Commissioner Barnier said: "The harmonisation of financial reporting rules at global level is essential to allow our companies to compete abroad, raise capital, and provide accurate financial information to investors. It is also an important element of global prudential rules for banks and insurance companies. The EU has always been a strong advocate of high quality, global accounting standards. Accounting policy choices have an impact on the public interest, and so our choices in this area need to be carefully thought through. To do this, the EU needs a sound framework for the development of high quality standards, and I am confident that Mr Maystadt’s experience in this field will be of great benefit."
Mr Maystadt’s mission will focus on a review of the governance of EU bodies in the field of financial reporting and accounting (the European Financial Reporting Advisory Group (EFRAG) and the Accounting Regulatory Committee). This review should help strengthen the EU’s contribution to advocating global and high quality accounting standards. Mr Maystadt will also advise the Commission as it endorses new International Financial Reporting Standards. He will recommend improvements to the current system, in particular on how to integrate different views and ensure that the EU speaks with a single voice. He will hold a series of interviews and public consultations before drafting a report. He will present his final recommendations to Commissioner Barnier and Finance Ministers at the ECOFIN Council meeting of November 2013.
Press release
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