REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on the activities of the IFRS Foundation, EFRAG and PIOB in 2023
Date: 2024-11-13
Institutions: Directorate-General for Financial Stability, Financial Services and Capital Markets Union, European Commission
Subjects: EU financing, EU office or agency, EU programme, International Accounting Standards, audit, financial accounting, financial control, foundation, single market, standardised accounting system

EN 

  EN 

   EUROPEAN COMMISSION  Brussels, 13.11.2024  COM(2024) 528 final  REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on the activities of the IFRS Foundation, EFRAG and PIOB in 2023  
 
 
REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND 
THE COUNCIL 

on the activities of the IFRS Foundation, EFRAG and PIOB in 2023 

1. 

INTRODUCTION 

On 28 April 2021, the European Union adopted the Single Market Programme1 to support and 
strengthen the governance of the single market with EUR 4.21 billion over the period of 2021 
to  2027.  The  Single  Market  Programme  Regulation  foresees  a  budgetary  envelope  of  EUR 
220.5 million for standardisation processes, of which EUR 61 million is allocated to support 
the  development  of  high-quality  international  financial  and  non-financial  reporting  and 
auditing standards and to facilitate their integration into Union law. 

Under  the  Single  Market  Programme,  the  Commission  provides  an  annual  grant2  to  the 
International  Financial  Reporting  Standards  Foundation  (IFRS  Foundation)  as  regards  the 
development of International Financial Reporting Standards (IFRS Accounting Standards), the 
European Financial Reporting Advisory Group (EFRAG), and the Public Interest  Oversight 
Board (PIOB). These organisations play an important role in ensuring the quality, reliability 
and  availability  of  financial  and  sustainability  information  in  corporate  reports.  This  report 
summarizes  their  activities  in  20233,  except  for  the  activities  of  the  IFRS  Foundation  in 
sustainability reporting, as these are not (co-)financed by the EU grant.  

2. 

IFRS FOUNDATION 

2.1. 

GOVERNANCE  

The IFRS Foundation is a non-profit organisation established to develop, promote and facilitate 
the  use  of  a  single  set  of  high-quality,  understandable,  enforceable  and  globally  recognised 
accounting and sustainability disclosures standards. 

The IFRS Foundation hosts the International Accounting Standards Board (IASB), which is 
responsible  for  the  development  of  IFRS  Accounting  Standards,  and  the  International 
Sustainability  Standards  Board  (ISSB),  which  was  established  in  November  2021  for  the 
development of IFRS Sustainability Disclosure Standards. 

The Monitoring Board, of which the Commission is a member, reinforces the public interest 
oversight function of the IFRS Foundation and promotes the continued development of IFRS 
and  ISSB  Standards  as  high-quality  sets  of  global  accounting  standards  and  global 
sustainability disclosure standards. 

1 Regulation (EU) 2021/690 establishing a programme for the internal market, and the competitiveness of enterprises), OJ L 

153, 3.5.2021, p. 1–47. 

2 Grants were in past provided under Regulation (EU) No 258/2014 of the European Parliament and of the Council of 3 April 
2014 establishing a Union programme to support specific activities in the field of  financial reporting and auditing for the 
period of 2014-20 and repealing Decision No 716/2009/EC (OJ, L 105, 8.4.2014, p. 1.). 

3 Pursuant to Article 18(3) of Regulation (EU)2021/690, this Commission publishes a report every year. 

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Under Regulation (EU) No 1606/20024 of the European Parliament and of the Council on the 
application  of  international  accounting  standards  (‘IAS  Regulation’),  the  Commission  may 
endorse  new  or  amended  IFRS  Accounting  Standards  considering  EFRAG's  endorsement 
advice.  Given  the  economic  importance  of  IFRS  Accounting  Standards,  the  Commission 
provides financial support to the IFRS Foundation for the development of IFRS Accounting 
Standards. 

The IFRS Foundation is governed by a Board of 22 Trustees that is collectively responsible for 
general oversight and appointments to the IASB and to the ISSB. The Trustees designation is 
subject to an apportionment by geographical origin and to approval by the Monitoring Board. 

The  IASB  and  ISSB  each  consist  of  14  members  from  varied  national  and  professional 
backgrounds, including academia, accountancy, sustainability, investment, preparers, market 
or financial regulation and standard-setting. IASB and ISSB members are nominated for a five-
year term, renewable once. Andreas Barckow chairs the IASB and Emmanuel Faber the ISSB. 

The Trustees also appoint the 14 members of the IFRS Interpretation Committee, dedicated to 
interpreting the application of IFRS Accounting Standards and providing guidance on financial 
reporting issues, and the members of the IFRS Advisory Council.  

2.2 

ACTIVITIES 

2.2.1.  STANDARD SETTINGS 

In May 2023, the IASB issued certain amendments to IAS 12 Income Taxes. The amendments 
introduce  a  temporary  exception  from  accounting  for  deferred  taxes  arising  from  the 
implementation  of  the  OECD’s  Pillar  Two  model  rules,  as  well  as  targeted  disclosures  for 
affected companies. 

Also in May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 
Financial Instruments: Disclosures. The amendments introduce disclosure requirements about 
a company’s supplier finance arrangements. 

In August 2023, the IASB issued amendments to IAS 21 The Effects of Changes in Foreign 
Exchange Rates, which specify when a currency is exchangeable into another currency and, 
when it is not, how a company determines the exchange rate to apply, and the disclosures a 
company shall provide when a currency is not exchangeable. 

Finally, the IFRS Foundation updated the IFRS taxonomy to reflect the implications of new 
standards and amendments.5 

A  complete  overview  of  the  standard-setting  activities,  including  the  work  of  the  IFRS 
Interpretations Committee, is available on the IFRS Foundation's website.6 

4 OJ L 243, 11.9.2002, p. 1. 
5 The financing provided by the European Union also supports the timely update of the IFRS taxonomy, which in turn serves 

as an input to the European Single Electronic Format. 

6 IFRS Foundation work plan: https://www.ifrs.org/projects/work-plan/; and completed projects: 

https://www.ifrs.org/projects/completed-projects/. 

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2.2.2.  PROJECTS 

In  March  2023,  the  IASB  issued  an  Exposure  Draft  Amendments  to  Classification  and 
Measurement  of  Financial  Instruments,  which  address  specified  classification  and 
measurement requirements, including those that could affect the accounting for ESG-linked 
financial assets. These amendments are a follow-up to the Post-implementation Review (PIR) 
of  IFRS  9  Financial  Instruments  –  Classification  and  Measurement.  The  IASB  issued  the 
amendments on 30 May 2024. 

In  May  2023,  the  IASB  issued  a  request  for  information  on  the  PIR  of  IFRS  9  Financial 
Instruments – Impairment to seek stakeholders’ views on the impairment requirements listed 
therein and the related disclosures. 

In June 2023, the IASB issued a request for information on the PIR of IFRS 15 Revenue from 
Contracts with Customers to seek stakeholders’ views on the requirements listed therein.  

In July 2023, the IASB decided to amend IFRS 9 to better reflect the effect of Power Purchase 
Agreements  (PPA)  on  the  financial  statements,  as  companies  are  increasingly  entering  into 
PPA for the procurement of renewable energy. PPA are also an important part of European 
companies’  commitment  to  mitigate  the  effects  of  climate  change  and  to  decarbonise  their 
production processes and products. The IASB issued the PPA Exposure Draft on 8 May 2024. 

In  September  2023,  the  IASB  issued  an  Exposure  Draft  Annual  Improvements  to  IFRS 
Accounting  Standards  –  Volume  11,  which  seeks  to  clarify  wording  in  different  IFRS 
Accounting  Standards  or  correct  relatively  minor  unintended  consequences,  oversights  or 
conflicts related to requirements in the IFRS Accounting Standards. On 18 July 2024, the IASB 
issued the final amendments. 

In  November  2023,  the  IASB  issued  an  Exposure  Draft  Financial  Instruments  with 
Characteristics of Equity, which clarifies how a company should distinguish debt instruments 
from the equity instrument it issues. 

During 2023, the IASB also completed its deliberations on the Primary Financial Statements 
and Subsidiaries without Public Accountability: Disclosures projects and is planning to issue 
two  new  IFRS  Accounting  Standards  in  2024:  IFRS 18  Presentation  and  Disclosure  in 
Financial Statements and IFRS 19 Subsidiaries without Public Accountability: Disclosures. 

A complete overview of the projects is available on the IFRS Foundation's website.7 

2.3. 

TRANSPARENCY AND ACCOUNTABILITY 

2.3.1.  TRANSPARENCY RULES 

All meetings of the IASB and the IFRS Interpretation Committee are open to the public. The 
meeting agendas are published in advance and the meetings themselves can be watched online. 
In addition, the IASB publishes quarterly meetings with stakeholders on its website.8 

7 IFRS Foundation work plan: https://www.ifrs.org/projects/work-plan/; and completed projects: 
https://www.ifrs.org/projects/completed-projects/. 
8 https://www.ifrs.org/groups/international-accounting-standards-board/stakeholder-engagement-register/. 

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2.3.2.  REPRESENTATION OF STAKEHOLDERS 

The IFRS Foundation constitution requires the appointment of six Trustees from Europe, as 
well as for America and Asia-Oceania plus one Trustee from Africa and three Trustees from 
any  area  subject  to  maintaining  an  overall  geographical  balance.  Similarly,  the  criteria  for 
appointment  as  board  member  of  the  IASB  require  four  members  from  each  region,  one 
member from Africa and one member from any area. 

On 31 December 2023, the IFRS Advisory Council comprised 51 organisations, including the 
European Central Bank (ECB), the European Securities and Markets Authority (ESMA) and 
EFRAG. The Commission participates as an observer. 

2.3.3.  PREVENTION OF CONFLICT OF INTERESTS 

The Trustees of the IFRS Foundation are appointed for a three-year term that can be renewed 
once,  and  they  must  commit  to  act  in  the  public  interest.  In  principle,  a  Trustee  and  a 
Monitoring Board Member cannot be employed by the same organisation. 

All  IASB  members  are  full-time  and  must  sever  all  employment  relationships  and  ties  that 
might affect their independence. Neither secondment from an employer nor rights to reintegrate 
with the former employer are allowed. 

2.3.4.  BREAKDOWN OF FUNDING 

In 2023, the IFRS Foundation received a EUR 3.05 million grant from the Commission for 
IASB related activities, representing 16.4% of the total contributions for IASB related activities 
received. The Commission continued to be the largest contributor, although the relative share 
of the Commission and Member States funding went down compared to 2022 (from 34.4% to 
32.0%). 

A  breakdown  of  funding  for  IASB  related  activities  by  main  geographical  areas  and 
international accounting networks shows that the EU and its Member States made 32.0% of 
the  total  contributions,  Asia-Oceania  35.6%,  international  accounting  networks  15.5%, 
Americas 5.7%, Africa 0.8% and others 10.3%. 

The downward trend in  contributions  for IASB related activities to  the IFRS Foundation in 
recent  years  has  continued  in  2023.  The  reported  contributions  were  down  by  5.0% 
(GBP 848,000)  as  a  whole,  however  with  significant  variations  between  contributors.  The 
decrease is primarily based on an around 20% cut in the Commission's grant funding. 

The total retained surplus of the IFRS Foundation as at 31 December 2023 amounted to GBP 
49.5 million.  

3. 

EFRAG 

3.1. 

GOVERNANCE 

EFRAG is a publicly and privately funded organisation working in the European public interest 
and has the legal form of an AISBL (Belgian international non-profit organisation). Since 2022, 
EFRAG has a dual mission.  

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In the area of financial reporting, EFRAG’s mission is to serve the European public interest by 
developing and promoting European views in the field of financial reporting and ensuring that 
these  views  are  properly  considered  in  the  IASB’s  standard-setting  process  and  in  related 
international debates. EFRAG provides advice to the Commission on whether new (or revised) 
IFRS  Accounting  Standards  should  be  endorsed  by  the  EU,  based  on  the  criteria  of  IAS 
Regulation9. Alongside, EFRAG performs also pro-active accounting research work.  

In  the  area  of  sustainability  reporting,  pursuant  to  the  Corporate  Sustainability  Reporting 
Directive (CSRD)10, EFRAG provides technical advice to the Commission in the form of draft 
European Sustainability Reporting Standards (ESRS) elaborated under a robust due process 
and  supports  the  effective  implementation  of  ESRS.  In  developing  draft  ESRS,  EFRAG 
promotes  the  interoperability  of  draft  ESRS  with  other  international  standard  setters,  in 
particular the ISSB and GRI (the Global Reporting Initiative). 

The EFRAG Administrative Board is responsible for the due process oversight of all technical 
bodies. In doing so, it is supported by a Due Process Committee (DPC). During 2023, Wolf 
Klinz chaired the EFRAG Financial Reporting Board (FRB), Patrick de Cambourg the EFRAG 
Sustainability Reporting Board (SRB) and Hans Buysse the EFRAG Administrative Board. 

3.2. 

FINANCIAL REPORTING PILLAR 

In  2023,  EFRAG’s  work  on  financial  reporting  remained  largely  driven  by  the  work 
programme of the IASB, the IFRS Interpretations Committee and the IFRS Foundation.  

Before  EFRAG  issues  a  final  endorsement  advice  on  a  new  IFRS  Accounting  Standard  or 
amendments to already existing IFRS Accounting Standards adopted by the IASB, EFRAG 
issues (draft) comment letters to the IASB and draft endorsement advice for the Commission. 
This robust due process allows stakeholders to express their views on EFRAG’s positions. 

In terms of output, EFRAG issued in 2023 four final endorsement advice on the amendments 
to IFRS 16 Leases “Lease Liability in a Sale and Leaseback”, on the amendments to IAS 1 
Presentation  of  Financial  Statements  “Non-current  Liabilities  with  Covenants”,  on  the 
amendments to IAS 12 Income Taxes “International Tax Reform – Pillar Two Model Rules”, 
on  amendments  to  IAS 7  Statement  of  Cash  Flows  and  IFRS 7  Financial  Instruments: 
Disclosures “Supplier Finance Arrangements”, and another final endorsement advice on the 
amendments  to  IAS  21  The  Effects  of  Changes  in  Foreign  Exchange  Rates  “Lack  of 
Exchangeability” in January 2024. 

The EFRAG FRB also issued five comment letters and four feedback statements, and published 
research paper on accounting for variable considerations. 

In addition, EFRAG closely monitored important ongoing IASB projects that are expected to 
result  in  IASB  standard-setting  requiring  EU  endorsement  in  2024  or  2025.  These  projects 
include  Primary  Financial  Statements,  Subsidiaries  without  Public  Accountability: 
Disclosures, and Rate-regulated Activities. EFRAG organised during 2023 extensive outreach 
activities and roundtables to identify whether and how IASB considered accounting treatments 

9 Please see footnote 4. 
10 Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 amending Regulation (EU) 
No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as regards corporate sustainability 
reporting (OJ L 322 of 16.12.2022, p. 15). 

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would work for European constituents or pose application challenges. EFRAG then informed 
the IASB of issues faced by European stakeholders. 

Through its Academic Panel and Academic Network, EFRAG enhanced its cooperation with 
academics. 

3.3. 

SUSTAINABILITY REPORTING PILLAR 

On 20 November 2022, EFRAG submitted the first set of 12 draft ESRS to the Commission. 
They cover the full range of environmental, social, and governance issues, including climate 
change,  biodiversity,  and  human  rights.  They  provide  information  for  investors  and  other 
stakeholders to understand the sustainability risks and opportunities to which investments are 
exposed  as  well  as  impact  of  companies  on  people  and  the  environment.  The  Commission 
adopted  the  ESRS  on  31  July  2023.  The  corresponding  Delegated  Act  and  annexes,  after 
scrutiny by the European Parliament and Council, were published in the Official Journal on 22 
December 2023.  

During 2023, EFRAG’s priority has been on the implementation work on the ESRS, with the 
aim of contributing to the goal of reducing burden on companies. EFRAG established an online 
question and  answer platform  through  which  companies and other stakeholders can receive 
answers to technical questions about ESRS. In December 2023, EFRAG released three draft 
implementation  guidance  documents  for  companies  preparing  their  sustainability  statement 
according to the ESRS, covering materiality assessment, value-chain reporting, and a listing of 
datapoints. 

EFRAG advanced in its work to develop draft reporting standards for standards for SMEs. In 
early 2024, EFRAG was able to launch a public consultation on a draft standard for use by 
listed SMEs as foreseen in the CSRD, as well as on a separate standard for voluntary use by 
non-listed  SMEs.  Once  finalised,  these  proportionate  standards  should  help  to  reduce  the 
reporting  burden  for  SMEs:  the  standards  for  listed  SMEs  would  create  a  proportionate 
framework for the reporting by smaller issuers while the standards for non-listed SMEs will 
help these companies provide information to banks or larger groups which include them in their 
value chain.  

In  addition,  EFRAG  continued  its  preparatory  work  for  the  draft  sector-specific  reporting 
standards, which are required by the CSRD, and for the XBRL digital taxonomy which would 
enable companies to meet the requirement to digitally tag the information that they report.  

In all of its work EFRAG continued to give high priority to ensuring the interoperability of 
European standards with global standards, in particular with the standards of the International 
Sustainability Standards Board (ISSB) and the Global Reporting Initiative (GRI). On 2 May 
2024, EFRAG and the IFRS Foundation published an interoperability guidance illustrating the 
high-level alignment achieved between the ESRS and the ISSB and how a company can apply 
both  sets  of  standards,  including  detailed  analysis  of  the  alignment  in  climate-related 
disclosures. 

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3.4. 

TRANSPARENCY AND ACCOUNTABILITY 

3.4.1.  TRANSPARENCY RULES 

EFRAG  has  a  transparent  public  due  process.  EFRAG’s  due  process  allows  all  European 
constituents  to  put  forward  their  views  for  consideration  by  EFRAG.  It  ensures  that  the 
diversity of accounting and economic models and views in Europe are taken into account in 
determining  EFRAG’s  positions,  especially  with  regard  to  the  endorsement  of  IFRS 
Accounting Standards and the development of ESRS.  

As part of its due process, EFRAG publishes draft positions for consultation, undertakes field 
tests  and  other  forms  of  effect  analyses,  organises  outreach  events  and  undertakes  surveys, 
publishes their results in feedback statements and then publishes its final positions. EFRAG 
contributes to evidence-based standard-setting by undertaking quantitative studies that inform 
the discussion on EFRAG’s comment letters and endorsement advice and which are gradually 
becoming a more important part of EFRAG’s research work. 

Meetings of the EFRAG FRB and EFRAG SRB, EFRAG FR TEG and EFRAG SR TEG and 
EFRAG  Consultative  Forum  of  Standard  Setters  (EFRAG  CFSS)  are  held  in  public.  The 
agendas, supporting agenda papers and summaries of the meetings are published on EFRAG’s 
website. The meetings can also be watched online, and recordings remain online for several 
months. EFRAG maintains a public transparency register. 

3.4.2.  REPRESENTATION AND ACCOUNTABILITY  

EFRAG strives for a proper geographical, professional background and gender balance in its 
Financial and Sustainability Reporting Boards, the corresponding Technical Expert Groups, its 
Working Groups and Advisory Panels, and the European Lab Steering Group and its project 
task forces. There is a limit for the number of members of the FRB and SRB and their TEGs 
with the same nationality and there are rules on professional background and gender balance.  

EFRAG Board members are nominated by the EFRAG Member Organisations. 

3.4.3.  PREVENTION OF CONFLICT OF INTERESTS 

EFRAG  has  a  conflict  of  interest  policy  to  underpin  its  public  interest  mandate,  which  is 
published on EFRAG’s website.11 EFRAG Board members and EFRAG staff confirm yearly 
their independence in a signed declaration.  

3.4.4  CONTACTS WITH THE EUROPEAN PARLIAMENT AND MEMBER STATES 

EFRAG  has  close  contacts  with  members  of  the  European  Parliament.  On  sustainability 
reporting,  the  European  Parliament  has  set  up  a  liaison  group  that  regularly  engages  with 
EFRAG.  

EFRAG  regularly  attends  meetings  of  the  European  Commission’s  Accounting  Regulatory 
Committee  and  of  the  Member  States  Expert  Group  on  Sustainable  Finance  to  discuss 

11 www.efrag.org.  

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outstanding  issues  with  Member  States’  experts,  including  concerning  the  endorsement  of 
IFRS Accounting Standards. 

3.5.  DIVERSIFICATION AND BUDGET 

For 2023, EFRAG’s total budget was EUR 12.3 million. There were estimated EUR 3.3 million 
contributions in kind by third parties, i.e. time of external members of the EFRAG FRB and 
SRB,  the  EFRAG  FR  and  SR  TEGs  (only  the  chairs  are  paid),  as  well  as  temporary 
secondments to the EFRAG secretariat.  

In view of the subsequent follow-up work on ESRS, such as the implementation guidance for 
companies and the development of an XBRL digital taxonomy, the Commission has increased 
the EU contribution for 2023 from EUR 4.2 million to EUR 6.3 million to cover the additional 
personnel and administrative costs at EFRAG. It has split the operating grant into two action 
grants, one for financial reporting (EUR 2.0 million) and one for sustainability reporting (EUR 
4.3  million).  The  co-financing  share  for  sustainability  reporting  is  higher.  The  Commission 
funded a maximum 60% of EFRAG’s eligible costs for the financial reporting and a maximum 
90%  of  EFRAG’s  eligible  costs  for  sustainability  reporting.  Other  cash  contributions  on 
financial reporting came from European stakeholder organisations (EUR 0.7 million) and some 
national stakeholder organisations (EUR 1.9 million). 

On sustainability reporting, European stakeholder organisations funded EUR 0.5 million, some 
national sustainability organisations EUR 0.9 million and civil society organisations EUR 0.2 
million. 

4. 

PIOB 

4.1. 

GOVERNANCE 

The PIOB is the global independent oversight body that oversees the standard-setting process 
for  the  international  audit,  assurance,  and  ethics  standards  formulated  by  the  international 
standard-setting boards: the International Auditing and Assurance Standards Board (IAASB) 
and  the  International  Ethics  Standards  Board  for  Accountants  (IESBA).  Its  main  role  is  to 
ensure  that  IAASB  and  IESBA  apply  due  process  for  the  development  of  standards  and 
strategies, in line with the public interest framework. Since 2022, the PIOB is responsible for 
the selection and nomination of the members of the IAASB and IESBA. 

The Monitoring Group12, of which the Commission is a member, monitors how the PIOB is 
carrying out its public interest mandate with particular regard to the PIOB’s oversight of the 
standard setting process. It appoints the ten PIOB members (with the exception of the Chair, 
who is appointed by IOSCO). 

4.2.   ACTIVITIES 

Sustainability featured prominently in 2023.  Other topics related to the strengthening of the 
auditor’s  responsibility  in  relation  to  fraud,  enhancements  with  respect  to  going  concern,  a 

12 The Monitoring Group (iosco.org) 

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proportionate auditing standard for less complex entities, and behavioural change with respect 
to tax planning based on a new ethics standard. 

The PIOB selected several new members of the IESBA and the IAASB, resulting in the biggest 
rotations  in  years.  This  was  a  major  step  forward  in  fulfilling  the  Monitoring  Group 
Recommendations  of  2020  with  respect  to  the  multi-stakeholder  composition  of  the  two 
Boards.  

The PIOB selected members of a new Stakeholders Advisory Group to provide strategic advice 
from a multi-stakeholder perspective to the IESBA and the IAASB on their strategies, work 
plan priorities and projects, which was then established on 6 February 2024.  

On  31  May  2024,  the  PIOB  published  its  19th  Public  Report  published  which  gives  a  full 
overview of the PIOB’s activities in 2023.13  

4.3. 

DIVERSIFICATION OF FUNDING 

For  2023,  PIOB’s  income  amounted  to  EUR  2,296,552.  The  PIOB  received  17  monetary 
contributions.  International  Federation  of  Accountants  (IFAC)  remained  the  largest 
contributor,  but  in  line  with  the  recommendations  of  the  Monitoring  Group  to  reduce  the 
dependence of the audit profession on the audit standard-setting system, IFAC’s contribution 
has shrunk from EUR 1,392,754 (or 63.56%) in 2022 to EUR 950,000 (or 41,37 %) in 2023. 
The Commission remained the second biggest donor with a contribution of EUR 350,000 (or 
15.24%),  followed  by  the  US  Securities  Exchange  Commission  (USD  200,000),  the 
International  Organization  of  Securities  Commissions  (IOSCO)  (EUR  150.000)  and  the 
International  Foundation  for  Ethics  and  Audit  (USD  130,000.  The  Spanish  government 
provides for the housing of the PIOB, which was valued at EUR 192,659.14  

Whilst IFAC’s contribution will decrease further, the PIOB and the Monitoring Group continue 
to do further outreach to attract other sponsors and to broaden its funding base.  

5. 

CONCLUSIONS  

For many years now the EU has financially contributed to the IFRS Foundation, EFRAG and 
the  PIOB.  Its  continuous  support  (not  only  financially,  but  also  politically)  has  been 
indispensable. It has enabled them to carry out their respective tasks in the public interest, thus 
contributing  to  high  quality  accounting  and  auditing  standards.  In  2023,  most  funding  was 
allocated to EFRAG to help the development of the ESRS. 

13 https://ipiob.org/  
14 The full list of contributions is on page 78 of PIOB’s annual report. 

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