Date: 5th October 2016
Author: BETTER FINANCE
Type: In the news
The Committee on Economic and Monetary Affairs (ECON) of the European Parliament (EP) voted on the text of an own-initiative report evaluating the International Accounting Standards (IAS) and highlighting some of the shortcomings in the standard-setting activities of the International Financial Reporting Standards (IFRS) Foundation and the European Financial Reporting Advisory Group (EFRAG).
The report calls for the democratisation of the standard setters, IASB and EFRAG. Green MEP Sven Giegold stressed that "[the MEPs] are not just letting others decide on new standards. The European Parliament needs to be included when new standards are negotiated. "
Read the full press release here.