In March 2013 Michel Barnier mandated Philippe Maystadt to examine ways of reinforcing the EU’s contribution to International Financial Reporting Standards (IFRS) and improving the governance of the European bodies involved in developing these standards.

Mr Maystadt’s report is part of a broader debate on accounting standards, which also takes into consideration international developments in this field and the revision of the Regulation on the application of the IFRS, planned for the end of 2014.

Mr Maystadt held a series of interviews and consultations before drafting his report, which he presented to Finance Ministers at the ECOFIN Council meeting on 15 November 2013.