#52025DC0758R(01)Commission Report on the Activities of the IFRS Foundation, EFRAG and PIOB in 2024
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
This law is a combination of the activities reports from the IFRS Foundation, EFRAG, and PIOB for the year 2024. It highlights the European Union's financial support for these organizations, totaling EUR 10 million allocated in 2024 for developing and integrating international financial and non-financial reporting standards. The report summarizes crucial developments in standard-setting, governance, and implementation support while showcasing various projects undertaken by these organizations throughout the year.
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Key Changes
- Introduction of new IFRS standards, including IFRS 18 and IFRS 19.
- Increased EU funding for EFRAG to support financial and sustainability reporting.
- Development of simplified standards for SMEs under EFRAG.
Obligations
What this law requires
The Commission must allocate EUR 10.0 million annually from the Single Market Programme budget to support the development of international financial and non-financial reporting and auditing standards through grants to IFRS Foundation, EFRAG, and PIOB
The IFRS Foundation Board of Trustees must maintain and update the IFRS Foundation's Constitution and Due Process Handbook
The IFRS Foundation Board of Trustees must appoint members to the International Accounting Standards Board (IASB), International Sustainability Standards Board (ISSB), IFRS Interpretations Committee, and various advisory bodies
The IFRS Foundation Board of Trustees must oversee the governance and organisational strategy of the IFRS Foundation and maintain accountability to the Monitoring Board
The Commission must consider EFRAG's endorsement advice when determining whether to endorse new or amended IFRS accounting standards under the IAS Regulation