ESMA Publishes Report on Regulatory Activities of Accounting Enforcers

In 2018, the efforts of ESMA to deepen convergence in the enforcement of financial information particularly focused on the harmonization of the application and enforcement of new IFRS standards IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments, as announced in the 2017 ESMA common enforcement priorities. European enforcers expanded, for the first time, their supervisory activities to non-financial information on environmental, social, and governance (ESG) matters, published by issuers in accordance with new requirements that came into force at the European level. 

In 2019, ESMA and European enforcers will continue to focus on consistency in the application and enforcement of the new standards that came into force in 2018 (IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments) and on the disclosure of the expected impact of implementation of IFRS 16 Leases. ESMA will also continue to actively contribute to the development of high-quality accounting standards by providing input to consultations conducted by IASB and EFRAG. Additionally, ESMA will closely monitor and contribute to the endorsement process of the IFRS 17 Insurance Contracts. When it comes to non-financial information, one of the focus areas for enforcers will be strengthening the harmonization and enforcement of the disclosures of non-financial information, notably those related to environmental and climate change-related matters.

Related Links

• News Release
• Enforcement Report (PDF)

Keywords: Europe, EU, Banking, Insurance, Securities, Accounting, IFRS Supervisory Convergence, Enforcement Activities, IFRS 9, IFRS 15, IFRS 16, IFRS 17, ESMA