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European Council
Nearly €14 million will be allocated for the period 2017 to 2020 to ensure the operational continuity of the EFRAG. The EU's contribution to EFRAG's budget accounts for around 60%.
Christian Cardona, Minister for the Economy, Investment and Small Business of Malta, said: "Adequate funding will allow the EFRAG to carry out its mission effectively. EFRAG is now well equipped to continue advising the EC on international financial reporting standards in the interest of the European project. Independence and transparency are essential for strengthening the single market of financial services and capital".
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 IASB, which is the independent body responsible for developing IFRS.
The provisional agreement has still to be confirmed by the Council and the European Parliament in the coming weeks. Once confirmed, the total allocation from the EU budget to EFRAG will amount to €23 million for the period 2014 to 2020, which matches the EC initial estimate.
EFRAG
Jean-Paul Gauzes, President of the EFRAG Board, commented:
"I and everyone at EFRAG greatly appreciate the confidence shown by the Council and European Parliament in EFRAG's activities and governance in deciding to extend our funding under the EU programme. This decision reflects our successful implementation of the Maystadt reforms and our commitment to delivering against our expanded European public good mandate.
We are looking forward to the confirmation of the provisional agreement by the Council and the European Parliament in the coming weeks."
EFRAG's initial funding under the EU's 2014-2020 programme period ran from 2014-2016. A condition for any extension of this funding was successful implementation of the recommendations of Philippe Maystadt, special adviser to the EC, in relation to EFRAG's governance and mandate.