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Committee on Budgetary Control to vote on opinion on the IAS evaluation and on activities of IFRS Foundation, EFRAG and PIOB

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03 Apr 2016

In January 2016, the Committee on Economic and Monetary Affairs (ECON) of the European Parliament made available a draft report on IAS evaluation and on activities of the IFRS Foundation, EFRAG and PIOB. The Committee on Budgetary Control (CONT) will vote tomorrow on calling on ECON to incorporate certain suggestions into its motion for a resolution.

Subject of tommorrow's vote are suggested changes to the CONT draft opinion. The main statement "that the implementation of IFRS has contributed to enhancing the overall effectiveness, relevance and quality of financial data and statements, to the benefit of the single market and capital markets" from the draft opinion remains unchallenged, however, there are suggestions to expand this by noting that "IFRS are not fully implemented and not fully endorsed by the Member States which undermines the potential of the standards" and that the Commission should be called on "to develop an EU-wide simplified accounting standard for SMEs".

Interesting is also a suggestion that IFRSs could be included in the current Transatlantic Trade and Investment Partnership (TTIP) negotiations between the European Union and the United States.

Please click for access to the agenda, the draft opion and the proposed changes on the CONT website (agenda at the top of the page, other documents near the bottom under item 54).

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