EU Urged to Boost Funding for Global Accounting Standard-Setter

The boss of the body that sets international financial reporting standards called on the European Union to boost funding for its work as a budget crunch forces it to scale back.

“The EU has supported our work for more than two decades, but that funding has not kept pace with inflation,” Erkki Liikanen, chair of the trustees at the IFRS Foundation, said Wednesday in a speech to the European Parliament.

The foundation is the parent body of both the International Accounting Standards Board and the International Sustainability Standards Board. Both boards’ reporting standards are used by companies worldwide, including ...