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Barnier has agreed with Philippe Maystadt, former President of the European Investment Bank, that his mission as Special Adviser should be continued in order to supervise appropriate follow-up of the implementation of reforms of the European Financial Reporting Advisory Group (EFRAG). These follow the recommendations provided by Mr Maystadt in this respect in November last year (IP/13/1065).
Commissioner Barnier said: "The EU needs a sound framework for the development of high quality accounting standards. I am happy that Mr Maystadt agreed to continue his special mission to ensure that the system for the adoption of the International Financial Reporting Standards (IFRS) put in place by the European Union is effective and enables the EU to play its full role in the debate. I am confident that the expertise of Mr Maystadt will significantly benefit the swift implementation of the necessary reforms so that our undertakings and the users of their financial statements can as soon as possible benefit from high-quality international accounting standards."
In March 2013, Commissioner Barnier mandated Philippe Maystadt to examine ways of reinforcing the EU's contribution to International Financial Reporting Standards (IFRS) and improving the governance of the European bodies involved in developing these standards (IP/13/242). Following a series of interviews and consultations with stakeholders, Mr Maystadt presented his final recommendations at the ECOFIN Council meeting on 15 November, 2013.
In his report, Mr Maystadt recommended reorganising the current EFRAG to increase its legitimacy and representativeness with a view to strengthening the European Union's influence in international accounting standard-setting. The report presents the main premises for the reorganisation of EFRAG, however, the detailed implementation of the necessary reforms will require significant coordinated efforts from a number of public and private organisations involved in the process. In this respect, the current mission of Mr Maystadt should ensure the reforms will be carried out properly and without delay.