With IFRS under fire and IASB governance in question, only a last-minute deal secured future funding at the European parliament, reports Sarah Perrin ACA
Ongoing European funding for the work of the International Accounting Standards Board (IASB) has finally been secured, though the smooth flowing of those funds is not necessarily guaranteed.
On 13 March, the European parliament finally voted in favour of the European Commission’s proposed regulation for an EU programme on financial reporting and auditing until 2020.
The regulation secures €8m (£6.6m) funding for the period 2014-20 for the International Financial Reporting Standards (IFRS) Foundation, the umbrella organisation of the International Accounting Standards Board (IASB), and for the Public Interest Oversight Board (PIOB), the European body which oversees the process leading to the adoption of International Standards in Auditing (ISA).
