European Parliament last week agreed to continue its share of funding for international accounting standards groups, but attached conditions to the funding on the governance of the groups as well as on the standards themselves.
Members of Parliament approved the European Commission’s co-funding package for the International Financial Reporting Standards (IFRS) Foundation, the European Financial Reporting Advisory Group, and the Public Interest Oversight Board (PIOB). The decision provides annual funding of €4.3 million to IFRS Foundation, which accounts for 17 percent of the IFRS budget, and €0.3 million for PIOB, which totals 22 percent of its budget, from 2014 through 2020. The EFRAG funding was approved for a shorter period, from 2014 through 2016, in the amount of €3.4 million each year, according to the European Commission. That represents 43 percent of EFRAG’s budget, according to the commission.
