18 November 2013

ESA（欧州監督機構）、グローバルな会計基準設定におけるEU（欧州連合）の役割向上に関するフィリップ・メイスタット氏のドラフト・レポートへコメント　

EBA

EBA considers that some of the aspects discussed in the report would benefit from a more detailed analysis. In this regard, it has the following comments which should help ensure the appropriate governance of the body that will provide advice to the European Commission on the endorsement of the IFRS standards.

Endorsement advice

EBA believes that the report should further analyse the question of who must advise the Commission on the adoption of the standards. The endorsement advice should be provided with the objective to respect the public interest according to the IAS Regulation and, therefore, the body entrusted with this mission should serve the needs of the public interest.

EBA has some reservations to have a body as the report proposes under option 1 (transformation of EFRAG) where the decisions are taken by a Supervisory Board composed of members representing public and private interest. In particular, it has some concerns of how a body with this mix will be able to make decisions on a consensus basis. It would also be concerned if in that body a situation could arise where the public authorities are outvoted by the private interest.

It therefore prefers either a modification of this option by having a body with a Supervisory Board composed of members representing public and private interest in which the decisions of the endorsement advice are taken by the public authorities represented in the body taking into consideration the input of the members representing the private interest; or a separate independent body responsible for providing the endorsement advice (public authority).

Member states and stakeholders

The body representing the EU voice should have the capacity to encompass all Member States’ interest and should also be able to consider the view of all stakeholders with an interest in financial reporting.

Independence

Finally, the report mentions current concerns about the experts’ independence. EBA believes that to have the appropriate legitimacy, the independence of the members of this body should be ensured.

Full response

EIOPA

In light of EIOPA's high interest and its significant obligation toward its stakeholders to be active in the field of international accounting standards, EIOPA stands ready to strengthen the endorsement procedure of IFRSs in Europe, and stresses the critical importance for EIOPA to be involved in the endorsement process as well as to be represented in the proposed new supervisory board of EFRAG.

Full response

ESMA

As a general comment, ESMA believes that the draft report addresses the main subjects affecting the future of IFRSs in Europe, but the draft report could have benefited from a more detailed analysis, including advantages and disadvantages for each of the options mentioned in the report or an analysis of the factors considered for providing recommendations and an assessment of the long-term effects of the new European structures in the global context of IFRSs. ESMA believes that, in light of the importance of the likely consequences of the recommendations, providing a more detailed analysis would enable the ECOFIN to take an even better informed decision about the future of IFRSs in Europe. 

ESMA would like to stress that while it acknowledges that the recommended option 1 would bring some improvements to the current system, ESMA believes that it does not satisfactorily address the fundamental problems and that the overall objective of strengthening the European voice and providing the needed credibility might not be achieved through the proposed changes. A more structural revamping of the process and set-up to provide technical advice on endorsement of IFRSs should be explored with the goal that technical advice regarding financial reporting, a crucial part of financial market regulation, should be firmly based on public interest considerations.

Full response

Original report text, October 2013

Press release, 12.11.13