Brussels meeting of the WG on accounting and reporting standards
A Working Group meeting on accounting and reporting standards, held on 18 March 2014 in Brussels, was opened by Philippe Maystadt, special advisor to Michel Barnier, the EU Commissioner for Internal Market and Services, with a presentation on the accounting environment 'Should IFRS standards be more European?'. Nadia Calviño (DG MARKT) was replaced by Mr. Didier Millerot (DG MARKT) who followed up on the European Commission's Long-Term Investment Green Paper.
Internal presentations of new WG members ensued before discussions reopened on the EFRAG Research Paper 'The role of the business model in financial reporting' in preparation for ELTI's WG response, involving an exchange of views, work allocation, and a calendar proposal. Other concluding topics included a study to be ordered by the Commission aiming to take stock and assess the effects of using international financial reporting standards (IFRSs) in the EU. Those results are expected by September 2014.