE

For (1)

1

United Kingdom Verts/ALE

5

Netherlands Verts/ALE

2

Finland Verts/ALE

For (1)

1

Austria Verts/ALE

3

Lithuania Verts/ALE

For (1)

1

Denmark Verts/ALE

For (1)

1

Latvia Verts/ALE

1

Croatia Verts/ALE

For (1)

1

Slovenia Verts/ALE

For (1)

1

Estonia Verts/ALE

For (1)

1

Luxembourg Verts/ALE

For (1)

1
icon: GUE/NGL GUE/NGL
45

Italy GUE/NGL

3

United Kingdom GUE/NGL

Abstain (1)

1

Czechia GUE/NGL

2

Sweden GUE/NGL

Abstain (1)

1

Netherlands GUE/NGL

3

Finland GUE/NGL

Abstain (1)

1

Denmark GUE/NGL

Abstain (1)

1

Ireland GUE/NGL

3

Cyprus GUE/NGL

2
icon: ENF ENF
29

Poland ENF

Against (1)

1

Romania ENF

Abstain (1)

1

Belgium ENF

Against (1)

1

United Kingdom ENF

Against (1)

1

Netherlands ENF

3

Austria ENF

Abstain (1)

4
icon: NI NI
14

Germany NI

Against (1)

2

France NI

1

Poland NI

Against (1)

1

United Kingdom NI

Against (2)

2
icon: EFDD EFDD
37

Germany EFDD

Against (1)

1

France EFDD

1

Poland EFDD

1

Czechia EFDD

Against (1)

1

Sweden EFDD

2
AmendmentsDossier
22 2016/0110(COD)
2016/09/09 ECON 22 amendments...
source: 589.120

History

(these mark the time of scraping, not the official date of the change)

committees/0
type
Responsible Committee
body
EP
associated
False
committee_full
Economic and Monetary Affairs
committee
ECON
rapporteur
name: STOLOJAN Theodor Dumitru date: 2016-05-12T00:00:00 group: European People's Party (Christian Democrats) abbr: PPE
shadows
committees/0
type
Responsible Committee
body
EP
associated
False
committee_full
Economic and Monetary Affairs
committee
ECON
date
2016-05-12T00:00:00
rapporteur
name: STOLOJAN Theodor Dumitru group: European People's Party (Christian Democrats) abbr: PPE
shadows
docs/4/body
EC
events/4/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2016-0291&language=EN
New
http://www.europarl.europa.eu/doceo/document/A-8-2016-0291_EN.html
events/7/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2017-0141
New
http://www.europarl.europa.eu/doceo/document/TA-8-2017-0141_EN.html
activities
  • date: 2016-04-13T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2016/0202/COM_COM(2016)0202_EN.pdf title: COM(2016)0202 type: Legislative proposal published celexid: CELEX:52016PC0202:EN body: EC commission: DG: url: http://ec.europa.eu/info/departments/economic-and-financial-affairs_en title: Economic and Financial Affairs Commissioner: MOSCOVICI Pierre type: Legislative proposal published
  • date: 2016-04-28T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: False committee_full: Budgets committee: BUDG body: EP responsible: False committee_full: Budgetary Control committee: CONT body: EP shadows: group: S&D name: BERÈS Pervenche group: ECR name: KAMALL Syed group: ALDE name: VAN NIEUWENHUIZEN Cora group: GUE/NGL name: VIEGAS Miguel group: Verts/ALE name: GIEGOLD Sven group: EFD name: VON STORCH Beatrix group: ENF name: KAPPEL Barbara responsible: True committee: ECON date: 2016-05-12T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: EPP name: STOLOJAN Theodor Dumitru body: EP responsible: False committee_full: Legal Affairs committee: JURI
  • date: 2016-10-11T00:00:00 body: unknown type: Committee decision to open interinstitutional negotiations with report adopted in committee
  • date: 2016-10-11T00:00:00 body: EP type: Vote in committee, 1st reading/single reading committees: body: EP responsible: False committee_full: Budgets committee: BUDG body: EP responsible: False committee_full: Budgetary Control committee: CONT body: EP shadows: group: S&D name: BERÈS Pervenche group: ECR name: KAMALL Syed group: ALDE name: VAN NIEUWENHUIZEN Cora group: GUE/NGL name: VIEGAS Miguel group: Verts/ALE name: GIEGOLD Sven group: EFD name: VON STORCH Beatrix group: ENF name: KAPPEL Barbara responsible: True committee: ECON date: 2016-05-12T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: EPP name: STOLOJAN Theodor Dumitru body: EP responsible: False committee_full: Legal Affairs committee: JURI
  • body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2016-0291&language=EN type: Committee report tabled for plenary, 1st reading/single reading title: A8-0291/2016 type: Committee report tabled for plenary, 1st reading/single reading committees: body: EP responsible: False committee_full: Budgets committee: BUDG body: EP responsible: False committee_full: Budgetary Control committee: CONT body: EP shadows: group: S&D name: BERÈS Pervenche group: ECR name: KAMALL Syed group: ALDE name: VAN NIEUWENHUIZEN Cora group: GUE/NGL name: VIEGAS Miguel group: Verts/ALE name: GIEGOLD Sven group: EFD name: VON STORCH Beatrix group: ENF name: KAPPEL Barbara responsible: True committee: ECON date: 2016-05-12T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: EPP name: STOLOJAN Theodor Dumitru body: EP responsible: False committee_full: Legal Affairs committee: JURI date: 2016-10-14T00:00:00
  • date: 2017-03-22T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/commissions/econ/inag/2017/03-15/ECON_AG(2017)602849_EN.pdf type: Approval in committee of the text agreed at 1st reading interinstitutional negotiations title: PE602.849 body: unknown type: Approval in committee of the text agreed at 1st reading interinstitutional negotiations
  • date: 2017-04-27T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2017-0141 type: Decision by Parliament, 1st reading/single reading title: T8-0141/2017 body: EP type: Decision by Parliament, 1st reading/single reading
  • date: 2017-05-11T00:00:00 body: CSL type: Council Meeting council: Agriculture and Fisheries meeting_id: 3533
  • date: 2017-05-11T00:00:00 body: EP/CSL type: Act adopted by Council after Parliament's 1st reading
  • date: 2017-05-17T00:00:00 body: CSL type: Final act signed
  • date: 2017-05-17T00:00:00 body: EP type: End of procedure in Parliament
  • date: 2017-05-19T00:00:00 docs: url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32017R0827 title: Regulation 2017/827 url: http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2017:129:TOC title: OJ L 129 19.05.2017, p. 0024 type: Final act published in Official Journal
commission
  • body: EC dg: Economic and Financial Affairs commissioner: MOSCOVICI Pierre
committees/0
type
Responsible Committee
body
EP
associated
False
committee_full
Economic and Monetary Affairs
committee
ECON
date
2016-05-12T00:00:00
rapporteur
name: STOLOJAN Theodor Dumitru group: European People's Party (Christian Democrats) abbr: PPE
shadows
committees/0
body
EP
responsible
False
committee_full
Budgets
committee
BUDG
committees/1
type
Committee Opinion
body
EP
associated
False
committee_full
Budgets
committee
BUDG
opinion
False
committees/1
body
EP
responsible
False
committee_full
Budgetary Control
committee
CONT
committees/2
type
Committee Opinion
body
EP
associated
False
committee_full
Budgetary Control
committee
CONT
opinion
False
committees/2
body
EP
shadows
responsible
True
committee
ECON
date
2016-05-12T00:00:00
committee_full
Economic and Monetary Affairs
rapporteur
group: EPP name: STOLOJAN Theodor Dumitru
committees/3
type
Committee Opinion
body
EP
associated
False
committee_full
Legal Affairs
committee
JURI
opinion
False
committees/3
body
EP
responsible
False
committee_full
Legal Affairs
committee
JURI
council
  • body: CSL type: Council Meeting council: Agriculture and Fisheries meeting_id: 3533 url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=SMPL&ROWSPP=25&RESULTSET=1&NRROWS=500&DOC_LANCD=EN&ORDERBY=DOC_DATE+DESC&CONTENTS=3533*&MEET_DATE=11/05/2017 date: 2017-05-11T00:00:00
docs
  • date: 2016-05-25T00:00:00 docs: url: https://dm.eesc.europa.eu/EESCDocumentSearch/Pages/redresults.aspx?k=(documenttype:AC)(documentnumber:2716)(documentyear:2016)(documentlanguage:EN) title: CES2716/2016 type: Economic and Social Committee: opinion, report body: ESC
  • date: 2016-07-07T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE585.761 title: PE585.761 type: Committee draft report body: EP
  • date: 2016-09-09T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE589.120 title: PE589.120 type: Amendments tabled in committee body: EP
  • date: 2017-05-17T00:00:00 docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=ADV&RESULTSET=1&DOC_ID=[%n4]%2F17&DOC_LANCD=EN&ROWSPP=25&NRROWS=500&ORDERBY=DOC_DATE+DESC title: 00017/2017/LEX type: Draft final act body: CSL
  • date: 2017-06-07T00:00:00 docs: url: /oeil/spdoc.do?i=27716&j=0&l=en title: SP(2017)363 type: Commission response to text adopted in plenary
  • date: 2016-07-26T00:00:00 docs: url: http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2016)0202 title: COM(2016)0202 type: Contribution body: IT_SENATE
events
  • date: 2016-04-13T00:00:00 type: Legislative proposal published body: EC docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2016/0202/COM_COM(2016)0202_EN.pdf title: COM(2016)0202 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2016&nu_doc=0202 title: EUR-Lex summary: PURPOSE: to propose the continuation of the financing of the European Financial Reporting Advisory Group (EFRAG) for the period 2017-2020. PROPOSED ACT: Regulation of the European Parliament and of the Council. ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council. BACKGROUND: in 2009, the European Parliament and the Council established a Community Programme to support specific activities in the field of financial services, financial reporting and auditing. This programme was extended with the Regulation (EU) No 258/2014 of the European Parliament and the Council ("Financing Regulation"). The beneficiaries of the extended programme are the International Financial Reporting Standards Foundation ( IFRS Foundation ), the European Financial Reporting Advisory Group ( EFRAG ) and the Public Interest Oversight Board ( PIOB ). EFRAG was established in 2001 as a private organisation to provide the Commission with technical expertise in financial reporting matters. On the basis of Regulation (EU) No 258/2014 , the IFRS Foundation and the PIOB benefit from Union co-financing in the form of operating grants until 31 December 2020 . In view of the uncertainties related to a major governance reform the organisation was undergoing in 2014, the co-legislators decided to limit its financing period until the end of 2016 and called on the Commission to submit a legislative proposal, if appropriate, to continue financing of EFRAG after 31 December 2016. On 12 November 2013, the Commission published the report of Philippe Maystadt , special advisor to the Commissioner responsible for internal market and services, in which he outlined potential reforms to EFRAG governance aimed at reinforcing the Union's contribution to the development of international accounting standards. The Commission closely monitored the implementation of the reform of EFRAG governance and found that it successfully implemented the conclusions of the special advisor’s report, by implementing a new governance structure which has increased the legitimacy and representativeness of EFRAG. As a result, EFRAG is now well equipped to strengthen the legitimacy of its positions and significantly contribute to the objective of Europe speaking with one voice. Therefore, it is appropriate to propose to continue financing of EFRAG for the period 2017-2020 in order to meet the long-term objectives of the Union programme to support specific activities in the field of financial reporting and auditing. CONTENT: this proposal seeks to amend Regulation (EU) No 258/2014 in order to increase the budget of the Union Programme to support specific activities in the field of financial reporting and auditing for the period of 2014-2020 and to support the activities of EFRAG , which contribute to the achievement of the policy objectives of the Union in relation to financial reporting. In line with the Financing Regulation, EFRAG was allocated an amount of EUR 9 303 000 for the period 2014-2016. The current regulation proposes to allocate to EFRAG an additional amount of EUR 13 831 000 for the period 2017-2020 . BUDGETARY IMPLICATIONS: the proposed regulation prolongation of the financing of EFRAG for the period 2017-2020 will increase the total budget of the programme to support specific activities in the field of financial reporting and auditing from EUR 43.176 million to approximately EUR 57 million .
  • date: 2016-04-28T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP
  • date: 2016-10-11T00:00:00 type: Vote in committee, 1st reading/single reading body: EP
  • date: 2016-10-11T00:00:00 type: Committee decision to open interinstitutional negotiations with report adopted in committee body: EP
  • date: 2016-10-14T00:00:00 type: Committee report tabled for plenary, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2016-0291&language=EN title: A8-0291/2016 summary: The Committee on Economic and Monetary Affairs adopted the report by Theodor Dumitru STOLOJAN (EPP, RO) on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 258/2014 establishing a Union Programme to support specific activities in the field of financial reporting and auditing for the period of 2014-2020. The committee recommended that the European Parliament’s position adopted at first reading following the ordinary legislative procedure should amend the Commission proposal as follows: Evaluation : the European Commission should provide the European Parliament and the Council with more regular information on the joint work of the International Financial Reporting Standards Foundation (IFRS Foundation), the European Financial Reporting Advisory Group (EFRAG) and the Public Interest Oversight Board (PIOB), given that those three agencies are funded by the Union and are working for the same purpose. Regulation (EU) No 258/2014 requires the Commission to prepare an annual report on the activity of the IFRS Foundation as regards the development of IFRS, of PIOB and of EFRAG. With regard the IFRS Foundation : Members stated that the report shall: assess whether further progress has been made as regards the governance of the IFRS Foundation and the IASB, in particular in terms of transparency, prevention of conflicts of interest and diversity of hired experts, and whether and what steps have been taken to ensure broad representation of interests (such as consumer representation agencies and finance ministries) and public accountability in order to guarantee high-quality accounting standards. With regard to EFRAG , the report shall assess whether: the 'expanded public good' criterion as defined in the special advisor’s report (i.e. that accounting standards should neither jeopardise financial stability in the Union nor hinder the economic development of the Union), has been fully respected during the endorsement process undertaken during the previous year; the European Parliament and the Council have been involved at an early stage when developing financial reporting standards in general and in the endorsement process in particular; and a more diversified and balanced financing structure. In addition, it shall identify and assess the actions undertaken within EFRAG in order to enhance democratic legitimacy, transparency, accountability and integrity which, inter alia, concern public access to documents, open dialogue with diverse stakeholders, the establishment of mandatory transparency registers and rules on transparency of lobby meetings as well as internal rules, in particular prevention of conflict of interests. Annual report : from 2017, the IFRS Foundation, PIOB and EFRAG shall prepare an annual report on the implementation of Union policies in the field of financial reporting and auditing and participate regularly, at least annually, in hearings organised by the European Parliament in order to give a full account of the development of international financial reporting and auditing standards. The report also shall cover the follow-up and implementation of the recommendations and demands made in past or future resolutions of the European Parliament. If appropriate, the Commission shall submit a legislative proposal to transform EFRAG into a public agency in the long term.
  • date: 2017-03-22T00:00:00 type: Approval in committee of the text agreed at 1st reading interinstitutional negotiations body: EP docs: url: http://www.europarl.europa.eu/RegData/commissions/econ/inag/2017/03-15/ECON_AG(2017)602849_EN.pdf title: PE602.849
  • date: 2017-04-27T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=27716&l=en title: Results of vote in Parliament
  • date: 2017-04-27T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2017-0141 title: T8-0141/2017 summary: The European Parliament adopted by 543 votes to 59, with 45 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 258/2014 establishing a Union Programme to support specific activities in the field of financial reporting and auditing for the period of 2014-2020. The European Parliament’s position, adopted at first reading following the ordinary legislative procedure, amended the Commission proposal as follows: Evaluation of the Regulation : the amended text stated that the European Commission shall provide the European Parliament and the Council with more regular information on the joint work of the International Financial Reporting Standards Foundation (IFRS Foundation), the European Financial Reporting Advisory Group (EFRAG) and the Public Interest Oversight Board (PIOB), given that those three agencies are funded by the Union and are working for the same purpose. Regulation (EU) No 258/2014 requires the Commission to prepare an annual report on the activity of the IFRS Foundation as regards the development of IFRS, of PIOB and of EFRAG. With regard to the IFRS Foundation and the IASB , Parliament stipulated that the report shall also assess their governance , in particular in terms of transparency, the prevention of conflicts of interest and the diversity of experts, and the steps that have been taken to ensure broad representation of interests and public accountability. With regard to PIOB and its successor organisation, the report shall cover developments in the diversification of funding and shall assess how the work of PIOB contributes to the enhancement of audit quality. With regard to EFRAG , the report shall assess as of 2018: whether the expanded public good criterion as recommended in the special advisor’s report has been respected during the endorsement process undertaken during the previous year; whether the European Parliament and the Council have been involved at an early stage when developing financial reporting standards, in general, and in the endorsement process in particular; whether the EFRAG financing structure is sufficiently diversified and balanced to enable it to accomplish its public interest mission in an independent and efficient manner; and the governance of EFRAG, in particular in terms of transparency, and the steps that have been taken to ensure broad representation of interests and public accountability. Transparency standards : the report shall assess the actions taken within IFRS Foundation and the EFRAG in order to ensure high standards of democratic accountability, transparency, and integrity which, inter alia, concern public access to documents, open dialogue with European institutions and various stakeholders, the establishment of mandatory transparency registers. The amended text encouraged the IFRS Foundation, PIOB and EFRAG to participate regularly, at least annually, in hearings organised by the European Parliament in order to provide a full account of the development of international financial reporting and auditing standards. The Commission should also consider possible changes to the functioning and the private legal status of EFRAG in the long term.
  • date: 2017-05-11T00:00:00 type: Act adopted by Council after Parliament's 1st reading body: EP/CSL
  • date: 2017-05-17T00:00:00 type: Final act signed body: CSL
  • date: 2017-05-17T00:00:00 type: End of procedure in Parliament body: EP
  • date: 2017-05-19T00:00:00 type: Final act published in Official Journal summary: PURPOSE: to continue the financing of the European Financial Reporting Advisory Group (EFRAG) for the period 2017-2020. LEGISLATIVE ACT: Regulation (EU) 2017/827 of the European Parliament and of the Council amending Regulation (EU) No 258/2014 establishing a Union Programme to support specific activities in the field of financial reporting and auditing for the period of 2014-2020. CONTENT: this Regulation seeks to amend Regulation (EU) No 258/2014 in order to increase the budget of the Union Programme to support specific activities in the field of financial reporting and auditing for the period of 2014-2020 and to support the activities of EFRAG. EFRAG’s mission is to develop and promote European views in the field of financial reporting. It also tries to ensure that these views are duly taken into account within the International Accounting Standards Board, which is the independent body responsible for developing international financial reporting standards (IFRS). On the basis of Regulation (EU) No 258/2014, the International Financial Reporting Standards Foundation (the ‘IFRS Foundation’), which is the legal successor to the International Accounting Standards Committee Foundation, and the Public Interest Oversight Board (PIOB) benefit from Union co-financing in the form of operating grants until 31 December 2020. The European Financial Reporting Advisory Group (EFRAG) benefitted from Union co-financing in the form of operating grants until 31 December 2016. Financial provisions : under the amended Regulation, the financial envelope for the implementation of the Programme for the period 2014 to 2020 shall be EUR 57 007 000 in current prices. The total amount of the EU budget allocated to EFRAG will be EUR 23 134 000 for the same period. Evaluation : the annual report on the IFRS Foundation's activities regarding the development of IFRS, PIOB and EFRAG shall: assess the governance of the IFRS Foundation and the IASB , in particular in terms of transparency, the prevention of conflicts of interest and the diversity of experts, and the steps that have been taken to ensure broad representation of interests and public accountability; cover, with regard to PIOB and its successor organisation, developments in the diversification of funding and shall assess how the work of PIOB contributes to the enhancement of audit quality, including the integrity of the auditing profession; examine, as far as EFRAG is concerned : (i) the developments in the public good criterion, (ii) whether the European Parliament and the Council have been involved at an early stage when developing financial standards, (iii) whether the EFRAG financing structure is sufficiently diversified and balanced. In addition, the report shall identify and assess the actions taken within EFRAG in order to ensure high standards of democratic accountability, transparency, and integrity. The IFRS Foundation, PIOB and EFRAG are encouraged to participate regularly, at least annually, in hearings organised by the European Parliament in order to provide a full account of the development of international financial reporting and auditing standards. ENTRY INTO FORCE: 19.5.2017. The Regulation shall apply from 1.1.2017. docs: title: Regulation 2017/827 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32017R0827 title: OJ L 129 19.05.2017, p. 0024 url: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2017:129:TOC
links
other
  • body: EC dg: url: http://ec.europa.eu/info/departments/economic-and-financial-affairs_en title: Economic and Financial Affairs commissioner: MOSCOVICI Pierre
otherinst
  • name: European Economic and Social Committee
procedure/Mandatory consultation of other institutions
European Economic and Social Committee
procedure/Modified legal basis
Old
Rules of Procedure of the European Parliament EP 150
New
Rules of Procedure EP 159
procedure/dossier_of_the_committee
Old
ECON/8/06240
New
  • ECON/8/06240
procedure/final/url
Old
http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32017R0827
New
https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32017R0827
procedure/instrument
Old
Regulation
New
  • Regulation
  • Amending Regulation (EU) No 258/2014 2012/0364(COD)
procedure/other_consulted_institutions
European Economic and Social Committee
procedure/subject
Old
  • 2.50.08 Financial services, financial reporting and auditing
New
2.50.08
Financial services, financial reporting and auditing
procedure/summary
  • Amending Regulation (EU) No 258/2014
activities/11
date
2017-05-19T00:00:00
docs
type
Final act published in Official Journal
procedure/final
url
http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32017R0827
title
Regulation 2017/827
procedure/stage_reached
Old
Procedure completed, awaiting publication in Official Journal
New
Procedure completed
activities/10
date
2017-05-17T00:00:00
body
EP
type
End of procedure in Parliament
activities/9
date
2017-05-17T00:00:00
body
CSL
type
Final act signed
procedure/stage_reached
Old
Awaiting signature of act
New
Procedure completed, awaiting publication in Official Journal
activities/5/docs/0/url
http://www.europarl.europa.eu/RegData/commissions/econ/inag/2017/03-15/ECON_AG(2017)602849_EN.pdf
activities/7
date
2017-05-11T00:00:00
body
CSL
type
Council Meeting
council
Agriculture and Fisheries
meeting_id
3533
activities/8
date
2017-05-11T00:00:00
body
EP/CSL
type
Act adopted by Council after Parliament's 1st reading
procedure/stage_reached
Old
Provisional agreement between Parliament and Council on final act
New
Awaiting signature of act
procedure/title
Old
Union programme to support specific activities in the field of financial reporting and auditing (2014-2020): co-financing of EFRAG for the period of 2017-2020
New
Union programme to support specific activities in the field of financial reporting and auditing (2014-2020): co-financing of EFRAG for the period 2017-2020
activities/6/docs/0/text
  • The European Parliament adopted by 543 votes to 59, with 45 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 258/2014 establishing a Union Programme to support specific activities in the field of financial reporting and auditing for the period of 2014-2020.

    The European Parliament’s position, adopted at first reading following the ordinary legislative procedure, amended the Commission proposal as follows:

    Evaluation of the Regulation: the amended text stated that the European Commission shall provide the European Parliament and the Council with more regular information on the joint work of the International Financial Reporting Standards Foundation (IFRS Foundation), the European Financial Reporting Advisory Group (EFRAG) and the Public Interest Oversight Board (PIOB), given that those three agencies are funded by the Union and are working for the same purpose.

    Regulation (EU) No 258/2014 requires the Commission to prepare an annual report on the activity of the IFRS Foundation as regards the development of IFRS, of PIOB and of EFRAG.

    With regard to the IFRS Foundation and the IASB, Parliament stipulated that the report shall also assess their governance, in particular in terms of transparency, the prevention of conflicts of interest and the diversity of experts, and the steps that have been taken to ensure broad representation of interests and public accountability.

    With regard to PIOB and its successor organisation, the report shall cover developments in the diversification of funding and shall assess how the work of PIOB contributes to the enhancement of audit quality.

    With regard to EFRAG, the report shall assess as of 2018:

    • whether the expanded public good criterion as recommended in the special advisor’s report has been respected during the endorsement process undertaken during the previous year;
    • whether the European Parliament and the Council have been involved at an early stage when developing financial reporting standards, in general, and in the endorsement process in particular;
    • whether the EFRAG financing structure is sufficiently diversified and balanced to enable it to accomplish its public interest mission in an independent and efficient manner; and
    • the governance of EFRAG, in particular in terms of transparency, and the steps that have been taken to ensure broad representation of interests and public accountability.

    Transparency standards: the report shall assess the actions taken within IFRS Foundation and the EFRAG in order to ensure high standards of democratic accountability, transparency, and integrity which, inter alia, concern public access to documents, open dialogue with European institutions and various stakeholders, the establishment of mandatory transparency registers.

    The amended text encouraged the IFRS Foundation, PIOB and EFRAG to participate regularly, at least annually, in hearings organised by the European Parliament in order to provide a full account of the development of international financial reporting and auditing standards.

    The Commission should also consider possible changes to the functioning and the private legal status of EFRAG in the long term.

procedure/stage_reached
Old
Awaiting Council 1st reading position / budgetary conciliation convocation
New
Provisional agreement between Parliament and Council on final act
activities/6/docs
  • url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2017-0141 type: Decision by Parliament, 1st reading/single reading title: T8-0141/2017
activities/6/type
Old
Vote scheduled
New
Decision by Parliament, 1st reading/single reading
procedure/stage_reached
Old
Awaiting Parliament 1st reading / single reading / budget 1st stage
New
Awaiting Council 1st reading position / budgetary conciliation convocation
activities/6/type
Old
Vote in plenary scheduled
New
Vote scheduled
activities/5/docs
  • type: Approval in committee of the text agreed at 1st reading interinstitutional negotiations title: PE602.849
activities/6/type
Old
Indicative plenary sitting date, 1st reading/single reading
New
Vote in plenary scheduled
activities/5
date
2017-03-22T00:00:00
body
unknown
type
Approval in committee of the text agreed at 1st reading interinstitutional negotiations
procedure/Mandatory consultation of other institutions
Old
Economic and Social Committee
New
European Economic and Social Committee
activities/0/docs/0/celexid
CELEX:52016PC0202:EN
activities/0/docs/0/celexid
CELEX:52016PC0202:EN
activities/5/date
Old
2017-05-16T00:00:00
New
2017-04-27T00:00:00
activities/0/commission/0/DG/url
Old
http://ec.europa.eu/dgs/economy_finance/index_en.htm
New
http://ec.europa.eu/info/departments/economic-and-financial-affairs_en
activities/5/date
Old
2017-03-14T00:00:00
New
2017-05-16T00:00:00
other/0/dg/url
Old
http://ec.europa.eu/dgs/economy_finance/index_en.htm
New
http://ec.europa.eu/info/departments/economic-and-financial-affairs_en
activities/5/date
Old
2017-02-14T00:00:00
New
2017-03-14T00:00:00
activities/5/date
Old
2017-01-16T00:00:00
New
2017-02-14T00:00:00
activities/2
date
2016-10-11T00:00:00
body
unknown
type
Committee decision to open interinstitutional negotiations with report adopted in committee
activities/3
date
2016-10-11T00:00:00
body
EP
type
Vote in committee, 1st reading/single reading
committees
activities/4
body
EP
docs
url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2016-0291&language=EN type: Committee report tabled for plenary, 1st reading/single reading title: A8-0291/2016
type
Committee report tabled for plenary, 1st reading/single reading
committees
date
2016-10-14T00:00:00
activities/5/date
Old
2017-01-17T00:00:00
New
2017-01-16T00:00:00
procedure/Modified legal basis
Rules of Procedure of the European Parliament EP 150
procedure/stage_reached
Old
Awaiting committee decision
New
Awaiting Parliament 1st reading / single reading / budget 1st stage
activities/2/date
Old
2016-12-13T00:00:00
New
2017-01-17T00:00:00
activities/2/date
Old
2016-12-01T00:00:00
New
2016-12-13T00:00:00
activities/2
date
2016-10-11T00:00:00
body
EP
type
Vote scheduled in committee, 1st reading/single reading
activities/3
date
2016-12-01T00:00:00
body
EP
type
Indicative plenary sitting date, 1st reading/single reading
activities/1/committees/2/shadows/3
group
GUE/NGL
name
VIEGAS Miguel
committees/2/shadows/3
group
GUE/NGL
name
VIEGAS Miguel
activities/2
date
2016-10-11T00:00:00
body
EP
type
Vote scheduled in committee, 1st reading/single reading
activities/1/committees/2/shadows/0
group
S&D
name
BERÈS Pervenche
committees/2/shadows/0
group
S&D
name
BERÈS Pervenche
activities/1/committees/2/shadows/2
group
Verts/ALE
name
GIEGOLD Sven
activities/1/committees/2/shadows/3
group
EFD
name
VON STORCH Beatrix
committees/2/shadows/2
group
Verts/ALE
name
GIEGOLD Sven
committees/2/shadows/3
group
EFD
name
VON STORCH Beatrix
activities/1/committees/2/shadows/0
group
ECR
name
KAMALL Syed
activities/1/committees/2/shadows/1
group
ALDE
name
VAN NIEUWENHUIZEN Cora
committees/2/shadows/0
group
ECR
name
KAMALL Syed
committees/2/shadows/1
group
ALDE
name
VAN NIEUWENHUIZEN Cora
activities/1/committees/2/shadows
  • group: ENF name: KAPPEL Barbara
committees/2/shadows
  • group: ENF name: KAPPEL Barbara
activities/1/committees/2/date
2016-05-12T00:00:00
activities/1/committees/2/rapporteur
  • group: EPP name: STOLOJAN Theodor Dumitru
committees/2/date
2016-05-12T00:00:00
committees/2/rapporteur
  • group: EPP name: STOLOJAN Theodor Dumitru
activities/0/docs/0/text
  • PURPOSE: to propose the continuation of the financing of the European Financial Reporting Advisory Group (EFRAG) for the period 2017-2020.

    PROPOSED ACT: Regulation of the European Parliament and of the Council.

    ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.

    BACKGROUND: in 2009, the European Parliament and the Council established a Community Programme to support specific activities in the field of financial services, financial reporting and auditing. This programme was extended with the Regulation (EU) No 258/2014 of the European Parliament and the Council ("Financing Regulation"). The beneficiaries of the extended programme are the International Financial Reporting Standards Foundation (IFRS Foundation), the European Financial Reporting Advisory Group (EFRAG) and the Public Interest Oversight Board (PIOB).

    EFRAG was established in 2001 as a private organisation to provide the Commission with technical expertise in financial reporting matters.

    On the basis of Regulation (EU) No 258/2014, the IFRS Foundation and the PIOB benefit from Union co-financing in the form of operating grants until 31 December 2020.

    In view of the uncertainties related to a major governance reform the organisation was undergoing in 2014, the co-legislators decided to limit its financing period until the end of 2016 and called on the Commission to submit a legislative proposal, if appropriate, to continue financing of EFRAG after 31 December 2016.

    On 12 November 2013, the Commission published the report of Philippe Maystadt, special advisor to the Commissioner responsible for internal market and services, in which he outlined potential reforms to EFRAG governance aimed at reinforcing the Union's contribution to the development of international accounting standards.

    The Commission closely monitored the implementation of the reform of EFRAG governance and found that it successfully implemented the conclusions of the special advisor’s report, by implementing a new governance structure which has increased the legitimacy and representativeness of EFRAG. As a result, EFRAG is now well equipped to strengthen the legitimacy of its positions and significantly contribute to the objective of Europe speaking with one voice. 

    Therefore, it is appropriate to propose to continue financing of EFRAG for the period 2017-2020 in order to meet the long-term objectives of the Union programme to support specific activities in the field of financial reporting and auditing.

    CONTENT: this proposal seeks to amend Regulation (EU) No 258/2014 in order to increase the budget of the Union Programme to support specific activities in the field of financial reporting and auditing for the period of 2014-2020 and to support the activities of EFRAG, which contribute to the achievement of the policy objectives of the Union in relation to financial reporting.

    In line with the Financing Regulation, EFRAG was allocated an amount of EUR 9 303 000 for the period 2014-2016. The current regulation proposes to allocate to EFRAG an additional amount of EUR 13 831 000 for the period 2017-2020.

    BUDGETARY IMPLICATIONS: the proposed regulation prolongation of the financing of EFRAG for the period 2017-2020 will increase the total budget of the programme to support specific activities in the field of financial reporting and auditing from EUR 43.176 million to approximately EUR 57 million.

activities/1
date
2016-04-28T00:00:00
body
EP
type
Committee referral announced in Parliament, 1st reading/single reading
committees
procedure/dossier_of_the_committee
ECON/8/06240
procedure/stage_reached
Old
Preparatory phase in Parliament
New
Awaiting committee decision
activities
  • date: 2016-04-13T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2016/0202/COM_COM(2016)0202_EN.pdf title: COM(2016)0202 type: Legislative proposal published celexid: CELEX:52016PC0202:EN body: EC type: Legislative proposal published commission: DG: url: http://ec.europa.eu/dgs/economy_finance/index_en.htm title: Economic and Financial Affairs Commissioner: MOSCOVICI Pierre
committees
  • body: EP responsible: False committee_full: Budgets committee: BUDG
  • body: EP responsible: False committee_full: Budgetary Control committee: CONT
  • body: EP responsible: True committee_full: Economic and Monetary Affairs committee: ECON
  • body: EP responsible: False committee_full: Legal Affairs committee: JURI
links
other
  • body: EC dg: url: http://ec.europa.eu/dgs/economy_finance/index_en.htm title: Economic and Financial Affairs commissioner: MOSCOVICI Pierre
procedure
Mandatory consultation of other institutions
Economic and Social Committee
reference
2016/0110(COD)
subtype
Legislation
legal_basis
Treaty on the Functioning of the EU TFEU 114
stage_reached
Preparatory phase in Parliament
summary
Amending Regulation (EU) No 258/2014
instrument
Regulation
title
Union programme to support specific activities in the field of financial reporting and auditing (2014-2020): co-financing of EFRAG for the period of 2017-2020
type
COD - Ordinary legislative procedure (ex-codecision procedure)
subject
2.50.08 Financial services, financial reporting and auditing