(7)As regards the development of IFRS, of PIOB and of EFRAG, the Commission's annual report should also refer to the follow-up to and the implementation of the recommendations of the European Parliament. In addition, the IFRS Foundation, PIOB and EFRAG are encouraged to participate regularly, at least annually, in hearings organised by the European Parliament in order to provide a full account of the development of international financial reporting and auditing standards.