Maystadt continues as special adviser on the EFRAG reform

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04 Feb 2014

EU Commissioner Michel Barnier has agreed with Philippe Maystadt that his mission as special adviser should be continued in order to supervise the implementation of reforms of the European Financial Reporting Advisory Group (EFRAG).

Philippe Maystadt was appointed by EU Commissioner Barnier as a special advisor on 19 March 2013 to set out recommendations to “reinforce the EU's contribution to International Financial Reporting Standards (IFRS), and to improve the governance of the institutions developing these standards.” In his final report presented in November 2013, Mr Maystadt recommended transforming EFRAG with a view to strengthening the European Union's influence in international accounting standard-setting.

In his continued role, Mr Maystadt is expected to co-ordinate the efforts of public and private organisations in implementing the recommendations of the report. Commissioner Barnier commented:

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.

Please click for the press release on the European Commission website.

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