European public good and IFRS

The European Commission set out in its 2002 IAS Regulation the criteria that IFRS should meet in order to be endorsed into European law. One of these is that an IFRS should be ‘conducive to the European public good.’ Endorsement advice will in future come from the new EFRAG board, so one of the first things the new board needs to do is to clarify the criteria for endorsement.