Recital 1

(1)On the basis of Regulation (EU) No 258/2014 of the European Parliament and of the Council ³ , the International Financial Reporting Standards Foundation (the ‘IFRS Foundation’), which is the legal successor to the International Accounting Standards Committee Foundation, and the Public Interest Oversight Board (PIOB) benefit from Union co-financing in the form of operating grants until 31 December 2020.