6 Amendments of Sven GIEGOLD related to 2016/0110(COD)
Amendment 8 #
Proposal for a regulation
Recital 4 a (new)
Recital 4 a (new)
(4a) Article 9(3) of Regulation (EU) No 258/2014 requires the Commission to prepare an annual report on the activity of the IFRS Foundation as regards the development of IFRS, of PIOB and of EFRAG. Such annual report should also refer to the follow-up and implementation of the recommendations and demands made in the European Parliament's resolution of 7 June 2016 on International Accounting Standards (IAS) evaluation and the activities of the IFRS Foundation, EFRAG and PIOB, as well as recommendations and demands made in future resolutions of the European Parliament. As beneficiaries of funding awarded under the Union Programme, the IFRS Foundation, PIOB and EFRAG shall report annually on the implementation of Union policies in the field of financial reporting and auditing, in particular by referring to the follow-up and implementation of the recommendations and demands made in past or future resolutions of the European Parliament. In addition, the IFRS Foundation, PIOB and EFRAG are encouraged to participate regularly, at least annually, in hearings organised by the European Parliament in order to provide a full account on the development of international financial reporting and auditing standards.
Amendment 12 #
Proposal for a regulation
Recital 5 a (new)
Recital 5 a (new)
(5a) EFRAG's field of activity is currently limited to that which is described in the special advisor's report and, considering that multiple additional tasks and responsibilities that have been attributed to EFRAG in the European Parliament's resolution of 7 June 2016, EFRAG should ensure that those additional tasks and responsibilities are to be actively monitored and reported upon.
Amendment 18 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 a – point a (new)
Article 1 – paragraph 1 – point 2 a – point a (new)
Regulation (EU) No 258/2014
Article 9 – paragraph 4 a (new)
Article 9 – paragraph 4 a (new)
(2a) Article 9 is amended as follows: (a) the following paragraph is inserted: '4a. With regard to the IFRS Foundation, the report referred to in paragraph 3 shall also assess: (a) whether further progress has been made as regards the governance of the IFRS Foundation and the IASB, in particular in terms of transparency, prevention of conflicts of interest and diversity of hired experts, and whether and what steps have been taken to ensure broad representation of interests (such as consumer representation agencies and finance ministries) and public accountability in order to guarantee high- quality accounting standards; (b) and identify the actions undertaken within IFRS in order to enhance democratic legitimacy, transparency, accountability and integrity which, inter alia, are related to public access to documents, open dialogue with diverse stakeholders, the establishment of mandatory transparency registers and rules on transparency of lobby meetings as well as internal rules, in particular the prevention of conflicts of interest.'
Amendment 19 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 a – point b (new)
Article 1 – paragraph 1 – point 2 a – point b (new)
Regulation (EU) No 258/2014
Article 9 – paragraph 5
Article 9 – paragraph 5
(2a) Article 9 is amended as follows: (b) paragraph 5 is replaced by the following: '5. With regard to PIOB or its successor organisation, the report referred to in paragraph 3 shall cover developments in the diversification of funding and it shall assess the efforts undertaken to ensure integrity in the auditing profession. If funding by the IFAC in a given year reaches more than two-thirds of the total annual PIOB funding, the Commission shall propose to limit its annual contribution for that year to a maximum of EUR 300 000.'
Amendment 21 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 a – point c (new)
Article 1 – paragraph 1 – point 2 a – point c (new)
Regulation (EU) No 258/2014
Article 9 – paragraph 6 a (new)
Article 9 – paragraph 6 a (new)
(2a) Article 9 is amended as follows: (c) the following paragraph is inserted:: '6a. With regard to EFRAG, the report referred to in paragraph 3 shall assess: (a) whether the 'expanded public good' criterion as defined in the special advisor’s report (i.e. that accounting standards should neither jeopardise financial stability in the Union nor hinder the economic development of the Union), has been fully respected during the endorsement process undertaken during the previous year; (b) whether the European Parliament and the Council have been involved at an early stage when developing financial reporting standards in general and in the endorsement process in particular; (c) whether a more diversified and balanced financing structure, including on the basis of fees and public sources has been achieved and whether formal steps have been undertaken in order to encourage Member States that do not already have a National Funding Mechanism to establish one; and (d) identify the actions undertaken within EFRAG in order to enhance democratic legitimacy, transparency, accountability and integrity which, inter alia, concern public access to documents, open dialogue with diverse stakeholders, the establishment of mandatory transparency registers and rules on transparency of lobby meetings as well as internal rules, in particular prevention of conflict of interests.'
Amendment 23 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2 a – point d (new)
Article 1 – paragraph 1 – point 2 a – point d (new)
Regulation (EU) 258/2014
Article 9 – paragraph 9 a (new)
Article 9 – paragraph 9 a (new)