Philippe Maystadt appointed as Special Advisor to enhance EU’s role in promoting accounting standards

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19 Mar 2013

European Commissioner for Internal Market and Services Michel Barnier has appointed Philippe Maystadt as Special Advisor. The primary role as Special Adviser will be to enhance the EU’s part in promoting high-quality accounting standards.

Philippe Maystadt, a former President of the European Investment Bank, will be responsible "to reinforce the EU's contribution to [IFRSs], and to improve the governance of the institutions developing these standards".

In particular, he will "focus on a review of the governance of EU bodies in the field of financial reporting and accounting (the European Financial Reporting Advisory Group (EFRAG) and the Accounting Regulatory Committee)." Further, his role as Special Advisor will include (1) advising the commission when it endorses new IFRSs and (2) recommending improvements to the current system, in particular, bringing together different viewpoints from the EU to develop a “single EU voice”.

Mr Maystadt’s report on his review will be presented to Commissioner Barnier and Finance Ministers during the November 2013 ECOFIN Council meeting.

More information is available on the EU website.

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