2016/2006(INI) International Accounting Standards (IAS) evaluation and activities of the International Financial Reporting Standards (IFRS) Foundation, European Financial Reporting Advisory Group (EFRAG) and the Public Interest Oversight Board (PIOB)
Lead committee dossier:
Progress: Procedure completed
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON |
STOLOJAN Theodor Dumitru ( PPE)
|
BERÈS Pervenche ( S&D),
KAMALL Syed ( ECR),
VAN NIEUWENHUIZEN Cora ( ALDE),
GIEGOLD Sven ( Verts/ALE),
KAPPEL Barbara ( ENF)
|
| Committee Opinion | CONT |
CZARNECKI Ryszard ( ECR)
|
Cătălin Sorin IVAN ( S&D),
Marco VALLI ( EFDD)
|
Lead committee dossier:
Legal Basis:
RoP 54
Legal Basis:
RoP 54Events
2016/11/18
EC - Commission response to text adopted in plenary
Documents
2016/06/07
EP - Results of vote in Parliament
Documents
2016/06/07
EP - Decision by Parliament
Details
The European Parliament adopted by 559 votes to 36, with 80 abstentions, a resolution 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).
Importance of IFRS and ISA standards : Members recalled that the International Financial Reporting Standards (IFRS) and the international standards on auditing (ISA) are one essential component needed for the efficient functioning of the internal market and of the capital markets . The purpose of the IFRS is to strengthen accountability by reducing the information gap between investors and companies, to protect investment, to bring transparency through enhancing the international comparability and quality of financial information, to enable investors and other market participants to make informed economic decisions.
The International Accounting Standard Board (IASB) functions under the umbrella of the IFRS Foundation. The EU contributes around 14 % of the IFRS Foundation’s budget and is therefore its largest financial contributor.
Evaluation of the application of IFRS in the EU ten years since their application : Parliament noted 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. It regretted that the Commission has not yet proposed the legal changes that are required to solve the shortcomings identified in its evaluation.
Parliament called on the standard setter to ensure that the IFRS are coherent within the existing body of accounting standards and to promote convergence at international level. It called for a more coordinated approach in developing new standards, including coordinated timelines for application, in particular with regard to the implementation of IFRS 9 Financial Instruments and the new IFRS 4 Insurance Contracts. It urged the Commission to put forward diligently legal proposals to this end.
Endorsement process and criteria : Members recalled that an IFRS should not be contrary to the true and fair view principle as included in the Accounting Directive, which requires that financial statements must give a ‘true and fair’ view of a company’s assets and liabilities, financial position and profit or loss.
The Commission is asked to:
comply with the Maystadt recommendation regarding expansion of the ‘public good’ criterion , i.e. that accounting standards should neither jeopardise financial stability in the EU nor hinder the EU’s economic development, and to ensure that this criterion will be fully respected during the endorsement process; together with EFRAG, issue clear guidelines on the meaning of the ‘public good’ and the ‘true and fair view’ principle on the basis of ECJ case-law and the Accounting Directive in order to arrive at a common understanding of these endorsement criteria; put forward a proposal to incorporate Maystadt's definition of the 'public good' criterion into the IAS Regulation.
Simplified standards : according to Members, the effects of an accounting standard must be fully understood. It should be a priority for the IASB and EFRAG to strengthen their impact analyses, notably in the field of macroeconomics, and to assess the different needs of the wide variety of stakeholders, including long-term investors and companies, as well as the general public. Moreover, a less complex accounting standards system would contribute to more uniform implementation so that company financial data are comparable between Member States.
Further involvement of the Parliament : the resolution asked the IASB, the Commission and EFRAG to involve Parliament and the Council at an early stage when developing financial reporting standards in general and in the endorsement process in particular. It called on the Commission to create a space for stakeholders to discuss fundamental principles of accounting in Europe and to grant Parliament the possibility of receiving a short list of EFRAG board president candidates. Parliament should play the role of an active promoter of IFRS.
Taking account of SME’s interests : Parliament noted the Commission’s intention to explore with the IASB the possibility of developing common high-quality and simplified accounting standards for SMEs which could be used, on a voluntary basis, at EU level by SMEs listed on Multilateral Trading Facilities (MTFs), and more specifically SME growth markets. It believed that, as a condition for work to continue in this field, IFRS have to be less complex, and that SME interests should be sufficiently represented on the IASB.
Parliament welcomed the Commission’s intention to examine the case for coordinating the EU rules relating to dividend distribution . It also called on EFRAG and the Commission to examine whether accounting standards allow tax fraud and tax avoidance and to make all the necessary changes to prevent potential abuse.
Activities of the IFRS Foundation, EFRAG and the PIOB : Parliament supported 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.
Members believed, however that further progress should be 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. Parliament was particularly in favour of:
the Commission's proposal to consider the reporting needs of investors with different investment time horizons and to provide specific solutions, in particular for long-term investors, when developing their standards; better integration of the IASB into the system of international financial institutions; steps to ensure broad representation (such as consumer representation agencies and finance ministries) of interests and public accountability that will guarantee high-quality accounting standards.
Noting the dominance of private actors on the IASB, Parliament called on the Commission to urge the IFRS Foundation to aim for a more diversified and balanced financing structure , including on the basis of fees and public sources, thus preventing conflicts of interests.
Lastly, Parliament stressed that the EFRAG reform must improve the European contribution to the development of the new IFRS and could participate in the reform of governance of the IFRS Foundation.
Documents
2016/06/07
EP - End of procedure in Parliament
2016/06/06
EP - Debate in Parliament
Documents
2016/05/03
EP - Committee report tabled for plenary
Details
The Committee on Economic and Monetary Affairs adopted the own-initiative report by Theodor Dumitru STOLOJAN (EPP, RO) 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).
Members recalled that the International Financial Reporting Standards (IFRS) and the international standards on auditing (ISA) are one essential component needed for the efficient functioning of the internal market and of the capital markets. The purpose of the IFRS is to strengthen accountability by reducing the information gap between investors and companies, to protect investment, to bring transparency through enhancing the international comparability and quality of financial information, to enable investors and other market participants to make informed economic decisions.
The European Union has delegated the development of the international financial accounting standards to the International Accounting Standards Board (IASB), an independent self-regulatory private body.
Evaluation of the application of IFRS in the EU ten years since their application : Members noted 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. They regretted that the Commission has not yet proposed the legal changes that are required to solve the shortcomings identified in its evaluation.
With regard to the endorsement criteria , Members recalled that an IFRS should not be contrary to the true and fair view principle as included in the Accounting Directive, which requires that financial statements must give a ‘true and fair’ view of a company’s assets and liabilities, financial position and profit or loss.
The Commission is asked to:
comply with the Maystadt recommendation regarding expansion of the ‘public good’ criterion , i.e. that accounting standards should neither jeopardise financial stability in the EU nor hinder the EU’s economic development, and to ensure that this criterion will be fully respected during the endorsement process; together with EFRAG, issue clear guidelines on the meaning of the ‘public good’ and the ‘true and fair view’ principle in order to arrive at a common understanding of these endorsement criteria; put forward a proposal to incorporate Maystadt's definition of the 'public good' criterion into the IAS Regulation.
The report called on the standard setter to ensure that the IFRS are coherent within the existing body of accounting standards and to promote convergence at international level. It called for a more coordinated approach in developing new standards, including coordinated timelines for application, and urged the Commission to put forward diligently legal proposals to this end.
Members noted that the effects of an accounting standard must be fully understood : accordingly, it should be a priority for the IASB and EFRAG to strengthen their impact analyses, notably in the field of macroeconomics, and to assess the different needs of the wide variety of stakeholders, including long-term investors and companies, as well as the general public. They believed that a less complex accounting standards system would contribute to more uniform implementation so that company financial data are comparable between Member States.
The report asked the IASB, the Commission and EFRAG to involve Parliament and the Council at an early stage when developing financial reporting standards in general and in the endorsement process in particular. It called on the Commission to create a space for stakeholders to discuss fundamental principles of accounting in Europe and to grant Parliament the possibility of receiving a short list of EFRAG board president candidates. Parliament should play the role of an active promoter of IFRS.
The committee noted the Commission’s intention to explore with the IASB the possibility of developing common high-quality and simplified accounting standards for SMEs which could be used, on a voluntary basis, at EU level by SMEs listed on Multilateral Trading Facilities (MTFs), and more specifically SME growth markets. It believed that, as a condition for work to continue in this field, IFRS have to be less complex, and that SME interests should be sufficiently represented on the IASB.
The report welcomed the Commission’s intention to examine the case for coordinating the EU rules relating to dividend distribution . It also called on EFRAG and the Commission to examine whether accounting standards allow tax fraud and tax avoidance and to make all the necessary changes to prevent potential abuse.
Activities of the IFRS Foundation, EFRAG and the PIOB : the report supported 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.
Members believed, however that further progress should be 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. They were particularly in favour of:
the Commission's proposal to consider the reporting needs of investors with different investment time horizons and to provide specific solutions, in particular for long-term investors, when developing their standards; better integration of the IASB into the system of international financial institutions; steps to ensure broad representation (such as consumer representation agencies and finance ministries) of interests and public accountability that will guarantee high-quality accounting standards.
Noting the dominance of private actors on the IASB, Members called on the Commission to urge the IFRS Foundation to aim for a more diversified and balanced financing structure , including on the basis of fees and public sources, thus preventing conflicts of interests.
Lastly, the report stressed that the EFRAG reform must improve the European contribution to the development of the new IFRS and could participate in the reform of governance of the IFRS Foundation.
Documents
2016/04/26
EP - Vote in committee
2016/04/08
EP - Committee opinion
Documents
2016/03/02
EP - Amendments tabled in committee
Documents
2016/02/03
EP - CZARNECKI Ryszard (ECR) appointed as rapporteur in CONT
2016/01/21
EP - Committee referral announced in Parliament
2016/01/12
EP - Committee draft report
Documents
2015/09/10
EP - STOLOJAN Theodor Dumitru (PPE) appointed as rapporteur in ECON
Documents
- Commission response to text adopted in plenary: SP(2016)612
- Results of vote in Parliament: Results of vote in Parliament
- Decision by Parliament: T8-0248/2016
- Debate in Parliament: Debate in Parliament
- Committee report tabled for plenary: A8-0172/2016
- Committee opinion: PE576.690
- Amendments tabled in committee: PE578.642
- Committee draft report: PE575.121
- Committee draft report: PE575.121
- Amendments tabled in committee: PE578.642
- Committee opinion: PE576.690
- Commission response to text adopted in plenary: SP(2016)612
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Votes
A8-0172/2016 - Theodor Dumitru Stolojan - Résolution #
2016/06/07 Outcome: +: 559, 0: 80, -: 36
GUE/NGL
NI| Amendments | Dossier |
| 120 |
2016/2006(INI)
2016/03/02
ECON
101 amendments...
Amendment 1 #
Motion for a resolution Citation 1 a (new) - having regard to the Report of the High- Level Group on Financial Supervision in the EU, chaired by Jacques de Larosière, of 25 February 2009
Amendment 10 #
Motion for a resolution Recital A A. whereas the International Financial Reporting Standards (IFRS) and the international standards on auditing (ISA) are essential instruments for the efficient functioning of the internal market and of the capital markets; whereas the IFRS and ISA are a public good and therefore should enhance financial stability and serve the common good and not only the interest of investors, lenders and creditors;
Amendment 100 #
Motion for a resolution Paragraph 17 17. Welcomes the fact that in 2014 the PIOB diversified its funding
Amendment 101 #
Motion for a resolution Paragraph 17 17. Welcomes the fact that in 2014 the PIOB diversified its funding and the IFAC funding contribution was less than 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; deplores that in the view of the financial crisis 2007 with several proofs of misstatement and in the light of the Luxleaks scandal 2014, PIOB obviously has failed to ensure integrity in the audit profession; calls, therefore, to put part of the budget into the reserve until PIOB has shown how to address the severe problems incurred;
Amendment 11 #
Motion for a resolution Recital A A. whereas the International Financial Reporting Standards (IFRS) and the international standards on auditing (ISA) are essential for the efficient functioning of the internal market and of the capital markets; whereas the IFRS and ISA are a public good; whereas therefore standard setting bodies should be transformed into public organizations;
Amendment 12 #
Motion for a resolution Recital A a (new) Aa. whereas falsification of company accounts poses a threat to economic and financial stability in addition to undermining public confidence in the social market economy model;
Amendment 13 #
Motion for a resolution Recital B B. whereas the IFRS can strengthen accountability by reducing the information gap between investors and companies, protecting investment and bringing transparency through enhancing the international comparability and quality of financial information and enabling 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; notes, however, that this 'decision-usefulness' model of accounting is not entirely consistent with the 'capital adequacy' function of accounting as described in ECJ jurisprudence and the Accounting Directive suggesting that the conceptual basis of accounting per the IFRS Framework does not encompass the purpose of accounts in EU law for which true and fair view of the specified numbers is the standard, as set out in written answer E-016071/2015 from Lord Hill dated 25.2.2016.
Amendment 14 #
Motion for a resolution Recital B B. whereas the
Amendment 15 #
Motion for a resolution Recital B B. whereas the IFRS are said to strengthen accountability by reducing the information gap between investors and companies, protecting investment and bringing transparency through enhancing the international comparability and quality of financial information and enabling 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 16 #
Motion for a resolution Recital B a (new) Ba. whereas the Accounting Directive states that accounts are "of special importance for the protection of shareholders, members and third parties' and that 'such undertakings offer no safeguards to third parties beyond the amounts of their net assets'; whereas the Accounting Directive also states that its aim is "to protect the interests subsisting in companies with share capital" by ensuring that dividends are not paid out of share capital; whereas this general purpose of accounts can only be fulfilled if the specified numbers in the accounts give a true and fair view of the company's assets, liabilities, financial position and profit or loss;
Amendment 17 #
Motion for a resolution Recital C C. whereas the International Accounting Standard Board (IASB) functions under the umbrella of the IFRS Foundation – a private not-for-profit corporation – and is the standard setter whose processes
Amendment 18 #
Motion for a resolution Recital C C. whereas the International Accounting Standard Board (IASB) functions under the umbrella of the IFRS Foundation – a private not-for-profit corporation registered in London/UK and Delaware/US – and is the standard setter whose processes should be transparent, independent, democratic and subject to public accountability; whereas the European Union contributes around 14% to the budget of the IFRS Foundation and therefore is the largest financial contributor;
Amendment 19 #
Motion for a resolution Recital D D. whereas the
Amendment 2 #
Motion for a resolution Citation 2 a (new) - having regard to Directive 2012/30/EU of the European Parliament and of the Council of 25 October 2012 on coordination of safeguards which, for the protection of the interests of members and others, are required by Member States of companies within the meaning of the second paragraph of Article 54 of the Treaty on the Functioning of the European Union, in respect of the formation of public limited liability companies and the maintenance and alteration of their capital, with a view to making such safeguards equivalent,
Amendment 20 #
Motion for a resolution 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 21 #
Motion for a resolution Recital D a (new) Da. whereas the September 2002 Norwalk Agreement between the IASB and the US Financial Accounting Standards Board (FASB) proposed that there should be convergence between the two standard setters;
Amendment 22 #
Motion for a resolution Recital E E. whereas in the EU
Amendment 23 #
Motion for a resolution Recital E E. whereas in the EU endorsement process the compliance of the IFRS with the criteria of the IAS Regulation is assessed, particularly through the requirement that financial statements must give a
Amendment 24 #
Motion for a resolution Recital F F. whereas the Commission, the Council and the European Parliament are involved in the endorsement process based on advice from the European Financial Reporting Advisory Group (EFRAG), a private technical adviser of the Commission, and on the work of the Accounting Regulatory Committee (ARC) composed of representatives from the Member States; whereas EFRAG should be transformed into a public agency by 2020;
Amendment 25 #
Motion for a resolution Recital G G. whereas, within the EU, different stakeholders – particularly long-term investors –– have raised the issue of the consistency of the IFRS with the legal requirements of the Accounting Directive, in particular the principles of prudence and stewardship; whereas emphasis has also been put on strengthening Europe
Amendment 26 #
Motion for a resolution Recital G G. whereas, within the EU, different stakeholders – particularly long-term investors –– have raised the issue of the consistency of the IFRS with the principles of prudence and stewardship; whereas the involvement of the European Parliament in the standard setting process is not sufficient and is not commensurate with the EU budget financial contribution to the IFRS Foundation; whereas emphasis has also been put on strengthening Europe
Amendment 27 #
Motion for a resolution Recital H H. whereas the recent financial crises
Amendment 28 #
Motion for a resolution Recital H a (new) Ha. whereas the De Larosière report highlighted key shortcomings with respects to accounting standards ahead of the crisis including inter alia: - the procyclicality created by the market- to-market principle and of profit and loss recognition, - the overall trend to underestimate risk accumulation on the basis of contained volatility during cyclical upturns, - the lack of a common and transparent methodology for the valuation of illiquid and impaired assets;
Amendment 29 #
Motion for a resolution Recital I I. whereas the IASB delivered the IFRS 9 financial instruments as a key response to
Amendment 3 #
Motion for a resolution Citation 11 a (new) - having regard to IASB's Discussion Paper DP/2013/1 of July 2013 on A Review of the Conceptual Framework for Financial Reporting and to IASB's Request for Views of July 2015 on the Trustees' Review of Structure and Effectiveness,
Amendment 30 #
Motion for a resolution 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 31 #
Motion for a resolution Recital I I. whereas the IASB delivered the IFRS 9 financial instruments as a key response to the crisis; whereas EFRAG
Amendment 32 #
Motion for a resolution 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; points at the fact though, that there still are concerns that the proposed accounting treatment of equity may negatively affect long-term investments;
Amendment 33 #
Motion for a resolution Recital I a (new) Ia. whereas the off-balance sheet accounting issue was addressed in the following amendments to IFRS 7 Financial Instruments: disclosure and the issuance of three new standards, IFRS 10 Consolidated financial statements, IFRS 11 Joint arrangements and IFRS 12 Disclosure of interests in other entities;
Amendment 34 #
Motion for a resolution 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 35 #
Motion for a resolution Recital K K. whereas the governance structure of the IFRS Foundation is under review, in accordance with its constitution; whereas
Amendment 36 #
Motion for a resolution Recital L L. whereas the ISA are developed by the International Auditing and Assurance Standards Board (IAASB), an independent body hosted by the International Federation of Accountants (IFAC); whereas the Public Interest Oversight Board (PIOB) is an international independent organisation that oversees the process leading to the adoption of the ISA and the IFAC
Amendment 37 #
Motion for a resolution Paragraph 1 1.
Amendment 38 #
Motion for a resolution Paragraph 1 1. Welcomes the Commission
Amendment 39 #
Motion for a resolution Paragraph 1 a (new) 1a. Notes in particular the upcoming implementation of IFRS 4 (Phase II) and encourages the Commission to ensure that any delay does not result in misalignment or disruption of competition within the insurance industry.
Amendment 4 #
Motion for a resolution Citation 11 b (new) - having regard to the Comment of the European Commission of 1 December 2015 on IASB's Trustees' Review of Structure and Effectiveness,
Amendment 40 #
Motion for a resolution Paragraph 2 2. Calls on the Commission to
Amendment 41 #
Motion for a resolution Paragraph 2 2. Calls on the Commission to put forward proposals on how the Maystadt recommendation regarding expanding the
Amendment 42 #
Motion for a resolution Paragraph 2 2. Calls on the Commission to put forward proposals on how the Maystadt recommendation regarding expanding the
Amendment 43 #
Motion for a resolution Paragraph 2 a (new) 2a. Notes that the true and fair view test of Article 4(3) of Directive 2013/34/EU applies to the specified numbers in the accounts as the standard for the purpose of accounts prepared according to European law described in Recitals 3 and 29 of the same directive; highlights that this purpose is related to the capital adequacy function of accounts, i.e. that investors, both creditors and shareholders, use the numbers in the annual accounts as the basis to determine whether a company is "net asset" solvent and to determine dividend payments;
Amendment 44 #
Motion for a resolution Paragraph 2 b (new) 2b. Emphasises that a core component of achieving the true and fair view of the specified numbers in the accounts is prudent valuation, which means no understating of losses or overstating of profits, as described in Article 6.1(c)i and ii of the Accounting Directive; points out that this interpretation of the Accounting Directive has been confirmed by numerous ECJ rulings;
Amendment 45 #
Motion for a resolution Paragraph 2 c (new) 2c. Notes that Recital 9 of the IAS Regulation allows a degree of flexibility when making a decision to endorse an IFRS by not requiring "a strict conformity with each and every provision of those Directives"; suggests however that this does not extend to allowing IFRS to deviate so far from the general purpose of the 2013 Accounting Directive, which replaced the 4th and 7th Accounting Directives referenced in Article 3.2(i) of the IAS Regulation, that the result of doing so would result in financial statements that overstate profits or understate losses; considers, in this regard, that the endorsement of IAS 39 was possibly contrary to this general purpose of the 4th and 7th Accounting Directives, superseded by the 2013 Accounting Directive, due to its incurred loss model, in particular Article 31. 1 (bb) of the Fourth Council Directive 78/660/EEC, which stated "all foreseeable liabilities and potential losses arising in the course of the financial year concerned or of a previous one [should be measured and recognised], even if such liabilities or losses become apparent only between the date of the balance sheet and the date on which it is drawn up";
Amendment 46 #
Motion for a resolution Paragraph 3 3. Welcomes the intention of the IASB to reintroduce the principle of
Amendment 47 #
Motion for a resolution Paragraph 3 3. Welcomes the intention of the IASB to reintroduce the principle of
Amendment 48 #
Motion for a resolution Paragraph 3 a (new) 3a. Takes note of the reform regarding the recognition of losses in the IFRS framework which should allow for a more prudent build-up of loss provisions on the basis of the forward looking concept of loss expectation instead of incurred losses; is of the opinion that the EU endorsement process needs to carefully and prudently frame the way the expected loss concept is to be specified so as to avoid model overreliance and make possible clear supervisory guidance an asset impairment;
Amendment 49 #
Motion for a resolution Paragraph 3 a (new) 3a. Points out that the International Organisation of Securities Commissions (IOSCO) represents more than 192 securities regulators, encompassing 95% of the global securities market, some of which already use the IFRS accounting methods identified by the IASB; points out that IOSCO has put it on record that, with regard to the international capital market, the IFRS are regarded as the most suitable financial reporting standards;
Amendment 5 #
Motion for a resolution Citation 11 c (new) - having regard to International Financial Reporting Standard (IFRS) 9 on Financial Instruments as issued on 24 July 2014 by the IASB, to the EFRAG endorsement advice on IFRS 9, to EFRAG's assessment on IFRS 9 against the true and fair principle, to the meeting documents of the Accounting Regulatory Committee (ARC) on IFRS 9 and to the comment letters of ECB and EBA on the endorsement of IFRS 9;
Amendment 50 #
Motion for a resolution Paragraph 3 b (new) 3b. Is of the opinion that the off-balance sheet accounting issue has not yet been properly and effectively addressed as the decision on whether an asset has to be reported on balance sheets or not is still subject to a mechanistic rule which can be circumvented; calls on the IASB to correct these shortcomings;
Amendment 51 #
Motion for a resolution Paragraph 3 b (new) 3b. Welcomes the IFRS and IOSCO protocols on enhanced cooperation in view of the key issues, identified by the G20, concerning regulation of securities markets; regards that cooperation as necessary in order to meet the need for high-quality global accounting standards and to encourage application of consistent standards across varying national settings;
Amendment 52 #
Motion for a resolution Paragraph 3 c (new) 3c. Is convinced that the exchange of information between the IASB and ISOCO on growing IFRS usage should be viewed not only as a stocktaking exercise, but, rather, also as an opportunity to identify instances of best practice; welcomes in this regard the annual 'enforcer discussion session' introduced by IOSCO in order to inform the IASB about key implementation and enforcement issues;
Amendment 53 #
Motion for a resolution 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 investors and companies
Amendment 54 #
Motion for a resolution 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 investors and companies; calls on the Commission to
Amendment 55 #
Motion for a resolution 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
Amendment 56 #
Motion for a resolution 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) 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 58 #
Motion for a resolution Paragraph 5 5. Is con
Amendment 59 #
Motion for a resolution Paragraph 5 5. Is concerned about the complexity of the IFRS; calls for this complexity to be reduced whenever appropriate and possible when developing new accounting standards; calls that accounting standards are harmonised so that company financial data is comparable across Member States to increase investor confidence;
Amendment 6 #
Motion for a resolution Citation 12 - having regard to the
Amendment 60 #
Motion for a resolution Paragraph 5 a (new) Amendment 61 #
Motion for a resolution Paragraph 5 a (new) 5a. Is concerned that the current review is not taking account of possible IASB expansion into public-sector financial reporting standards; is concerned that the IASB's lack of expertise and resources with regard to the not-for-profit sector is an obstacle to expanding standards;
Amendment 62 #
Motion for a resolution Paragraph 5 b (new) 5b. Calls for mandatory country-by- country reporting under IFRS; reiterates Parliament's view that public country-by- country reporting can play a decisive role in combatting tax avoidance and fraud;
Amendment 63 #
Motion for a resolution Paragraph 6 6. Asks the IASB, the Commission and EFRAG to involve the European Parliament and Council at an early stage when developing financial reporting standards in general and in the endorsement process in particular;
Amendment 64 #
Motion for a resolution Paragraph 6 6. Asks the Commission and EFRAG to involve the European Parliament and Council at an early stage when developing financial reporting standards in general and in the endorsement process in particular; takes the view that such scrutiny process should be formalized and structured by analogy to the scrutiny process regarding 'level 2' measures in the field of financial services; recommends to the European authorities to invite civil society stakeholders to support their activities including at the EFRAG level; calls on the Commission to create a space for stakeholders to discuss fundamental principles of accounting in Europe; calls on the Commission to grant the European Parliament the possibility to receive a short list of EFRAG Chair candidates so as to organise informal hearings ahead of a vote on the retained candidate;
Amendment 65 #
Motion for a resolution Paragraph 7 7.
Amendment 66 #
Motion for a resolution Paragraph 7 7. Believes that a
Amendment 67 #
Motion for a resolution Paragraph 8 8.
Amendment 68 #
Motion for a resolution Paragraph 8 8.
Amendment 69 #
Motion for a resolution Paragraph 8 8.
Amendment 7 #
Motion for a resolution Citation 14 a (new) - having regard to the ESMA table on compliance with the ESMA guidelines on enforcement of financial information of 19 January 2016 (ESMA/2015/203 REV),
Amendment 70 #
Motion for a resolution Paragraph 8 8. Welcomes 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; takes into account the possibilities of the already existing financial reporting standards for SMEs in this respect;
Amendment 71 #
Motion for a resolution Paragraph 8 a (new) 8a. Stresses that national standard setters are now closely integrated into EFRAG; therefore, identifies the advisory role of EFRAG when it comes to accounting issues related to small listed companies as well as SMEs more generally;
Amendment 72 #
Motion for a resolution Paragraph 9 9. Welcomes the fact that the Commission
Amendment 73 #
Motion for a resolution Paragraph 9 9. Welcomes the fact that the Commission is encouraging Member States to follow the ESMA enforcement guidelines on IFRS; deplores that Bulgaria, Germany, Ireland, Austria, Slovenia and Sweden do not comply and do not intend to comply with the ESMA enforcement guidelines on IFRS; calls on these Member States to work towards compliance; calls on the Commission to assess whether ESMA
Amendment 74 #
Motion for a resolution Paragraph 11 11. Welcomes the Commission’s intention to examine the case for
Amendment 75 #
Motion for a resolution Paragraph 11 11. Welcomes the Commission
Amendment 76 #
Motion for a resolution Paragraph 11 11. Welcomes the Commission
Amendment 77 #
Motion for a resolution 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 12.
Amendment 79 #
Motion for a resolution Paragraph 12 12. Supports 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; points out that IASB's legitimacy is at stake if the monitoring board continues to disagree over its responsibility while depending on consensus decisions; supports, in particular, the Commission's proposal to consider the reporting needs of investors with different investment time horizons and to provide specific solutions, in particular to long-term investors, when developing their standards;
Amendment 8 #
Motion for a resolution Recital A A. whereas the International Financial Reporting Standards (IFRS) and the international standards on auditing (ISA) are essential for the efficient functioning of the internal market and of the capital markets and therefore for maintaining financial stability; whereas the IFRS and ISA are a public good;
Amendment 80 #
Motion for a resolution Paragraph 12 12. Supports 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; is concerned particularly about the potential conflict of interests arising from major financial contributions from the large audit companies to the annual budget of the IFRS Foundation;
Amendment 81 #
Motion for a resolution Paragraph 12 a (new) 12a. Welcomes the activities of the IFRS Foundation/IASB in carbon and climate reporting; is in particular of the opinion that key long-term structural issues such as the valuation of stranded carbon assets in undertakings' balance sheets should be explicitly added to the IFRS working programme with a view of developing related standards; calls on the IFRS bodies to put the challenge of carbon reporting and carbon risks on their agenda.
Amendment 82 #
Motion for a resolution Paragraph 12 b (new) 12b. Calls on the Commission and EFRAG to examine the shift in pension asset allocation from equities to bonds as a result of the introduction of the mark- to-market accounting under IFRS; (Amendment inspired by Pensions Europe)
Amendment 83 #
Motion for a resolution Paragraph 13 13. Supports the Commission in urging the IFRS Foundation to ensure that use of the IFRS and the existence of a permanent financial contribution are conditions for membership of the governing and monitoring bodies of the IFRS Foundation and of the IASB; calls on the Commission to explore ways to reform the IFRS Foundation and the IASB to end veto rights of members which do not fulfil the aforementioned criteria;
Amendment 84 #
Motion for a resolution Paragraph 13 a (new) 13a. Notes that the IASB is dominated by private actors and consists of 'Big 4' Audit companies, securities and exchange commission authorities, and a number of former executives of big banks; points out that medium-sized businesses are not represented at all; underlines that the IFRS Foundation continues to rely on voluntary contributions, often from the private sector which may give rise to a risk of conflicts of interests; notes that the remuneration of the IASB Board members does not correspond with the public interest orientation;
Amendment 85 #
Motion for a resolution Paragraph 13 b (new) 13b. calls on the Commission to urge the IFRS Foundation to base its financing entirely on fees or public sources and to eliminate excessive remuneration to Board members (in 2014: £554,000 for the IASB Chair, £488,500 for the IASB Vice-Chair and an average of £455,700 for other full-time IASB members);
Amendment 86 #
Motion for a resolution Paragraph 13 c (new) 13c. Is of the opinion that ultimately the IASB should be transformed into a public standard setting mechanism under the aegis of an international treaty;
Amendment 87 #
Motion for a resolution Paragraph 13 d (new) 13d. Calls on the Commission to find a solution to ensure that the European representatives in the IASB are democratically elected;
Amendment 88 #
Motion for a resolution Paragraph 13 e (new) 13e. Calls on the IFRS Trustees, the IFRS Monitoring Board and the IASB to promote an appropriate gender balance within the respective forums;
Amendment 89 #
Motion for a resolution Paragraph 13 f (new) 13f. Deplores that access to IASB's documents is restricted to the current year's unaccompanied English language Standards and official Interpretations and therefore calls on the IASB to grant access to the full guidance;
Amendment 9 #
Motion for a resolution Recital A A. whereas the International Financial Reporting Standards (IFRS) and the international standards on auditing (ISA) are
Amendment 90 #
Motion for a resolution Paragraph 13 g (new) 13g. Recalls its request made in the Goulard report for the introduction of comprehensive standards and procedures for enhancing democratic legitimacy, transparency, accountability and integrity in all international bodies with EU involvement including inter alia the IFRS; considers that these comprehensive standards should, inter alia, concern: - relations with the public (for example public access to documents, open dialogue with diverse stakeholders, the establishment of mandatory transparency registers and rules on transparency of lobby meeting) as well as the active involvement of trade unions, SMEs and Civil Society Organisations (CSOs); - internal rules (for example human resources based on skills, sound financial management, prevention of conflict of interests); - the adoption of an inter-institutional agreement with the aim of formalising a 'financial dialogue', to be organised with the European Parliament for the purpose of establishing guidelines regarding the adoption and the coherence of European positions in these international institutions;
Amendment 91 #
Motion for a resolution Paragraph 14 14. Emphasises that the EFRAG reform
Amendment 92 #
Motion for a resolution Paragraph 14 14. Emphasises that the EFRAG reform will improve the European contribution to the development of the new IFRS; asks the Commission to explore the possibility as envisaged by the Maystadt report to parallel the existing 'carve-out' system (the temporary or permanent suspension of parts of standards) with a 'carve-in' mechanism that mandated EFRAG, or another entity, to develop rules specific to the needs of European stakeholders and include them into European IFRS if European overarching objectives and principles such as public good orientation, prudence and reliability are not reflected in the international accounting setting process;
Amendment 93 #
Motion for a resolution Paragraph 15 15.
Amendment 94 #
Motion for a resolution Paragraph 15 15. Is concerned that EFRAG has been operating for some time without a President given the key role he/she plays in reaching consensus; stresses the importance of appointing a new President as soon as possible;
Amendment 95 #
Motion for a resolution Paragraph 16 16. Welcomes the EFRAG reform which took effect on 31 October 2014;
Amendment 96 #
Motion for a resolution Paragraph 16 16. Welcomes the EFRAG reform which took effect on 31 October 2014
Amendment 97 #
Motion for a resolution Paragraph 16 16.
Amendment 98 #
Motion for a resolution Paragraph 16 16. Welcomes the EFRAG reform which took effect on 31 October 2014;
Amendment 99 #
Motion for a resolution Paragraph 16 a (new) 16a. Deplores that the requirement suggested by Maystadt to combine the functions of the CEO of EFRAG and the Chairman of EFRAG TEG was turned into a possibility; notes that the composition of the new Board deviates from Maystadt's proposal as the European Supervisory Authorities and the European Central Bank declined to accept full membership of the Board; calls on EFRAG to extend the number of users, currently only one, in the Board and to ensure that all relevant stakeholders are represented in EFRAG; (Amendment inspired by Pensions Europe)
source: 578.642
2016/03/14
ECON
19 amendments...
Amendment 1 #
Draft opinion Recital B B. whereas the financial and economic crisis has necessitated reform of the international financial and reporting standards (IFRS) towards greater transparency
Amendment 10 #
Draft opinion Paragraph 4 4. Notes that the high level of complexity of IFRS necessitates careful cost/benefit analysis and pertinent impact assessments and that a transparent and simplified IFRS would enable better understanding and use of financial information by its users;
Amendment 11 #
Draft opinion Paragraph 5 5. Emphasises that, in that context, democratic scrutiny is an important element and that Parliament, the Commission and the Council must be involved in the development of financial reporting standards and the endorsement process in order to guarantee the overall coherence and appropriateness of accounting and reporting principles; considers that an endorsement process remains necessary to ensure that the standards developed by the private body fulfil certain criteria and suit Europe's economy before they become EU legislation.
Amendment 12 #
Draft opinion Paragraph 5 a (new) 5a. Notes in this context that the European Parliament should play the role of an active promoter of IFRS as evidence exists that benefits outweigh the costs;
Amendment 13 #
Draft opinion Paragraph 7 7. Points out that the implementation of standardised and simplified accounting and reporting standards in the Union is not only relevant for markets and enterprises but also for the ‘public good’2;
Amendment 14 #
Draft opinion Paragraph 7 a (new) 7a. Notes that the US is a key factor in the global implementation of IFRS and so far does not permit its domestic companies to use the standards; calls on the Commission, therefore, to consider IFRS as part of the TTIP negotiation scope;
Amendment 15 #
Draft opinion Paragraph 9 9. Points out that the lessons learnt from the implementation of the IAS and IFRS, particularly in relation to the strengthening of transparency and comparability principles, should be considered in the
Amendment 16 #
Draft opinion Paragraph 10 10. Believes, furthermore, that the modernisation of Member States’ accounting systems on all government levels through the promotion of a
Amendment 17 #
Draft opinion Paragraph 11 11. Considers that, in the wider context of financial and fiscal reforms, the setting-up of reinforced accounting and reporting
Amendment 18 #
Draft opinion Paragraph 12 12. Emphasises that improving the quality of primary accounting data and financial reporting provided by the public sector through EPSAS will contribute to developing public accountability, sustainable public finances with greater fiscal transparency and budgetary control.
Amendment 19 #
Draft opinion Paragraph 12 12. Emphasises that improving the quality of primary accounting data and financial reporting provided by the public sector will contribute to the developing and assuming of public accountability, sustainable public finances with greater fiscal transparency and more stringent and transparent budgetary control.
Amendment 2 #
Draft opinion Recital D D. whereas
Amendment 3 #
Draft opinion Paragraph 1 a (new) 1a. Welcomes the objectives set by the IFRS, more specifically increased cross border mobility for SMEs, reduced tax fraud, access to funding on the global capital markets;
Amendment 4 #
Draft opinion Paragraph 3 3. Notes that the implementation of IFRS has contributed to enhancing the overall effectiveness, relevance and quality of financial data and statements, to the benefit of the single market and capital markets; notes that the IFRS standards promote a borderless and increasingly finance- oriented economy; notes the coordinating role of the European Securities and Market Authorities (ESMA) in enabling a consistent application of those standards across the Union;
Amendment 5 #
Draft opinion Paragraph 3 a (new) 3a. Notes, however, that IFRS are not fully implemented and not fully endorsed by the Member States which undermines the potential of the standards;
Amendment 6 #
Draft opinion Paragraph 3 b (new) 3b. Calls on the Commission and the Member States to focus efforts on complete implementation since such a step is needed to enable the Capital Markets Union and to contribute to processes leading to a full-fledged Single Market;
Amendment 7 #
Draft opinion Paragraph 3 c (new) 3c. Recommends that member states stick to the to the ESMA guidelines to ensure smooth and complete implementation of the IFRS;
Amendment 8 #
Draft opinion Paragraph 3 d (new) 3d. Calls on the Commission to develop an EU-wide simplified accounting standard for SMEs listed on Multilateral Trading Facilities (MTFs), especially having in regards to the SME Growth Markets;
Amendment 9 #
Draft opinion Paragraph 4 4. Notes that the high level of complexity of IFRS necessitates
source: 578.787
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